Think blockchain is just a fad? Once upon a time, Bill Gates thought consumers wouldn’t embrace the internet. In fact, he later had to revise his book “The Road Ahead” to talk more about the internet.

In 1995, Newsweek even published a column piece by Clifford Stoll predicting that the internet would just be a passing fad.

As someone who became a tech journalist in 1996 by joining the pioneering IT newspaper in the Philippines, Metropolitan Computer Times, I can tell you that many smart people didn’t believe the internet would take off.

CEOs, tech luminaries, and experts were saying in the 90s and 00s that the internet wouldn’t replace physical stores, put newspapers out of business, or entice people to watch movies and TV shows online, and so on.

Digital champions and critics

It was hard being a digital champion back then, and funny enough, it still isn’t a piece of cake now. As this article hilariously points out, the 1990s were a transition period from the analogue world to the brave new world of the internet:

“Those of us who are old enough to remember the world before we became completely dependent on the internet could never have predicted what life would be like now. Some of the things the internet has enabled us to do—wireless video chats with friends halfway around the globe, ordering food to be delivered to our door at the click of a few buttons, virtual support groups for every possible interest or ailment—were the stuff of imaginary, far-futuristic worlds, surely not realistic to expect in our lifetimes. (I mean, I figured we’d have flying cars before we’d have computers we could fit in our pockets, yet here we are.)

“The 1990s were this weird in-between phase where the tech geeks were all about the .com world, and tech-reluctant normies were all, ‘Gretchen, stop trying to make the internet happen. It’s not going to happen.’ Once the internet started becoming popular, some people did try to predict how it would all turn out.”

Social media sceptics

That happened during Web1 and was repeated during the advent of Web2 when sceptics said social media was just a fad. It wasn’t that long ago when many people scoffed at the idea of companies creating Facebook pages and posting these weird things called tweets. 

Now, for better or worse, we take social media for granted. And Web2 has thoroughly changed how we work and play, just as the first iteration of the web did.

Also Read: Web3, wallets, and winning the next culture revolution in Southeast Asia

Enter Web3, which now promises to decentralise the web, put the power back in the hands of users, and reward creators for their hard work. And just as you would expect, sceptics again say Web3 will just be a fad. 

Fad and FUD

Along with the fad accusations are the FUD. Particularly now that we’re in a bear market for crypto. How many times have pundits predicted that the crypto bubble has burst? And how many times have they been proven wrong? Just like those who predicted that the internet was just a fad. Or that social media was just a fad.

It happens whenever a new technology emerges, just like what’s happening now to the blockchain. You will have many sceptics saying it won’t take off, that it’s too technical for consumers, that society isn’t ready for it, and so on.

And, yes, we’re still in the early days of Web3. But it will continue to evolve, become easier for consumers to use, and reach critical mass. I think people have just forgotten how clunky email clients were during the early days or how primitive the first websites were.

Things will improve. We’ll continue to build Web3 and make it better.

As a digital champion from Web1 onwards and a gamer since I was a kid, I firmly believe blockchain gaming will be the entry point for the mass adoption of Web3. Just look at how the huge success of the blockchain game Axie Infinity and play-to-earn encouraged many gamers to learn crypto and create their own wallets. 

All gamers need is the right incentive. After all, for years, we’ve worked hard to level up our characters, complete missions, and finish games. All for the sake of virtual items and virtual currency. What more now that we can earn NFTs (non-fungible tokens) and cryptocurrencies that have real-world value?

So, no, blockchain isn’t a fad. But maybe being a sceptic is.

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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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For the past two years, the world has been busy handling cases of global health, COVID-19. There are so many adjustments to the regulation like people start working remotely, and children study from their homes with online classes. We are forced to live with technology and the surrounding internet.

Over these years, the technology industry has been on the rise. Every day a new tech startup comes up. Many experts predict that this year, we can recover our economy since the new industry is growing rapidly and the COVID-19 cases are also slowing down. 

But unfortunately, another problem comes, there is some conflict in western countries between Russia and Ukraine that is affecting the world’s economy and is now starting to become chaotic. Technology stocks began to decline drastically, technology companies are also making a lot of staff reductions. Some countries are increasing their interest rate and their inflation level.

Also Read: How to tackle cybersecurity threats during the holidays

Everyone started to plan their money wisely and cut some budget for something unnecessary. But, most tech companies have a challenge when they need to be more efficient, and at the same time, they need to be more protective of their data.

A study from Check Point Research (CPR) reported that the second quarter of 2022 saw an all-time peak, where global cyber-attacks increased by 32 per cent. The average weekly attacks per organisation reached a peak of 1.2K attacks.

So, what should this tech company need to do during the economic crisis?

What happens to cybersecurity?

The Economic crash has brought so many impacts, especially to the technology industry. As we can see, most tech companies lay off their employees to save their budget. Their stock prices are also going down during this time. In some cases, cyberattacks also worsen these tech companies.

Of course, cyberattacks make the company’s image look even worse. Cyberattackers can inject fake price quotes in data feeds, publish some fake news through reliable news organisations, or create numerous non-existent sell orders to cause stock prices to plummet and cause a market crash. 

The FBI has found that cybercrime has increased fourfold since the COVID-19 outbreak began. At their conference online, launched by the Aspen Institute, FBI assistant director Tonya Ugoretz said the FBI’s Cyber ​​Crime Complaints Centre (IC3) said she receives up to 4,000 complaints a day.

We need to be more serious to prevent these cyberattacks from occurring to our company during this critical time. Start from educating our employees with cyber awareness, and installing complete cyber protection.

Stay protected during the crisis with three steps

In this economic crash, people are very cautious about how they spend their money. On the other hand, cybersecurity is a must to have, but the cost is so expensive. We also need to pay for the software, management, and other details.

But the question is, can we ensure cyber safety with a minimum budget? When there is an issue, someone will always try to look for the solution. And yes, there are three steps that we can do to protect our company during this downturn.

Use an all-in-one console

It is the most effective way to reduce costs without sacrificing cybersecurity performance. Organisations often purchase different kinds of software directly from different vendors or multiple resellers, which usually results in a higher final price. A recession can be a good time to rethink your technology stack and identify key partners who can support multiple initiatives in an all-in-one console.

Simplifying the management of your tool set frees up time, money, and resources to focus on other projects.

Use automation

Many companies continue to struggle with digital transformation and building automation pipelines. Key industries such as energy and construction have a long way to go in replacing manual bottlenecks with digital energy, which will be a major source of growth for companies taking the plunge.

Also Read: How much does cybersecurity cost and how to budget for it?

An automation cybersecurity system will help the company get better protection and cut more budget. If previously they needed to check their system manually, now there is another company that can help them to detect it and will directly give a response. This technology may not be 100% AI, but at least it helps people in their job.

Focus on how to defence

The optimism and cash flow generated by growth markets are perfect for risky investments that create an aggressive advantage. But a recession is a good time to get back to basics and focus on defence. Security awareness training has consistently proven to be one of the most cost-effective strategies for reducing cybersecurity risks and mitigating potential consequences.

In fact, a company’s people (not technology) are its most vulnerable resource, and 80 per cent of successful cyberattacks are due to social engineering attacks.

It’s just a matter of time until we receive the attacks. What we can do now is think about protecting our company with trusted cybersecurity and using the budget effectively.

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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

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In the 4.0 era, it is no secret that technology has the power to disrupt industries and change the world for good. But great technology has to start somewhere.

“Seeds to discovery lies in the simple things around us,” said Dr Kihoko Tokue who comes with a background in the field of behavioural science, and is the Managing Director of Leave a Nest Singapore, in a recent interview with e27.

Leave a Nest was founded by a group of visionaries that included 15 graduate students in Japan in 2001, who set out on a path to solve real global challenges with Science. Today, the company has a global presence with subsidiaries in Singapore, Malaysia, the UK, and the US. 

The ethos of Leave a Nest lies in the thought of “turning everyday wonder into scientific adventure” for education.

To add to that, Dr Tokue believes that observations lead to inquiry and questions that may eventually lead to great ideas and that some life-changing technologies come from a need to answer a question or solve a problem.

Also read: Looking back and moving forward: Leave a Nest at 20

A great example of this is the discovery of electricity. 2,500 years ago, a Greek mathematician and philosopher named Thales discovered the basic principle of static electricity when he rubbed a rod made of amber. Thales observed that due to static electricity caused by friction, matters like solidified amber could attract tiny objects such as dust and specks. Through observation and experimentation, 16th century mathematicians were able to figure out the difference between magnetism and electricity, ultimately leading to the modern day application of electricity.

In line with this idea of encouraging observations that lead to questions and eventually to innovation, Leave a Nest has launched the ONE Earth Programme. The programme seeks to nurture and strengthen the curiosity and inquisitive mind that is already present in children, with the goal of helping ignite their curiosity in their surroundings which prepares them for a future of innovation and solving problems.

The NEST methodology and the ONE Earth Programme

Dr Tokue strongly believes in and promotes a unique NEST methodology of education. “NEST stands for Nature, Engineering, Science and Technology. When we try to organise our learnings from nature, it becomes Science and when we apply efficient applications to Science it becomes engineering and technology. Our emphasis is the importance of understanding the foundation of science and technology, which comes from nature and engineering,” she explained

“We want future generations to embrace the foundation and root of things so they will not become a mere user of science and technology,” she added. 

In 2020, Dr Tokue came up with the idea of the ONE Earth programme. Born out of the need for an online nature education (ONE) programme during the pandemic, ONE Earth was born. “We were looking at online parties due to the pandemic and subsequent movement restrictions. Plus, we thought having an online programme, it will be easier to tap into the city youth living in urban places like Singapore and Tokyo,” she said. 

The programme couldn’t have come at a better time when the world was gradually realising the importance of sustainability and our dependence on Mother Nature. Now, in 2022, as the pandemic is nearing its end, ONE Earth is evolving into a hybrid programme in that there are online as well as onsite versions.

Also read: Deep tech startups gain multi-pronged support from Leave a Nest

“Being out in actual nature can never be replicated even with VR,” believes Dr Tokue. “However, not all of us can actually go out there due to multiple reasons- it can be lack of resources, health issues and so on. Hence, the online version gives everyone an opportunity to be a part of this programme,” she explained. One of the key elements of the programme is for the young generation to understand that human beings are very much a part of nature. At the core, we are animals too- just more evolved.

In the early 1980s, Harvard University biologist Edward O. Wilson proposed a theory called biophilia. This theory supported the idea that human beings are instinctively drawn toward their natural surroundings. However, most 21st century parents might question this theory, as they watch their kids express a clear preference for being in front of a screen for hours over playing outside. As such, Dr Tokue explains that she advocates nature but in no way shuns the power of technology. Instead, she encourages combining the power of technology and the potential of nature together. 

“I hope ONE Earth can be the first point of contact for the younger generation with nature- whether they are open to come onsite or join us from the comfort of their homes. As long as they have this opportunity to explore their options and feed their curiosity towards nature, our job is done,” said Dr Tokue.

Keen focus on micro-organisms, fermentation, and robotics

The programme focuses on three main topics: micro-organisms, fermentation, and robotics. Lectures as well as hands-on experiences on these subjects will be conducted to give students insights into how these subjects apply in our day-to-day lives. For example: how microorganisms can be used in the cosmetics industry or how robotics is changing the world slowly.

“Our focus is to orient their approach towards a more scientific one while showing them how nature inspires initial ideas that may lead to innovation,” shared Dr Tokue.

There is a dire need for workshops and programmes that remind kids and teenagers about observing the beauty of the nature and surroundings around us. This is where the Leave a Nest’s ONE Earth programme comes in.

Also read: Seeding ideas, nurturing explorations with Leave a Nest Grant

Welcoming 13 to 15-year-olds, the ONE Earth programme focuses on first-hand experience and output for learning. The programme is developed to help build the exploration and observation mindset in the younger generation. By joining the workshop, participating students will learn about scientific approaches and different forms of knowledge about each topic. Leave a Nest limits the size of participants to cultivate close communication and care for each student. There will be 1 teaching assistant per 4 students.

Interested participants can either join individual workshops or can choose to join all three in sequence or at a later time. Each workshop has a maximum capacity of 16 pax.

With the ONE Earth programme, Leave a Nest seeks to nurture future leaders that are not afraid to ask questions and repeatedly look for solutions for real-world problems by leveraging knowledge and harnessing the power of inquiring minds that may one day turn into a knowledge of Science and Technology.

Learn more about the programme here and register here. 

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This article is produced by the e27 team, sponsored by Leave a Nest

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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The world economy is reeling under the combined impact of geopolitical risks, rising inflation and interest rate hikes. This is visible in the depressed GDP growth rates and the wild fluctuations of volatile and nervous stock exchanges. At the end of H1 2022, the S&P 500 was down 21 per cent from the peak, with valuations touching 16.6x, a 30 per cent correction from the 23.6x peak we saw in 2021.

With COVID-19 still mutating and erupting sporadically and political turmoil in many regions, the markets remain muted and listless. Charting the dynamics of the global economy, and in particular, the Southeast Asia region, is a detailed report I did for Kickstart Ventures, a corporate venture capital firm that invests in early- to early-growth stage tech startups globally.

 

In March 2020, when the market realised the immense magnitude and possible repercussions of the mysterious virus, it plummeted by 34 per cent, eroding a vast amount of investor funds and sentiment. The steep plunge was relatively short-lived, as the market rebounded, taking the S&P 500 less than five months to retrace its recent high.

The current market deviation, now in its ninth month, from its high in January 2022 is showing little sign of easing with the Fed rigorously imposing dramatic interest rate hikes to curtail inflation.

VC funds pivot

Amidst this dismal scenario, growth has not stalled in the SEA region. Relatively less affected by the pandemic, the region’s agility and resilience have continued to attract investments that have enabled it to surge ahead.

Even as the pace of startup fundraising decelerates, the smart money hasn’t abandoned the region completely. While China-focused funding dries up, funds have been channelled into the SEA region. 

SEA VCs are still very upbeat about the region’s positive demographics and ability to grow. Among the prominent VCs which have raised larger funds in 2022 are Sequoia (US$850M), Elevation Capital (US$670M), Jungle Ventures (US$600M), East Ventures (US$550M), Insignia Ventures Partners (US$516M) and Wavemakers Partners (US$136M).

SEA levels rising

In 2022, VC fund flow across the world has lost a bit of pressure but is still going strong in the SEA region. After crunching the figures, data suggests that while the average monthly deal value has dropped to US$1.6B in 2022, the deal count has risen 16 per cent YOY to an average of 102 deals per month.

This implies that while deal sizes are getting smaller, more deals are actually getting done, suggesting a larger proportion of earlier-stage deals. To put this fact into perspective, the average of US$1.6B per month deal value in 2022 is still a 2x increase over the 2020 figure of US$800M.

Also Read: How to navigate through the vast opportunities in the finance industry

At Kickstart, we have seen H1 2022 deal flow count to be steady at 318 deals, vis-a-vis the same period last year. The 2020 deal flow was the largest with 745 deals, with 2021 coming in second at 678 deals. If current trends hold, 2022 will likely track the deal count of 2021, which is remarkable given the multiple headwinds the world and the region are now witnessing.

Leading the growth wave and attracting a large quantum of funding are three potentially high-growth areas that have not only weathered the pressures of the pandemic but have displayed substantial growth and future potential.

3-D growth areas

The pandemic revolutionised the world, forcing people to re-align their priorities. Gauging the emerging needs, the focus is now on digitisation, decarbonisation, and decentralisation. These 3 “Ds” are now the key thrust areas that are set to register three-dimensional growth in the years ahead. 

Digitisation

Businesses and consumers have realised the immense value of going digital. This is reflected in a Google study, which estimates the SEA digital economy to be worth US$170B in 2021, which is expected to grow to US$360B by 2025. Attracted by the convenience, variety and payment options, e-commerce as behaviour is likely to persist and snowball.

Here in the Philippines alone, we estimate digital penetration (defined as the value of the digital economy divided by GDP) to be only four per cent, compared to Indonesia at six per cent, underlining tremendous growth potential given similar demographics. This digital economy is mainly driven by e-commerce, transport and food, online travel, and online media. 

Decarbonisation 

Numerous nations and media are pivoting attention on the adverse impact of climate change. According to the UN, 90 per cent of disasters are related to climate-change effects, costing the global economy US$520B, and pushing 26 million people into poverty.

The Philippines, too, because of its geographical location, is acutely experiencing climate change, bearing the brunt of around 20 typhoons yearly. In parallel with the escalated ESG spending, there are numerous startups focused on tackling the decarbonisation problem in an attempt to mitigate the long-term challenge of climate change.

Decentralisation

In the arena of decentralisation, blockchain is possibly the biggest innovation that is here to stay. The tarnished image of cryptocurrency and its recent meltdown has made people wary of blockchain products, too.

Also Read: What the fall of Terra Luna and the Asian financial crisis have in common

However, blockchain is a versatile solution with applications in digital identity, smart contracts, land titling, real-time payments, etc. Despite its volatility and speculative nature, commercially feasible and robust blockchain-based products and services are sure to become the preferred choice of tomorrow.

Our view

We have identified these three “Ds” as this generation’s thrust areas because a large quantum of development and innovation is concentrated in these business spheres, attracting both investment and talent.

While tracking trends in the SEA region, we saw that deal flow across the region remained largely the same compared to previous periods, as e-commerce and fintech account for the lion’s share of deals. The two sectors combined contributed 42 per cent of the deal count and 57 per cent of aggregate deal value during the 2nd quarter of 2022. B2C commerce, e-commerce enablers, B2C and C2C commerce combined to account for 64 per cent of e-commerce deals. In the fintech space, wealth tech, e-payments, and lending combined to account for more than 90 per cent of fintech deals.

The challenges of the pandemic gave a strong impetus to companies in the e-commerce, fintech, and healthcare domain. E-commerce grew sharply and tapered off slightly after 2021, while fintech grew slower but inched up steeply after 2021. Healthcare, on the other hand, grew rapidly in 2020, although it lost a little steam in 2021, the sector grew five per cent in the first half of this year.

While global markets, both public and private, undergo a correction, SEA will fare better than the rest as smart investors continue to be keen on the 3 “D” catalysts of the SEA growth story. With SEA estimated to grow 5.0 per cent and 5.2 per cent during the same period and with the Philippines seen to grow >6.3 per cent for both years, we believe that the SEA growth will stay resilient given the structural tailwinds.

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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

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It will take more than a global health crisis to make Singapore startups hang up the gloves. Within the third quarter of last year, startups raised up to $11.2 billion, more than twice the amount generated in 2020 — proof that the island remains an attractive hub in Southeast Asia for young entrepreneurs despite the beatings the world took from COVID-19.

The challenges of fundraising

Raising funds is not a drill, especially when investors are tightening their purses and requiring more convincing these days. A position paper by ACE shows that 69% of surveyed startups perceive fundraising as a “difficult task” that could take 1-2 years. They attributed the challenges to high expectations and grant hurdles.

Also read: Echelon 2022 to discuss the state of the SEA startup ecosystem

The failure rate for startups is high, particularly during the seed stage, as investors want a higher return of at least ten times. There’s also the issue with some early-stage founders who lack clarity about the real-world problems their solutions aim to address, preventing them from attracting investors. Another challenge is adjusting to the new normal as pandemic restrictions eased without returning to the way it was before.

Although, behind the uncertainties lie opportunities to innovate and keep the startup ecosystem evolving. High confidence is placed in local startups who have displayed agility in redesigning business models to ease the crisis’ impact, while mentors are ready to guide new entrepreneurs.

We turn to experts

Notable founder Aaron Tan, Founder and CEO of Carro, is among the leaders willing to show the way for startups. Carro has raised over $1 billion to date from various sources, including angels, VCs, venture debt, and credit lines. How has Aaron done it and what can we learn from his experience? 

In a fireside chat at the Echelon Asia Summit 2022, Aaron, together with Willis Wee, CEO and Founder of Tech In Asia, will discuss a founder’s approach to fundraising over $1B and raising capital at different stages and environments. They will explore key questions that can help founders navigate the post-pandemic fundraising scene. 

• How much of fundraising is an art vs science?
• What were the most challenging fundraising experiences and how did they overcome them?
• How is the strategy/story different from earlier stages to later stages?
• What are the do’s and don’ts that founders need to keep in mind?
• Post fundraising, how can founders maintain a positive relationship with investors?

Also read: Meet the 6 companies you can connect with at Echelon 2022

Join them in exploring the various aspects of fundraising during tough times, effective ways to start and maintain relations with investors today, the do’s and don’t’s in fundraising, and the points to highlight when speaking to a potential investor.

Echelon Asia Summit 2022 (October 27-28) returns after a three-year hiatus. It aims to gather the most influential decision-makers and industry leaders from the Southeast Asia tech and startup ecosystem.

Register for Echelon Asia Summit 2022 now!

The post Echelon: A founder’s approach to fundraising at different stages appeared first on e27.

Blibli aims for US$2B valuation in Indonesia IPO
This is a significant markdown from the US$4B that the e-commerce firm was reportedly targeting in June this year; At the time, the Djarum-backed company was planning to raise around US$500M in the IPO this year.

Fintech unicorn Xendit lays off 5% staff in Indonesia, Philippines
“The decision was based on the business strategy by seeing the future situation and comprehensive consideration to make sure that we are ready to face future opportunities and challenges,” says its COO Tessa Wijaya.

‘Singapore’s dine-in experience hasn’t evolved much despite many F&B outlets’
qlub (SEA) COO Yong Sik Hoe says the city-state is blessed with robust banking systems compared to many Middle Eastern markets, which bodes well for the payments solutions firm.

Singapore’s 3D printing firm Structo raises US$10M
The investors include SGInnovate, Seeds Capital, and Apsara Investments; It has partnered with the dental industry and helped develop application-specific solutions for the sector – from hardware, software, and solutions made out of photopolymer resin.

Vietnam’s Marathon Education raises seed financing
The investors include Vulcan Capital, Forge Ventures, DSG Consumer Partners, and Goodwater Capital; The firm provides live interactive cohort-based classes in large- or small-class format to K-12 students in the country.

In September, the SEA startup ecosystem was all ready to go out again
We can even say that September was the month when the MICE industry in Singapore was making its comeback as the borders reopened and the world started turning again. But what does it mean for the tech startup ecosystem?

Alipay removed from Shanghai priority high-tech firms list
The company, owned by Ant Group, was removed because it didn’t meet R&D spending requirements, according to a notice from the Chinese government; As a result, the fintech giant may not receive certain tax benefits.

bolttech acquires majority shares in Indonesian insurance broker Axle Asia
This deal will accelerate the deployment of bolttech’s insurance exchange capabilities and complement its existing presence as a device protection provider in Indonesia.

Singapore’s risk assessment company Bizbaz raises US$4M
The investors include HSBC Asset Management, Vynn Capital, and SOSV; Bizbaz provides customer intelligence and risk assessment solutions to enable financial institutions to acquire and serve unbanked and underbanked populations.

Thai online learning platform Globish closes US$2.5M Series A+
The investors include depa, Premier, N-VEST Venture, ECG Research, 500 Tuktuks, and Stormbreaker Venture; Globish conducts 300K English and Chinese classes for learners comprising 20% of students and 80% of working-age people.

Indonesia’s climate tech venture builder Ecoxyztem raises funding
The investors are TAP Applied Agri Services, Konservasi Hutan Indonesia, and Pegasus Tech Ventures; Ecoxyztem provides access to talent, venture architecture for business modelling, go-to-market activities through business matchmaking, and investments.

500 Global selects 20 startups for Taiwan accelerator
The programme will be held in Taiwan this year, in collaboration with Taiwan Tech Arena (TTA), a deep tech startup ecosystem; Of the 20 startups, 12 are from Taiwan, and the rest are from HK, Korea, the US, the UK, Malaysia, Canada, and Indonesia.

Founders Factory, Pico Group launch venture builder in Asia
The collaboration will build a new venture studio and establish an accelerator programme for startups in areas like Web3, marketing technology, and event activation over the next three years.

Antler, Iterative back Indonesian mental health app for Muslims
Qalboo said it will use the proceeds of the round to build its app and R&D programme as well as recruit its first few team members; An internal study carried out by Qalboo found that 70% of Muslims in Indonesia suffer from mental health issues.

MAS to launch US$3.5M grant initiative for blended finance projects
Blended finance involves attracting commercial capital to projects centred around sustainability; The Asia Climate Solutions Design Grant will also be funnelled into high-impact target sectors in Asia.

AC Ventures partners with BCG to promote Indonesian ESG standards
The net impact ratio metric juxtaposes the degree of positive and negative resources used by a firm, which is akin to a profitability metric for ESG.

Velocity Ventures invests in Israeli robot kitchen firm
Hyper Food Robotics assembles 40-foot autonomous robotic “box” kitchens to prepare fast food; These kitchens handle all stages of cooking, from food preparation to packing.

Google launches circular economy accelerator
The 10-week programme for nonprofit organizations and startups in APAC and North America will focus on customer acquisition, product design, leadership development, circular economy deep dives, research, and workshops.

Binance to investigate potential US$110M exploit in Binance Smart Chain
The firm said about US$7M of the amount had already been frozen, with the help of its internal and external security partners as well as the community around the exchange.

TerraLabs co-founder seeks to withdraw from testifying in a parliamentary audit
In his written statement to South Korea’s National Assembly, Daniel Shin reasoned that his appearance at the proceeding may disrupt the ongoing probe into the Terra crash led by local prosecutors.

Thai media giant to work with Sygnum for US$300M hybrid equity-NFT raise
The amount will go toward T&B Media Global’s new interconnected metaverse platform Translucia; The hybrid equity-NFT structure is meant to provide both issuers and investors with a regulated means of participating in the opportunities presented by the metaverse.

Japan to expand NFT, metaverse investments
This is in line with PM Fumio Kishida’s pro-Web3 agenda; Under his administration, Japan has taken various steps toward digital transformation and Web3 integration, including setting up a Web3 policy promotion office to serve the country’s blockchain firms.

Binance gets digital assets license from Kazakhstan
Binance will offer digital-asset exchange and conversion services, the deposit and withdrawal of fiat currencies, cryptocurrency custody, and exchange trading in the country.

Why blockchain isn’t a fad
Blockchain now promises to decentralise the web, put the power back in the hands of users, and reward creators for their hard work.

How AI and automation can shape the future of farms
Developing an AI platform in the farming system reduces the time needed to conduct experiments and get results quicker.

The future of the rural economy is here
Over 80 per cent of Indonesia’s population is currently residing in rural areas; Social commerce platform Dagangan is leading the charge in accelerating the Indonesian rural business landscape.

Echelon 2022 to discuss the state of the SEA startup ecosystem
Catch leading experts and industry insiders at Echelon 2022 as they discuss the post-pandemic tech startup landscape and what’s in it for 2023.

Put yourself in the spotlight with our new contributor-only leaderboard
This leaderboard is a ranking chart based on article views where you can see our top trending contributors and their published bylines.

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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. 

Here’s the full list of the speakers for the 2022 edition, which will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

 

The post Ecosystem Roundup: Xendit lays off 5% staff; Blibli aims for US$2B valuation in IPO; Binance to probe potential US$110M exploit in blockchain appeared first on e27.

Vietnam’s Marathon Education has added more funding to its seed financing round led by Vulcan Capital, the startup said in a statement.

Forge Ventures, DSG Consumer Partners, Goodwater Capital, and other unnamed angels also participated.

While Marathon Education refused to disclose the amount, a source told e27 the edutech firm raised a seven-figure USD from this round.

The round follows Marathon Education’s participation in the Y Combinator accelerator programme and a 30 per cent monthly growth rate in the first year of operations.

Also Read: ‘High cash-burn growth strategy is ultimately unsustainable’: BrightCHAMPS’s Ravi Bhushan

A year earlier, it bagged US$1.5 million from Forge Ventures, Venturra, and iSeed SEA.

With the new capital, the edutech firm will ramp up its focus on product development in 2023. It plans to launch programming courses and improve the current technology offering to improve students’ academic performance during and beyond live classes, particularly in the virtual classroom experience and out-of-class adaptive learning and performance analysis.

Marathon Education will also look to expand its “online-to-offline” experience centres beyond Hanoi and Ho Chi Minh City to provide an opportunity for parents and students to experience the immersive live-class experience anywhere in Vietnam.

While focused on scaling, the firm will also maintain unit-economics profitability.

Co-founded in 2021 by Duc Pham (CEO), an ex-investor at TPG Global, and his brother-in-law Tran Viet Tung (COO), Marathon Education provides live interactive cohort-based classes in large- or small-class format to K-12 students in Vietnam.

Pham says the company has quickly grown to work with 30 “star” tutors nationally, with an average of 20 years of experience providing test preparation classes to top students in Vietnam and hundreds of individual tutors.

Currently, the platform makes accessible all subjects supplementary to the Ministry of Education’s curriculum. In Q3 this year, Marathon started offering IELTS and English language lessons in small-class format taught by exclusively English native teachers.

Despite being a large market with US$2bn of annual revenue driven by parents’ intense focus on children’s education, online penetration in Vietnam’s K-12 afterschool education market is low at 3 per cent.

Also Read: BrightCHAMPS acquires SEA-focused edutech startup Schola for US$15M

The offline market remains fragmented and faces key issues, including the inaccessibility of top teachers to students nationally, inconsistent quality, low brand trust, and lack of application of technology in delivering personalised learning and improving academic performance.

In August, Vietnamese startup Schola, a live-learning platform for kids to master communication and English skills, was acquired by Indian edutech company BrightCHAMPS in a US$15-million cash and stock deal.

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In-person events are back in Singapore after two years of absence. The Singapore Tourism Board (STB) stated that in the first three months of 2022, the country hosted more than 150 in-person events attended by over 37,000 delegates. With at least 66 international events secured for the rest of the year, it is no surprise that the numbers are predicted to continue increasing.

For attendees, this meant preparing stacks of business cards to support networking activities at these events. But this concept is outdated. As awareness of the importance of saving the environment grows among customers in the global market, startups worldwide are figuring out alternative ways to make networking more efficient and eco-friendly.

Meet Scard, one example of that startup from Singapore.

Their solutions enable businesses and individuals to build interactive business card within minutes that seamlessly connects with social media profiles to gain maximum visibility; it also doubles up as bio link tools. The digital business card may be digitally printed or produced through physical contacts, such as an NFC-enabled card or stickers, and allows users to exchange information by simply tapping their phone or scanning a QR code. Users can also customise their digital business card with a profile picture, logo, custom domain and any links they like to share.

“In addition to taking an interest in Scard’s features and functions, we have seen many potential customers keen to embrace the sustainability component of our product to reduce wastage and their carbon footprint. By positioning Scard as being part of the movement to incorporate greater green practices in the MICE industry, it is our hope digital business cards will take off,” explains Scard CEO Eric Lim in an email to e27.

Also Read: 7 unique startup innovations we saw at Tech In Asia Conference 2022

“With a possible recession looming, companies looking to cut costs may also find digital business cards an attractive alternative to printing large volumes of business cards,” he adds.

The market potential for this tech solution is also promising. The company cites a Market Research Future (MRFR) report in a press statement that predicts the global digital business card market to a value of S$337 million (US$235 million) by 2027.

From paper cards to Scard

Scard launched its software-as-a-service (SaaS) platform in March 2022. Its journey actually began in 2005 as a local branding and printing card company. However, as the customers’ awareness of the importance of sustainability increases, the company noted how demand for traditional printed name card services has fallen.

On the other hand, their digital business card platform has seen a 50 per cent increase in the number of users over the last few months.

“Scard attributes this not only to the return of live events but also to increasing demand from users who want to embrace and integrate sustainable practices within their personal experiences. They believe that digital networking will become a key component of any impactful actions taken by the events industry for the present and future,” Lim says.

The CEO explains more details about their transformation journey.

“Eight years ago, we attempted to digitalise our business card with a jpg/gif image. We could not devote more time to this endeavour due to the hectic nature of our core business. When the COVID-19 pandemic struck, our business was impacted when in-person events and conferences stopped,” Lim says.

Also Read: In September, the SEA startup ecosystem was all ready to go out again

“For the next two years, this allowed us the opportunity and time to assemble a competent development team to re-focus our efforts on designing and developing a digital business card which we believe would have immense potential in a post-pandemic world.”

To acquire new users, the Scard team regularly attend business events and conferences that allow them to interact with potential customers.

“We are also tapping on overseas markets as we have seen a growing demand for digital products such as Scard, which are readily accessible and easy to use,” Lim says.

It also provides a rewards system to encourage people to go paperless and reduce the production costs of their business.

“We are not just making a digital business card. We’re building an ecosystem, which is why security and privacy are important. Besides the myriad of features, Scard has robust security features implemented to give every user full control over what to share and peace of mind,” Lim says.

In developing their products, Scard begins by understanding the 5-Ws (Who, What, When, Where, Why) from the perspective of creators and users. For them, a product would not be useful or popular if it did not understand the solutions that the creators and users are seeking. After that, they will figure out the H (How).

Also Read: Global Web3 companies on why Asia Pacific is the future of the industry

“Our development team would then start designing and implementing different methods, practices, tools, and techniques into our product prototype. From then on, it is a constant trial and error process where we would test the product out and improve and/or refine it based on feedback from user experience,” Lim elaborates.

“We have been helping customers develop solutions for the past 17 years so it is something we are experienced in and passionate about. The only difference is we can gather more diverse viewpoints about our products based on different market demands and sharing of individual experiences.”

Playing the cards right

Scard says that there are currently a few hundred users in their database, with backgrounds that range from company owners, experts in digital marketing, artists, to salespeople.

Run by a small team of fewer than 10 members, the company is looking to raise additional capital to expand its team and develop its business platform to support companies of all sizes. The software is currently bootstrapped with a six-digit investment.

“We want to grow our user base and make sure that digital business card solutions continue to progress in usage and changing mindsets. The main focus right now is to make sure we deliver Scard based on our three pillars of innovation, security and sustainability,” Lim says.

“However, our development team is constantly brainstorming ideas and we look forward to introducing new products in the future to suit an ever-changing business environment.”

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: Scard

The post Throw your paper-based biz card away because Scard has a better alternative appeared first on e27.

Indonesia-based aquaculture startup eFishery today announced that it had secured an IDR500 billion (US$32 million) loan from DBS Bank Indonesia, marking the bank’s first funding for the aquatech sector and the startup’s first loan deal, Tech In Asia wrote.

This funding followed a US$90 million series C funding round co-led by Temasek, SoftBank, and Sequoia Capital India that eFishery announced earlier this year.

The funding will support the expansion of eFishery’s business and improve its quality and productivity, to increase its production and scope by 300 per cent going forward.

Also Read: Founders of Fabelio, Gadjian, and eFishery reveal their top productivity hacks to start the day

The startup also hopes to connect its farmers to international markets with the support of the new capital, in addition to expanding its services and products globally.

Founded in 2013, eFishery has banked a total of US$140 million in funding to date. This number also included the current loan deal.

The Bandung-based startup held the record of the largest-ever VC financing for an aquaculture startup globally with its Series C funding round in January.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: eFishery

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Thailand’s edutech startup Globish, which provides a live online learning platform, has announced closing its US$2.5 million Series A+ funding round.

The Digital Economy Promotion Agency (depa), Premier, N-VEST Venture, Top Itthipat, ECG Research, 500 Tuktuks, and Stormbreaker Venture also participated.

Strategic investors, including Nani Nitcharee Nitinavakorn (an executive from a renowned startup in the UK), Dusadee Tancharoen and Ubonwan Khorthavornwong (brand specialists), also joined.

Globish will use the money for expansion into other ASEAN countries. It recently began expanding in Ho Chi Minh City in Vietnam and plans to expand into more markets, such as Pakistan and Bangladesh.

Globish’s learning platform allows learners to have their private classes. The company has developed curricula to match learners’ behaviours and meet the needs of the global labour market.

Also Read: BrightCHAMPS acquires SEA-focused edutech startup Schola for US$15M

Globish conducts 300,000 English and Chinese classes for learners comprising 20 per cent students and 80 per cent working-age people.

Globish has proactive plans to penetrate domestic and international markets with the target of 500,000 classes this year and add instructors and coaches to support the expanding market. By 2025, it is expected to generate an income of US$35 million.

Takarn Ananthothai, CEO and Co-Founder of Globish, said the company will continue to upgrade its organisation to become the edutech leader of ASEAN. It will turn its sights on the global market by extending its platform beyond languages to other skills and will be one of the Tomorrow Educational Leaders by 2023.

“Globish will penetrate domestic and international markets with native coach teams of more than 400 individuals from various countries, such as the UK, the US, South Africa, Egypt, India, Ukraine, and the Philippines. The plan is to increase to 1,000 coaches to support the market expansion,” Ananthothai added.

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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. 

Here’s the full list of the speakers for the 2022 edition, which will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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