The year was 2014. Digitisation was accelerating in Southeast Asia, and e-commerce was about to explode. German startup accelerator Rocket Internet was setting up Lazada in the region. Sea Group’s Shopee was also making early strides.

David Chmelař, an aspiring entrepreneur from the Czech Republic who considers Southeast Asia his home, decided to grab this opportunity. Chmelař, uninspired by the corporate work culture, joined hands with Heinrich Wendel, a German, to launch iPrice, a shopping comparison venture in the region.

“I was in the banking industry working for a 100-plus-year-old company, and it was clear that digital would disrupt any industry, including banking. So I realised if I didn’t embrace digitalisation, I might face big troubles in the future of my career,” Chmelař, Co-Founder of iPrice, recalled.

Headquartered in Kuala Lumpur, Malaysia, iPrice Group aids Southeast Asia’s online shoppers to compare prices, promotions and discounts across its vast catalogue of 7.5 billion offers from 8 million sellers and merchants, including Shopee, Lazada, Tokopedia, and Tiki. The firm claims it serves more than 125 million unique users across Malaysia, Singapore, Indonesia, Thailand, the Philippines, Vietnam, and Hong Kong.

iPrice operates in a region where e-commerce is one of the fastest-growing sectors. In Southeast Asia, a fragmented market with many languages and cultures, e-commerce registered a 20.6 per cent growth rate in 2022, the fastest globally. Shopee, Lazada, Tokopedia, and Bukalapak continue to dominate the sector. A study projects that the region’s e-commerce players will generate US$89.67 billion in revenues, which will cross the US$100-billion mark in 2023.

Chmelař’s anticipated this enormous opportunity early on. “It was obvious that e-commerce would be a big thing in this part of Asia. Everybody was already running around with a smartphone; however, even super-essential services were unavailable. Lazada was starting. We realised that bringing transparency to the market would have tremendous value to users and help them save a lot of money. Plus, people in the region are generally not that rich (except Singapore). So, we felt it was perfect timing to start iPrice,” he said.

A ‘price-worthy’ beginning

Unlike many entrepreneurs of his ilk, Chmelař launched iPrice in seven markets in one go, which was unusual for a first-time entrepreneur as the risks involved were massive.

Fortunately, iPrice got a few things right at the very beginning: it had robust technology, a clear vision, and articulated its future story well to attract investors. This helped it to get strong traction quite early. The company also picked the proper acquisition channels, which propelled its growth.

The decision to launch its product across seven markets simultaneously was very strategic. The logic was that iPrice needed to scale to build that business successfully. So, instead of waiting for one single market to become large enough, it would be tactical to attack all seven markets simultaneously, covering four languages and tackling that complexity from the beginning.

There was also another rationale behind this move: since iPrice’s business model revolved around aggregation, the margins were very thin. Besides, the market was so tiny. It meant the firm wouldn’t earn enough to pay for the technology and data processing that happened in the backend.

“We thought our business model had a heavy tech element, replicable across the countries, and we ran it as one platform. While the offerings in each market were different, the process was the same. Eventually, we would achieve massive economies of scale,” Chmelař went on.

Culture & inclusion

Since iPrice operates in seven markets with different languages and cultures, it had to recruit talent with knowledge and experience in respective markets. Thankfully, the Malaysian government’s favourable policies allowed it to do so. This laid the foundation for iPrice to become a “truly inclusive” company, he said.

“In one team, there were people from Thailand, Vietnam, the Philippines, and Indonesia, working together on a problem to ensure that the problem also accounted for the local specifics. These people, born and raised in those countries, understand the cultures and habits and could interpret local user behaviour. This helped us operate in all seven countries without people on the ground,” Chmelař said, explaining the rationale behind the move.

Today, about 170 employees of 25-30 nationalities work in its only office in Kuala Lumpur, creating a global mix and match of cultures.

Chmelař acknowledges that startup life brings enough pressure, and the company makes fun on the way to release the stress a little bit. It also encourages its team members to have courage and look for personal growth. “We drive a lot of feedback culture in that loop. We’ve seen this as the most difficult to crack because many people in Southeast Asia are grown by their early careers in traditional companies; the culture of ‘you follow what I say’.”

“We encourage our employees to swim against the tide. We have developed a very healthy culture, which allows people to raise their opinions, bring their problems up, and look for solutions. Many of our former colleagues are now entrepreneurs running their own companies, some of which are much bigger in funding and valuation than iPrice It is super encouraging. We encourage and support people to do that,” he shared.

Lack of resources and knowledge was challenging

As its operations kicked off, iPrice managed to partner with Zalora and Lazada. In addition, iPrice also onboarded hundreds of localised entrepreneurial merchants (mom-and-pop shops).

However, the journey was far from smooth, as the ecosystem was like a small family. The shopping aggregator didn’t receive much support, resources, or knowledge from the ecosystem. There were just events run by e27 and Tech In Asia, and everyone knew each other.

“We sailed through by making many mistakes, such as not following the best hiring practices and not having a structured performance management system,” Chmelař confessed.

There were also several situations when the founders thought of giving up and some near-death experiences, too. “There were days when we woke up from the bed defeated and then felt like a hero when we went back to bed at night. It repeated every day,” Chmelař said, narrating the roller-coaster ride. “You would raise a big investment one day, and the next day, you got to know one of your major customers was leaving. Then you fixed it. And then, the next week, you would feel that something was wrong with one of your key employees, and then you solved that as well. It was a crazy and wild ride,” he said.

That being said, iPrice was lucky to onboard some early-stage investors with experience building similar models in Europe. Besides providing the much-needed capital, they also advised iPrice on building a great business model, its elements, and how to kick it off successfully.

At the same time, the startup had several moments where literally, it found itself in a fix. “On one occasion, we only had enough to pay staff salaries. We planned to pay salaries and all other expenses from the investment we were raising then. Luckily, the funding landed a few hours before the cutoff time for the other payments,” he said. “On another occasion, our investors from Japan transferred the money, but it got held in the Central bank here in Malaysia, and then we needed to get some extra approvals for its release. And then a public holiday came. We went through several similar stressful periods throughout our journey.”

How iPrice works

From a consumer perspective, iPrice provides users with an overview of the cheapest deals across various e-commerce platforms. It takes everything a consumer buys on any of Southeast Asia’s e-commerce platforms, puts them in one basket, sort and clean them, and cuts them in a simple way for the user to pick the best deal for the desired product. Chmelař said these deals are trustworthy because iPrice checks the seller rating, reputation, and other dimensions of that purchase.

On the other hand, iPrice acts as a marketing channel for its partners; it helps them get access to additional users coming to the iPrice platform to check on the best deals.

“We advise our users that anytime they buy products online, especially if they are expensive, it’s worth checking iPrice before the purchase,” he said, explaining the working model. “We then send our customers to one of our partners, so we are an affiliate business to our partners. We are a channel and a good source of high-quality traffic for them.”

For example, some of the most desired smartphones in Indonesia are being offered by 5,000-10,000 sellers on various marketplaces and e-commerce merchants. To make the perfect decision and know the best deal, the user will have to do hours of research. “That’s the time we save for our customers by giving them advice within seconds,” he elaborated.

An edge over rivals

When iPrice started, there were a few competitors in the market (this number grew to 20-25 over the years). Some of them had the advantage of market knowledge but often struggled to deploy the global law.

Several international players — winners in their respective markets in Japan, Korea, and Europe — also tried to enter Southeast Asia. They failed because they were doing it out of their headquarters, far from the region, without really understanding the specifics of the region. A few firms tried the regional approach but failed in the execution phase.

“Very soon, it became clear that our regional approach was the right strategy because it provided a certain scale, and then we signed Lazada, Zalora and later Shopee,” he said. “Eventually, we became an undisputed leader in our vendor vertical over the years.”

While some of its earlier rivals still exist (local vertical winners in some of the countries it operated in), they struggle with the scale. Also, according to him, it’s difficult for them to deploy the latest technology.

“As we grew, we started thinking about the competitive landscape a bit broader. Then our competitors turned out to be companies like Google. Eventually, our competitors became our partners,” Chmelař shared.

iPrice regional competitors are Priceza (which operates in Thailand, Indonesia, Malaysia, Singapore, the Philippines, and Vietnam), BigGo (Vietnam and the Philippines), and PriceMe (the Philippines, Malaysia, Singapore, Thailand, and Vietnam). However, on closer inspection, iPrice doesn’t consider them rivals as iPrice has a different value proposition and market size from them.

Market comparison: similarities and differences

iPrice operates in seven markets — Malaysia, Singapore, Indonesia, Thailand, the Philippines, Vietnam, and Hong Kong. All these markets are similar in terms of some key trends. They are all mobile-only, where people access the internet and buy e-commerce products on mobile. (Singapore is the outlier here, which follows the Western development of desktop-first than mobile than a combination of desktop and mobile)

There is also a super-fast adoption of e-commerce. When e-commerce started, the region was way slower and smaller than India. But, according to the latest reports, the region’s e-commerce market size has already surpassed India’s, although Southeast Asia’s population is about half of India’s.

“The adoption curve has been steeper than in India. This suggests that the geographical complication of the region and the fragmentation in several countries made retail accessibility for users difficult. As such, they were very excited when they had a chance to buy stuff online and behaved faster,” he noted.

On the other hand, there are a lot of differences between these markets, the big one being the basket size. The average order value in Singapore is easily 5-7x higher than in Indonesia.

The types of products people search for are also different. In Singapore, and to some extent in Thailand and Malaysia, branded products like iPhones and others are the favourites. In Indonesia and the Philippines, people desire branded products but eventually settle for cheaper versions as their purchasing power is lower. Hence, the actual purchase happens on products that are much cheaper and non-branded.

“For example, in Singapore, a consumer probably searches for the latest version of the GoPro Hero camera. An Indonesian consumer would also search for a US$4,000 action camera, sorts it by price, and then buys it from a Chinese brand you’ve never heard of before, but with one-tenth of the cost of GoPro,” he explained.

In Thailand, the capital Bangkok has a relatively wealthy community. A significant number of people are concentrated there. However, the behaviour of the users is very different from those outside of Bangkok; it is almost like two worlds there.

“When it comes to Vietnam, it is a world by itself. From our perspective, it’s the most challenging market to crack as an outsider. It is one of the markets with a strong local community. There are very good techies with entrepreneurial mindsets and people. And as such, many of the game’s rules develop according to local development, not based on regional standards. It is different from what we see, for example, in the Philippines, where consumers tend to adopt the regional approach. In every sense, Vietnam is the hardest nut to crack,” Chmelař added.

In Vietnam, iPrice has adopted a ‘Vietnam-only’ approach. “There was a time when we wanted to win Indonesia, and we framed this rule called ‘Indonesia-first’, not ‘Indonesia-only’, where all the experiments, technology deployment, etc., went into the country. It was a success; now, around 50 per cent of our user base comes from this country.
After that, we focused on Vietnam. In the last three years, we made a big step change in our performance in the country, which we’re excited about. But it requires our highly dedicated approach,” he disclosed.

Also Read: Woowa Brothers injects US$1.5M into Malaysian shopping aggregator iPrice

In terms of revenues, the Indonesia business is the largest revenue generator. Vietnam, the Philippines, Thailand, and Malaysia are similar in size. Hong Kong and Singapore are smaller. “We don’t publish revenue numbers, but we can say that we are 4-5x times bigger than the next close competitor in gross merchandise volume,” he revealed.

The customer acquisition and go-to-market strategy

Chmelař said iPrice’s successfully generated a lot of traffic and user demand through Google SEO (organic search). When people in the region search for the cheaper iPhone 12 on Google, they get the iPrice suggestions, where they get advice on where they can find it. “That has been a global behaviour we’ve seen and adopted and mastered. So at this point, it is still one of our core channels for generating traffic effectively.”

It also means the company doesn’t have to pay for user traffic. Users get directed to the iPrice website for free when they click. While it sounds great, it is not free. “There is a cost, but it is more than the fixed cost. We have a big team to create top-notch content, which Google considers the best answer to a user query and sends us traffic. While you don’t have typical customer acquisition costs, you invest money in building a team to take care of the content on the website to make sure Google appreciates it and ranks us high.

This approach hasn’t changed; we are still investing, and Google is getting more sophisticated and demanding. Users are getting more demanding on the quality of content. So spend more as e-commerce is becoming bigger. Users are also searching more and more on Google, so we’re getting more and more customers,” he said.

iPrice aims is to become the Google for shopping comparison, according to Chmelař. “If you compare Google and Bing, they have the same features. But the results being thrown may not be as good as Google’s. We want to become a Google for shopping comparison. We believe our engine and technology help us provide the best results compared to our competitors.”

Funding and expansion

Since its inception, iPrice has raised US$26 million from investors, including 500 Global, Naver Corp, and some Japanese investors, including KDDI. The firm has yet to discuss plans to raise additional funding as it generates recurring revenues.

The firm turned profitable in 2018  but decided to invest the money into the business as there were still untapped opportunities. It invested in developing new features and enhancing the product to capture a bigger chunk of the market. “We’re not profitable now, but we can turn profitable any time and are working on it,” he said.

Also Read: iPrice Group raises US$5M from Itochu, Global Brain unit

The company has no plans to expand into new markets, he revealed. “We believe that seven is already a stretch. However, we regularly reevaluate new markets outside Southeast Asia, including South Korea and Japan. We look for opportunities in markets about to experience the e-commerce explosion.”

He claimed that there are companies that have approached it with the prospect of merging with a blank cheque company or SPAC. But it has no plans to take the company public at this point. “We are not optimising for SPAC, IPO, or other exits. We’re trying to build a great business. We believe exit opportunities will eventually come.”

The impact of COVID-19 on iPrice

The pandemic didn’t impact iPrice much. The effect was relatively moderate. It saw a substantial spike in demand for e-commerce products as people were locked in at home. As the crisis worsened, it saw some interesting trends.

“In Thailand, there was an enormous demand surge for inflatable pools because people, confined to their homes, wanted to buy pools for their kids,” he revealed. “In Jakarta, the demand surge was for bicycles because the public transport capacity was limited by regulation, and people queued up for hours to get on the bus. They started buying bicycles to cycle to work. There was a demand spike for condoms as well.”

On the other hand, the travel vertical was the worst affected. Before the pandemic, quite a substantial amount of iPrice revenues came from travel, where it advised people about where to get the best deals and discounts. “This segment declined as the pandemic spread. We also used to generate good revenues from ride-hailing and food delivery. And while the demand surged so much, those companies were at the edge of their capacity and decided to stop marketing activities because they couldn’t cope with the demand. It was a wild, crazy period; we all probably worked the hardest of our lives,” he admitted.

There has not been a dramatic shift in consumer behaviour, pre- and post-pandemic. E-commerce has always been the most substantial part of iPrice, and the pandemic helped accelerate it.

“While we might not even appreciate it fully, five to ten years down the road, we’ll see what has similarly accelerated the adoption of e-commerce in China during the SARS spread,” Chmelař said.

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It is possible to automate many elements of a business while adding your own flair to make it as personalised as possible. It sounds like an oxymoron, but it can be accomplished.  Startups tend to focus on providing high-touch, personalised experiences because they are worried about losing leads.

And the process tends to be:

• Conventional, following up on emails through the customer journey
• Very manual and time-consuming

Through my experience working with small business owners, I know many are worried that automating causes a lack of personalisation that can affect their relationship with the customer. That is a fallacy.

Little do we know that,

• Marketing automation is credited for improving the quality of leads generated by 60 per cent of the people who use it. 
• Automation in sales boosts productivity within the organisation by 14.5 per cent while bringing down marketing costs by 12.2 per cent.

If you are a product or service-based business, it will serve you well to streamline your processes so that your brand will become more proficient, attractive, and tech-savvy in the eye of your audiences.

The key is to strategically insert human elements, your personality, and flair into every step of your funnel so that your audiences think that you are addressing them personally. The key is to strike the right balance between automation and personalisation to hone that relationship.

The benefits of automating your business

• Saving time, shorten your sales cycle
• Increase in revenue
• Higher productivity
• Improved scalability

Also Read: How Intelligent Automation can help power the future workplace

My agency and I have used tons of automation tools over the years, and here are some of our favourites:

• Calendly helps you to schedule easily so that customers can book appointments without you doing it manually.
• Mailchimp, Flodesk, Activecampaign helps you to organise your email drip campaigns so that you can send automated emailers and reminder emails to a dormant audience with just a few steps. The key is to learn how to organise your audience segmentation so that your marketing efforts become more personalised.
• Pandadoc, Docusign for templating all your contracts, which will help you save time by creating, managing and e-signing documents easily. 
• Hootsuite to streamline posting across social media channels more efficiently. My team uses the platform to retrieve analytics across multiple accounts and also community management without having to juggle different logins.
• Freshbooks, Quickbooks. Even when it comes to collecting payment, service businesses can stay on top of failed billing charges using trigger tools to update their credit card details or even prompt customer by sending automated notifications so that they can make payment before the deadline.
• Slack, a communication tool to communicate with team members and clients without having to worry about emails.
• Trello, Monday.com, Asana, Notion, Basecamp, Lark are essential project management tools to help you work across team to create, assigns and communicate tasks. This will help you keep everyone working on one or multiple projects on the same page.
• Zapier to move information between apps and platforms based on rules you set. Zapier is our agency’s favourite tool because it helps us connect apps and sort out our repetitive tasks, like updating client’s on incoming leads, easily.
• Hubspot, Zoho, Keap, Streak. Having a CRM is crucial, especially for a service-based business, because you have to sort and analyse all your leads to make sure that you will respond to them correctly. It is also essential when working with multiple salespeople because they will need adequate information attached to every lead to upsell and cross-sell. Our agency uses streak CRM because it sits within Gmail, so we don’t have to go back and forth between our inbox and a separate CRM. Having it within one dashboard makes it a super seamless experience. 

Start shifting responsibilities of routine human tasks to machine learning so that you can work smarter and not harder!

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The world is in a peculiar moment. In the news today are wars, natural disasters, food and energy crises, and a global recession. Amidst the backdrop of a post-lockdown world, where many nations are still trying to recover economically, a more sinister threat stands off to the side, biding its time. I’m talking about climate change.

It isn’t anything new, of course – plenty of scientists have been trying to warn everyone about its effects since the 1960s. 

Unfortunately, the world now is not in a better state than it previously was. I made my money from coal yesterday, so it’s my responsibility to be clear today: global warming is real, and we have far surpassed the 1.5C global temperature increase limit needed to reverse its effects.

ASEAN’s digital conundrum

Compounding the effects of climate change is that a huge chunk of the world, Asia, is growing fast, namely Southeast Asia (ASEAN). The World Economic Forum predicts that the region is on track to become the world’s fourth-largest economy by 2030.

Also Read: Waste4Change grabs US$5M to shrink Indonesia’s landfills

Buoyed by the quick expansion of its middle class, trade development, and rapid digitalisation, ASEAN’s growth comes with a commensurate need for increased energy capacity.

Let’s take Indonesia as a baseline. It is the largest ASEAN country, spanning 1.86 million square kilometres, and is home to more than 270 million people. 

On the back of a strong economic outlook boasting an average annual GDP growth of around five per cent (despite the pandemic), the nation has a relatively stable unemployment rate (four per cent) and a high Human Development Index of 0.71.

The pandemic hit the country hard, but a curious trend emerged – there was massive growth in the information and communications technology (ICT) sector. In fact, within these past couple of years, ICT has been the largest growth contributor to Indonesia’s GDP. Internet penetration jumped to 77 per cent during the pandemic (an increase of around 45 million people), with an 81 per cent usage rate from 2021 to 2022. 

These, together with swift urbanisation and industrialisation, have led experts to predict that Indonesia’s energy demand will triple by 2039. 

More internet means more data centres

If you’re familiar with the tech and ICT space, you’ll know that keeping up with a nation’s increased internet usage requires more data centres. 

Data centres are indeed proliferating in ASEAN. The region is projected to be one of the fastest-growing data-centre markets in the world.        

Indonesia is expected to lead Asia Pacific in IT spending by 2025, driven by a strong shift toward cloud services. A Gartner study predicts that by 2024, 52 per cent of the country’s total IT spending will be for public cloud services. 

Its power demand for data centres alone will reach 2,031 megawatts (MW) by 2032. Of that amount, its multitenant data centre demand will account for 1,429 MW.

This massive demand is primarily driven by cloud service providers (CSPs) who supply cloud tech to power increasingly digitalised businesses and services. These CSPs include tech titans such as Google, Amazon, Microsoft, Facebook, and Alibaba, as well as smaller players. 

Unfortunately, most of ASEAN’s energy needs, including Indonesia’s, are met with fossil fuels. In 2021, the share of fossil fuels in ASEAN was 81.2 per cent, with renewables comprising 18.2 per cent. 

Interestingly, during the pandemic, the share of renewables in the region remained resilient, jumping from 17.4 per cent in 2019 to 18.2 per cent in 2020. 

The ASEAN Centre for Energy expects the renewables sector to continue growing and become the main driver in various government stimulus packages across the region.

With great power demand comes great opportunity

Continued reliance on fossil fuels for energy will soon make it untenable to live in this world. As it stands, the increased rate of natural disasters and mercurial weather patterns are just the beginning of the world’s climate problems.

Around the globe, stakeholders are increasing pressure on businesses to reduce their carbon footprints and act on climate change.

Also Read: How Neliti aims to help improve accessibility to scientific knowledge in Indonesia

The message is clear: there is a drastic need for alternative energy sources, which lies in the increased provision and supply of renewables. 

This is all the more obvious in the rapidly digitalising and growing Indonesia. 

Fortunately, the country is blessed with abundant natural and renewable energy (NRE) resources, including geothermal, hydro, solar, wind, and ocean potential. In fact, the nation commands 40 per cent of the world’s geothermal reserves. 

To date, the utilisation of NRE resources stands at only 0.3 per cent of its 3,638 GigaWatt potential (11.5GW), signalling a huge market opportunity for anyone who can harness the sector.

Truly, the potential for disruption and growth in Indonesia’s energy sector is nothing short of gargantuan, given its NRE promise and support by the government to grow the renewables sector.

Indonesia’s single biggest investment opportunity

These statistics should make tech stakeholders sit up and pay attention. As Indonesia continues on its rapid path to modernisation, demand for the internet will steadily increase, and so too will its energy needs.

The time is now for tech entrepreneurs in Indonesia to gain a foothold in this relatively untapped sector and figure out how to reduce, or at least equalise, the cost of renewables with coal. 

I believe that anyone who can achieve this, with a roadmap to scale, of course, will have the next decacorn on their hands. 

I know that our local cohort of tech investors tends to focus on B2C and pure internet plays, and anything involving hardware, climate tech, or data centres has never been sexy. 

But local venture capitalists need to wake up and smell the energy demand on the horizon. They must start looking for real deals in the renewables space today because tomorrow is too late. 

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Singapore’s innovation and startup ecosystem has continued to experience strong growth over the past five years, remaining vibrant and resilient amid the pandemic. As a signal of confidence in the startup investment scene, funding activities have increased exponentially to reach S$14.7 billion in 2021, growing by more than 45% per annum between 2017 and 2021. Venture funding within the first half of 2022 alone has reached S$8.18 billion1, up 54% compared to the same period last year.

To ensure that Singapore remains a vibrant and attractive startup and innovation hub, Enterprise Singapore (EnterpriseSG) will continue to deepen their support for innovative startups and SMEs. This includes catalysing more financing opportunities, providing the right platforms and infrastructure to drive the development of innovative solutions, building their pipeline of local and global talent, and deepening global connections.

Also read: Journey to the top: From developer to CEO

Tapping new opportunities through innovation platforms and networks

Recognising the need to scale overseas, EnterpriseSG has supported over 780 companies through their Global Innovation Alliance (GIA) programmes, which connects them to international business and tech communities and drive two-way collaboration. This includes their Co-Innovation Programmes (CIPs), where companies jointly develop and test-bed new solutions with trusted in-market partners before scaling into the market or region. EnterpriseSG introduced two pilot GIA acceleration programmes in Stockholm and Cape Town earlier this year to expand opportunities in this area. They are also working with partners like Leave a Nest in Japan and Brinc in China to launch sector-specific programmes and targeted assistance in areas like advanced manufacturing and foodtech.

EnterpriseSG and its partners have continued to encourage enterprises to press on with innovation efforts even during the pandemic, with 600 enterprises undertaking innovation projects to develop new products and solutions in 2021. Partners like IPI Singapore and the Centres of Innovation (COI) have played an instrumental role in helping companies deepen business innovation and tech capabilities. EnterpriseSG is looking to increase the capacity of its centres to accelerate SMEs’ and startups’ innovation journeys further.

To nurture a more vibrant startup ecosystem and catalyse growth through market-led innovation, EnterpriseSG launched the Open Innovation Network in 2019 to encourage co-innovation by both private and public stakeholders. Since then, there have been nearly 150 Open Innovation Challenges (OIC), with almost 900 challenge statements issued across various sectors. This includes the Building Construction Authority’s (BCA) Built Environment Accelerate to Market Programme (BEAMP), the Land Transport Authority’s Xcite Innovation Call, as well as the Healthcare OIC involving the National Healthcare Group (NHG), National University Health System (NUHS), SingHealth, HMI Group and St Luke’s Eldercare. Corporates3 such as ExxonMobil, SATs and L’Oreal have also actively engaged in OICs to partner with startups and co-develop demand-led solutions in industries like energy and, transport & logistics, as well as to address today’s most pressing challenge – climate change.

Also read: How can we create new urgency for a green recovery?

In 2021, EnterpriseSG launched the Abu Dhabi-Singapore Joint Innovation Challenge and the second Southeast Asia OIC to help startups access demand in these emerging markets. Building on these, this year, they will be working with new partners to facilitate demand-led innovation and test-bedding opportunities to address challenges in sectors like Energy, Healthcare, Agritech and more. They will also continue with global partners through the Sustainability OIC, which will soon return for its fourth year. Both will be launched during the Singapore Week of Innovation and TeCHnology (SWITCH) 2022 Flagship Event.

Supporting startup efforts in Singapore

Since its launch in 2017, the Startup SG4 initiative has played a pivotal role in supporting startups by helping to galvanise funding, increase access to mentor and partnership networks, and connect startups with overseas markets to scale abroad.

• The access to financing has made Singapore an ideal location in Southeast Asia to raise funds. As part of Startup SG Equity, more than S$51 million was co-invested across 58 startups through SEEDS Capital and SGInnovate, catalysing over S$400 million in private investments in 2021.
• Entrepreneurship has seen a boost. The number of innovative startups supported through the Startup SG Founder (SSGF) reached close to 480 as of June 2022, growing by 47% per annum since the initiative started in 2017. Of these, 104 startups have raised publicly disclosed rounds amounting to over S$350 million. On average, they secured pre-seed funding more than 1.5x faster than their Southeast Asian counterparts between 2017 and 2022.

Year-long innovation efforts culminate at SWITCH 2022 Flagship Event

The year-long innovation movement, the Singapore Week of Innovation and TeCHnology (SWITCH), will culminate in the SWITCH Flagship Event, which will return in person at the Resorts World Convention Centre from 25 to 28 October 2022. More than 300 speakers and 250 exhibitors from around the world, including startups, entrepreneurs, investors, community multipliers and MNCs, will convene at SWITCH to discuss emerging technology trends and opportunities for collaboration in innovation.

Also read: How startups should approach ESG opportunities

This year’s SWITCH Flagship Event will comprise three main stages: SWITCH Beyond, focused on exploring the latest sector trends and innovation opportunities in Asia; SWITCH Global, to spotlight emerging market access opportunities and catalyse cross-border collaboration; SLINGSHOT at the SWITCH Grand Stage, where the top 50 global startups from Asia’s leading deep tech startup competition will pitch to a live audience of investors and corporate judges. The top 50 finalists also had the opportunity to participate in an inaugural immersion programme in Singapore and connect with the local innovation and startup ecosystem.

About Enterprise Singapore

Enterprise Singapore (EnterpriseSG) is the government agency championing enterprise development. They work with committed companies to build capabilities, innovate and internationalise.

They also support the growth of Singapore as a hub for global trading and startups and build trust in Singapore’s products and services through quality and standards.

Visit www.enterprisesg.gov.sg for more information.

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This article is produced by the e27 team, sponsored by Enterprise SG

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Jago, an Indonesia-based mobile café network, today announced the completion of a US$2.2 million pre-Series A round of financing led by Intudo Ventures and Beenext.

CyberAgent Capital and Arkblu Capital also joined the oversubscribed round.

The funds will be directed towards expanding to over 200 mobile cafés, covering 20 hyperlocal areas in Jakarta. The company will also strengthen its core team in operations and technology.

Launched in June 2020, Jago is a micro mobile retailer that meets customers whenever and wherever they want. With a fleet of fully electric mobile cafés operating in key locations in Jakarta, Jago offers a hyperlocal approach to retail by serving neighbourhoods within a 1-2km radius to prepare and deliver fresh beverages within minutes quickly.

The carts operate in areas that are either high density with demand from residential and business areas or where coffee shops are less abundant despite robust demand for fresh coffee products.

Also Read: Why ‘Indonesia-only’ Intudo Ventures believes SEA as one cohesive market is a fallacy

Jago provides “quality” café beverages served by baristas equipped with all the tools and ingredients needed to prepare fresh drinks on the spot, including hot & cold, coffee & tea, and other speciality drinks.

Jago Coffee offers both in-person grab-and-go and mobile orders, offering pickup and delivery services for fresh café-grade coffees directly to consumers. Users can download the Jago app on iOS and Android to order freshly brewed beverages for pickup and delivery.

Starting at IDR 8,000 (US$0.55) per cup, Jago claims its fresh beverages offer a higher quality alternative to instant and ready-to-drink coffee while ensuring convenience and cost-effectiveness.

“Our innovative business model, pairing mobile cafés with our Jago app, creates unrivalled access for coffee anytime, anywhere, without sacrificing quality, price, or convenience. We are building new possibilities for last-mile retail that is sustainable and fulfilling for Indonesian consumers to meet their daily coffee and refreshment needs,” said Tanu.

Jago is led by co-founders Yoshua Tanu (CEO) and Christopher Oentojo (CTO). In addition to Jago, Tanu is also the co-founder of Common Grounds, a premium chain of café stores in Indonesia. Before founding Jago, Christopher was Vice President of Product at Gojek, where he led the launch of GoCar and the company’s internal mapping initiative.

In addition, Daniel Sidik has recently joined Jago as COO and CMO. Sidik brings extensive F&B experience, joining the company after co-founding and leading as the CEO of Reddog, a popular Korean-style hotdog chain in Indonesia with over 40 retail outlets after only two years from launch.

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Echelon 2022 is happening from 27-28 October at Resorts World Sentosa in Singapore!

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The post Ex-Gojek VP’s mobile café network Jago nets US$2.2M pre-Series A appeared first on e27.

When I started investing and advising Web3 projects in 2021, as a founder myself, there was a recognition of a kindred spirit in fellow project founders I’d come across. Through all the jargon, hype culture, speed and volatility that NFTs are notorious for, one day, the NFT landscape would eventually mature.

There’s nothing like a bear market that forces one to grow up. The May 2022 stablecoin crash was a big wake-up call for inexperienced founders building in the bull. There’s no celebration of a 70 per cent loss of value in the crypto market, but this crisis has caused the industry to move at a different cadence, a saner one. Spotlight is now on projects that have succeeded, and now it’s the time to dissect why.

Last year, the success metric for a project had been relatively simple thus far. Firstly, how fast can you sell out an NFT collection? Secondly, how much capital can you raise? Finally, can you sustain the floor price?

During the height of the bull run, these projects were all driven by speculation. But now that the crypto space has cooled down, NFT project founders are coming back to the same conclusion. It’s time to go back to the first principles.

Finding community-market fit

Community-market fit is the new product-market fit. As NFT projects were building out their communities to prime the members for a minting experience, they may not have realised it, but they were establishing community-market fit. With this continuing evolution of the internet, it’s interesting to see that it’s not just the technology that is becoming decentralised; our social structures are also moving in that direction.

What are we learning from these modern communities? Some examples could be motivations beyond money, the authenticity of the early evangelists, and proof of “trust building” behaviours in each other and the projects’ products.

Also Read: Should Southeast Asian startups look to transition from Web2 to Web3?

If executed properly, project founders should be able to shift their mindset away from “how do I sustain floor price to keep holders happy?” towards “how can the community sustain itself”, therefore increasing the valuation of the project.

Once community fit is developed, the next stage is defending your position. In this case, we don’t have to reinvent the wheel. All you have to do is to look at success in other fields, how others have made mistakes, and how we can apply it towards the Web3 industry. In this case, some of the most formidable moats in Web2 are definitely transferable to Web3.

First mover advantage: Cost of switching brands

Techcrunch reports that most of the trade volume in NFT projects is attributed to the top 10 NFT projects. There seems to be some sort of Pareto play for the projects that are first to market. Even though derivatives have their own 15 minutes of fame, the first-mover advantage seems to be the ace up the sleeve of the “blue chip” projects. Web3 mentality has ego around being first to market, and that it can confer advantages, but most of the time in business, it depends on the circumstance.

With many of the protocols already set up, it’s a tall order to shed old habits and simply switch brands. Unless your NFT project offers something revolutionary, one shouldn’t expect to leave a mark. If you were to launch a collection, launch it with a purpose and disrupt.

If you can’t be first to market, be first in class to market. Or find those that were to market and figure out how to create better user experiences. Some projects that have come to mind are DeGods, which introduced a “paper hands tax”, and Goblintown, which mastered the free mint.

Innovation within the NFT market comes in waves. Metas cycle in and out every three weeks or so. While it does seem quite the undertaking to disrupt at this level, we operate in such a nascent industry that there is simply so much room to innovate. Conversely, the bear market has helped reduce noise. Only the true builders remain, and experience dictates that most technology transformation breaks through because of quieter markets.

Localisation

Southeast Asia has seen epic David and Goliath battles between international giants and local startups. Grab took maket share away from Uber. Lazada is beating out on Amazon. Gcash has defended from many fintech entrants. In every instance, it was clear that the local startups knew their customer on a deeper level than their larger, international counterparts. No amount of organisational infrastructure, resourcing, or capital can replace the value of deep insight into local markets. Hyperlocalisation is one of the best competitive advantages.

Also Read: 3 steps to starting a business in Web3

While one of the biggest draws of Web3 is the immediate global audience that provides international liquidity, NFT projects that succeed are the ones that consider the intricacies of cultural nuances. The closest I’ve seen explored are the language-specific subchannels in Discord servers, in-city meetups, and content optimised for specific cultures or time zones.

Azuki’s ‘Proof of Skate’ auction, raising over $2.5 million for eight gold-plated skateboards, is a testament to how strong communities can band together, despite bearish market conditions. Apart from this event being one of the best-in-class marketing events in the quarter, Azuki holders are often found collaborating and meeting in real life.

Network effects

Not to be confused with virality, this refers to the value creation generated as more and more users start to adopt a company’s products or services. NFT projects often resemble one-sided markets in their infancy stage. As more holders get onboarded, we see enriched experiences through more content and diverse applications. It’s all about the vibrant community.

In 2016, Pokémon Go took a mere 19 days to reach 50 million users. This was significant because it took Whatsapp one year to do so, Facebook, three years. However meaningful the Pokémon Go experience was, fast forward to 2022, and it seems all but a distant memory where users would run around the neighbourhood, trying to catch a Bellsprout.

A great study for NFT projects looking to embed virality in their product or service (more meaningful than promised Airdrops). Retention is baked into game economics with features like the Lure Module. When Lures are placed in a geo-mapped place, it brings all players in the area (with more chances of catching Pokémon. More Pokémon in a place means more foot traffic users want to visit to gain rewards.

NFT Projects, now starting to think about phygital application, should be investing in similar strategies to create supply and demand. Real-life meetups to get exclusive Airdrops, treasure hunts to unlock rewards, and community-led hack-a-thons with prize money sponsored by the team. Possibilities (and examples) are plenty.

Web3 founders must balance many balls, from whitelisting partnerships to managing hype post-launch. Investing earlier into building defensibility will prove to be of long-term value, especially when retaining community loyalists. Get the fundamentals right, floor price will follow.

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In 2020, the average commute time in Singapore was 46 minutes. Commuters brave crowds, traffic congestion, and bad weather to get from point A to point B, and all these can add stress and pressure that affect creativity and productivity.

Singapore is one of the few countries worldwide that have made commuting efficient. Now, they’re also aiming to make it meaningful, enjoyable, and valuable.

The Singapore Mass Rapid Transit (MRT) is a source of national pride. It reflects the nation’s arduous journey from being a third-world to a first-world country where citizens are provided with a convenient and efficient way to travel. Since the first line opened in 1987, the MRT has spanned more than 200 kilometres, while five MRT lines host more than 130 stations throughout the island.

The MRT system is a significant part of Singapore’s daily life. At least two million people use it to go to work, school, or any destination daily, with foot traffic accounting for more than half of the national population.

Creating better experiences with innovative touch points for commuters

Over the years, the public transport system has kept up with the rising and changing demands of commuters and the technological world. Providing a positive commuting experience at the heart of its innovation pursuits, SMRT now aims to ensure that passengers get more out of every commuting touch point.

Passenger information services, signages, consumer amenities, retail shops, and advertising spaces keep the commuters engaged and informed. In addition, stations are filled with shops, booth activations, and activities to make travelling more exciting and fun. An efficient system also improves commuters’ health and well-being as an accessible mode of transportation reduces the stress of travelling.

Stellar Lifestyle, the business arm of SMRT Corporation Ltd, is a leading player responsible for countless enhancements to the country’s transport system. It is the largest managing agent of retail and advertising spaces in the country’s rail network, handling over 600 retail areas in the North-South Line, East-West Line, Circle Line, Thomson-East-Coast Line, LRT, and bus interchanges. It’s also known for operating Kallang Wave Mall, a 40,000-square-metre home to retail and food spots that cater to customers’ lifestyles.

Also read: 25 years in Singapore: This industry veteran discusses innovation

Integration is Stellar Lifestyle’s key driver in creating lively transit destinations. One of its top engagement solutions is Stellar Ace’s Omnichannel Architects, which receives 35 million audiences through its daily touchpoint ecosystem, featuring a range of activities that include home, travel, food, shopping, and play. It also aims to maximise different parts of the customer journey through advertising that supports retailers, engaging customers throughout the whole sale process.

Also under Stellar Ace is the engagement platform WINK+ that rewards users with points per active engagement with WINK+ activities such as the WINKmets campaign known for its digital avatar influencers that will call for content generation anchored in the latest trends and happenings on the island to mark Singapore’s 57th National Day.

Singapore’s MRT system is no longer just a train network; it has become a landmark. With vibrant transit spaces designed for interactive commuter experience, taking the train is meant to be more of an enjoyable trip than a tedious chore.

Hive by Stellar Lifestyle: The Queen Bee in innovation

With numerous initiatives to engage commuters, Stellar Lifestyle aims to maximise the MRT network’s potential for growth and innovation. It is expanding its reach from daily commuters to Singaporean small and medium enterprises (SMEs) with a key project called Hive by Stellar Lifestyle, at Esplanade MRT.

Poised to become the Queen Bee in retail innovation, Hive by Stellar Lifestyle is a new living lab meant to support local SMEs with digital business transformation programmes by connecting people and places with the help of its curated network of transformational brands. It will find its home within the MRT network and house innovative and ambitious entrepreneurs who want to try different ventures.

Stellar Lifestyle innovation programmes: Partnering with trailblazers

With ambitious projects, Stellar Lifestyle hopes to take the MRT experience to the next level by partnering with innovators that develop modern infrastructure and produce never-been-done experiences.

Noyes Technologies, a Munich-based company with the goal of simplifying small warehouse automation, is one of Stellar Lifestyle’s partners. Its automated storage system, NoyesStorage, could allow businesses and commuters to pick up goods on the way, providing convenience and relieving their stress. “In a world that is constantly accelerating and where everything has to go faster, it is important to reduce the stress in everyday life for everyone,” a Noyes Technologies executive said.

Also read: Investments in startups grew by more than 45% per annum in 2021

Another partner is 1cool, a company providing sustainable cooling solutions to problems caused by normal air conditioners. When talking about the partnership, a 1cool representative shared that the company is “collaborating with SMRT to develop cooling solutions to solve Stellar Lifestyle’s problems and transform unused spaces into revenue.” Stellar Lifestyle teamed up with 1cool to deploy DewCoolers, a standalone device that can be used in place of air conditioners, to give commuters a relaxing and pleasant alfresco dining experience.

Speaking of dining experiences, Singrow will also be instrumental in Stellar Lifestyle’s goal of enhancing commuters’ health and well-being with its agricultural technology that helps farmers grow flavourful climate-agnostic crops. Its Blooom Fruit, a concept by Singrow, Juice, and Smoothie bar, which will highlight the world’s first tropical-resilient strawberries, will grace train stations to promote food security and resilience and offer commuters healthy choices. “We want commuters — as consumers — to be actively involved with their purchase choices to help build Singapore’s “30 by 30” food resilience ecosystem,” a representative from Singrow said in an interview.

Commuters are not the only ones benefitting from Stellar Lifestyle’s initiatives. Food and retail businesses can get Waffle Technologies Pte Ltd’s support through a POS-driven CRM system. Using the technology will give merchants valuable insights about their customers’ preferences or which stations they frequent, allowing them to personalise their marketing and services.

When asked about working with Stellar Lifestyle, a Waffle Technologies’ executive highlighted the partnership’s benefits. “By understanding commuter’s behaviours, Stellar Lifestyle will be able to achieve a better tenant mix to improve every commuter’s experience, and run relevant personalised campaigns for them — which not only brings an awesome customer experience for commuters but also more business to their tenants!” the representative said.

Also read: Journey to the top: From developer to CEO

When it comes to safety, Teredo Analytics will work with Stellar Lifestyle through its expertise in acoustics, Internet-of-Things, and Artificial Intelligence. According to a Teredo Analytics representative, the partnership allowed the company to garner “valuable advice and guidance offered by Stellar Lifestyle’s team, which has enabled us to better fine-tune and tailor our product to suit the customer’s needs.” For example, its lift monitoring solution has a predictive capability to lower the risk of a sudden lift failure within the train station, ensuring safety and comfort for passengers, especially those with mobility issues.

Safety is also Reachbots Automation’s focus as it lends Stellar Lifestyle its modular mobile robots that can reach hard-to-access confined spaces. The robots inspect inaccessible areas while an operator monitors the progress from a safe location.

With these robots, Stellar Lifestyle can regularly check and maintain critical safety in the built environment facilities. A Reachbots Automation executive lauded the partnership, saying “the resources and domain knowledge that Stellar Lifestyle has provided me with has certainly allowed us to develop and refine our robot design for a wider range of confined environments.”

All aspects of commuting get the attention they deserve to keep a well-oiled transport system for commuters and tenants. But it does not stop here, as Stellar Lifestyle wants to do more for Singapore startups.

Stellar Lifestyle’s Innovation Programme: Tapping startups’ potential

To help its business partners achieve their goals, Stellar Lifestyle partnered with Enterprise Singapore. The joint funding partnership aims to support startup innovation within the MRT network, bolstering the entrepreneurial ecosystem with innovative technologies and solutions to contribute to the growth of the Stellar Lifestyle’s business partners. These solutions range from finding ways for MRT tenants to lower operational costs, improve profitability, enhance customer data analytics, and implement sustainable practices.

“We are delighted to partner Enterprise Singapore, as our shared belief in a practical innovation approach will help startups conceptualise, prototype, and develop their solutions. We will also validate these solutions in a real-world environment through our living lab ‘Hive by Stellar Lifestyle’ located at Esplanade MRT Station,” shared Tony Heng, President and Stellar Lifestyle.

Reimagining the transit experience

The exciting projects in the pipeline reiterate the importance of smart solutions to engage with MRT commuters and set an innovative commuter lifestyle. When the rail network circulates efficiently in a vibrant and healthy environment, the commuters will enjoy quality transit that is empowering, engaging, and enjoyable — all while keeping them on the go.

For more information, visit www.stellarlifestyle.com.sg and www.hivebystellarlifestyle.com!

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Photo by Soulful Pizza via Pexels

The post Going the extra mile in digital innovation for Singapore’s commuter experience appeared first on e27.

It is without question that technology has vastly improved our lives in more ways than none, making everything faster, easier, and more efficient than ever before.

For the longest time, consumer finance has been confined to a traditional way, where customers regularly visit a bank’s branch to avail themselves of their products and services. Conversely, bank employees must address customer concerns and document and validate bank transactions.

Striking a balance between speed and security

I first entered the world of consumer finance when I joined a leading and established bank in Poland, at a time when retail banking was starting to get ahold in the country. My first experience not only taught me the ropes but it established my foundations on how essential it was to work as a team and what it meant to be a professional.

It also made me realise the harsh reality that banks faced: everything took time, perhaps too much time. By its very nature, banks have a fiduciary duty towards their clients to ensure that their money remains safe and secure. However, I found myself asking this, “Is there a better and faster way to do all of this without risking our customers’ trust?”

With this in mind, I brought this with me to the next stop in my career, this time in a growing retail bank in Ukraine. Fuelled to augment and reduce the lead time needed, I was determined to optimise our core banking processes. During this period, we could finish projects in two months, which would usually take six months, a 300 per cent improvement.

Building on process automation and human innovation

To achieve these results, our team made use of known data-driven methods such as Six Sigma, which allows us first to identify and then eliminate defects in business processes. This emphasis on data would further serve as the light that guides my career from that point forward.

Digital transformation is in full swing, a phenomenon that continues to affect us in every facet of our lives. This would not have been possible without breakthrough technological advancements driven by data.

Consumer finance has already grown leaps and bounds compared to when I started. New processes like predictive auto-dialling and automated reminder calls can now be executed at increasing speeds and with little to no human errors.

Also Read: ‘Neobanks can create a better digital CX by leveraging AI, blockchain’: banco CEO

That does not mean that our role has diminished. In fact, it highlights the brilliance of human ingenuity – our abilities to be innovative and creative. We no longer need to focus our valuable time on doing rote work; we can now shift to designing systems that will put customer experience at the forefront, allowing technology to automate processes in a faster and more secure way than any person could ever do.

Leveraging on data for business optimisation

As Co-Founder and former CEO Of Singapore-based FLOW (previously known as Asia Collect), we established professional, ethical, and highly efficient credit management through our data-driven collection strategies in the APAC region.

Redefining credit management was made possible with AI technologies and ethical practices. With no field collection, automation was the framework which allowed digital debt collection to handle larger volumes of transactions with significantly reduced manpower.

With over 2.8 million customers utilising FLOW’s personalised and digital-first experiences, FLOW’s strategies have shown impressive recovery rates for financial institutions and technology companies. Its growing success was made possible by efficiency improvements not just in its processes but also in optimising our personnel.

After my venture with FLOW, I am more than proud of the work that we have done at Tonik, the Philippines’ first purely digital bank, or neobank as we call it. In their 2021 Financial Inclusion report, the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), showed that 45 per cent of adult Filipinos in 2019 were unbanked. In that same year, only 12 per cent of those had bank accounts. In 2021 per cent, that figure doubled to 23 per cent for those with bank accounts.

That rise in the figure, which happened throughout the pandemic, greatly accelerated the adoption of digital payment and banking systems. Now that digital banking has gained widespread usage due to its ease and convenience, Filipinos now have more access to lending and deposit products and payments channel, all done with a few taps on their phones.

Customers can seamlessly transfer funds, apply for loans, and pay their bills in a fraction of the time compared to before. Our core banking infrastructure is in the cloud, powered and secured by world-class tech companies.

With a strong and experienced leadership team that is steering the ship, amplified by our shared vision of revolutionising the way money works in the region, I am excited to be on this trailblazing journey. By harnessing both the power of operational efficiency through technology and the talents and passion of our people, we are set to continue to revolutionise the way money works in Southeast Asia truly.

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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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Facial recognition has the power to make remote work more seamless and less distributed. In fact, experts say that by 2025, 22 per cent of the workforce will work remotely. Remote workers report being 22 per cent happier at work and 30 per cent more productive and engaged with their tasks.

However, despite these positives, there are still several challenges that remote work presents. Since the beginning of COVID-19, 47 per cent of remote workers report experiencing burnout. There has been a newfound loss of work and home balance and longer hours that create a slew of new challenges.

Challenges of remote work

A shocking 75 per cent of remote workers report experiencing stress and burnout at work. 43 per cent are likely to work over 40 hours per week, with nearly 40 per cent reporting longer hours than before the pandemic. Over 20 per cent of remote workers find it difficult to unplug from their jobs, as their living space and their working space have now become the same. 

Remote work also has been found to lead to disorganisation and frustration among workers. Many report feeling stressed, which impacts workplace well-being and productivity. Some also struggle with delays, as time management within teams becomes taxing and difficult.

Workers have also reported noticing lower quality work, as the lack of team direction and attention leads to poor output. Lost time and interruptions are also significant roadblocks. Many remote workers feel that even after a long or busy day, nothing meaningful was accomplished. Distractions have become the norm, as other events outside of work are constantly competing for the attention of these struggling remote workers.

Organising the woes of remote work

Studies show that 90 per cent of Americans feel more refreshed after stepping away from their computer. These same participants felt that they have a more enjoyable workplace experience and higher productivity after taking these breaks. It is from this concept that the tool of automatic time tracking was born.

Also Read: Is the remote working trend “swallowing”​ office employees’​ vacation time?

Automatic time tracking can help remote employees in a multitude of ways. It can identify where their time is being most spent and track their long-term progress. It can help facilitate breaks and time off appropriately, as well as prioritise what is most important. Many workers report feeling more focused and organised during their workday while using this technology.

On the other hand, businesses can also benefit greatly from time tracking. There is more transparency, increased employee accountability, and a better opportunity to gain insight into their demands and budget use. To illustrate these benefits, experts say that in the United States, filing timesheets waste US$7.4 billion a day in productivity. These numbers are reaching these heights solely because workers forget to log their hours, a burden that can be alleviated through time-tracking technology.

Time tracking, while revolutionary and beneficial in many ways, presents its own set of challenges to businesses and employees. Employees still spend up to four hours a week on unproductive tasks. Nearly 30 per cent spend their time just checking and answering emails, while over half spend three or more hours on non-work activities.

Many waste up to five hours weekly on calls and meetings that achieve nothing. The freedom that comes with working from home is something that many managers are concerned about. Over 80 per cent admit to feeling concerned that remote working may reduce employee focus and productivity.

There are several types of time-tracking technology that are slowly making their way into the world of commerce. They vary from manual to full remote monitoring, including but not limited to timesheets, keycards, biometric data and GPS tracking.

While many small startups are still using manual methods, 60 per cent of companies with remote workers are using full remote monitoring to track their employees. This means that they can keep tabs on keystrokes, browsing, hours spent working, and even tap into live webcams.

Facial recognition is another fairly new tool that can contribute to time tracking for many businesses. Facial recognition software cannot be fooled by pictures or lookalikes, works on both Apple and Android devices, works via web browser, and is backed by smart technology.

When used together, these technologies allow for a distributed and efficient remote workforce with more time for productivity and less busy work. Time tracking is the right-hand man for any business that relies on remote workers, saving time, money, and energy when it is needed the most.

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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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Elon Musk closes Twitter buy for US$44B, fires CEO and CFO
Aside from CEO Parag Agrawal, Musk also fired CFO Ned Segal, General Counsel Sean Edgett, and Head of Legal Policy, trust and Safety Vijaya Gadde; The deal follows months of Musk’s journey to take full control of the social media platform.

Square Peg closes new US$550M fund
The global VC firm will continue to invest in consumer internet, fintech, edutech, future of work, healthtech, and SaaS in SEA, Australia, and Israel; The firm has backed 60+ companies, including LottieFiles, Doctor Anywhere, and FinAccel.

Blibli parent sells 6.6B more shares in IPO, nets US$513M
The Jakarta-based firm upped its quota for sale to 17.8B shares at US$0.029 each from the 11.2B shares at US$0.026 to US$0.03 apiece; Anticipating a US$3.5B valuation, the company will list on the IDX on November 7.

SEA digital economy to grow in 2022 despite headwinds: report
The digital economy is poised to hit US$200B in GMV in 2022; In 2030, this figure could skyrocket to up to US$1 trillion, according to a joint report by Google, Temasek, and Bain and Company.

Lamudi parent EMPG raises US$200M funding, eying IPO listing
This round was led by Jared Kushner’s investment firm Affinity Partners, with new funding from KCK, Acacia Partners, plus several other investors, including Prosus, which maintains its stake.

Temasek’s 65 Equity Partners pours US$105M into SG’s Cityneon
Neon creates experiences using tangible and intangible environments; It brings these experiences to locations for clients like Disney, Universal, Marvel, and Hasbro, among others; The company also announced that it would be rebranding to Neon.

HK fintech firm Reap banks US$40M Series A
The investors are Acorn Pacific Ventures, HashKey Capital, and Arcadia Funds; Reap’s platform helps users access payables management and international payments and collections.

Indonesian solar energy firm Xurya banks US$33M Series A+
The lead investor is Mitsui & Co; Xurya helps partners achieve sustainability, economic, and financial goals by lending expertise on sourcing, developing, operating, and maintaining distributed solar projects.

Shopify invests in WhatsApp CRM firm WATI’s US$23M round
Other investors are Tiger Global, DST Global, Sequoia India & SEA; The firm enables companies to have scalable and personalised conversations using customer engagement software built on WhatsApp’s business API.

SG’s cloud communications firm Toku nets US$5M Series A+
Lead investors are Delivery Hero Ventures and Malaysia’s OSK Ventures; Toku will use the fresh money to establish a presence in Malaysia, Indonesia, Hong Kong, Vietnam, South Korea and the Philippines.

KYAN Therapeutics bags US$5M to bridge the cancer care gap using tech
The investors are Altara Ventures, SEEDS Capital, and K3 Ventures; From drug development to personalised medicine, KYAN offers a solution to identify the optimal outcome for millions of possible drug-dose combinations.

Ex-Gojek VP’s mobile café network Jago nets US$2.2M pre-Series A
The investors are Intudo Ventures, Beenext, CyberAgent Capital, and Arkblu Capital; Jago will use the funds to expand to over 200 mobile cafés, covering 20 hyperlocal areas in Jakarta.

Malaysian fleet fuel expense management startup BayaPay raises funding
The investor is Winacore Capital; BayaPay offers BayaFuel, a card to enable businesses to make secure payments within set limits and controls across all fleet-related expense management.

Facebook unveils the 2022 APAC cohort for Community Accelerator Program
Throughout the 4-month programme, participants will receive training from experts and coaches through a customised curriculum to help them organise and strengthen their community while connecting with community leaders globally.

Investments in startups grew by more than 45% in 2021
As a signal of confidence in the startup investment scene, funding activities have increased exponentially to reach US$10.5B in 2021; Venture funding within H1 2022 alone has reached US$5.8B.

Wavemaker Impact, Bill Gates’s VC arm, Temasek launch agritech startup
The startup aims to bring together climate-tech, agri-food, and venture-building capabilities to accelerate rice decarbonisation in SEA and the rest of Asia; The three VC firms have also invested in the company, whose name is yet to be disclosed.

Singapore’s NFT startup AWST raises US$1.7M funding
The investors are East Ventures, 500 Global, and Antler; AWST integrates companies and brands into the Web3 landscape by helping them launch NFT collections across different blockchain protocols.

UOB’s greentech accelerator names 12 startups in first batch
Launched in May this year, Greentech Accelerator aims to inject ~US$105K into startups that create solutions to help the environment, such as energy efficiency products, zero-waste supply chains, as well as carbon management and reporting software.

Stripe brings flagship services to Thailand
The fintech firm will be rolling out support for subscriptions and recurring payments, ecommerce transactions, automated payments, and fraud detection and prevention, among other services.

Temasek shuffles executives, CFO appointed as Singapore head
Leong Wai Leng, who has held the role of CFO for 16 years, will step down to be appointed as the firm’s Singapore market president; Deputy CFO Png Chin Yee will be elevated as the CFO from January 1.

Should Southeast Asian startups look to transition from Web2 to Web3?
Shaun Heng, Qin En Looi, Rishi Randhawa, and Rachael De Foe, Eddie Thai will discuss ‘How Web2 Founders can leverage Web3 technologies and business models and Embrace the New Internet’ today at Echelon 2022. 

How iPrice Group navigates the seven SEAs
A deep-dive into how Malaysia-headquartered iPrice built a successful price comparison venture across the region despite all the odds.

Dream loud, dream big and dream now: Surbhi Agarwal of Yellow.ai
Yellow.ai’s senior VP and Head of Marketing Surbhi Agarwal about how she’s driving organisational efficiency by building high-performing teams.

How startups and VCs can propel Indonesia’s energy transition
As Indonesia continues on its rapid path to modernisation, demand for the internet will steadily increase, and so too will its energy needs.

Going the extra mile in digital innovation for Singapore’s commuter experience
Singapore’s MRT system is no longer just a train network; it has become a landmark; With vibrant transit spaces designed for interactive commuter experience, taking the train is meant to be more of an enjoyable trip than a tedious chore.

East Ventures-backed Mighty Jaxx launches first metaverse project
The Spooky Season project is a collaboration with US-based collectibles giant Sideshow Collectibles and can be accessed on Animoca Brands’s The Sandbox from October 28 to November 11.

Vertu Metavertu is a new “Web3” smartphone that costs US$41K
The super-high-end mobile device brand asserts that it has “10T IPFS” storage, a “metaspace encrypted space” and the A5 “Privacy Chip” necessary to secure the NFTs the smartphone can apparently create from any photo taken with its camera in one step.

‘Phishing scammer has drained US$1M in crypto and NFTs in Past 24 Hours’
The two biggest victims, 0x02a and 0x626, lost a combined US$370K after signing transactions on phishing sites run by the prolific scammer, according to ZachXBT.

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