Every year, entrepreneurs anticipate how the budget announcements will directly impact their business. The budget announcements this year are especially important to startups, as many of them are still recovering from the financial instability caused by the pandemic.

Below, we explore three ways that startups and small businesses can make better-informed decisions based on Singapore Budget 2021.

Key highlights

Recruitment was at a standstill for many companies during the pandemic. This resulted in a rising unemployment rate as well as delayed growth within small businesses.

The Job Support Scheme will support partial employee wage for the next few months, in an attempt to encourage startups to resume hiring activities. The expansion and innovation among newer businesses will translate into a more vibrant startup community.

Job support scheme

This Jobs Growth Incentive Scheme seeks to create more opportunities for long-term employment for Singapore Citizens and Permanent Residents.

Also Read: Due diligence meets imagination: How SGInnovate plans to further support the deep tech ecosystem

For example, the tourism industry laid off experienced staff members during the past year and with financial assistance from the Jobs Growth Incentive Scheme, businesses can gradually begin expanding their staff count in anticipation of the increasing demand for local tourism.

In addition, business owners who hire new employees within the eligible time period below will receive wage support for 12-18 months.

More specifically, the Government will compensate businesses up to 50 per cent of the first S$6,000 (US$4,400) salary until September 2021, to further incentivise entrepreneurs to hire mature employees above the age of 40 years, persons with disabilities, or ex-offenders.

Jobs growth incentive scheme

Employer eligibility requirements between March 2021 and September 2021 include:

Business owners can also receive monetary benefits of up to 50 per cent wage subsidy for the next 18 months. Depending on your business needs, the Jobs Growth Incentive Scheme makes it affordable to employ college graduates or experienced professionals who are making a transition in their career.

Supplementary scheme for SMEs and startups

Singapore Budget 2021 aims to equip businesses to ride the digital wave. With the slowdown in economic activity, traditional businesses in food and beverage as well as retail startups can redesign existing jobs and build digital capabilities with the new initiatives in the Budget.

For example, retailers that are considering expanding their offering through e-commerce or hawker stalls can partner with food delivery services to increase revenue. Besides small businesses in the retail or food and beverage industries, startups offering services in the arts and sports sectors can also enhance their operational competencies with the S$45 million (US$33 million) Arts and Culture and Sports Resilience Package.

Steps that small businesses can take include offering their arts services in smaller in-person groups or enhancing digital capabilities to offer online alternatives.

Also read: How to outsource development for a startup on a budget

Another business area that will receive an increasing amount of financial support from the Government includes the sustainability sector. As Singapore increases its commitment to sustainability efforts, small businesses that provide innovative solutions that are environmentally friendly will receive additional assistance in the coming years.

Examples include businesses which are making solar power more accessible to the public, companies selling electric vehicles, and a mobile app that helps Singaporeans capture their carbon footprint.

Other initiatives

From 2023 onwards, low-value imported goods will be subjected to GST and small businesses with vehicles can anticipate a GST hike up to 9 per cent.

One way to plan ahead would be to consider stocking up on necessary operating equipment before the implementation. There will also be a 10-15 per cent increase in petrol prices, which means that businesses should account for this cost if they are in the delivery business or other business that relies heavily on transporting goods islandwide.

Increase in Tax/Duties

On a more positive note, all commercial vehicles are entitled to a 100 per cent Road Tax Rebate for one year to cushion the increase in petrol duty. Businesses that acquire new machinery will be able to expense acquisition costs from taxable income for both YA 2021 and 2022.

Reliefs Available for Businesses

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Ganesh Rengaswamy, Managing Partner of Quona Capital

The terms ‘sustainability’ and ‘impact’ are increasing their mindshare among investors today.

From launching sustainability funds to adopting an “impact-first investment approach”, investors are increasingly applying these non-financial factors to their evaluation process, ensuring they support businesses that bring about a positive impact to the world we live in.

Despite all the buzz about impact investing, what exactly does it mean?

According to the Global Impact Investing Network (GIIN), impact investments are investments made with the intention to generate a positive, measurable social and environmental impact alongside a financial return.

Ganesh Rengaswamy of Quona Capital, a VC firm that invests in growth-stage fintech companies promoting financial inclusion within emerging markets, certainly knows a thing about the field. As Managing Partner, he oversees Quona’s investments in India and Southeast Asia.

Rengaswamy’s portfolio companies include BukuWarung, an Indonesia-based bookkeeping management platform for micro, small and medium-sized enterprises (MSMEs), and Ula, a B2B commerce and fintech marketplace. Previous investees include coins.ph (sold to gojek) and IndiaMART (IPO).

e27 sat down with him to learn more about how Quona measures impact in its investments, the extent to which impact metrics affect an investment decision and his hopes for financial inclusion within Southeast Asia.

Below are edited excerpts of the interview.

Could you run through the process of how Quona evaluates a startup?

We are focused on fintech and financial inclusion and like to invest in companies that leverage financial and digital innovation to deliver solutions that fulfil the needs of unserved or underserved segments of society. Therefore, we use our investment mandate as the first filter to identify startups we invest in.

After that, the key factors we look for are founder quality (in terms of expertise and vision), real market opportunity and moats against incumbents, potential to create an impact on low and middle-income segments, sustainability of the business model, and stage fit and overall investor syndicate.

Also Read: What investors look for before investing in a startup

We also study business-specific KPIs, which depends on the fintech vertical. For example, in a lending company, the non-performing assets (NPA) is a very important metric, whereas for a payments company the net margins on transaction volume are critical.

Given our focus on financial inclusion, we always pay attention to the impact on underserved segments, which we quantify through assessing the outreach and accessibility of the platform, product quality and overall market development.

Do you see a correlation between social impact and profitability (i.e. a company with a strong social impact will likely generate sustainable financial returns)?

We believe the social and financial impact of our investment in a company and the broader community are intertwined. Hence, we look for opportunities where social and financial drivers and returns are mutually reinforcing, rather than accepting a trade-off between the two.

We aim for risk-adjusted market returns while backing companies that are making the world a better place.

How do you measure the social impact for your potential investees and your portfolio companies?

All portfolio companies are measured and assessed against our “Access, Quality, Markets” financial inclusion impact framework, which was developed in partnership with industry leaders and is harmonized with the Impact Management Project (a forum for building global consensus on measuring, managing and reporting impacts on sustainability).

The framework is applicable across the fintech verticals we invest in, with some metrics being common across all our portfolio companies and some specific to a given vertical or company.

Also Read: Sustainability: the new business reality

This enables us to measure financial inclusion at the company level and to aggregate a set of core impact metrics across the portfolio and assess progress towards financial inclusion at a firm level.

We also measure and monitor impact throughout our investment process. The business objectives of the portfolio companies are expected to be aligned with our social mandate.

To what extent do you factor in impact returns when evaluating the performance of your portfolio companies? Were there instances where impact returns underperformed?

The KPIs established during the investment process are inclusive of impact, operational and financial metrics and indicators. Our investees report to us on a quarterly basis, with revisits conducted on an as-needed basis as business models scale and evolve.

Leveraging these insights and KPIs, we evaluate and reports on performance – inclusive of impact – on a quarterly basis. We also have internal deep dives, where we assess the overall performance of our portfolio.

Thus far we only had a rare occurrence where the impact returns were below what we expected. We believe that as our companies grow and scale up or add new products and geographies, their impact should amplify.

With over 290 million unbanked in Southeast Asia, what are some challenges you foresee in driving financial inclusion for them?

Southeast Asia is lagging behind in the growth of insurtech, financial advisory, embedded finance to address daily life needs through financial innovations, and holistic digital banking.

I hope the ecosystem and regulators can evolve and adapt to solving these issues. Progressive regulators play an important role in managing the digital infrastructure to ensure it can benefit both the supply and demand sides of the equation.

Do you think these challenges will be solved with time? Or do you think it is a larger and more complicated systemic issue?

Yes, I think so. I see many governments in the region, such as Indonesia, lifting regulation and investing in financial digital infrastructure. Large banks, insurers, and telco companies are now willing to partner with fintechs to harness the power of customer data and co-create solutions.

Also Read: Finantier raises funding in an East Ventures-led round to introduce Open Finance to SEA

We also expect digital-only banks to emerge through the issuance of new licenses, or permitting fintechs to buy regional banks in other countries. Covid-19 has been a significant wakeup call for the regulatory, ecosystem and incumbents, and is likely to lead to promising evolution of digital infrastructure.

What are some trends you are optimistic about within the fintech space in Southeast Asia?

Broadly speaking, we see growth in open banking platforms, embedded finance in different value chains like retail, digital banks, insurtech, and relationship-based, digitally-driven banking and financial services. I’m probably most optimistic about embedded finance.

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Image Credit: Quona Capital

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1982 Ventures co-founders and managing partners Herston Elton Powers (L) and Scott Krivokopich

1982 Ventures, a Singapore-based early-stage VC firm, has entered into a strategic investment partnership with South Korean investors Infobank, C&Venture Partners, and BTC Investment.

As per a press note, the parties have signed an MoU to collaborate in pursuing investments in Korea and Southeast Asia and leverage their respective resources to support market entry for Korean startups into the region.

Listed on the Korean stock exchange, Infobank specialises in messaging services and has an investment portfolio of 120 companies. Meanwhile, C&Venture Partners is an early-stage investment firm that invests in emerging technology fields including 5G, Big Data and digital health. BTC Investment is an investor in early-stage blockchain and fintech companies.

Launched in 2019, 1982 Ventures focuses on investing in early-stage fintech start-ups across Southeast Asia. Its portfolio companies include Homebase, a Vietnam-based proptech company providing home ownership and financing solutions.

Also Read: ‘Access to institutional VC funding is a major concern in Philippines’: Herston Powers of 1982 Ventures

“We are pleased to announce our partnership with 1982 Ventures to pursue strategic collaboration in pursuing investments in Korea and Southeast Asia and strengthen our capabilities to execute in the region’s high growth markets. 1982 Ventures expertise in fintech was key in selecting them as our long-term VC fund partner,” said Moonkyu Lee, Managing Director of C&Venture Partners.

“Infobank, C&Venture Partners and BTC investments collective leadership in technology and venture capital in Korea will ensure 1982 Ventures is well-positioned to leverage the Korean startup ecosystem,” said Herston Powers, Managing Partner, 1982 Ventures.

“An increasing number of Korean investors and startups are starting to see the significant market opportunity in Southeast Asia and are looking for partners to support their market entry,” Powers added.

Korea is one of the leading startup ecosystems within Asia, with nearly US$4 billion invested in its startups last year. According to Statista, the country also ranks within the top five globally for the number of unicorn companies.

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Image Credit: 1982 Ventures

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Niklas Holck, former Chairman of Nordic Eye Venture Capital, has launched his own boutique VC firm based in Singapore.

Tradeworks.vc is an investment syndicate that aims to build an ecosystem of ‘digital trade enablers’, with the purpose of driving trade and economic development through innovation in logistics primarily, crossing into e-commerce.

Also Read: 5 reasons to be bullish on logistics tech in Asia

As per a press statement, Tradeworks.vc has raised US$1.5 million at launch. with Guernsey-based OracleVC being the anchor investor.

Tradeworks.vc has a global focus, targeting early-growth startups and scaleups at the seed to Series A funding stages and is looking to invest US$100,000 to US$2 million per deal.

It will announce its maiden deals in two logistics technology scaleups, based in Singapore and Chennai (India), shortly.

Global economic development has exploded in the past 40 years as trade lifted billions out of poverty. The world’s poorest countries have the highest logistics costs and connecting the millions living in poverty to the rest of the world through trade is the best way to improve their lives and unleash the potential of those developing economies.

Lack of innovation in logistics results in high costs, which stifles trade and limits economic and human development. Compared with e-commerce, logistics is significantly under-invested; it accounts for more than double the share of Gross World Product, but attracts less than half the VC investment.

Also Read: 5G and the 5 new things it will bring to the world of logistics

Logistics is still seen as a black box for many VCs, who currently focus on last-mile operators and digital freight forwarders.

“There has never been a better time to invest in logistics technology. The sector is at the bottom of the digitalisation S-curve, with a long tail of small businesses ready to embark on their digital transformation journeys. The high labour, capital and energy intensity that characterises logistics industries, provides significant potential for improving productivity and efficiency, and generating attractive VC returns,” said Holck.

Singapore saw emergence of a couple of micro VC funds in the recent past. In October 2020, AngelList’s India CEO Utsav Somani and its former top executive Wing Vasiksiri joined hands together to launch iSeed SEA, targeting tech startups in Southeast Asia.

In November, Beamstart, the company behind global entrepreneurial platform and resource database beamstart.com, launched a US$10-million digital accelerator fund for Southeast Asia.

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Photo by Bernd Dittrich on Unsplash

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LinkAja, one of Indonesia’s well-known fintech apps, announced today it has received an undisclosed strategic investment from ride-hailing giant gojek.

As per a press note, this deal brings LinkAja’s funds raised in the ongoing Series B round to the excess of US$100 million.

Interestingly, this announcement comes less than four months after the payments firm raised an investment from gojek’s close rival Grab as part of the ongoing round, with participation from Telkomsel, BRI Ventura Investama and Mandiri Capital.

The collaboration is aimed at strengthening the adoption of digital financial services and accelerating financial inclusion in Indonesia.

This integration builds on gojek’s existing partnership with LinkAja, which included payment for transportation and ticket reservation services.

As part of the partnership, LinkAja will be included as an additional payment method on the gojek app.

Also Read: gojek-Tokopedia impending merger. Is it a win or loss for Grab?

LinkAja, formerly known as T Cash, was launched as a scan-and-pay service by government-owned telecom giant Telkomsel.

In the current form, LinkAja is primarily focused on digital payments for retail, public services and other daily needs, with 80 per cent of its users coming from tier 2 and tier 3 cities.

“We are excited to have gojek join us as a  shareholder, following the investment made by LinkAja’s other prominent shareholders in our Series B fundraising. This investment provides LinkAja with greater access to the gojek ecosystem, which will further support LinkAja’s purpose to accelerate financial inclusion in Indonesia,” LinkAja CEO Haryati Lawidjaja said.

“The COVID-19 pandemic and its far-reaching impact have emphasised the importance of digital payments in our daily lives, which makes this collaboration especially timely. With LinkAja as a strategic partner, we hope to reach out to even more businesses and consumers and give them new ways to transact,” added gojek co-CEO Andre Soelistyo.

The fintech industry in Indonesia, the largest market in Southeast Asia with a number of unbanked and underbanked population, saw massive growth over the past few years. In the payments space alone, there are more than 60 companies. Among the major players are OVO (in which Grab is the largest shareholder), GoPay (owned by gojek), 2C2P, PayFazz, iPay88, and Shopee Pay. —

Image Credit: LinkAja

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Long gone are the days when femtech startups were only confined to products catering to female reproductive health.

Quoting American seed fund Rock Health, “We shouldn’t have to say it, but here it goes: women are so much more than their reproductive organs and the opportunity extends beyond the connotations of the widely-used term ‘femtech’ and see an untapped market capable of supporting the diversity of women’s experiences.”

Sure enough, the current sector has an interesting mix of market participants including startups who are not just providing digital health solutions for women’s health but also catering towards women empowerment in general.

The global femtech industry poised to grow at over US$3.04 billion by 2030, however, there have been concerns the sector has been growing at an unusually slow rate.

Experts still believe femtech sector promises plenty of profitability but for it to truly grow, the investment world and tech developers need to be “more aware and focused” about the opportunities that the industry brings.

This is why e27 is proud to present you a list of the most notable femtech startups in Southeast Asia, completed with lists of organisations that aims to empower women in tech and a bonus list femtech companies in Asia.

Companies that are building solutions for women

1. theAsianparent (Singapore)

The Singaporean company started as a parenting blog and has since evolved into a multinational tech company and digital publishing house that focuses on content and community platforms for Asian women. Its main goal is to help parents have healthy pregnancies and raise healthy children and families.

Recently, theAsianparent launched a new feature on their mobile app that aims to help reduce stillbirth rates in Southeast Asia.

With over 30 million monthly users on its website, it is undoubtedly one of the most successful femtech companies in Southeast Asia.

Latest funding: Undisclosed funding from SCB 10X.

2. Lucy (Singapore)

An online digital bank that aims to empower women (largely migrant workers and home business owners) through its financial services specially catered for women.

Its offerings include easy loan management, international money transfer, no-interest salary advances, and mentor support.

Latest funding: US$377,000 in pre-seed funding.

3. Rags2Riches (Philippines)

A design house that helps women in poor communities in the Philippines make a living out eco-ethical fashion by using upcycled scrap cloth, organic materials, and indigenous fabric materials. Its products are sold via an online platform called Things That Matter.

Latest funding: US$133,000 via government grants.

4. Sehati TeleCTG (Indonesia)

An Indonesian health-tech company that improves infant and maternal mortality rate through its in-built device low-cost fetal monitor device, TeleCTG.

Also Read: Meet the 30 women entrepreneurs selected for Zone Startups’s empoWer programme

Its device is able to deliver data from remote locations to an obstetrician/gynaecologist (OB/GYN) based in a hospital in the city, who then analyses the output and provides feedback.

Latest funding: Undisclosed

5. Fig Health (Singapore)

Fig Health helps expectant mothers book in-home fertility screening tests. Besides that, the company also provides in-home services to identify hormonal imbalances and nutritional deficiencies.

According to the company, the platform does not replace the doctor-patient relationship but rather provides informational and emotional support that helps women have more informed discussions with their practitioners about their health concerns.

Latest funding: US$100,000, Antler

6. Hannah Life (Singapore)

A Y-Combinator-backed fertility startup that helps couples get pregnant and conceive in a clinically proven manner.

Latest funding: US$2 million

Organisations that are empowering women in tech

1. 21st Century (21C) Girls (Singapore)

Founded in 2014, 21C Girls organises coding lessons for girls aged from eight to 15 and AI initiatives for youth aged from 16 to 22. Its two main courses are “Code in the Community” and “Empower”.

The first programme is a Google-sponsored initiative that aims to bring free coding classes to young Singaporeans from deprived backgrounds. While the other is a national movement that teaches Singaporean youth AI and data science techniques.

Latest funding: Undisclosed]

2. She Loves Tech (Singapore)

An organisation that hosts global competitions for women in tech with the objective of closing the funding gap for female entrepreneurs.

The winner of the competition receives financial support, education, and mentorship support from the company’s network and partners.

Latest funding: Undisclosed

3. The Codette Project

An organisation that aims to empower Muslim and minority women in Singapore with awareness and access to tech. It hosted workshops, meetups, and hackathons to help Muslim and minority women learn programming and problem-solving skills in a safe environment.

Latest funding: Government grants, donations, Facebook Community Leadership Programme (2019)

Also Read: Breaking the glass ceiling: These 6 women are making their marks in deep tech field

Notable mentions: Femtech companies from outside of SEA

1. Coly (Japan)

A company that makes anime-based games targeted at women. Despite never taking VC capital, the company has recently gone public.

The seven-year-old company creates games that unlike other games don’t have the usual aim of winning but instead gives users the thrill through its storyline and characters.

According to a Bloomberg article, three-quarters of the studio’s 200 employees are women.

Latest funding: US$105.7 billion, self-funded

2. Niram.AI (India)

A deep-tech startup based in India that develops solutions to detect breast cancer early on.

Its product is patented, portable, non-invasive, radiation-free, and claims to measures the temperature of the chest region to detect early-stage breast cancer.

Latest funding: US$6 million, Dream Incubator, Beenext

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Image Credit: Mimi Thian on Unsplash

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I’ve always been a woman in a male-dominated industry, from my early days in computer science up until today, as I continue to navigate the proptech industry. I’ve never dwelled much on it, and I’ve never let it hinder me from pursuing my goals either.

To me, International Women’s Day is about women supporting other women to achieve their best potential. When I founded Switch Automation, I had this vision in mind to create an environment free of gender bias, where women could rise up the ranks based on their own merits.

This is the story of how I made this happen in one of the biggest and oldest male-dominated industries, that is ‘property’.

Before there was Switch

Nature has always been a big part of my life. I’ve always been strongly attached to and protective of it. I grew up in New Zealand, surrounded by beautiful natural landscapes, and moved to Australia to attend university. There, I earned my Bachelor of Commerce in computer science, and was fortunate enough to start out in the field at a time before it became largely male-dominated.

This meant that I had the opportunity to work alongside strong, talented women in tech until and through the 90s, all of whom inspired me to be the leader I am today.

It was the early 90s when I met my co-founder and we started our first business venture together. We went on to start several successful businesses, which often brought me to Singapore.

We worked with companies operating in Indonesia and American companies in distribution and purchasing environments, who were struggling with losing sight of their shipping and freight.

We wrote freight management solutions for these companies, and soon realised that the freight management solution we built actually met the requirements of a wide array of companies. This was when we made the big decision to move to Sydney to establish a portal.

Out of pure chance, we were introduced to the world of building automation by an acquaintance, and my interest for the sector has only grown since.

Connecting the disconnected

When you observed the way people managed buildings back then, you’d notice a big disconnect. Systems used were cheap and disparate, teams were disconnected, assets weren’t linking up with data, everything was very much disjointed. But I saw this disconnect as an enormous opportunity.

In my head, I envisioned 2050, where buildings could be managed digitally in ways that were connected and driven. I knew that in order to propel the industry to that stage, huge transformations needed to happen. On top of that, I was swayed by the possibility of transforming the industry to positively impact the environment. With these visions in mind, Switch Automation was born in 2012.

I moved to Denver in the US in 2014 to set up the Switch headquarters when there was just nine of us. Since then, we’ve grown to a team of 60 globally, with offices in Australia (R&D), the US (Business), and now Singapore, where we’ve just hired employee number 5 and plan to double that number in the next year.

If you look at our senior leadership team, you’ll see more women than men– a rarity in this industry today. This is something we did deliberately. Instead of throwing postings onto job boards and waiting for applications to roll in, I personally sought out and changed the face of our company by looking for and inviting women to apply for specific roles.

By encouraging them to apply, we narrowed the gender gap in our company and this encouraged further diversity in our team. I am really proud to share that because I was able to impact a lot of change in that regard, we’ve managed to outperform and survive in an age-old industry, even as it was hit by a pandemic.

Amidst the pandemic

The pandemic was a canary in the coal mine event, where everyone in the industry was caught off guard. It made companies realise why they should have been investing in tech over the last five years. That said, it didn’t push many to seek proptech.

All it did was highlight the fact that many in the industry had few tools to remotely monitor rooms and manage buildings. In fact, it’s astonishing to see how many buildings carried on operating business as usual all through 2020.

Switch’s narrative is one of resilience. It’s true, real estate is ridiculously slow, mainly because it’s always easier to do nothing, than to change something that already seemingly works. Senior management in the industry believe tech will cost them substantially. What they don’t understand is that it’s going to cost them millions of dollars not to digitally transform.

Every year, I think, the industry simply can’t stay this way, it has to evolve and accelerate. But at the end of the year, I find that we’re still on the same grind. Through consistency, we’ve managed to stay in the game, growing our customers to the point of raising US$12 million.

We’ve grown our products, our teams, and have stayed resilient when the pandemic hit, and for that I am proud.

Switching up real estate

If there’s anything I’ve learned on my journey as a leader, it’s that success is going to take you 10 times longer than you’ve ever imagined, and achieving this is going to be 10 times harder than you’ve ever imagined. That said, it’s also going to be 10 times more rewarding once you attain it.

Which is why, when it comes to pursuing big goals, I think it pays to be a little naive and to go into these things as if failure doesn’t matter. You always learn something out of failure, and some of the greatest things are born when things don’t work out.

Things have changed since I first entered the field. My leadership style, for one, has changed significantly. When we first started Switch, it was just my co-founder and I. We managed all aspects of the company and did our first round of hiring, usually doers who could run different aspects of the business — marketing for example, or software development, quality assurance.

We then began hiring leaders who could manage the team. When we did this, I had to take a step back and resist the urge to wear all the hats. I knew that I had to take off a hat, hand it to someone else, and trust that they’ll see tasks through.

You go from becoming somewhat of a helicopter parent to just allowing people to fly in and do things their way. I’ve learnt to trust that I’ve hired the right people for the job, and to trust my employees and their capabilities.

I see a new generation of facilities managers and operators, asset managers and property managers, all who live and breathe digital. They’re not going to stand for business as usual, and I’m really excited for the positives that will come out of this new wave of leaders.

I love working with millennials, and at Switch we hire a lot of them. They want to do meaningful work, and the quickest way to do so is by giving them data-rich conversations. This way, their wealth is driven by data, as opposed to how we used to do things in the past. I think this is going to impact significant change in the industry.

As a growing global technology company, people often ask me what my end goal is. I always say world domination, and when everyone laughs, I always go, it’s actually not a joke. We’re trying to create a digital platform or enterprise toolkit for buildings. There’s nothing like it in the world. We’re hoping that by bringing these to teams in real time, we’ll all be able to impact our environmental footprints.

We’re an impact-led company, and we’re really hoping to have an impact in the different countries we touch.

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2020 has been a year of major disruptions. Not only has COVID-19 forced many industries to pivot, it has also accelerated digital transformation and given rise to new opportunities. In Singapore’s recent Budget 2021 announcement, Deputy Prime Minister Heng Swee Keat further reinforced the need for innovation and enterprise growth as the backbone of a healthy economy.

Aligned with the government’s aim to foster a robust enterprise spirit and innovative culture, the Institute of Innovation and Entrepreneurship (IIE) at Singapore Management University (SMU) announced the top 50 startups finalists for its marquee event, the 10th Lee Kuan Yew Global Business Plan Competition. The competition, in its 10th edition this year, has attracted the attention of student entrepreneurs across 60 countries, with over 850 entries received from 650 universities.

“In conjunction with celebrating the 10th edition of the competition, we will be especially presenting the SMU Chancellor Cup. This accolade is to champion the most promising team representing a Singapore university and is part of SMU’s commitment to continually nurture the new generation of young innovators and aspiring creators,” said Hau Koh Foo, Director, Institute of Innovation and Entrepreneurship at SMU.

Also read: Twilio’s annual State of Customer Engagement report

The competition finals, titled BLAZE, will be held from 18 to 19 March with the finalist teams competing virtually for prizes worth up to S$2 million. Finalists will be evaluated on their level of innovativeness, commercial feasibility, impact of the idea and capability to execute.

Beside the top prize of S$100,000 in cash for each of the two category winners (0 to 1, and 1 to infinity), other prizes that will be conferred on 19 March include the SMU Chancellor Cup that awards a S$25,000 cash prize to the most promising team representing a Singapore university and the People’s Choice Award of S$10,000 each for the two categories.

Hau adds, “The SMU Chancellor Cup epitomises our conviction and support for the start-up ecosystem in Singapore – particularly aspiring entrepreneurs who hail from our local universities– to test their mettle of taking the next step in their business journey and who have created meaningful impact not just locally but on a global stage.”

Check out these five finalist teams who will be vying for the SMU Chancellor Cup, and their game-changing innovations that will transform the world as we know it:

MyrLabs – Enabling the US$23 billion robot market with advanced indoor positioning (Nanyang Technological University)

Slow robots are a problem. In the logistics business where so much time is spent moving things around, every second is precious. With the rising adoption of automation and robotics in supply chains globally, there is also a need for robots that can navigate complex environments efficiently.

An A*STAR spin-off, MyrLabs is developing an indoor positioning solution for robots that provides positioning data in GPS-less environments and can operate in diverse spaces. Their proprietary technology allows robots to overcome the limitations of LIDAR-based localisation and navigation.

With MyrLabs’ solution, robots will be able to move at higher speeds and need not stick to a fixed path, thereby boosting productivity and efficiency. Their technology is a game-changer for not just the many e-commerce warehouses that will require a robust and intelligent logistics system, but also unlocks new robot use cases in non-traditional areas such as shopping malls.

So the next time you receive a delivery of your latest Taobao haul on time, you never know?: MyrLabs’ technology may have been fundamental in getting it from the warehouse to your doorstep.

Resync – Helping enterprises save thousands of dollars with intelligent energy cloud platforms (National University of Singapore)

Resync enables enterprises to use their energy efficiently and more sustainably. Their machine learning and artificial intelligence-driven solution allow users to optimise distributed energy resources and improve power system efficiency.

Digitalisation and the dropping cost of renewables are driving a pivotal shift in global energy infrastructure. Rather than a centralised energy grid, there will be multiple microgrids as part of the ecosystem. This would include renewables such as solar panels, wind turbines, and smart buildings too.

Also read: Scaling communities like startups

Resync’s platform gives customers an in-depth analysis of their energy usage, and forecasts their energy generation and consumption. As a scalable and customisable platform, their solution is well-positioned to target the needs of both SMEs and MNCs. Their platform allows users to manage the next generation of microgrids more effectively too.

As the adoption of renewables and digitalisation continues to grow exponentially, Resync is at the forefront of enabling this transition smoothly. From renewable assets, to smart buildings and microgrids, the future of energy is in their hands.

Ship Supplies Direct – The world’s first AI-powered freight forwarding platform for marine suppliers (Singapore Management University)

Ships need supplies. From fresh produce to spare parts, the marine supplies supply-chain is a US$169 billion per year industry. The problem is that the supply chains can be highly fragmented, which results in significant additional costs to ship operators.

This is where Ship Supplies Direct comes in. Using artificial intelligence, their platform amalgamates data from satellites, ships, port operators and logistics operators to optimise deliveries. With real-time tracking, logistics operators are able to do more jobs and ships will be able to receive their supplies on time.

Based on their preliminary sales and analysis of existing customers, Ship Supplies Direct has already seen a 30% cost reduction for their customers, which has the potential to increase significantly. Their main target customers are either the buyers or the marine supplies.

As the busiest port in the world in terms of shipping tonnage, Singapore certainly presents a tremendous opportunity for Ship Supplies Direct’s solution to be implemented. A start-up incubated at SMU’s Business Innovations Generator (BIG) incubation programme, their platform is poised to be a major disruptor that will not only improve productivity but transform the marine supply chain industry as a whole.

StratifiCare – revolutionising dengue care with biomarker technology (National University of Singapore)

390 million people are infected with dengue every year. The problem?

Doctors are not able to accurately predict the progress of the disease due to a lack of a Severe Dengue prediction test. This results in over-hospitalisation which burdens patients with unnecessary medical costs. Hospitalisation costs can be as high as the equivalent of one month of salary in Indonesia for a patient who is admitted and infected with dengue.

StratifiCare’s solution, StratifiDen, allows doctors to determine the risk of Severe Dengue development. If predicted not to develop Severe Dengue, the patient is managed as an outpatient, thereby avoiding unnecessary hospitalisation and healthcare expenses. For patients predicted to develop severe dengue, this also allows for more focused medical attention and aggressive supportive treatment.

Based in Singapore and a recent winner of the competition’s DBS Foundation Social Impact Prize, StratifiCare intends to roll-out their diagnostic test to other tropical countries such as Brazil, which have high incidences of dengue infections. By doing so, they hope to see up to a 67% reduction of unnecessary hospitalisations, saving patients thousands in medical bills.

WaveScan – Seeing to the safety of the people with AI (National University of Singapore)

Built environment and structural infrastructure integrity is a core concern for contractors and property developers. For example in Singapore, a safety threat in our HDB flats are concrete spalling accidents: where the pieces of concrete from ceilings break off and may injure homeowners. Unfortunately, current inspection practices are reactive in nature and may come too late when the damage is already done.

WaveScan’s solution solves these problems. Their proprietary sensor technology utilises microwave and millimetre-waves capable of penetrating tiles, PVC, building facades, concrete, and more. An A*STAR spin-off company, WaveScan’s AI-enabled asset inspection solution does not require surface contact and has a wide range of applications.

Also read: Meet these 5 verified investors that are ready to connect with you today

In addition to the building inspection, WaveScan’s technology can be used for non-destructive testing (NDT) during the manufacture and maintenance of aircrafts; and oil and pipeline inspection. Potential other industry verticals include medical imaging, tree inspection and even security inspection at airports.

Enjoyed this teaser? Catch more trailblazing innovations at the Grand Finals of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC) on 19 March! The other accolades that will be conferred include prizes such as the Sino-Singapore Nanjing Eco Hi-tech Island Investment Prize, Kajima Smart Construction Deployment Prize and People’s Choice Award, amongst other awards.

The Grand Finals of the LKYGBPC, organised by the SMU IIE, will be happening on 19 March. Register & vote for your favourite team for a chance to win prizes up to S$8,000 NOW!

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This article is produced by the e27 team, sponsored by Singapore Management University

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AirAsia Digital, the digital arm of the Malaysian airline carrier, has partnered with the Malaysian Global Innovation and Creativity Centre (MaGIC) to launch Urban Drone Delivery Sandbox.

The goal of the project is to test out the delivery feasibility of delivering goods from AirAsia’s e-commerce platforms via automated drones.

According to a report, the project will be run for six months in Cyberjaya, after which the drones will be deployed beyond the sandbox area upon a successful trial phase.

Two local drone operators, namely VStream Revolution and Meraque Services, are currently being tested out.

“The pandemic has presented us the opportunity to accelerate structural changes to the economy in terms of digitisation, automation and robotics, and we must embrace that change to vault Malaysia towards becoming an innovation-driven economy. We believe this strategic partnership between AirAsia and MaGIC will speed things up and signal the beginning of the nation’s urban drone delivery revolution,” said Khairy Jamaluddin, Malaysia’s Minister for Science, Technology and Innovation.

Also Read: Ecosystem Roundup: How SEA startups resisted challenges in 2020; AirAsia partners with MaGIC for drones-based delivery in MY

He informed that the government will be providing full support to other drone companies calling the project a “beginning of the nation’s urban drone delivery revolution”.

“Malaysia is poised to be the frontrunner in the drone-tech industry which is expected to generate US$127 billion by 2025. The global drone package delivery market size was US$642.4 million in 2019 and is projected to reach US$7.388 billion in 2027,” he continued.

“The drone delivery of goods can be expanded and scaled up beyond e-commerce such as the delivery of essential or medical supplies to areas that are rural, remote or affected by natural disasters,” the minister further noted.

The new development comes fresh off AirAsia’s launch of food delivery services in Singapore to take on industry champions like Grab and gojek.

The airline company has also revealed plans to enter the fresh produce delivery market in Singapore where consumers can order imported fish from Japan or short ribs from Korea directly to their homes in Singapore within 48 hours.

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Image Credit: Macau Photo Agency

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WeCommerce Holdings, a Canadian listed company providing software and services to Shopify users, has acquired Singapore-based loyalty SaaS startup Stamped for US$110 million.

As per a press note, US$75 million will be payable in cash upon closure of the acquisition, which is expected to close by mid-April. US$25 million will be payable in the first quarter of 2022 contingent on, among other things, Stamped achieving a minimum revenue target of US$10 million in 2021.

The final US$10 million will be distributed through the issuance of WeCommerce shares.

WeCommerce also revealed that it secured a credit facility of US$77 million from a group of lenders led by JPMorgan Chase to partially finance the acquisition. It plans to use the proceeds of the facility to finance working capital needs, finance future acquisitions, and repay existing debts.

Also Read: Why its important for SaaS startups to be frugal and how to do it right

Launched in 2016, Stamped enables online merchants to implement and manage customer reviews and loyalty programmes through Shopify and other e-commerce platforms. Stamped claims to have since grown to approximately US$11 million in annualised recurring subscription revenue, reflecting an estimated growth rate of over 100 per cent compared to the same period in 2019.

The company noted Stamped’s net revenue retention is estimated to be approximately 125 per cent in the fourth quarter of 2020.

“Merchants turn to Stamped to build social trust and power customer engagement. Stamped’s strong growth is a testament to its product-first focus and customer obsession,” said Chris Sparling, CEO of WeCommerce.

Tommy Ong, founder and CEO of Stamped, said: “WeCommerce’s management team brings over a decade of experience developing similar businesses, which is expected to help us accelerate growth. Amongst many suitors, we chose WeCommerce because of their founder-friendly approach, straightforward deal structure, and focus on the long term,” he added.

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Image Credit: Unsplash

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