Biorithm, a Singapore- and US-based company developing cutting-edge solutions for personalised connected maternity care, has secured US$3.5 million in Series A funding.

The round was co-led by Adaptive Capital Partners and SEEDS Capital.

The funding will be utilised to double down on expanding the reach of Biorithm’s connected pregnancy management solutions across Southeast Asia and the US. A portion of the capital will go into R&D.

Also Read: Revolutionising Singapore’s healthcare amidst demographic shifts and economic demands

The medtech firm will use the capital to fortify its US market entry and growth strategy and pursue breakthrough research.

Biorithm aims to end preventable pregnancy complications (which result in mortality for 800 women daily) through protocol-based remote monitoring of maternal and fetal biometrics.

Its Femom technology facilitates patient monitoring, accessibility of personalised guidance, and integration of predictive analytics that help clinicians identify early signs of complications.

“There is a collapse of maternal care driven by socio-economic factors and limitation of current monitoring technologies in many regions across the world, and we are hard at work to solve this problem in partnership with the wider health ecosystems at play,” said Amrish Nair, Founder and CEO, Biorithm.

Also Read: Decoding digital preferences: A glimpse into the future of health tech ecosystem in SEA

Having completed clinical trials with healthcare institutions in Singapore and the UK, Biorithm will expand its clinical trial footprint to more priority markets. To strengthen the women’s health ecosystem, it will chart out and foster key partnerships with various stakeholders globally to improve maternal and baby health through data and personalised and accessible care.

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The power of a high-performing team can’t be overstated. It’s the rocket fuel for success. But what’s the secret sauce behind these dynamic teams?

In this article, I’ll share a unique blend of business acumen and neuroscience wisdom, giving you a practical blueprint to build and supercharge your teams.

From the science of collaboration to the art of leadership, let’s unlock your team’s potential and 10X your results.

The neuroscience behind collaboration

Building a high-performing team starts with understanding how our brains work together. Neuroscience tells us that collaboration isn’t just about people working side by side; it’s about brains interacting in a symphony of thought and emotion.

First, let’s talk about neural mirroring. When team members are in sync, their brains can mirror each other’s state, leading to better understanding and collaboration. This is why face-to-face meetings can be so powerful, even in our digital age. They align our neural rhythms, fostering a deeper connection and understanding.

Then, there’s the concept of psychological safety, a crucial element for team success. Neuroscience shows that when people feel safe, their brain’s stress responses diminish, making room for creativity and problem-solving. As a leader, creating an environment where everyone feels heard and valued isn’t just good management; it’s good neuroscience.

Finally, consider the impact of positive reinforcement. Our brains release dopamine, a feel-good neurotransmitter, when we receive positive feedback or achieve goals. This doesn’t just feel good; it reinforces behaviours and paves the way for learning and growth.

By leveraging these neuroscience principles, you set the stage for a team that’s not just functioning but thriving.

Also Read: Neuroscience to the rescue: How startups can dodge burnout

Have you ever wondered what makes some teams excel while others struggle? The secret lies in understanding and leveraging the intricate dynamics of human behaviour and brain function. Drawing from my experience in business and passion for neuroscience, I’ll share insights that can transform your team’s performance exponentially.

The cornerstones of high-performing teams

Three pillars support high-performing teams: trust, communication, and common goals. Trust fostered through transparent interactions is linked to releasing oxytocin, promoting social bonding. Effective communication, essential for collaboration, is enhanced by understanding mirror neurons, which play a role in empathy.

Aligning on common goals ensures everyone is rowing in the same direction, which is crucial for team cohesion and success.

Effective communication is the backbone of any high-performing team. The famed case of NASA’s Mars Climate Orbiter loss due to miscommunication between teams (metric vs. imperial units) highlights its criticality.

On the flip side, I’ve seen a tech team pivot successfully during a crisis by adopting an ‘open mic’ policy, where every team member, regardless of rank, could openly share concerns and solutions. This policy resolved the crisis and led to a more cohesive and agile team culture.

Leadership: The neuroscience of influencing teams

Leadership styles have a profound neurological impact on teams. For example, transformational leaders can activate positive brain patterns that inspire and motivate. Leaders should strive to understand their team’s neural responses to different leadership approaches, using this knowledge to adapt their style for maximum positive impact.

For example, a software development company faced challenges in innovation. The leadership adopted a more participative style, involving team members in decision-making processes. This inclusive approach led to increased activation of the prefrontal cortex in employees, associated with complex thinking and creativity. The team not only developed innovative solutions but also reported higher job satisfaction and a stronger commitment to the company’s goals.

Cultivating a growth mindset in teams

A growth mindset, a belief that abilities can be developed, is closely tied to neuroplasticity. Teams that embrace challenges as opportunities for learning tend to be more innovative and resilient. Encouraging this mindset can lead to a culture where continuous learning and improvement are the norms.

For example, a biotech company was facing stagnation in its research department. The leadership shifted focus from solely valuing successful experiments to also valuing the learning process in failed experiments.

Also Read: 10 essential steps to unlock your neuroscience-backed leadership mindset

By recognising and rewarding effort, strategy, and progress, regardless of the outcome, the team’s mindset shifted. This change led to a surge in innovative ideas and breakthroughs, as team members felt more comfortable taking calculated risks and exploring new avenues.

Leveraging diversity for team innovation

Cognitive diversity, including different ways of thinking and problem-solving, can be a powerhouse for innovation. Diverse perspectives can stimulate new ideas and approaches, leading to groundbreaking solutions. Embracing diversity means tapping into a wealth of creativity and insight.

In a healthcare startup I advised, the team was initially dominated by medical professionals. They included professionals from non-medical backgrounds, such as design, technology, and sociology, to spur innovation.

This cross-disciplinary approach led to great healthcare solutions that were medically effective, user-friendly, and socially relevant. The integration of diverse perspectives was key in developing these holistic solutions.

Building resilience in teams

Resilient teams can weather challenges and emerge stronger. Neuroscience shows that resilience can be developed by reframing challenges into opportunities and fostering a supportive team culture. Teams that cultivate resilience can turn potential setbacks into opportunities for growth.

A non-profit organisation I advised had limited resources but a significant mission. Faced with the challenge of achieving their goals with constrained funding, the team cultivated a resilient mindset. They innovated low-cost solutions and formed strategic partnerships to maximise their impact. This resilience in the face of adversity enabled them to exceed their objectives and expand their reach beyond initial expectations.

Measuring and sustaining performance

To keep a team performing at its peak, measuring and tracking key performance indicators (KPIs) is crucial. However, it’s equally important to focus on continuous learning and adaptability. Regularly reviewing and adjusting strategies based on performance data ensures sustained high performance.

Also Read: The neuroscience of startups: Unlocking the brain’s potential for business success

The scale-up I worked with was experiencing a high turnover rate. They implemented regular employee satisfaction surveys and closely monitored metrics like employee Net Promoter Score (eNPS). The feedback gathered led to targeted improvements in their work environment and management practices. This reduced turnover and increased overall team performance, as employees felt more valued and engaged in their work.

Building a high-performing team isn’t just about having the right people; it’s about understanding and leveraging the complex interplay of neuroscience and human behaviour.

Applying these insights can elevate your team’s performance to new heights.

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Dear reader,

TikTok’s buying of a controlling stake in Indonesia’s Tokopedia (owned by GoTo Group) for US$1.5 billion will likely be the last major deal of the year in Southeast Asia. The investment will enable the Chinese entertainment giant to circumvent an Indonesian government ban on TikTok’s e-commerce shop and tap into the Southeast Asian country’s fast-growing e-commerce sector worth multi-billion dollars.

In 2023, the global tech startup ecosystem displayed remarkable resilience and innovation, navigating a complex landscape shaped by challenges and opportunities. Despite the ongoing impact of the COVID-19 pandemic, startups leveraged digital transformation trends, contributing to a robust and dynamic ecosystem. VC investments poured into diverse sectors, such as AI, sustainable technologies, and healthcare (although Southeast Asia witnessed the lowest funding in six years).

The maturation of emerging technologies, including blockchain, AR, and quantum computing, has fuelled groundbreaking solutions and market disruptions. Governments and corporations worldwide increasingly recognise the importance of fostering innovation and supportive environments through regulatory frameworks and incentive programmes. Collaboration between startups and established companies has become a hallmark, fostering synergies that drive progress.

However, challenges persist, including talent shortages, geopolitical uncertainties, and ethical concerns surrounding technology. Startups have also faced heightened scrutiny on issues like data privacy and security. As the ecosystem evolves, emphasis on sustainable and responsible practices has gained traction, aligning with a global push towards ethical tech.

In this special edition, we bring you a list of the top startup stories of 2023.

Sainul,
Editor.

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News

Alibaba pours US$634M into Lazada as competition heats up
The funding comes as Alibaba continues to adjust its strategies amid fierce competition in China from PDD and Tencent; Alibaba has shelved the planned spinoff of its Cloud Intelligence Group, as trade restrictions had hampered the business unit’s growth.

Klinik Pintar bags US$5M to expand its tech-enabled clinics in Indonesia
The investors are Altara Ventures, Infocom, Golden Gate Ventures, Skystar Capital, and Venturra; The startup provides healthcare services, such as doctor consultations, nursing, medicine, laboratory tests, and vaccinations for all ages.

2024 will be the year that redefines Web3 gaming: SKALE co-founder
“The real power of Web3 is that it brings more power, transparency, fairness, and monetisation to players. It extracts power from the big publishers and puts it back in the hands of devs and players,” he argues.

Barca’s BIHUB invests in friendly football matches discovery app CeleBreak
The app offers four modes: women’s, men’s and mixed football, as well as futsal; Users also get the chance to join training sessions, tournaments and leagues; In the last 12 months, 30K+ people have used it to play football.

Top news of 2023

WTF is going on at OpenAI? We have theories
What the hell is happening at the most hyped company in the world?! Here are some totally speculative theories that occurred to us and others around the web.

SVB is largest bank failure since 2008 financial crisis
Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded.

Binance CEO steps down as part of US$4B settlement with US
The announcement of Changpeng “CZ” Zhao’s stepping down capped yearslong investigations by the Department of Justice and others into anti-money laundering violations and sanctions violations.

17LIVE goes public via merger with Vertex’s SPAC
Singapore’s first SPAC, VTAC, was listed in January 2022; The entertainment firm opted to list via a SPAC merger because VTAC was headed by its longtime partner, Vertex.

Qatar firm JTA leads Indonesian MSME lender Investree’s US$231M Series D round
Investree also formed a JV with JTA that will serve as the Middle East hub for the lender to offer digital lending technology solutions.

MetLife, Khazanah join US$196M Series B round of insurtech startup bolttech
bolttech works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into the customer journeys at the point of need.

Indonesia’s Investree nets up to US$231M in Series D
Investree has set up the JV with lead investor JTA International; The resulting entity, called JTA Investree Doha Consultancy, will act as the Middle Eastern hub for Investree to offer digital lending services to SMEs.

US court orders SoPa to pay pre-IPO shares to co-founder and ex-CMO
The US court ruled that Thomas O’Connor had “validly exercised his right to purchase 1,148 shares of Society Pass under the terms of the Warrant.

Singaporean Sim Wong Hoo, who sued Apple for patent infringements over iPod, dies
In 1992, Creative Technology founded by Sim Wong Hoo became the first Singaporean company to list shares on the Nasdaq.

Most-read articles of 2023

Starting with a clear culture in mind is vital for companies: Huy Nghiem of Finhay
‘Short-term financial stability is as important as long-term goals; If we cannot meet the former, we can’t meet the long-term goal either’, says the Finhay CEO.

Meet the 25 investors that invested in AI startups in SEA in 2023 so far
With AI fast becoming the most popular tech tool in the new era, we look at the investors that invested in SEA’s AI startups in 2023.

Use Triphie to get highly customised itineraries for your next trip to Malaysia
Users can input their preferences, such as preferred activities, budget, and travel dates, and Triphie’s AI algorithm uses this info to generate customised itineraries.

E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity
In 2022, there were already 25,782 e-motorcycles in Indonesia, with more than 1,500 swapping stations available per Q1 2023.

Exclusive: Proptech company iMyanmarHouse acquires used cars listing portal CarsDB
The collaboration has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.

Top authored articles of the year

100 million inbound travelers in Saudi Arabia to access ChatGPT in Arabic via BuzzAR
Choco Up to provide US$5M funding to fuel BuzzAR’s expansion in Saudi Arabia, serving ChatGPT in Arabic to a targeted 100 million inbound travellers.

Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.

Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.

Discover TikTok Shop: The ultimate shopping-entertainment experience in Vietnam
In a short time, TikTok Shop has shown the special influence of this platform on businesses, sellers, and shoppers across the country.

How to meet your customer expectations fluently with the power of business messaging
The conversational future is here, and businesses need to start exploring how to incorporate business messaging in their marketing strategy.

Unlocking angel investing: 6 key steps for making your first investment
In this article, I hope to share several steps that you should consider before cutting that first cheque as an angel.

What can LKY teach you about identifying and building your first 100 fans
Here’s what Lee Kuan Yew’s documentary on Netflix taught me about how finding your first 100 raving fans can set you up for success.

The future of cybersecurity: A plan to fill the workforce gap and protect the world
As evidenced from the numbers, we are unable to narrow the cybersecurity workforce gap just by hiring from this limited pool of people.

What makes a great customer experience?
Unpredictable markets, hybrid lifestyles, and social responsibility are why customers are rapidly changing.

NCET cracks down on illicit activities in cryptocurrency market
Some experts believe that the US government’s actions signal a coordinated regulatory campaign to stymie the growth of the cryptocurrency industry.

Why live commerce is here to stay in Asia
Here is something to consider: the live commerce market in China alone is now worth more than US$60 billion a year.

Deciphering consumer sentiment: Understanding APAC consumers’ outlook for the year ahead
Brands should hone their messaging around the durability of their items as consumers look to make their money count.

The post Ecosystem Roundup: TikTok invests US$1.5B in Tokopedia, and this year’s top stories appeared first on e27.

As we approach the end of 2023, startups find themselves at a critical juncture where they must not only reflect on their business achievements but also fortify their digital defences.

In an era dominated by rapid technological advancements, the significance of cybersecurity cannot be overstated. As the threat landscape evolves, it is imperative for startups to prioritise their security posture alongside business growth.

In this article, we will delve into the key considerations that startups should take into account to secure their organisations before entering 2024.

Comprehensive security assessment

The first step in shoring up digital defences is a comprehensive security assessment. Startups should conduct a thorough evaluation of their current security posture, identifying vulnerabilities and potential weak points.

This includes scrutinising network infrastructure, data storage, access controls, and third-party integrations. By understanding their existing vulnerabilities, startups can formulate a targeted strategy to address potential threats.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

Update and patch management

The digital landscape is dynamic, and so are cyber threats. Regularly updating software, applications, and systems is fundamental to reducing the risk of exploitation. Startups should establish a robust patch management system to ensure that all software and systems are up-to-date with the latest security patches. Outdated software can serve as a gateway for cybercriminals, making consistent updates a crucial aspect of cybersecurity hygiene.

Employee training and awareness

Human error remains a significant factor in security breaches. Therefore, startups must invest in ongoing cybersecurity training for their employees. By fostering a culture of security awareness, employees become the first line of defence against phishing attempts, social engineering, and other cyber threats. Regular training sessions and simulated phishing exercises can significantly enhance the overall security posture of a startup.

Implement Multi-Factor Authentication (MFA)

Passwords alone are no longer sufficient to protect sensitive information. Multi-Factor Authentication (MFA) adds an additional layer of security by requiring users to verify their identity through multiple means. Startups should implement MFA across their systems and applications to add an extra barrier against unauthorised access, reducing the risk of compromised accounts.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

Data encryption

Data is a valuable asset, and its protection is paramount. Startups should implement robust encryption protocols for both data in transit and at rest. This ensures that even if data is intercepted, it remains unreadable without the proper decryption keys. Encryption adds a critical layer of defence, especially for sensitive customer information and proprietary business data.

Incident response plan

No system is completely immune to cyber threats. Startups should establish a well-defined incident response plan to mitigate the impact of a security breach. This plan should include clear protocols for identifying, containing, eradicating, recovering from, and analysing security incidents. Regularly testing and updating the incident response plan ensures that the startup is well-prepared to handle security incidents effectively.

In conclusion, as startups prepare to usher in the new year, they must recognise that a robust digital security strategy is as crucial as business expansion. By conducting a thorough security assessment, staying vigilant with updates, investing in employee training, implementing multi-factor authentication, encrypting data, and establishing an incident response plan, startups can fortify their defences against the ever-evolving threat landscape.

Prioritising cybersecurity in tandem with business growth will not only safeguard sensitive information but also foster trust among customers, partners, and stakeholders, positioning the startup for long-term success in 2024 and beyond.

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In the ever-evolving landscape of the digital age, cybersecurity stands as a battleground where good actors and bad actors engage in a relentless war.

To emerge victorious in this conflict, it is essential to heed the ancient wisdom of Sun Tzu, who famously stated in The Art of War, “If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained, you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Understanding the motivations of cyber criminals is a crucial step toward strengthening our defences and securing the digital realm.

The six motivations of cybercriminals

• Financial gain: At the forefront of cybercrime motivations is the pursuit of financial gain. Hackers and criminal organizations target individuals, businesses, and even governments to extract valuable information, demand ransoms, or steal financial assets. The lure of quick and anonymous wealth continues to drive a significant portion of cybercriminal activities.
• Political motivation: Cyber attacks are often motivated by political agendas, with state-sponsored actors seeking to compromise the security of rival nations or influence geopolitical events. These attacks can range from espionage to disrupting critical infrastructure, highlighting the interplay between cybercrime and international politics.
• State actors: Governments worldwide engage in cyber activities for strategic purposes. State-sponsored cyber attacks are designed to gather intelligence, disrupt adversaries’ operations, or even wage a form of digital warfare. The sophistication and resources of state actors pose a formidable challenge to cybersecurity efforts.

Also Read: The business edge: Why prioritising employee cybersecurity is a smart investment

• Recognition: Some cybercriminals are driven by a desire for recognition within their communities. Hacking groups and individuals may carry out high-profile attacks to showcase their skills, leaving behind digital signatures as a testament to their prowess. The pursuit of notoriety can be a powerful motivator in the world of cybercrime.
• Insider sabotage: Not all threats come from external sources. Insider threats, whether disgruntled employees or collaborators, pose a significant risk to organizations. Motivations for insider sabotage can range from personal grievances to financial gain, emphasizing the importance of internal security measures.
• Corporate espionage: Among the motivations, corporate espionage often flies under the radar. Companies are frequently targeted by cybercriminals seeking to steal trade secrets, intellectual property, or user data. This stolen information can be sold on the dark web or handed over to competitors, resulting in severe consequences for the targeted organization.

Corporate espionage: The overlooked threat

While financial gain and state-sponsored attacks often take centre stage in discussions on cybercrime motivations, corporate espionage remains a hidden menace. Trade secrets and sensitive data are stolen with alarming frequency, leaving organizations unaware of the breach until it’s too late. The covert nature of corporate espionage underscores the need for heightened cybersecurity measures that go beyond traditional defences.

Final thoughts

To secure the digital realm, organizations must acknowledge the multifaceted motivations that drive cybercriminals. A comprehensive cybersecurity strategy employing a layered approach that safeguards networks, devices, and applications is imperative.

By understanding the enemy’s motivations and adopting proactive measures, we can fortify our defences in this ongoing digital war, ensuring a safer and more resilient cyberspace for all.

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The startup ecosystem in Southeast Asia, home to trailblazers like Grab, Gojek, and Glints, is rapidly evolving. In this landscape, startups need to adopt a holistic approach to compensation. This means going beyond traditional salary structures to include equity, bonuses, and other non-monetary benefits.

Embracing a holistic compensation strategy

Startups should realise that in today’s competitive market, cash is often king. However, the allure of equity can’t be ignored, especially when dealing with long-term, committed employees. Equity offers team members a sense of ownership and aligns their interests with the company’s success.

For instance, companies like Grab have been known to offer comprehensive benefits, including equity, which not only attracts talent but also fosters a sense of belonging and loyalty​​.

But it’s not just about financial rewards. In a downturn market, employees are valuing flexibility more than ever. Remote work options, flexible hours, and attention to work-life balance are becoming key factors in employee retention and satisfaction. Startups should look towards companies like Gojek, which have adapted to these trends and offer flexible working arrangements alongside competitive compensation packages​.

Also Read: Balancing revenue, impact remains the top challenges faced by social impact startups

Recognising the value of diverse talent

In a region as diverse as Southeast Asia, understanding and appreciating the varied talent pool is crucial. Startups must recognise the unique contributions of their team members and compensate them accordingly.

Technical roles, such as those in engineering and data science, continue to be in high demand, with companies willing to pay a premium for these skills. For example, technical roles in startups can earn up to 54 per cent more than non-technical roles, underscoring their value in the tech-driven marketplace.

Startups need to offer competitive salaries to attract and retain such talent, but they should also explore other forms of compensation. Bonuses, performance incentives, and opportunities for professional development can go a long way in acknowledging the contributions of these skilled professionals.

It’s also important to consider regional variations. Salary trends in Vietnam, for instance, indicate a high growth potential, especially in technical roles. Startups in different Southeast Asian countries should tailor their compensation strategies to reflect these regional dynamics, ensuring that they remain competitive and equitable.

Building a culture of transparency and recognition

Finally, the key to a successful compensation strategy lies in transparency and recognition. Startups need to communicate clearly how compensation packages are structured and how performance is evaluated. This transparency builds trust and ensures that team members feel valued and understood.

Creating a culture of recognition goes beyond financial compensation. Public acknowledgement, awards, and even simple expressions of gratitude can significantly impact employee morale and loyalty. Startups should aim to recognise the hard work and achievements of their team members, fostering a positive and inclusive company culture.

Also Read: Startups making waves in Southeast Asia this week

For instance, companies like Glints have set standards in the region by not just offering competitive salaries but also by nurturing a culture that values and recognises each employee’s contribution. This approach helps not only retain talent but also build a motivated and dedicated workforce.

Looking forward

As startups in Southeast Asia navigate through bear market realities, rethinking compensation is more important than ever. It’s about striking a balance between financial rewards and creating an environment where employees feel valued, motivated, and part of the company’s journey.

By taking a holistic approach to compensation, startups can retain their most loyal team members and attract the talent needed to drive future growth and success. This approach ensures that startups not only survive the challenges of today but also thrive in the years to come.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Estonia and Singapore share striking similarities as relatively small nations with vibrant tech and startup scenes. Anchored in common practical values and perceptions, both countries excel in the digital economy, boasting robust startup ecosystems and a focus on cybersecurity. 

Strong government support and well-established networks 

The key drivers behind their appeal lie in strong government support and well-established networks of entrepreneurs and investors. Recently established, the Estonian Business Hub in Singapore (part of the Embassy of Estonia in Singapore) serves as a tangible representation of Estonia’s identity in Singapore.

This hub also serves as an optimal platform for Estonian companies to forge business relationships, host events, and showcase both their businesses and Estonia on the global stage; most recently, the Hub arranged a trade mission for a number of Estonian startups, who were able to explore business opportunities in Singapore.  

One of these startups was ÄIO — a winner of the Enterprise Singapore partner award at Slingshot 2023, a company on a mission to change the way we produce fats and oils. ÄIO recognises the full worth of microbial oils to deliver tailored solutions for industries such as food, feed and cosmetics.  

This op-ed will delve into the potential of Estonia and Singapore to play pivotal roles in shaping regulations and standards for emerging markets in novel foods, processes, and legislation. The ensuing discussion will explore the implications of early-stage investments and founders’ choices of ecosystems.  

Investor-friendly ecosystems and growth mindsets 

Estonia is one of the EU’s tiger leap countries, with the fastest economic growth during the past two decades. 25-year CAGR in Estonia is 3.3 per cent. In Singapore, the growth rate has been even higher, with a CAGR of 4.6 per cent.

This accelerated growth can be attributed, at least in part, to our shared open business culture and a resolute commitment to goal achievement. A common growth mindset permeates both countries, evident in their investor-friendly ecosystems that foster startup development.  

Also Read: Can Singapore truly become a cashless society with payment 3.0?

While we share numerous similarities, each nation possesses unique attributes. Estonia, despite being a small country, boasts significant hard resource assets, including vast woodlands producing 10 million cubic meters of timber annually and sequestering 160 million tons of carbon dioxide.

Abundant freshwater reserves, amounting to 1.3 million hectares, and various minerals, including Europe’s largest phosphorus reserve, underscore Estonia’s rich resources. In contrast, Singapore, with its greater experience, particularly excels in industry and fintech.  

Beyond academic institutions, Singapore has committed experts and resources to fields like Novel Food, Biotechnology, and Smart Cities. These deep tech sectors demand specific expertise and resources throughout the value chain.

Singapore has made substantial investments in developing a relevant deep tech entrepreneurial ecosystem. Currently, Estonia is just starting to invest in its local Contract Research Organizations to support field-specific deeptech acceleration, and we have much to learn from Singapore.  

The emergence of deep tech 

The Singaporean startup ecosystem has forged alliances with universities, local and global investment partners, corporates, and policymakers. Its transparent and well-connected nature contrasts with the more segmented nature of the Estonian startup ecosystem, which is highly field-specific.

However, the emergence of the deep tech era necessitates the alignment of stakeholders in a shared time-space-information continuum — an area where Estonia can glean valuable insights from Singapore’s experience.  

At the national level, state offices responsible for food safety have the authority to issue specific acceptances or certificates for novel foods. To initiate this process, the country must first develop and gain government approval for legislation and standards at the national level, and in some cases, parliamentary approval may also be required.

Subsequently, local regulatory authorities handle the processing of requests. In many instances, regional offices may need to augment their capabilities, as they may lack the expertise for independent safety verification and may not have established regulations or programs for novel food processing.  

Smaller countries with modern and rapidly developing technology scenes, like Singapore and Estonia, might have a clear advantage over larger and much slower-to-respond industrial countries. Despite the challenges, the food safety framework within the European Union (EU) holds a strategic position within the broader EU market, and EU & EFSA rules apply to all EU countries.

The nation that takes the lead in legislating, regulating, and processing novel foods often becomes a benchmark for the entire EUR 20 trillion (US$ 215 million) economic space (i.e., the Netherlands’ code of practice for tasting cultivated meat).

An additional advantage of swift national-level legislation is its potential to attract startups and investors, fostering trials within that country. This, in turn, leads to rapidly increased investments, capital for scaling up production, and heightened interest from established corporate industries.  

Also Read: Why Singapore’s traditional sectors need a digital makeover

Consequently, both Estonia and Singapore stand to benefit from similar opportunities. Estonia, by securing a pioneering position, could become a leader within the entire EUR 20 trillion (US$ 215 million) EU economy. Similarly, Singapore could position itself as a frontrunner catering to the rapidly growing demand in Asia. 

ÄIO: A case study 

Following a recent trade visit to Singapore, arranged by The Estonian Business Hub in Singapore, the ÄIO team have a fresh feeling of possibility and a new perspective, taking into consideration the potential of doing business on a global scale.  

Now, ÄIO is exploring local partners to explore the possibility of entering the Singaporean market. ÄIO produces fats and oils from locally produced low-value industrial side streams. These alternative oils and fats are substitutes for palm oil, used in nearly half of the products we consume, including ice cream, lipstick and soap, to name a few.

In the novel food domain, alternative fats and oils could be used to enhance the taste and texture of alternative meat products, for example. But it could also be used as an ingredient to improve the quality and performance of cosmetic products due to the high concentration of antioxidants as well as carotenoids that give a smooth red pigment. 

Today, ÄIO are running multiple pilots with collaborators in the cosmetics, dairy and forestry industries and is excited about the results to help the companies achieve a more circular approach to their productions by valorising their side streams. They value the transparency and welcoming nature of the startup community in Singapore.

In order to market products, ÄIO must gain certifications specific to each new market. Singapore has been recognised as one of the countries that has a quick consultative procedure supporting entrepreneurs, as opposed to a  more bureaucratic and restricted procedure in the EU. This is the reason many of the innovative companies in the food sector eventually find their way to Singapore. 

For a startup, it is of utmost importance to have a supportive infrastructure, most importantly the people that are deeply connected within the relevant ecosystems to support and further the business.

We are delighted to have a direct gateway to Singapore, thanks to Enterprise Singapore and the Estonian Business Hub in Singapore (part of the Embassy of Estonia in Singapore), and we look forward to witnessing — and playing a role in — the continued strengthening of the relations between these two nations.  

This article has been co-authored by Rainis Venta Ph.D., Technology Transfer Officer of Tallinn University of Technology.

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Preparing your funds to travel overseas requires substantial forethought. How much local currency to withdraw? Where to find the best exchange rate? Are there enough small changes for tips?

But just as the consumer experience has been transformed by COVID, the travel experience is increasingly digital-first, with tourists more frequently reaching for their phones than their wallets when transacting overseas.

Take Southeast Asia, where high mobile penetration rates mean that from the hawker centres of Singapore to the street markets of Jakarta and the five-star hotels of Hong Kong, tourists and locals alike expect to pay using nothing but their phones. There are even apps that allow them to give or receive a tip on the go, without ever touching a Rupiah.

Over the pandemic, people became accustomed to the seamlessness and flexibility of digital payments, and they now seek the same ease when transacting during their travels. It’s an expectation that applies not only to typical travel experiences like dining out or visiting attractions but to providers across the entire journey, from planning and booking their trip to microservices along the way. 

Tapping into the borderless consumer represents a huge growth opportunity for tourism and travel providers, but to fully capitalise they must be able to transact with this new consumer group and see payments not as a means to an end but as a path to creating competitive advantage.

Travel: A trillion-dollar opportunity

Over the next decade, the travel industry is expected to grow to account for nearly 12 per cent of the global economy. This boom presents huge opportunities not only for traditional travel industry players but also for those in similar industries and services. 

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For the modern traveller, the ability to transact seamlessly without worries of international foreign exchange fees or friction is essential to a good trip. Once they arrive at their destination, travellers want to hire an e-scooter, check out a local show or attend a yoga class, all using their preferred digital payment method. 

Travel planning has also evolved into a more seamless experience with the growth of the Online Travel Agency (OTA) market, which accounts for approximately 40 per cent of global bookings. Travel marketplaces need to speak to a broad base of customers, offering seamless payments whether customers are based in Dusseldorf or Doha.

This means managing a diverse range of currencies and digital payment options preferred by consumers in each market, from credit cards to mobile and digital wallets.

Added to this, with flexibility and security being high priorities for post-pandemic travellers, instalment payments through BNPL players and enhanced fraud management through methods like two-factor authentication and 3D secure verification are adding to the complex payment requirements for OTAs seeking to provide the best customer experience.

Payments are key to winning in this new landscape

But it’s not only the front end that is increasingly complex. As OTAs become more sophisticated, offering a connected, one-stop shop for all travellers’ booking needs, they must coordinate a payments ecosystem with thousands of partners and suppliers.  

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With recent data showing that travel agencies take up to a 20 per cent hit on their profit margins due to avoidable, payment-related costs, optimisation has the potential for a big impact. 

In this sense, payment innovation should be viewed as a competitive advantage. It involves an effort to future-proof and boost the backend– so businesses can offer full flexibility and experience for their customers.

This may mean onboarding back-end infrastructure to unify, optimize and test payments, expand offerings, or embark on cross-border partnerships with other market players. And at the same time, it’s also about managing regulatory requirements to ensure businesses comply with the ever-changing landscape.

As an example, Ferryhopper, an OTA focussed on ferry travel, was impacted like most European businesses with the introduction of Strong Customer Authentication (SCA). With limited resources to tackle the regulation, it applied a blanket approach of mandating a 3DS challenge for every transaction, which eventually improved its conversion rate.

In an industry where such incremental changes and improvements can have a huge impact on business performance, revenue can often be hidden in payment data. Whether testing payment traffic, alerting when there are dips and rises in performance or automating fallback mechanisms, it can mean the difference between winning and losing.

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Back-end innovation can also enable online travel marketplaces to power a better front-end experience. Ferryhopper tackled their issue by using Primer’s adaptive 3DS feature that only prompted the 3DS challenge for transactions falling under the scope of SCA. This effectively helped them increase their conversion rate by 2 per cent, which otherwise would have been lost.  

Additionally, rolling out local payment methods can open doors to new markets. While building brand recognition with the customer, the payments themselves can be routed based on conditions such as currency, market, verification and products. This not only guarantees payment success but creates a frictionless experience for the user. 

 As digital payments become the norm, providing a safe and convenient expanded payment offering is how the travel industry must meet the expectations of the borderless consumer – but it’s in the behind-the-scenes innovation where they can gain an edge over their competitors.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Video game development has prospered greatly, especially in the past couple of years. But what are the kinds of video games that are the most popular among the masses?

In the US, there is a diverse range of games that are popular in each state, from The Last of Us and High on Life to Starfield and Hogwarts Legacy. However, video games aren’t getting much attention in the US alone. Millions of people around the world are enjoying the variety of games that are out there. 

One of the top five video game genres is first-person shooter games. These kinds of games have seen the most popularity among 16- to 24-year-olds at 66 per cent. In contrast, the game genre is less popular among 55- to 64-year-olds at 32 per cent. First-person shooter games are those like Duck Hunt, which has sold over 28 million copies so far. 

Another popular video game genre is action adventure. Games of this genre are most popular in the 16 to 24 age group at 62 per cent, but they are also quite popular with the 25 to 34 age group at 60 per cent. Those in the 55 to 64 age group again found the genre less attractive, with a 33 per cent popularity. Games in the action adventure genre include those like The Last of Us, which has 20 million copies sold. 

Simulation is also one of the top video game genres around the world. The game is quite popular with those between the ages of 16 and 24, as well as those between the ages of 25 and 34. Fewer people in the 55 to 64 age range seem to enjoy the simulation genre, as popularity reaches only 22 per cent. Minecraft is one of the top games within the simulation genre, selling 230 million copies. 

Also Read: How gaming innovations in Web3 are rewriting entrepreneurial playbooks

Multiplayer online battle arena (MOBA) is another top game genre. For MOBA, the genre is typically most popular with adults aged 25 to 34 at 43 per cent. This genre has seen the lowest popularity thus far among adults aged 55 to 64 at 18 per cent. MOBA are games similar to Honor of Kings, which experience 100 million players daily. 

The last of the top five video game genres in sports. This genre also sees higher popularity among those in the 25 to 34 age range at 44 per cent, with the 55 to 64 age range seeing 24 per cent popularity in comparison. FIFA is a big name in the sports genre, having sold 325 million copies to date. 

This year, a wide range of games appeared on different countries’ most popular video game lists. In the US, Madden NFL is the most popular. In Japan, Pikin 4 made it to the top of the country’s list, while Honor of Kings made it to the top of China’s list. The most popular video game in Germany this year is Mario Kart 8 Deluxe. In contrast, the most popular game in the United Kingdom is Call of Duty: Modern Warfare II. 

More people playing video games means various game genres are experiencing changes and greater attention than ever before. Augmented reality (AR) and virtual reality (VR) games have experienced a great boom, especially in recent years.

This year, more than 90 million people are using VR, while more than 20 million are using AR, with the most popular AR and VR games being War Thunder, Phasmophobia, and VR Chat. In fact, both AR and VR have the potential to surpass 100 million users worldwide by 2027. 

Also Read: For gamers by gamers: How Razer incorporates its understanding of user behaviour into product development

The genre of fitness gaming has become quite attractive for those looking to be more active by “exergaming.” Several predict the VR fitness market could possibly grow 40 per cent in the next six years. The most popular fitness games around the world so far are Wii Fit, Just Dance, and Ring Fit Adventure. 

Casino games have seen growth as well with there now being more than 4,700 online gaming businesses around the globe. That’s equivalent to a 29.25 per cent growth increase since 2018. So far, Coin Master, Jackpot Party Casino Slots, and Bingo Blitz are the top casino games and platforms globally. 

Technology advancements have helped make the global gaming industry a powerhouse in the 21st century, and for gamers of any country or creed, this is a good sign for years to come. 

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Recycle. Resell. Repair.

These are the 3Rs of E-Waste that formed the backbone of the Youth E-Waste Ambassador Program, empowering the Singaporean youth to take action against electronic waste (or e-waste).

The campaign — organised by e27 in partnership with Meta — enlists the support of the Singaporean youth in amplifying the message about the 3Rs of E-Waste through social media channels. It is crucial to engage the younger generation in developing responsible habits towards e-waste management, thus spurring the need to tap people that today’s youth would listen to about these topics.

Also read: Bridging Taiwan and Southeast Asia through innovation and tech

For the past 4 months, 16 content creators based in Singapore stepped up to lend their voices and their platforms to the e-waste movement. Though quite new to the topic themselves, they nonetheless found the drive to speak to the youth on social media about the ill effects of incorrectly disposed electronics on the environment — and that something as simple as following the 3Rs of E-Waste is already a positive step in the right direction.

Meet the 16 content creators committed to addressing e-waste through social media

1) Dian Al-Matin

Instagram handle: @dianmatin

Dian is an undergraduate specialising in human resource consulting and whose passions lie in problem-solving, leadership, and entrepreneurship. 

Thoughts on e-waste: “Empowering today’s youth for a sustainable tomorrow is not merely our choice but our responsibility.”

2) Grace Huang

Instagram handle: @thehuangergames

Grace is a content creator based in Singapore and is also a co-founder of Neue Fit.

Thoughts on e-waste: “Good things take time — and that includes responding to the threat of electronic waste on our environment.”

3) Sheng Li Soo

Instagram handle: @guitarstreet

Sheng Li identifies as both a content creator and a motivational musician.

Thoughts on e-waste: “It only takes a second for us to realise that most of us are not discarding electronics in the right manner today.”

4) Nurul Hamzah

Instagram handle: @nxrulhamzah

Nurul is a social media influencer who likes to speak about topics such as family, autism, and sustainability.

Thoughts on e-waste: “I believe we can create a positive impact and pave the way for a greener future.”

5) Sze Min Ng

Instagram handle: @nszemin

Sze Min is a digital creator and a co-founder of Artwave Studio.

Thoughts on e-waste: “As a creative whose work is entirely digital, I’m taking this chance to examine and open a discussion on the life cycles of the electronic tools we all use at work.”

6) Karyn Wong

Instagram handle: @iamnotagirl

Karyn describes herself as someone who hosts and sings, is a part-time DJ at LOVE 972 FM, and is an earth warrior.

Thoughts on e-waste: “I’ve been on a journey to reduce waste for a few years now and it has been very fulfilling.”

7) Candice Yu

Instagram handle: @_sharkgummies

Candice is an online creator who posts about lifestyle and travel and likes to make the days count.

Thoughts on e-waste: “As we move towards a more digital society, it is crucial that we maximise the use of our devices and appliances to minimise our wastage.”

8) Nevin Ho

Instagram handle: @nevindinho

Aside from being an Instagram influencer, Nevin is also a pianist, an athlete, a student, and a translator.

Thoughts on e-waste: “Don’t waste your e-waste. Just like us, it deserves a second chance.”

Also read: Advancing startups with impact: Insights from the DBS BusinessClass foundED Event 2023

9) Leslie Koh

Instagram handle: @leslie.koh

Leslie lives in Singapore and loves to share posts online about Japan, food reviews, travel tips, and other similar content.

Thoughts on e-waste: “I hope to bring more awareness to the problem of e-waste as we move towards becoming a digitalised nation.”

10) Kris Hngoi

Instagram handle: @veggiexplorer

Kris is someone who enjoys having a meatless lifestyle and whose habits include exploring, eating, and exercising.

Thoughts on e-waste: “I want to become a part of the solution, to inspire the younger generation to take action, and to collectively imagine a future where sustainability and responsible e-waste management guide our choices.”

11) Cynthia Lim

Instagram handle: @xynner

Cynthia identifies as being a “low-waste green witch,” and has interests in objects such as reiki and tarot.

Thoughts on e-waste: “I hope to see more gadgets built to last like in the past rather than to race against who goes to market first.”

12) Michelle Hwang

Instagram handle: @michellennk

Michelle is a mother based in Singapore who likes to post online about her adventures with her son.

Thoughts on e-waste: “We consume electronics at such a fast pace in today’s world that it has created a huge amount of e-waste — and most of us have zero idea on how to dispose or recycle them properly.”

13) Regina Ho

Instagram handle: @reginahoxf

Regina is an undergraduate in business analytics who occasionally posts on social media about her interests.

Thoughts on e-waste: “In the journey to sustainability, every step matters.”

14) Rebecca Eu

Instagram handle: @becseu

Rebecca is the founder of the social enterprise Mei’s Own and is also fond of sharing content about her life in Singapore.

Thoughts on e-waste: “I really hope that by doing my part to dispose of my e-waste responsibly — by giving them a new lease on life or adding to the life of another device — I can contribute to a growing effort of sustainable living.”

15) David Chou

Instagram handle: @dnakedpianist

David is an online content creator whose passions lie at the intersection of athleticism and musicianship.

Thoughts on e-waste: “Recycling our electronic waste and embracing sustainable practices not only conserve these valuable elements but also help preserve our planet’s natural symphony.”

Also read: Qarbotech named winner of inaugural EQT Impact Challenge

16) Sandra Lim

Instagram handle: @theveggiemaiden

Sandra cares about having a plant-based lifestyle, doing photography, being an owner of cats, and eating chocolate.

Thoughts on e-waste: “The more I delve into this topic of e-waste, the more I am convinced that e-waste recycling is important for protecting the environment, conserving resources, and promoting sustainable development for a future that is equitable for all.”

For more insights on e-waste and updates on upcoming programs and activities, follow YEAP on Instagram and Facebook.

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This article is produced by the e27 team, sponsored by YEAP

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