VUIHOC, an edutech platform serving K-12 Vietnamese students, secured a US$6 million investment in a Series A funding round led by TNB Aura.

TKG Taekwang, IBK-STIC Pioneer fund, and existing investors such as Do Ventures, BAce Capital, and Vulpes also joined.

The startup will use the funds to enhance its product offerings and leverage the application of AI technology. It aims to harness the power of AI to offer personalised learning experiences specifically tailored to meet students’ individual needs.

VUIHOC claims it has over 1.1 million users, most coming from Tier 2 and 3 cities. It provides comprehensive access to diverse educational content, with an inventory of over half a million resources, including video lectures and quizzes.

Vietnam’s edutech sector is experiencing a surge in investment commensurate with its potential, with total investments in H1 2023 surpassing that of the entire year of 2022, according to the “Vietnam Innovation & Tech Investment Report 2023”.

Also Read: VUIHOC gets funding from Do Ventures

Since its last funding round in September 2022, the company has introduced interactive live-streaming classes with large group sizes, enhancing student engagement and fostering dynamic learning experiences. Furthermore, it has broadened its content offerings to encompass the K-12 curriculum, ensuring alignment with the national standards.

“Affordable and quality education needs to be accessible to everyone. We believe that technology support will bring the best possible education to all students, especially those outside of big cities, giving them better opportunities for the future. This has been our guiding principle for the past four years, and we can see the positive results in our students,” said Do Ngoc Lam, CEO of VUIHOC.

In the coming year, VUIHOC will enhance its product portfolio, integrating cutting-edge technologies to provide students with highly effective and captivating learning experiences.

Charles Wong commented, “VUIHOC’s tech infrastructure has allowed it to capitalise on a flywheel of high-quality education delivered at scale, attracting the best educators across the country, which in turn drives some of the best unit economics seen in the region.”

In August 2021, VUIHOC bagged an undisclosed amount in investment from Do Ventures. Over a year later, the company secured US$2 million in bridge funding.

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What happened to the devices that you no longer use? According to an NTU survey conducted in 2019, 64 per cent of respondents in Singapore hoard their old mobile phones and laptops.

“Many consumers purchase electronic devices on a constant cycle of upgrades and replacements. Despite their ‘old’ devices not being at all outdated when they upgrade, the devices languish at the back of cupboards and the bottom of drawers. All this has a significant environmental impact as far as resource consumption and electronic waste generation is concerned,” writes Circular CEO and Co-Founder Nick Ramsay in an email to e27.

This is where Circular steps in. The startup builds a subscription-based consumer electronics marketplace for Asia Pacific customers that aims to accelerate the adoption of the circular economy.

Backed by Y-Combinator, Circular says that it is able to help customers save up to US$745 with a 12-month subscription for devices such as an iPhone 14 Pro Max 128GB with damage cover.

Its catalogue includes gaming devices such as PlayStation 5 and Microsoft XBox. Apart from that, it is also looking to launch an “upgrader package” that allows customer to upgrade to new devices as they are launched or swap to new models.

Also Read: Climate tech startups can play a role in helping SMEs bridge sustainability, digital transformation: Paessler

“By shifting from a model of ownership to one of access, Circular encourages customers to use technology in a way suits their lifestyle. This approach maximises the useful lives of devices while minimising waste through refurbishment and safe recycling. Customers no longer need to take on short-term credit card debt, BNPL schemes, or long-term lock-ins with telcos. With Circular’s low-cost monthly subscription, people can experience the benefits of the latest technology at a fraction of the cost,” Ramsay explains.

The service is currently used by businesses such as climate tech startup Unravel Carbon, fintech company CardUp and digital media group GRVTY Media.

It is also a corporate partner with Go Green SG, a whole-nation movement led by the Ministry of Sustainability and Environment in Singapore.

Living the Circular economy

As a startup that aims to accelerate the adoption of the circular economy, Circular sees impact as a foundation of their business model.

“Every customer we onboard is shifted out of the take-make-waste ‘linear economy’ and so multiple devices are permanently removed from the waste stream. What’s especially exciting is that we see our customers come back for multiple devices, indicating that they quickly see subscriptions as better than buying are shifting their consumption preferences to the circular economy,” Ramsay explains.

Also Read: Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech

In terms of target, Circular wants to achieve having six users per device, “So that each device’s useful life is maximised before being retired and properly recycled.”

Ramsay also explains that, due to the impact-driven nature of its business model, there is no trade-off between impact and profitability.

“The reality is that in Singapore today, only 10 per cent of smartphones reach a second owner. What is more common is that phones get placed in a drawer and kept as a spare, ‘just-in-case’ option. By our calculations, smartphones are typically only used for 33 per cent of their useful lives – they then spend approximately 33 per cent in storage, and another 33 per cent in the e-waste stream,” he says.

“Ultimately, this is a problem of underutilisation, which Circular is aiming to resolve with our subscription model. By keeping products in use for longer and precious materials out of landfill, we hope to gradually shift patterns of consumption. That’s where the name Circular comes from.”

Circular is currently run by a team of 30 that is divided between Singapore and Sydney, Australia.

In addition to its acceptance to Y Combinator, it has raised two funding rounds from investors across Singapore, Australia and the US.

“We have big plans for growth in Australia and New Zealand where our early testing has shown an incredible amount of demand for subscription-based tech,” Ramsay closes.

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Image Credit: Circular

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As we head into the exciting months of August to November 2023, the Southeast Asian region is set to witness a flurry of business and tech events that will shape the future of various industries.

From conferences that bring together industry leaders to workshops and exhibitions that foster innovation, these events offer unique opportunities for networking, knowledge sharing, and investment prospects. Here’s a comprehensive list of upcoming events in the region that are not to be missed:

August 2023

World Blockchain Summit Singapore 2023

When: August 23, 2023

Where: Singapore

The summit gathers tech enthusiasts, developers, and investors from around the world, establishing itself as a prominent event in the blockchain industry. Explore the latest trends in immersive presentations, panel discussions, and workshops, focusing on DeFi, NFTs, smart contracts, and blockchain’s impact across sectors. Esteemed keynote speakers, including CZ from Binance, Charles Hoskinson of Ethereum and Cardano, and Vitalik Buterin of Ethereum, share valuable insights on digital finance and blockchain’s future.

The summit fosters meaningful exchanges among industry leaders, providing a platform for collaborative efforts and innovative endeavours in the blockchain world. Attendees gain fresh perspectives and valuable connections, making the summit an exciting and transformative experience.

Techsauce Global Summit 2023

Date: 16-17 August

Bangkok, Thailand

The Techsauce Global Summit is a remarkable gathering that unites tech enthusiasts, innovators, investors, and industry leaders from across the globe. This summit serves as a dynamic platform for exploring cutting-edge technologies, disruptive innovations, and emerging trends in various industries. Attendees can expect engaging discussions and enlightening presentations on transformative topics like AI, blockchain, fintech, healthtech, and more.

Key speakers include Ana Barjasic’ CEO of Connectology & European Innovation Council Board Member; Natalie Black, His Majesty’s Trade Commissioner for Asia Pacific U.K. Government; John Park, Partner, SparkLabs and more.

Coinfest Asia

When: 24-25 August

Where: Bali, Indonesia

Coinfest Asia, the immersive Web3 festival, returns on 24-25 August 2023 in Bali, Indonesia. Unlike typical conferences, this event offers a casual clifftop setting for networking and engagement. With over 2,000 participants from 50+ countries in the previous edition, Coinfest Asia 2023 introduces a new theme: Web2.5, merging Web2 and Web3 concepts.

The summit showcases real use cases and tangible solutions, providing a platform for impactful product presentations and strategic partnerships between Web2 and Web3 companies. Attendees, from founders to crypto enthusiasts, can gain practical insights, build connections, and explore evolving industry developments through hands-on workshops and discussions.

September 2023

DealStreet Asia PE-VC Summit 2023

When: 5-6 September

Where: Singapore

The Asia PE-VC Summit 2023 gathers key stakeholders from the private equity and venture capital sectors to explore Asia’s dynamic investment landscape. Attendees gain valuable insights into emerging trends, deal-making opportunities, and challenges in the region.

The summit features thought-provoking discussions on investment strategies, the future of PE-VC in Asia, and opportunities in diverse sectors.

Speakers include Byju Raveendran
CEO and Founder BYJU’S, Stefanus Hadiwidjaja, Chief Investment Officer Indonesia Investment Authority; Minette Navarrete Co-founder, Kickstart Ventures etc. Don’t miss this enriching event in Singapore, offering unparalleled networking opportunities and valuable industry connections. Stay tuned for the date announcement on the event website.

TOKEN2049

When: 13-14 September

Where: Singapore

TOKEN2049, the world’s premier Web3 event, is set to welcome over 10,000 attendees, with more than 80 per cent coming from overseas, making it the industry’s largest international gathering. This year’s conference brings together key business leaders from traditional finance, big tech, crypto-native entrepreneurs, builders, and policy-makers, solidifying its world-class status as the global premier Web3 event.

The conference program will cover a wide range of critical themes, including the evolving regulatory landscape, crypto and AI convergence, blockchain scaling, Web3 gaming and the metaverse, digital asset institutionalization, Web3 infrastructure, and multi-chain network and protocol interoperability.

Distinguished speakers include Cameron and Tyler Winklevoss, Co-Founders of Gemini; Jeremy Allaire, Co-Founder and CEO of Circle; Jenny Johnson, CEO of Franklin Templeton; Daniel Alegre, CEO of Yuga Labs; Richard Teng, Head of Regional Markets at Binance; Daniel Ricciardo and Pierre Gasly, Formula One Drivers and Web3 enthusiasts from Scuderia AlphaTauri and BWT Alpine Formula One respectively.

October 2023

Entrepreneurs Summit IV

When: 12 October

Where: Kuala Lumpur, Malaysia

Entrepreneurs Summit IV celebrates entrepreneurship and innovation, gathering aspiring entrepreneurs, seasoned leaders, and experts for insightful discussions on startup trends and strategies. Esteemed speakers include Ben Lim, CEO of NEXEA; Joel Tay, Cofounder of Softspace; Noomi Fessler, CFO of Lapasar among others.

Gamescom Asia

When: 19 – 22 October

Where: Singapore

Returning to Singapore is the ultimate platform for Asian game developers to forge partnerships and expand their global audiences. For international studios, it serves as a stepping stone into Southeast Asia, one of the world’s fastest-growing games markets, connecting with fans and talent in the region.

The Trade Zone (B2B) offers an opportunity to meet decision-makers, foster partnerships, and expand audiences within Southeast Asia and beyond. Gain valuable insights from expert conferences that enrich your gaming knowledge.

In the Entertainment Zone (B2C), expect an exciting array of new releases, game demos, live stage entertainment, cosplay, online shows, and more. Anticipate a diverse gaming network with 30,000 visitors from Asia and beyond, providing ample opportunities for interaction, education, and business in the gaming industry.

e27 Flux Series

When: 15 November

Where: Jakarta, Indonesia

To succeed in this dynamic landscape, businesses need innovative strategies and insights to stay ahead of the curve. Enter e27 Flux Series: Marketing Leaders, a gathering of top marketing professionals from across the region. This project aims to equip participants with the knowledge and skills required to navigate the ever-evolving marketing landscape. By attending this event, marketers can learn from industry leaders, acquire valuable insights into consumer behaviour, and identify emerging trends that can reshape marketing strategies.

Engage in keynote speeches, interactive panel discussions, and practical workshops that offer hands-on learning experiences. Network with peers and other marketing experts to explore potential partnerships. Stay updated on industry developments and creative ways to engage your audience, empowering your brand for sustained growth. Don’t miss this exclusive event to revolutionise your marketing efforts and take your business to greater heights — all at the Flux Series: Marketing Leaders.

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Image credit: Photo by Product School on Unsplash

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People and businesses have been communicating for years, mainly through face-to-face communication. But technology has changed all of that, including where and how people and businesses communicate. As the world grows more mobile-first, people’s expectations of businesses are also evolving.

Today, people want to engage with businesses not just face-to-face or over the phone, either via email and online, but also in their favourite messaging apps, with 50 per cent of customers saying that experience is more important to them now compared to a year ago. Additionally, seven out of 10 consumers report feeling closer to businesses they can message.

Business messaging brings businesses and people closer together – allowing people to have one-on-one personalised connections with businesses while helping businesses get the most out of their valuable conversations and drive business performance.

Globally, more than one billion people are connecting with a business account across Meta’s messaging services every week. And across Southeast Asia, research conducted by The Boston Consulting Group (BCG) and  Meta indicated that business messaging has become critical to consumers, with an average of nearly 70 per cent adoption rate across Vietnam, Philippines, Indonesia and Thailand.

Leveraging business messaging to increase your operational efficiency

Unfortunately, not all businesses are well equipped to meet the rising and ever-changing consumer demands. In recent years, businesses have been put under greater pressure than ever to balance better customer experience with the need for efficiency and measurable return on investment (ROI). 

Also Read: How to meet your customer expectations fluently with the power of business messaging

More than one-third of businesses say that it is important to know how each dollar they spend turns into profit.  Additionally, they are facing industry headwinds with changes in data policies and regulations, such as the elimination of third-party cookies, affecting their ability to create personal experiences. 4​3 per cent of marketers and 55 per cent of media agencies are concerned about the potential elimination of third-party cookies.

In this context, business messaging not only helps businesses interact more personally at scale via artificial intelligence (AI) and automation, but it is also the answer to effective digital marketing and a less dependent approach from cookies while bringing higher business performance. 

A study conducted by Forrester Consulting and Meta in December 2022 showed that Business Messaging products have a 61 per cent better impact compared to other communication channels previously used. For example, in terms of sales, the order value from customers is 22.1 per cent higher due to communication between sellers and buyers through business messaging.

As a result, more and more businesses are finding new reasons to expand their messaging strategies to not only create better customer journeys and drive loyalty but to drive business performance. 

Reducing friction, increasing ROI, and reaching customers at scale via AI 

AI has been an integral part of Meta’s DNA, and Meta Business Messaging is one of our suite of solutions that utilises AI as a business and creative partner, making it easier for marketers to augment and enhance what they are already doing.

Also Read: How small businesses can boost brand visibility via videos and messaging

Prior to AI automation, messaging via chatbots had to be manually created by typing in answers to commonly asked questions – which can be laborious and time-consuming. Now, with the power of AI, Meta Business Messaging is capable of delivering relevant chat with automated question-and-answer flows that feel natural and could significantly enhance your customer service experience. 

Additionally, the investments we are making in AI modelling are helping us improve ad formats like Lead Ads and ads that Click to Message. In fact, 40 per cent of our advertisers globally are already using Click to Message ads format, and within Southeast Asia (SEA), more than 90 per cent of advertisers in Singapore and Vietnam use Click to Message ads.

One such example is Vua Nem, a leading mattress and bedding retailer in Vietnam. Vua Nem wanted to attract more people with high purchase intent for its premium mattress products during its year-end sales promotion. They introduced a new campaign of ads that click to Messenger and set up an automated Messenger experience that offered people a unique promotion code when they messaged the business. The company saw a 54 per cent increase in new messaging connections and three times higher reach from ads that click to Messenger with an automated offer compared to usual ads that click to Messenger.

Additionally, in countries where WhatsApp is the main form of communication, ads that click to WhatsApp are making it even easier to start conversations. Take, for example, Anker Indonesia, a leading seller of portable charging technology and audio products. The company wanted to turn up the frequency of its digital marketing efforts to expand its reach beyond email or SMS campaigns.

They decided to develop a one-week campaign using WhatsApp to inform customers about a new flash sale on headphones. The open rates for messages in WhatsApp reached over 63 per cent, add-to-cart rates reached over 27 per cent, and the team saw a high 6.65 per cent sales conversion rate in one week (i.e., a significant number of customers opening messages through WhatsApp went on to purchase headphones).

How businesses can take their messaging strategies to the next level

To further accelerate their business growth, businesses need to focus on driving better ROI while making sure they are meeting consumer demand for richer brand engagement experiences.

At Meta, we are committed not only to enabling businesses of all sizes with our technologies and providing capabilities for accelerated reach but also to creating more personalised brand engagement experiences for consumers.

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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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In today’s fast-paced digital landscape, it is crucial to approach the development and management of software with a product-centric mindset. While many organisations still treat digital initiatives as short-term projects, this approach often fails to address the unique challenges and requirements of digital products.

To achieve long-term success, it is essential to shift our thinking and treat digital products as products rather than projects.

In this article, we will explore why the project-centric approach falls short and discuss the key differences between project-centric and product-centric mindsets. We will also provide actionable advice on how to make this mindset shift and build better software products.

Why the project-centric approach falls short

The project-centric approach to digital initiatives often focuses on predefined requirements, fixed timelines, and rigid deliverables. While this approach might work for traditional projects, it fails to address the dynamic nature of digital products. Digital products require continuous iteration, adaptation, and improvement to remain competitive and meet evolving user needs.

The post How to embrace a product mindset for digital success appeared first on e27.

At e27, we foster the growth of visionary minds and offer a platform for exceptional individuals to share their expertise and unique perspectives. Our Contributor Programme serves as a gateway for passionate voices to join the dynamic dialogue on entrepreneurship, technology, and innovation.

Did you know about e27 Voices? It’s our prestigious annual Hall of Fame that recognises the top 50 contributors to our platform. Each year, we honour thought leaders from both the startup and corporate worlds who have shared their invaluable insights, experiences, and expertise. If you’re interested in learning more about these exceptional contributors and the wealth of knowledge they’ve brought to our platform, feel free to check out e27 Voices!

If you happened to miss our previous announcement, we would like to remind you that we are actively seeking your insights and feedback to further enhance our contributor platform. Your opinions are invaluable to us, and we welcome any input you might have here.

Join us for our weekly presentation of carefully curated articles sourced from our esteemed Contributor Programme. From emerging trends to industry insights and groundbreaking ideas, these articles promise to broaden your horizons and stimulate your curiosity.

The growth of business messaging: How it’s improving business performance in Southeast Asia

“Today, people want to engage with businesses not just face-to-face or over the phone, either via email and online, but also in their favourite messaging apps, with 50 per cent of customers saying that experience is more important to them now compared to a year ago. Additionally, seven out of 10 consumers report feeling closer to businesses they can message. Business messaging brings businesses and people closer together – allowing people to have one-on-one personalised connections with businesses while helping businesses get the most out of their valuable conversations and drive business performance.”

Meta’s Vice President, Southeast Asia and Emerging Markets, Ben Joe’s article, delves into the remarkable rise of business messaging and its transformative effects on business performance across Southeast Asia. It explores the widespread adoption of this communication trend and its role in streamlining operations, improving customer engagement, and driving overall business success. The piece discusses the key strategies and tools employed by companies to leverage business messaging effectively.

How to embrace a product mindset for digital success

“By embracing a product-centric mindset and adopting continuous iteration, user-centricity, cross-functional collaboration, outcome-oriented metrics, and an agile approach, organisations can unlock the true potential of their digital products.”

Marketing expert at Morphosis and Seven Peaks Software, Sissada Siripongsaroj’s article offers valuable insights into the importance of adopting a product mindset in the digital realm. It emphasizes the need for businesses to prioritise customer-centric approaches and product-focused strategies to drive digital success. By understanding customer needs, iterating continuously, and fostering a culture of innovation, organisations can enhance their digital offerings and stay competitive in today’s ever-evolving market.

Exit thinking: One key mindset change to gear up and scale

“Having the exit in mind means that you now have a way to define what you want to achieve and to anticipate whatever strategic steps will need to be taken along the way.”

Business Coach and Co-Founder of Impactified, Antoine Martin’s article introduces the concept of “exit thinking” as a crucial mindset change for businesses aiming to scale and succeed. Adopting this mindset, entrepreneurs and startup founders can make informed decisions, align their goals with potential exit opportunities, and attract investors.

Also Read: Contributor corner: e27’s weekly roundup of the industry insights

How express delivery services can become a key differentiator for e-commerce businesses

“Express delivery services today are no longer a bonus feature but an expectation. This means that in order to meet customer expectations, a reliable logistics partner is crucial for optimising current processes and reducing operating costs.”

General Manager of Southeast Asia, Cainiao Group, Ricky Xue’s article talks about the vital role of fast and efficient delivery services in setting e-commerce businesses apart from their competitors. Examining successful case studies and industry trends, the article reveals how businesses can strategically implement express delivery services to enhance their value proposition, increase customer retention, and ultimately achieve a competitive edge in the fast-paced e-commerce landscape.

The GEAR: A new accelerator programme for early-stage startups in the built environment sector

“The future of work and life is brimming with innovation, and it will radically transform human experiences in the way we live and work through interactions with new technologies. While we all may have a different view on how the future of living and working looks Kajima Development, a wholly owned subsidiary of Kajima Corporation, aims to take on a mission to shape this future.”

Marketing and Ecosystem Lead at Rainmaking APAC, Isabel Ng, delves into the thriving ecosystem of a prominent environment innovation hub in Asia. It showcases how Kajima Development’s The GEAR fosters and accelerates the growth of startups in the construction and built environment sectors.

How to boost your pitch deck engagement with investors in 2023

“With our global experience aiding early startups and unicorns in their fundraising efforts, we have accumulated a list of fresh and increasingly more effective practices to captivate investor attention. Many disrupt the longstanding conventions of how pitch decks should be created, partly explaining their particular effectiveness in the current climate.”

Partner at Waveup, Olena Petrosyuk’s article offers valuable tips and strategies for entrepreneurs seeking to enhance their pitch deck presentations to investors. By incorporating compelling storytelling, impactful visuals, and data-driven insights, entrepreneurs can create pitch decks that stand out and leave a lasting impression on investors.

Embracing workplace flexibility: The new era begins

“Work becomes more fulfilling when employees can make decisions about their work, take ownership, and excel in their roles. This is achieved by setting goals and objectives with autonomy and empowering workers to do what is best for the customer.”

CEO of FlexOS, Daan van Rossum’s article explores the growing trend of workplace flexibility and its impact on modern organisations, delving into the changing dynamics of work arrangements, where remote work and flexible schedules are becoming increasingly prevalent.

Are you ready for Asia Pacific’s first AI-driven mega sales season?

“Shoppers, especially the younger generation, agree that planning ahead financially for the holiday season is more important than ever. Mega Sales Days (MSDs) are acting as catalysts, with their promise of delivering good bargains, entertainment and cultural relevance.”

Vice President of Asia Pacific for Meta, Dan Neary’s article explores how AI technology is revolutionising the way businesses approach sales and customer engagement during this significant season. By providing insights into the preparations and opportunities available for businesses, it aims to help companies gear up for this groundbreaking AI-driven mega sales season in the dynamic Asia Pacific market.

Also Read: Contributor corner: Weekly round-up of e27’s latest insights and perspectives

Financial literacy in Southeast Asia is set to match industry growth

“The future of the macro-regional financial ecosystem is closely connected with financially literate consumers, and the main focus for market development remains transparency, humanity and long-term relationships between customers and fintech businesses.”

Chief Executive Officer at Robocash Group, Natalya Ischenko’s article, sheds light on the increasing focus on financial literacy in the Southeast Asian region. It explores how the industry’s growth is accompanied by efforts to improve financial knowledge and awareness among individuals and businesses. Examining the positive correlation between financial literacy and industry growth, the article emphasizes the importance of empowering individuals with financial knowledge to foster economic development in Southeast Asia.

Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business

“A single data breach can cost a startup millions of dollars in lost revenue, damaged reputation, and legal fees. While some of these can be recuperated through cyber insurance, the reputational damage can be irreversible, especially for startups trying to establish their reputation and presence in a nascent market.”

Vice President of International Marketing at LogRhythm, Joanne Wong’s article highlights the critical importance of cybersecurity for startups during their scaling phase. It emphasizes that as businesses grow, they become more susceptible to cyber threats and attacks.

How to enhance credit decision-making with technology

“Modern lending stands on speed, precision, and minimal friction. However, a lender’s core strength lies in constantly fine-tuning its underwriting models. Upgrading to automated transaction analysis is a sure-shot way to optimise and scale a credit product.”

Co-Founder & CEO of FinBox, Rajat Deshpande’s article, delves into the transformative role of technology in improving credit assessment processes. It explores the innovative tools and solutions that financial institutions can leverage to make more accurate and efficient credit decisions. Embracing technology such as AI, data analytics, and machine learning, lenders can gain deeper insights into borrowers’ creditworthiness, reduce risks, and streamline the overall credit evaluation process.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

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It’s funny how entrepreneurs and people with big ideas that have the potential to change the world (and make money along the way) tend to think about how to make things happen. The goal is usually the same: you spend a lot of time on building a business and a team to run it, and so you expect to cash in down the road. Right? Right.

But how do you get there, exactly?

Long story short, you need to think about funding your development, which typically implies self-financing, debt raising, or equity funding. And to get there, you have to think long-term.

If you plan on self-funding everything, you have to think about cash flow and margin.

If you plan on raising debt, you have to think about cash flow (again) and repayment capacity (because bankers lend to those who can repay).

And if you plan on raising equity, you have to think about cash flow (still!) and return on investment (because investors want their equity investment back with a premium).

The common denominator here? Your best chance to get somewhere you want is to think about where you want to get a few years from now – which is called exit thinking.

Do entrepreneurs and business owners do it? Definitely not enough, and definitely not the right way either. And that’s because the topic is typically in a blind spot for most.

Exit thinking means planning to pass on

First angle

Business owners and entrepreneurs often keep their noses to the grindstone and focus on daily and operational routines. They focus on getting work done, and by the same token, they drop the long-term perspective every captain should keep in mind at all times.

Instead of building a system that progressively works for them, they keep doing ‘stuff’. Instead of focusing on how to pass on to the next leader, they hold on to what they have as hard as they can. Instead of showing that they are looking to let go, they show the business is worth nothing without them. And instead of inspiring partners and funders looking for sustainable projects to invest in, they give them the certitude that the business will never be able to roll on its own.

Also Read: It is important that founders see investors as their partners: Christina Teo of she1K

Exit thinking means anticipation and strategic thinking

Second angle

Having the exit in mind means that you now have a way to define what you want to achieve and to anticipate whatever strategic steps will need to be taken along the way.

Think about it this way: which type of business owner would you partner with?

The ones who have big dreams but no real sense of direction and achievement and no idea of how to leverage financial provisions? Or the ones who approach their development pragmatically and have a sensible idea of what money and partners they need to secure to obtain specific results five years from now because they think in terms of business planning and can come up with a reasonable business plan illustrating their thinking?

Some plan their next step(s) based on their exit plans, but most don’t.

No exit thinking means no vision and no funding

No exit thinking means no vision, no long-term thinking, no strategic thinking, a lot of randomness, and no funding prospects.

Why? Because exit thinking typically suggests that you have some basic business planning skills every partner expects to find. In case you’d want a pragmatic illustration of this, here is a basic mathematical translation of the point I’m making.

Consider that any investor will take ten per cent of your company in exchange for the money you ask for (typical situation).

• Option A: You have a five-year strategy with a five-year profit estimate that takes into account carefully anticipated development funding needs. You can, therefore, reasonably assume that your business could be worth a 10m paycheck – hence an investor would typically give you 1m for ten percent of the equity right now.
• Option B: You have no strategy and mostly focus on today and tomorrow. By the end of the year your business might make half a million in turnover (lucky scenario) but you have no clue about short-term profit estimates – let alone long-term!

Well, guess what? That’s what your business is worth. “No clue”. What is ten per cent of ‘no clue’?

Think exit

If you want to give your business a chance, exit thinking is key.

It will get you to build the vision you need, but it will also give you a strong basis to start thinking in terms of business planning.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

The image featured in the article has been generated utilising an AI-powered tool

The post Exit thinking: One key mindset change to gear up and scale appeared first on e27.

Dear Pro member,

Elon Musk, whose obsession with X is famous, has replaced Twitter’s iconic logo with a stylised ‘X’.

The new brand name is the latest in a series of changes Musk has made (across the organisational and platform levels) since he acquired Twitter in 2022 and comes just a few weeks after Meta’s launch of Threads.

As per reports, the SpaceX founder has been working on transforming Twitter into an “everything app” along the lines of China’s WeChat. Just before its acquisition in October, Musk described the social networking platform as “an accelerant to creating X, the everything app”. After the deal was closed, he folded Twitter into an entity called X Corp. Early this month, Musk said he would form a new AI company called xAI.

Now, with Threads making waves in the social media world with new unique features, can Twitter continue its dominance, and does it have the X factor to beat it?

This is the highlight of today’s Ecosystem Roundup.

Take a look at the other headlines as well.

Sainul,
Editor.

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Twitter has officially changed its logo to ‘X’
The company’s CEO Linda Yaccarino tweeted X will introduce features “centered in audio, video, messaging, payment/banking” and make it a “global marketplace for ideas, goods, services, and opportunities.”

Vietnamese earned wage access startup GIMO closes US$17.1M Series A
The investors include TNB Aura, Integra Partners, ThinkZone Ventures, and Genting Ventures; GIMO currently serves 500,000 workers from medium to large-sized multinational manufacturing companies.

Mirae Asset’s MAPS Capital eyes US$200M for Fund II
A first close of US$65M was completed last December from Mirae Asset and strategic investors; MAPS invests in global companies in frontier technologies and services that contribute to the upgrade of the consumption value chain.

Singaporean climate-tech startup Zuno Carbon raises US$2.5M
The investors are Wavemaker Partners, SEEDS Capital, and Blue InCube Ventures; Zuno’s ESG management platform Veridis analyses the data collected and generates sustainability reports based on global regulatory frameworks.

Heliconia Capital invests digital assets launchpad 2MR Labs
Other backers are Plug and Play APAC, The Assembly Place, and LucidBlue Ventures; 2MR Labs has also announced brand partnerships with Plug and Play APAC, The Assembly Place, PG, MetaOne, and UKISS Technology.

SG’s NxtGen Capital unveils inaugural fund targeting US
Called NxtGen Capital Fund 1, it aims to deploy capital into VC funds that have a small fund size; The firm will mainly look for funds that are less than US$150M in size.

Indian deeptech startup Ethereal Machines raises US$7.3M
The investors are Surge and Blume Ventures; Ethereal uses proprietary Computer Numerical Control machines, such as drills and mills, to produce precision engineering components for aerospace, automobile, and healthcare use.

East Ventures invests in Aevice Health
Aevice Health is a Singapore-based respiratory monitoring firm that aims to help the roughly 48.5M people in Southeast Asia who have chronic respiratory diseases.

TikTok Shop signs deal with BNPL major Atome in Malaysia
This will allow consumers to defer payment for their purchases over three or six months; Atome is operated by Singapore-based Advance Intelligence Group, which raised US$80M from Warburg Pincus and Northstar Group.

NextBillion.ai posts 28% revenue growth in 2022, losses widen to US$7.1M
Net cash flow used for operations also grew 100% year on year to roughly US$7M; The revenue growth was mostly driven by expansion efforts in North America.

Sam Altman’s Worldcoin eyeball-scanning crypto project launches
Worldcoin is expected to help build a reliable solution for “distinguishing humans from AI online,” enable “global democratic processes” and “drastically increase economic opportunity.”

Binance, OKX to list OpenAI founder’s Worldcoin
Deposits were enabled earlier today on both platforms, while withdrawals are tentatively set for tomorrow. Huobi and Bybit are among the other exchanges supporting the token.

Features
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‘Climate investment is still viewed as a philanthropic agenda, not commercially viable’
‘It takes time for a founder to convince investors that climate solutions enable cost saving or reduction and/or additional value and profit’.

Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech
The new Eurazeo fund is dedicated to digital innovation for sustainable cities, targeting the key sectors of the low-carbon economy.

Guest posts
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The growth of business messaging: How it’s improving business performance in Southeast Asia
Business messaging fosters personalised one-on-one connections, enhancing valuable conversations and driving business performance.

How to embrace a product mindset for digital success
Digital products require continuous iteration, adaptation, and improvement to remain competitive and meet evolving user needs.

The post Ecosystem Roundup: GIMO closes US$17.1M Series A; Twitter bird is replaced with ‘X’ appeared first on e27.

It’s always interesting to look at the trends from Meta’s Seasonal Holidays Study, and one thing to note this year is how carefully and how far in advance people are planning for end-of-year purchases.

Shoppers, especially the younger generation, agree that planning ahead financially for the holiday season is more important than ever. Mega Sales Days (MSDs) are acting as catalysts, with their promise of delivering good bargains, entertainment and cultural relevance.

Clearly, MSDs are here to stay, as the Asia Pacific (APAC) region recorded the highest MSD participation rate last year.  Our survey showed that a whopping 83 per cent of year-end shoppers in APAC made a purchase during an MSD compared to the global average of 70 per cent (in partnership with YouGov, we surveyed 14,009 people aged 18+ in December 2022 across 12 APAC markets). APAC also saw the largest increase in MSD spending at US$382 per person, which amounts to a 13 per cent increase vs the global average, which is a five per cent increase.

It’s interesting to note that APAC shoppers are still spending despite caution around global economic headwinds; they’re more open to discovering new products and services during the MSD season. This means businesses will need to rely on supercharging discovery more than ever.

AI-powered social discovery

Our survey shows that more shoppers are leaning towards social platforms for discovery and inspiration during the year-end shopping season, with reliance on in-store, search and store websites falling compared to previous years.

This was even starker when it came to purchases, with offline purchasing dropping six percentage points to 56 per cent compared to 62 per cent in 2022. Meanwhile, online purchasing increased to 87 per cent in 2022, compared to 81 per cent in 2021.

In fact, 67 per cent of APAC shoppers agreed that brands and products discovered on Meta technologies during the sales season are more relevant than those discovered on other platforms. Short-form videos emerged as powerful brand awareness drivers during the sales season, with 57 per cent of those surveyed saying they discovered new brands and products through short-form videos on social platforms.

This behaviour is especially pronounced in Gen Z and Millennials, with over 70 per cent saying they are always browsing online for shopping inspiration with a clear preference for short videos as discovery tools.

Also Read: The growth of business messaging: How it’s improving business performance in Southeast Asia

Our survey also uncovered some stark differences between Gen Z and Millennials. Gen Z shoppers appear to be more impulsive; 46 per cent of Gen Z shoppers took immediate action after discovering a brand/product by adding it to their carts, whereas for over half of Millennials (52 per cent), the online discovery led them to do more online research.

AI-driven mega sales

As we all know, something feels new this year, and that is the massive opportunity businesses have to use AI to build powerful connections with the growing ranks of Asia’s mega-sale shoppers.

So just as shoppers are planning early, marketers need to do the same if they are to offer customers value and remain competitive in a tight market. AI can help businesses automate campaigns or analyse performance and compare what works best at scale, and drive more efficient use of resources.

This is where our mature AI targeting technologies come into play, connecting businesses with valuable audiences at scale while respecting people’s choices on how their data is used. Meta Advantage is our suite of ad automation tools that help businesses maximise the performance benefits of AI to deliver superior campaign results.

Meta Advantage does this by allowing businesses to automate any or all of their campaigns. We invest in AI to help advertisers find, convert and keep customers through a variety of business objectives in a diversity of creative formats that flex to achieve outcomes that matter most to specific business growth. Put simply, AI can drive better performance by enabling brands to surprise and delight customers by intuitively serving up products they love – even before they’d even considered them.

Take the example of Pomelo, the Thai digital fashion platform that worked with us to automate some of its processes. They tested a Meta Advantage+ shopping campaign which uses machine learning to help brands reach audiences who are most likely to engage and convert.

Compared to manually created ads, Advantage+ shopping campaigns require fewer inputs during campaign creation, simplify audience options, and streamline the ad creative process. Pomelo relied on Meta’s powerful machine-learning technology to determine the best budget split to reach new and existing audiences. They achieve 2.1 times higher return on ad spend compared to the usual campaign setup.

Businesses can also use Meta Advantage for strategic targeting of segments to improve engagement and personalisation. Take the segment of ‘influencer followers’ that we identified. For this segment, creators have a stronger impact than brands when it comes to product awareness, consideration and purchase.

Among the subset of shoppers who follow creators, 79 per cent said they participated in MSD as they saw a promotion by a creator. Overall, 53 per cent agreed they look for creator/influencer recommendations to make holiday shopping decisions.

AI-assisted business messaging

One in two year-end shoppers also used Meta’s business messaging tools for inquiries, updates, tracking orders, returns and refunds management, payment/in-app checkout, and to access FAQs via chat automation or a chatbot.

Also Read: Future-proofing businesses and talent through technology

In Hong Kong, IKEA has implemented a Messenger-powered automated experience and promoted its automated care via Messenger Ads. Since doing so, IKEA Hong Kong has successfully improved the quality of its customer service and seen 300 per cent growth for Messenger as a customer care channel over a two-year period.

We are also seeing more businesses leveraging AI chatbots to provide instant customer support, guide users in purchasing decisions, and even upsell or cross-sell products, and this is all only set to grow.

AI-powered solutions and strategies

• Start early: Build enthusiasm early by setting earlier promotions or planning to launch new products to gain momentum. Leverage AI-driven solutions to hyper-personalise discoveries for shoppers that encourage conversion.
• Partner with creators: Collaborate with creators who align with your brand values and leverage co-branded marketing channels to spread the word.
• Harness AI to personalise at scale: With key segments in mind, increase your target audience by looking for new customers. Tap into AI, machine learning and business messaging to find the right audience at the right time at the best price.

To learn more about our solutions, click here.

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Image credit: Meta

The post Are you ready for Asia Pacific’s first AI-driven mega sales season? appeared first on e27.

The past years have seen an unprecedented migration of transactions and interactions from offline to digital-first platforms, fueling the rise of a new wave of startups. In this landscape, startups have become especially vulnerable to cyber-attacks. As they expand their digital footprint through increased online transactions, data storage, and communication, they inadvertently create more entry points for potential attacks.

Case in point: Carousell, one of Singapore’s most well-known digital-first startups, announced last year that it suffered a personal data security breach which saw information from 2.6 million accounts being sold on the Dark Web and hacking forums. In a similar incident, Indonesia fintech Cermati was reported to have 2.9 million of its users’ data leaked and sold.

A single data breach can cost a startup millions of dollars in lost revenue, damaged reputation, and legal fees. While some of these can be recuperated through cyber insurance, the reputational damage can be irreversible, especially for startups trying to establish their reputation and presence in a nascent market.

That’s why it’s so important for startups to scale their cybersecurity along with the business at an early stage. By doing so, startups can build an unfair advantage over their competitors.

The benefits of cybersecurity

Having a strong cybersecurity posture can protect your organisation from cyberattacks. This can help to prevent data breaches, financial losses, and other damage. While you may be inclined to think that startups are not attractive to bad actors, that is not the case in practice. Due to the limited resources and lack of expertise, startups are more likely to be targeted by cyberattacks simply because they are seen as easy targets.

Aside from protection, ensuring that you have the right cybersecurity controls in place can also help your company stand out from your competitors. In industries that require them, attaining the right cybersecurity compliances can give you the edge that brings in the deals.

Also Read: Lessons from Echelon: Make cybersecurity a priority from day one of the business planning

Even in industries that do not require regulatory compliance, showing that you’ve achieved certain cybersecurity certifications, like ISO 27001, can help you build trust with your customers and investors. In fact, 73 per cent of APAC companies admitted that they had lost deals due to low confidence in their security strategy.

Taking the first steps

Founders do not need to hire an entire security team right at the start. Knowing the unique environment in which startups run, it’s important to focus on other functions like product, operations, and marketing. However, that doesn’t mean cybersecurity should be out of the picture.

Here are some steps you can take to begin your cybersecurity maturity journey:

• Start with a strong foundation. This includes having a clear understanding of your cybersecurity risks and developing a comprehensive cybersecurity plan. By having a security strategy in place, you’ll be able to understand your risks, what you need to protect, and which tools or services to procure to ensure its protection.
• Educate employees about cybersecurity: Employees should be educated about cybersecurity risks and how to protect themselves and their credentials from being stolen. Most cyberattacks start from a successful breach into an employee’s account through social engineering or phishing before moving laterally and accessing the company’s entire network. Building the ‘human firewall’ is essential in lowering your organisation’s risk.
• Have a plan for responding to cyberattacks: Often overlooked, startups should have a plan for responding to cyberattacks. In this plan, what counts as an ‘incident’ is defined, the incident response team from threat recovery to communications is defined, and your process of dealing with a successful attack is outlined. This document will show your company’s preparedness and provide clear SOPs when an incident occurs.

How to scale cybersecurity

As your organisation grows, cybersecurity needs to then scale accordingly. This means that they need to invest in new security technologies, hire security staff, and develop new security procedures.

Also Read: The future of cybersecurity: A plan to fill the workforce gap and protect the world

Here, depending on the size of your company and requirements, you can choose from the following:

• Hiring a Managed Services Provider (MSP): For companies without high requirements and would just like to have peace of mind over their network, an MSP may be the way to go. MSPs can provide startups with a comprehensive set of cybersecurity services, including threat monitoring, incident response, and security consulting.
• Using SaaS cybersecurity solutions: If you have a security team, a good option is to look into cloud-native cybersecurity tools and solutions for them to perform their jobs effectively without the need for high hardware investments.
• Building your dedicated Security Operations Centre (SOC): This is the costliest option, as it requires you to hire a team and procure both hardware and software for your cybersecurity. This allows you the most control over your network, and some organisations may require this right from the start, such as those operating in regulated industries that require your network to be on-prem.

This is not a one-fixed-path situation; you could start with an MSP and transition into an in-house SOC over the course of the years as your security needs grow and change. As such, it’s not as important to pick the ‘right’ solution but to pick the ‘best-fit’ solution and implement it early enough to be a part of your operational culture.

In conclusion, cybersecurity is essential for startups of all sizes. By scaling their cybersecurity along with the business at an early stage, startups can build an unfair advantage over their competitors as they’re able to lower risks, comply with regulations, and build trust with customers and investors.

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

The image featured in the article has been generated utilising an AI-powered tool

The post Defence is the best offence: Why startups should prioritise cybersecurity even when scaling their business appeared first on e27.