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Why bonding at work is back in fashion and how you should go about it

bonding_work

When I was younger, I used to love organising after-work drinks and dinners to know my colleagues better and to swap war stories.

It was at gatherings like these that you got to know each other not just as teammates but as people, which made all the difference when you’re working together in times of crisis.

These were also pre-social media times, so there was no urge or pressure to keep up, take photos and document where you were. We were literally just in the moment.

Ghosting at work

Fast forward fifteen years later and in the words of a great American poet, boy, have times a-changed. It’s not just about the work you do anymore and with whom, it’s also about who’s the inner circle you’re in and whose social media feeds you manage to get into.

Ghosting as a term has been used in the context of contemporary dating a lot. It basically means you’re ignoring a person because either you’ve found a better prospect or you’ve lost interest, or sometimes sadly, both.

But, I feel you can apply this to the corporate environment too.

This is especially true in larger organisations where competition doesn’t just exist between teams but more disturbingly, within. The promotions are limited, so are more vitally, the bonuses, and like a Gladiator contest from Roman times or a riveting Games of Thrones episode, you have colleagues pitted against each other through a game of wits to determine who will emerge as the vanquisher, and who will be ghosted.

I’ve worked in many environments where teams aren’t developed, where competition is encouraged between team members and where ‘impact’ is hardly defined but expected from managers who can’t communicate what their needs are.

One could argue that this promotes healthy competition between teammates, which in turn, ups productivity and increases numbers for a business. But, is this truly a healthy environment to work in?

Toxic environments

The answer, as most of us know in our hearts (unless you thrive in toxicity), is a resounding No. When you work in toxic work environments where popularity contests matter more than your work, not only does your productivity decrease as most of your time is spent not on actual work but on plotting, forming alliances and excluding the weaker members of your organisation it also makes you unhappier.

And if you’re not those who value politics over actual work, then you’re doomed. The politics will eventually either lead you to seek help, look outwards or just plain give up.

I had my first (and only) child, two and a half years ago. This changed my perspective on prioritising what’s important for me at work and at home.

So, whilst in my 20’s I loved socialising with my colleagues, even after work, I now know I need to really prioritise and balance my son’s needs with those of my work.

That has meant that I may need to decline the odd after-work drinks or a lunch invite so that I can put in that extra hour to my pending work projects and get back home to play with my son on the playground, before hitting the gym.

Has this put me in good stead with some of my former colleagues? Honestly, I would say no.

I know that building relationship is a vital part of my job but I also know that whilst work is but one aspect of my life, the other vital part is my son and my precious family time. This has meant that in unsupportive work environments, I had to force myself and sacrifice my family time just to get ahead and be seen as a team player, something which I never had to do.

Has this made me happier and more fulfilled? The answer again is a deafening No.

A Kardashian saga?

So, while many companies may say that what you do matters more than whom you know, we all know that this is nothing but a sugar-coated version of an altered reality.

The Kool-aid is there to drink and everyone needs to drink it or else you’re gone. The inner-circle dramas can almost be compared to a Kardashian saga- where people are talked about behind their backs, where performers aren’t rewarded but sycophants are, where appraisals are a time to decide which among the popular, chosen ones will be climbing up the ladder and at whose expense.

For someone who was bullied in her childhood and also sometimes in some very toxic work environments, I’m particularly conscious of the way bullies work in the corporate world.

They have a ‘mean girls’ mentality, operate in cliques, target the most vulnerable and make no qualms about excluding you from key work and social events. Ghosting at its corporate worst.

Thriving, instead of surviving

So, how do we navigate these very complex, interpersonal dynamics at work and how do you manage to thrive, instead of just survive?

Have your support network: These are the people in your network who will uplift and support you when the going gets tough at work. They may or may not be at your current organisation but what they share in common is a genuine feeling to help you. I’m grateful to have a lot of these in my network and with whom I seek advice from regularly.

Communicate openly: The challenge in toxic work environments is staying true to yourself yet also adapting to the needs of the majority. But what trumps here is open and transparent communication.

If that means having that open conversation with a colleague who’s been spreading rumours about you or your work, then be open about it. Not aggressive but open and more importantly, document it.

Know your colleagues: Ask questions, be open with your life and respect each other. This has helped me in my career, especially when I needed to ask for help.

Know the office dynamics: Knowing the alliances at work is good but don’t let it affect your work performance or your need to ‘fit in’. This need to fit in becomes very strong especially when you join a new workplace but sometimes it distracts us from doing what’s right for our work for the fear of being excluded.

Don’t gossip: I’ve been at the tail end of being gossiped about in recent workplaces but invariably, it comes back to the person who does it. Nothing is ever a secret, so unless you have a really riveting reason to start a rumour, don’t.

Hopefully, this will help some of us navigate what are clearly uncertain times and places, and I wish you all the luck on this wonderful journey called life!

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post. We are discussing inclusivity at work and women all of March. Share your thoughts, tips and best practices on how we can make the startup ecosystem more inclusive, gender and culture diverse.

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Are B2B marketplaces finally entering their boom time in Asia?

B2B_marketplace

Business-to-Business (B2B) marketplaces have become the next big thing that has taken over many procurement and retailing processes, and online transactions have evolved to enable businesses to procure almost anything in the market.

A 2019 B2B online report predicts that online marketplaces will account for 40% of the global online retail market. Gartner estimates that within the next 5 years, 75 per cent of B2B procurement spending will be done online.

Asia contains both the largest and fastest-growing eCommerce markets via China and India. The strong dynamism within Asia had prompted the rapid growth of eCommerce, especially in China as China’s share in global ecommerce retail transaction value to about 16 percent more than the United States.

However, other Asian countries such as Japan and South Korea, having some of the largest shares of eCommerce retail sales, has also played a vital role in the rise of eCommerce.

Also, the prevalent rise in mobile commerce has been observed, which is likely due to digital penetration rapidly improving in Asia, thus, the mobile commerce landscape in Asia has also been growing faster than the rest of the world.

The beginnings of Asia’s B2B eCommerce started with a strong focus on wholesale and cross-border commerce or acting as a business directory. These B2B marketplaces are led by markets where the source of manufacturing happens to facilitate wholesale distribution to the region or world.

Many like Alibaba, Indiamart, Tradeindia, TradeWorld.Asia and Thaitrade offer wide category search across multiple industry sectors, more similar to the format of large online bazaar than the professional B2B marketplaces as seen in the US eCommerce landscape in healthcare (e.g., Zageno, Medinas and Vetcove), manufacturing or machinery (e.g., Big Rentz, Iron Planet and Asseta), for example. However, this is changing in Asia. 

Also read: The changes B2B marketing has felt over the past 5 years

We are witnessing the emergence of the next generation of B2B marketplaces in Asia where enterprises are developing a focus in specific niches or geographic distribution.

Examples include IndoTrading is a private marketplace dealing with construction and industrial supplies, supplybunny.com as a supply ordering platform for restaurants, bakeries, and cafes in Malaysia, and OfficeMate is an e-procurement site for office supplies in Thailand.

What do B2B Marketplaces in Asia look like? 

A few B2B marketplace business models in Asia have emerged over time. Some offer and sell a wide range of general products from multiple vendors and suppliers, while others could be niche and highly specialised in their industry sector.

Some could offer rental or professional services as a way to address the trend of sharing economy and how people source for service offerings respectively.

Noting that category boundaries are not always sharp and separated by profile characteristics, we currently see five main types of marketplace. Each is defined by the nature of its wares and services, as well as by who holds contractual and warranty responsibility for them.

For illustration, we include Asia-based marketplaces that are either seen as leaders or tend to be mentioned more frequently within the sector. 

  • Product-focused marketplaces. Product-focused marketplaces are the most common marketplace – it focuses on marketing and distributing items or commodities such as general supplies, consumer goods, and electronics. Zillingo, a 4.5 year old eCommerce that started as an online retail marketplace, has expanded into a B2B platform Zilingo Asia Mall and website which targets fashion wholesalers in Thailand, Singapore, Indonesia and other ASEAN markets. 88Spares was launched in April 2017 as an online marketplace and startup to specialise in selling spare parts for machinery in the textile and garment industries, to help factories save operational costs by cutting down middlemen and simplifying the purchasing process.
  • eProcurement marketplaces. A one-stop-shop that allows buying organisations and their suppliers to efficiently maintain a list of contracted goods and services with pre-negotiated prices, participate in electronic trading, to quickly order and buy the goods and services they need. Eezee.sg is a unified Singapore-based B2B marketplace for industrial goods and supplies. It offers B2B features such as instant quotation and product sourcing service, allowing buying companies to procure products and negotiate pricing with ease and efficiency while discovering products not readily available from its marketplace. Pantavanij, a leading Thailand-based online procurement and auction platform, services more than 20,000 B2B suppliers and $6 billion purchasing volume each year. Its platform streamlines the procurement processes via its source-to-pay software which connects sourcing, purchasing, invoicing, payment, and spend analysis, with added functionalities like electronic request form, Price per Performance auction and rRFX (electronic request for X services).
  • Service-focused marketplaces. An online service marketplace initiates, facilitates, coordinates, and concludes hiring and selling of services between individuals or businesses.  In Asia, there seems to be more B2C or peer-to-peer service marketplaces such as Kaodim than B2B, but we are seeing more B2B entrants. CaterSpot is a digital B2B food catering platform, connects food caterers with businesses, offices, teams, events, and corporations, allowing them to easily source for food caterers to order large quantity of food or tailored meals for their employees. In Australia, Expert360 connects businesses with contracting and professional industry experts locally. In India, Sulekha links local service businesses to 30+ million consumers with 200k+ service professionals across 200 categories in about 40 cities. Both Expert360 and Sulekha serves both businesses and individuals.
  • Time-based or Rental-focused marketplaces. Airbnb is likely the most well known online rental marketplace globally. GorillaSpace, which operates in both Singapore and Japan, is an online B2B office and workspace rental marketplace platform that enables businesses to find both long-term office spaces and flexible workspace options, or a hybrid of both, with lease flexibility and competitive prices. It seeks to address a need within the commercial property market that is experiencing a shift from multi-year office space leases to more flexible options. Headquartered in Japan, Nishio Rent All proves that even a traditional construction machinery leasing company can adapt to changing market demands. Nishio Rent All now operates a Singapore-based online B2B rental marketplace platform where it allows businesses to browse their rental offerings and request for quotation via their platform.
  • Business catalogue or directory type of marketplaces. Business directory marketplace might seem like an odd one compared to the usual eCommerce marketplace platform. Fundamentally, the idea is pretty much the same with the exception that the platform serves to enable business connections, submit quotations but not spot transactions. Yellow Pages Singapore started as a traditional telephone book directory but re-innovate their business to yps.com.sg, an online business directory listing platform, driven by digital disruption and consumers’ transition towards online platforms. 

What is driving the growth of B2B marketplaces in Asia? 

Online B2B marketplaces offer several benefits. The users of B2B marketplaces enjoy a quicker product and brand discovery, greater transparency in product, service, and supplier availability — as well as in pricing and purchasing terms. The past barriers of time zones and geographical proximity have become irrelevant, making marketplaces truly global and year-round. 

Suppliers often enjoy better inventory management. Sellers of long-tail products would also benefit as marketplaces provide price transparency and detailed product information page which enables consumers to make a more informed purchase decision and comparison shop, solving headaches that are often linked to long-tail products such as scant pricing or product information.

Also read: A beginner’s guide to the B2B e-commerce business

Customers, on the other hand, receive more control over their transaction history, personal details, tracking of deliveries as well as a product catalogue. An online marketplace eliminates some of the redundant operations processes such as automating repeat orders and purchases, sending system-generated updates the order processing or inventory performance. 

Aside from the direct benefits to the marketplace users, the Asia general and eCommerce economy have also benefited tremendously from the growth of ecommerce and marketplaces.

  1. Driving improved economic efficiency and job creation in developing countries and least developed countries, offering a chance for them to narrow development gaps and increase economic performance. 
  2. Creating new investment opportunities as eCommerce offers new business opportunities, new distribution and delivery to access new markets and customers, therefore supporting investment. 
  3. Enabling small and medium-sized enterprises (SMEs) to go global as SMEs make up more than 96% of all Asian businesses and eCommerce helps in levelling the playing field and enables these businesses to gain international reach and potentially compete on a global scale. 

What’s next for B2B marketplaces in Asia?  

We anticipate more businesses to engage themselves with B2B marketplaces, be it as a marketplace operator/owner, supplier, buyer or ecosystem participant of marketplaces.

Following similar trends in B2C retail and B2B marketplace developments in the US, we are seeing more new enterprise B2B marketplaces launched and operated by existing companies to increase market reach and distribution (aka B2B enterprise marketplaces).

More two-sided B2B eCommerce sites will innovate to explore expansion into multi-vendor marketplace platforms and augment their product portfolio for a more holistic and integrated product and service offering to their customers. 

If brands choose to engage as a first or third-party supplier on marketplaces, they need to actively build their branding and set up an official presence on marketplaces as an effective way to manage the customer experience and to improve the brand image.

Marketplaces bring new opportunities, but also greater risk exposure if branding is not managed properly on these platforms that draw buyers and consumers that are constantly being bombarded with competitive comparisons, inauthentic products, counterfeited brands, and even fake reviews.

We have also observed that more marketplaces and ecommerce platforms are following Amazon’s expansion into private label brands. This move is strategically useful for market operators looking to increase their margins. 

Especially, as they know exactly which products sell best in which region, given the fact that marketplaces have sufficient collected data from third-party brands. However, this trend may only impact the B2C or retail marketplaces in the near term and be a watch-out concern for those in the B2B marketplaces in time as the market matures.

As a marketplace grows, its evolution to a marketplace ecosystem presents tremendous opportunities to add and integrate complementary value chain services such as trade financing, affordable credit facilities, insurances, warehousing and logistics, digital marketing or software development services that will service and benefit both suppliers and buyers.

Marketplace capabilities can be significantly enhanced without the hefty investment of building out some of these complex offerings on your own, but by partnering with the appropriate experts in their fields.  

More B2B marketplaces are also demanding for a user experience that is above and beyond what buyers get from dealing with individual vendors.

This user experience translates to not only the scale of offerings or the range of amenities and features offered, but the total experience: how interactive it is; how easy or convenient buyers feel about their purchasing or buying process; how indispensable the marketplace becomes to them; and how valuable it is in helping them perform their daily work and accomplish their business and even personal goals. 

Powerful digital and advanced-analytics capabilities are imperative to gain customer insights and formulate order management tactics or sales and marketing strategies.

Customer’s purchase history, shopping or wish lists, and other preferences is not only convenient for customers; it also gives vendors and the marketplace valuable data to help improve customer experience.

Advanced IT and logistics capabilities help provide faster throughput times and help reduce costs, offer competitive pricing.

Asia is presenting exciting B2B marketplace opportunities to the rest of the world. With a strong growth target, brands and marketplaces are no longer just focused on the B2C model.

Instead, B2B channels are increasingly being developed to increase revenue and drive performance. 

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post. We are discussing inclusivity at work and women all of March. Share your thoughts, tips and best practices on how we can make the startup ecosystem more inclusive, gender and culture diverse.

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Morning News Roundup: Oriente raises US$20M, Grab Ventures Velocity launches 3rd batch

Grab Ventures Velocity Indonesia’s 3rd batch

Finance

Fintech, data science company Oriente secures US$20M from Silverhorn Group

Oriente, a tech and data science startup that seeks to create opportunity through financial access for Southeast Asia, announced today it has secured US$20 million debt funding from Silverhorn Group, a Hong Kong-based multi-asset investment firm.

The funding, which can increase up to US$50 million, will be used to grow Oriente’s loan book and extend the reach of its inclusive and affordable digital-credit and Pay Later solutions to the undervalued and credit-starved consumers and micro-enterprises in the Philippines.

Commenting on the deal, Geoffrey Prentice, Co-founder of Oriente, said: “As we enter the next stage of growth on our mission to helping ignite economic opportunity for tens of millions of consumers and micro-enterprises, the support we receive from our debt partners is critical.”

Headquartered in Hong Kong, Oriente is building solutions that provide real-time credit scoring, digital and O2O lending and other tailored financial services to millions in Southeast Asia’s fastest-growing economies. The company has two app-based ventures, Cashalo in the Philippines and Finmas in Indonesia.

Oriente is equity-funded by its founders and a group of family offices including members of the Berjaya Group, JG Summit Holdings, Inc., and Sinar Mas. To date, the company has raised over US$105 million in equity.

Quadria Capital announces US$595M second fund

Quadria Capital, an independent healthcare-focused private equity firm in Asia, has announced the closing of its latest fund, Quadria Capital Fund II, exceeding its US$400-million target.

Investors include leading global asset managers, pension funds, sovereign wealth funds, insurance, healthcare corporates, and development finance institutions across the US, Europe, and Asia.

As per a press note, the new fund has already invested in two companies — AKUMS Drugs and Pharmaceuticals, and the Asian Institute of Gastroenterology, a gastric sciences hospital, in partnership with Mayo Clinic Network.

Business

Grab Ventures Velocity launches the third batch, adding BRI Ventures as a partner

Grab has kickstarted applications for the third batch of its startup scale-up programme Grab Ventures Velocity (GVV) with the theme of “Enabling Micro-Entrepreneurs” with two new tracks — value-add services for restaurant businesses and B2B logistics.

The first track aims to engage startups that provide digital solutions to small and medium restaurant owners to help grow their business, reduce costs or simplify operations. The second track is targeted at startups disrupting the logistics industry with innovations in warehousing and trucking space.

This time, Grab Ventures has partnered with BRI Ventures, the VC arm of the country’s largest state-owned bank Bank Rakyat Indonesia (BRI), seeking to elevate the startup ecosystem in Indonesia with new programmes.

Grab Ventures and BRI Ventures have signed a strategic MoU to create new joint initiatives to create unique growth opportunities for new-age Indonesian startups.

Following the success of Indonesian startups who were selected into GVV Batch 2 such as TaniHub and Qoala, GVV Batch 3 is inviting more such post-seed startups to develop through access to Grab’s ecosystem.

Also Read: Former Skype co-founder’s online lending startup Oriente raises US$105M funding

Grab Ventures Velocity (GVV) is the flagship scale-up programme for startups from Grab Ventures, which was established in 2018.

Registration for GVV Batch 3 is now open. All startups in Indonesia and Southeast Asia can apply. The chosen startups in batch three will earn mentorship from C-level experts in the industry as well as a pilot methodology to test startup offerings in the Grab platform and access to a broad Grab customer base.

gojek-owned on-demand service arm GET becomes one of the most used in Thailand

Thailand-based on-demand service that’s also owned by gojek, celebrated its first year anniversary on February 27.

GET was first launched in Bangkok last year with three main services: GET WIN for transportation service, GET FOOD for food delivery service, and GET DELIVERY for delivery service. GET also added digital payment service GET PAY in April 2019 in the beta version to support the in-app transaction.

GET claims that it managed to establish its position as one of the most used food delivery services in Bangkok just within its first year and recorded 10 million transactions in total.

GET is helmed by Pinya Nittayakasetwat, who explained that the name adjustment from gojek to GET is for memorable branding purposes. To date, GET FOOD by gojek has clocked more than 20,000 food merchants.

People

Regtech startup Tookitaki appoints Joe Friscia to lead US, APAC expansion

Tookitaki Holding Pte Ltd, a regtech company operating with compliance and reconciliation solutions, has appointed industry veteran Joe Friscia, who’s former President of NICE Actimize and BAE Systems, to the Company’s Advisory Board. Friscia is to bring 25 years’ experience in the financial crime and enterprise software space to help Tookitaki scale operations in the U.S. as well as advise on expansion into the Asia Pacific.

“As modern-day criminals thrive with the aid of new and advanced methods of conducting financial crimes, machine learning-based technology is rapidly gaining traction in helping future-proof and thwart these evolving threats. For this reason, I am both proud and excited to be part of the Tookitaki team and helping them make Sustainable Compliance a reality,” commented Joe Friscia.

Friscia will contribute to Tookitaki’s business and go-to-market strategy to help position Tookitaki as the regtech advisor helping banks detect sophisticated money laundering patterns with best-in-class enterprise software solutions.

Picture Credit: Grab Velocity Ventures

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Afternoon News Roundup: Singaporean logistics startup Moovaz raises Series A from SCangels, SGInnovate

Singaporean logistics startup Moovaz raises Series A from SCangels, SGInnovate

Singapore-based logistics-tech startup Moovaz, has raised an undisclosed sum in Series A funding from Supply Chain Angels (SCAngels), the corporate venture arm of YCH Group, and co-investment partner SGInnovate.

The startup aims to use the funds to transform the global relocation industry with the support from its investors.

“As a leading corporate venture fund in Singapore, SCAngels stages the right conditions so startups can get into an iterative cycle of improvement and disruptive innovation. With their collaboration with SCAngels, they are given an advantage over their competitors in solving traditional challenges such as under-utilisation of capacities and information asymmetry, which have constantly plagued the relocation industry,” said James Ong, Partner of SCAngels and Chief Investment Officer of YCH Group.

As per Crunchbasethe company has so far raised a total of US$1 million.

Gaming startup PotatoPlay raises US$500K in new funding from PlayVentures

PotatoPlay, a gaming startup headquartered in Singapore, announced today it has secured US$500,000 in its first funding round, led by Play Ventures, an early-stage VC fund, according to Deal Street Asia.

The fresh funds will be used for marketing and operations. It also has partnerships plans in China, South Korea and Vietnam.

“Asian Games are dominating global top charts – more than half of the top 10 revenue grossing mobile games are made by established Asian developers. But startup studios in Asia face steep challenges in marketing and monetising them, even in their home countries,” said Potato Play CEO Vincent Low.

Also Read: Morning News Roundup: Oriente raises US$20M, Grab Ventures Velocity launches 3rd batch

Some of PotatoPlay’s top titles include Merge Quest, Crossing Gaps and Pocket Racing. Other than that, the company has deployed over 20 games in less than a year.

RTP Global announces US$650M to invest in early-stage tech companies in Southeast Asia

RTP Global, an early-stage VC firm based in Russia, has unveiled a US$650 million fund to continue investments in early-stage tech companies, according to Pymnts.

Founded by Leonid Boguslavsky, RTP Global reportedly intends to invest in early-stage technology firms in fintech, Artificial Intelligence and SaaS.

Also Read: Mastercard to lead Series B funding in Indonesian fintech company Digiasia

“Our investment focus is ​on early-stage technology companies,” said Boguslavsky. “The core is Series A, but we also consider late-Seed companies and Series B. The ticket size varies according to geography, though our initial ticket is usually in the US$2 million to US$7 million range.”

The VC firm is currently focussed toward startups in Europe, North America, Southeast Asia and India.

Leap Finance bags US$5.5 million to continue offering students financial services to study abroad

Indian fintech startup Leap Finance today received US$5.5 million in seed funding from Sequoia India according to Deal Street Asia.

The investment amount will be used by the startup to further develop the platform, hire for technology and capital markets roles in Bangalore and San Francisco, respectively, aiming to finance more than 1,000 students in the upcoming fall season.

“Indian students studying abroad today spend $15 billion annually and we estimate an annual credit need for more than $5 billion against this. This attractiveness of the market, strong founder-market fit and Leap’s mission-driven team is what led to our belief in an early partnership with them,” Ashish Agrawal, Principal, Sequoia Capital India LLP said.

Image Credit: frank mckenna

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7 characteristics of a successful entrepreneur

entrepreneurs_tips_success

Steve Jobs, Elon Musk, Bill Gates, Xavier Niel, Marissa Mayer. What do these visionaries have in common?

Qualities that have led them straight to success! Do you want to follow in their footsteps?

Let’s take a look at the seven qualities required to become a successful entrepreneur.

Humility

Humility Precedes Honour!. Successful entrepreneurs know how to be altruistic, to help their employees. Yes, they have succeeded, but they want to share the reasons for their success. They are ready to help those who have carried out their project.

Tenacity

“Never give up! “is the leitmotif of successful entrepreneurs. They don’t stop at first “no,” or the second “no” for that matter. They persist until they get what they want. Giving up is not an option. and that’s good because it opens doors for them.

Tenacity is proof that successful entrepreneurs believe in their ideas and will do anything to see their dreams come true.

Risk-taking

“He who risks nothing has nothing! ». Success usually has a taste for risk. The times when an entrepreneur faces risk will be legion. It is in these moments that an entrepreneur’s courage is recognised. Leaders regularly step out of their comfort zone and look to the future.

You know Bill Gates, of course? You can’t say his name if he didn’t dare to leave Harvard at 20 to start his own company.

Also read: 5 financial tips from established to new entrepreneurs that will help you generate a better cash flow

Bold doesn’t always guarantee success, but it’s worth the risk.

Creativity

Creativity involves moving away from established structures and trying new things.

This quality helps entrepreneurs discover new ways to solve problems. Better yet, it gives them a head start on the competition!

The world is changing rapidly, and continuing in the same direction at all costs is no longer appropriate.

Unlimited vision

You certainly have an opinion about the future, about the world of tomorrow. What is your company’s place in this future? The answer is a vision that guides the decisions of successful entrepreneurs. It gives hope and purpose, and it is a source of inspiration.

The only thing that distinguishes successful entrepreneurs from others is their boundless vision. Successful entrepreneurs continue to evolve goals as the market, the environment, or consumers change.

Passion for their work

Impossible to realise your project without passion. How can you stand up to adversity, be patient, and creative if you don’t like your job? Before starting a business, think about how to combine passion with your business idea.

An exceptional team

The leaders all have a great team to help them move forward. Your professional entourage plays an essential role in the achievement of your goals. Your employees not only provide expertise but also support in difficult times. An exceptional team pulls you up, drives your business forward.

Success is defined as the ability to achieve your goals. Develop these seven characteristics, and you will see that you will have the same sense of satisfaction as a Jeff Bezos!

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

March theme: We are discussing inclusivity at work and women all of March. Share your thoughts, tips and best practices on how we can make the startup ecosystem more inclusive, gender and culture diverse.

Join our e27 Telegram group, or like the e27 Facebook page.

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Morning News Roundup: Vietnam’s STI Holdings invests in gig workers service platform JupViec

Finance

Vietnam’s services platform JupViec snags funding from venture builder STI Holdings

JupViec, a Vietnam-based service platform, has received an undisclosed amount of funding from venture builder STI Holdings, making it the largest institutional shareholder in the company, DealStreetAsia has reported. The funding will help the firm to accelerate staff training, enhance its service quality, and upgrade technological capacity.

Its previous backers are Japan’s Cyberagent Capital and impact fund Patamar Capital.

JupViec serves to connect women-majority gig workers to households who demand helpers.

For the upcoming projects, the startup will provide new service offerings, including viral disinfection, household sanitation, electronics cleaning, and ironing.

Singapore’s knowledge sharing startup Arches receives US$450K from Vietnam-based accounting firm I-GLOCAL, others

Singapore-based knowledge-sharing service firm Arches announced today it has raised US$450,000 funding from Vietnam-based accounting firm I-GLOCAL and individual investors, including Masashi Suekane, Managing Director of Bain Capital Private Equity, Hiroyuki Ono, Partner at ACA Investments, and six other angel investors.

With the funding, reports DealStreetAsia, the startup will continue to grow its operations in Singapore, Tokyo, Ho Chi Minh City, Shanghai, and Tashkent.

“In Asia, especially in the fastest-growing economies, industry information belongs to a small group of insiders, and public data and reports available to the market are extremely limited,” said Hiroki Kato, representative director of Arches.

People

Gaming, e-sports startup yup.gg hires two ex-BBH agency execs into leadership positions

Singapore-based yup.gg has appointed David Webster as Chief Commercial Officer and Tim Lindley as Chief Experience Officer.

Both these executives previously worked at BBH (Bartle Bogle Hegarty). Webster held the role of BBH’s Singapore Managing Director for the past 14 years, leading global and APAC accounts for Nike, Samsung, and Riot Games. Lindley was BBH Managing Partner and Head of Content, working with brands including Nike, Samsung, Riot Games, Sentosa, and YouTube, who’s also a former Red Bull exec.

According to yup.gg, the appointment of Webster and Lindley its executive team is the start of expansion plans across the region.

CEO and Co-founder Rai Cockfield said: “In their new roles Webster and Lindley will develop the demand side of the yup.gg marketplace, deepening partnerships with brands and agencies, and working closely with the platform engineering team to evolve the product experience to fit the needs of today’s brand marketers.”

Business

Global financial settlement network EMQ partners with Singapore’s FAST to establish Southeast Asian presence

EMQ, a global financial settlement network, announced today that it is augmenting its footprint across Southeast Asia with direct connectivity to Singapore’s Fast and Secure Transfers (FAST) network and extensive bank coverage across Malaysia.

“As the digital transformation journey continues in Southeast Asia, enterprises today are increasingly international in scale to capitalise on the cross-border business opportunities. It is fuelling the growth in digital payments, which is expected to exceed US$1 trillion by 2025.

Hence, the ability to make and receive cross-border payments quickly and transparently is critical for businesses to thrive globally,” said Max Liu, Co-founder, and CEO of EMQ.

Also Read: Here’s how global businesses could drive sustainable development

Powered by EMQ’s global financial settlement network, businesses can now have instant access to 19 banks under Singapore’s FAST and bank coverage across Malaysia under one single, secure, and comprehensive API integration. EMQ’s Connect API integration platform is designed to streamline the complexity of making cross-border payments by providing solutions that can scale to meet the needs of businesses with high transaction volumes, enabling them to control their workflows for seamless user experience.

EMQ’s network currently spans across Europe, the UK, Singapore, Malaysia, China, Hong Kong, India, Indonesia, Japan, Vietnam, Cambodia, Thailand, Taiwan, and the Philippines.

In the coming months, the company said it will expand across Africa and the US.

Picture Credit: JupViec

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Mastercard to lead Series B funding in Indonesian fintech company Digiasia

Global payments giant Mastercard has announced that it will be leading Indonesian fintech holding company Digiasia‘s Series B funding round.

Other details were haven’t been disclosed.

Mastercard will provide both capital and strategic assistance to Digiasia in strengthening its suite of financial services that the company claims expand the ways individuals and MSMEs can take part in the digital economy.

Also Read: Asia Pacific markets see a significant jump in women entrepreneurs: Mastercard study

Digiasia’s focus is to work together with all stakeholders to increase financial inclusion in Indonesia. The firm is affiliated with several fintech companies in Indonesia with a technological framework that provides security across transactions, guards against risky lending, and allows funds to be accessed and transacted in both digital and physical ways. The companies it has affiliated with are KasPro (digital payment with electronic money), KreditPro (P2P lending) and RemitPro (remittance).

The investment comes at a time when the government and its stakeholders are focussed on driving financial inclusion. According to the Financial Services Authority, Indonesia is looking at the financial inclusion index hitting 76.19, passing the government’s target of 75 per cent for the year. With this, the digitalisation of commerce in the country could help add an additional US$150 billion to the GDP by 2025.

The company is working with a number of transport operators to allow for easy payments for services; large vendors such as iRMA and Metrodata who can offer B2B sales financed
by KreditPro; remittance companies like Western Union and Mandiri Syariah, and is digitising the supply chains of DistroPro.

In addition to Mastercard’s financial investment, Digiasia will also leverage its banking and business networks and cybersecurity expertise.

“Financial inclusion is about more than just having people transact money via apps or make online purchases. It’s about finding simple mechanisms that broaden economic opportunities so that people at all levels of society can enjoy the benefits of a modernizing digital economy,” said Safdar Khan, Division President, Southeast Asia Emerging Markets, Mastercard.

“Mastercard is deeply committed in helping Indonesia to exceed its financial inclusion goals, and hence the decision to work with Digiasia, whose suite of financial services is already making a marked difference in the everyday lives of many Indonesians,” he added.

Picture Credit: Digiasia

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Here’re the key challenges facing Indonesia’s agritech sector

The agritech industry in Indonesia is facing several pressing challenges, including poor infrastructure and digital literacy. The socialisation of the products and the mass market adoption are the other main hurdles.

“Socialising our platform for farmers and clients is a costly process, but this is something that all startups have to go through. Luckily for socialisation, the Indonesian government has introduced and sponsored several programmes to help increase awareness for farmers and fishermen to the available platforms,” said Pamitra Wineka, President and Co-founder of TaniHub.

Click here to know about the other grave challenges and also all the other things you need to know about the country’s agritech ecosystem.

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Afternoon News Roundup: Singapore’s P2P knowledge sharing startup Kalpha expands to Vietnam

Singapore’s P2P knowledge sharing startup Kalpha expands to Vietnam

Singapore-based edutech startup Kalpha, which provides a P2P knowledge-sharing platform, will officially launch its application on April 2020 in Ho Chi Minh City, Vietnam. This also marks its first international expansion.

Founded in 2018 by Jack Soh and Jaden Teo, the startup aims to make learning affordable and universally accessible to everyone.

“We strongly believe that education should be relevant, experiential and personalised in this crazy fast-paced society. Learning from experienced individuals is always more engaging and rewarding as compared to textbooks in a formal classroom environment,” said CEO Soh.

Indian e-scooter rental firm Bounce raises US$6.5M to build an ecosystem of electric vehicles

Bounce, a bike and e-scooter rental firm announced a US$6.5 million investment today, according to TechInAsia. The company recently also raised US$105 million Series D funding, led by Facebook’s Co-founder Eduardo Saverin’s B Capital Group and Accel.

Also Read: Morning News Roundup: Vietnam’s STI Holdings invests in gig workers service platform JupViec

The new funds will be used to integrate electric vehicles (EVs) to its platform, expand regionally, and accelerate profitability.

Bounce aims to move towards sustainable mobility and assist in reducing costs per kilometre.

BEYOND selects OneConnect as strategic tech partner in the bid for Digital Full Bank license

Digital banking consortium BEYOND announced today that it has selected OneConnect Financial Technology, a member of NYSE-listed OneConnect Financial Technology, as the strategic technology partner to jointly develop innovative digital banking products and services for Singapore SMEs and their workforce.

The BEYOND consortium is led by V3 Group through its fintech arm V3 Fintech and Singapore’s contactless payment pioneer EZ-Link, and comprises leaders in the Singapore business community, including Singapore Business Federation, Far East Organization, Mitsui Sumitomo Insurance and Heliconia Capital Management.

Gan Chee Yen, Chairman-designate of BEYOND said, “BEYOND is progressively building up a future-ready infrastructure that will position us to support and elevate Singapore SMEs and their workforce. The current economic difficulties experienced by many Singapore businesses and their employees have further reinforced BEYOND’s determination to support digital transformations in order for these businesses to be more sustainable and resilient.”

Tan Bin Ru, CEO (APAC & UAE) of OneConnect, said: “Together with BEYOND, we will create innovative products and services that will better serve consumers, SMEs, as well as other underbanked and underserved segments in Singapore and ASEAN.”

Vidhya Duthaluru named Engineering Head for Uber’s customer care platform

Global ride-hailing company Uber announced today Vidhya Duthaluru has joined as its Global Engineering Head for the customer care platform.

Duthaluru will be involved in leading teams in Uber’s Bay Area and Bangalore tech centres to improve customer support experiences and feedback mechanisms for users worldwide.

Prior to this Vidhya had joined Uber’s Bangalore tech centre in August 2018 to set up a team to build customer care platform technology known as the Customer Obsession team within Uber.

 

Image Credit:  Ola Syrocka

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Morning News Roundup: Singapore’s Circles.Life lets go of employees despite recent fundraise

Co-founder of Circles.Life Abhishek Gupta

Singapore’s Circles.Life lets go employees despite recent Warburg Pincus-backed funding

Mobile virtual network operator Circles.Life reportedly has let go of several employees and eliminated roles associated with non-priority projects less than a month after snagging investment from global private equity major Warburg Pincus, as reported by DealStreetAsia.

The company said the layoffs were a part of the company’s year-end review. “While we continue to hire top global talent for our priority business areas, we have also made difficult decisions recently, including eliminating roles whose projects are no longer a priority,” Circles.Life’s statement reads.

Circles.Life, which leases wireless capacity from a mobile network operator at a discount and resells it to consumers, has around 500 employees across its operations in Singapore, Taiwan, and Australia.

honestbee clears out furniture from habitat; police called in

Tensions between honestbee and landlord LHN Space Resources have escalated with police called in on Feb 28 after the embattled startup moved its furniture and fixtures out of its concept supermarket habitat, as per a Business Times report.

When BT visited habitat at 34 Boon Leat Terrace on the afternoon of Feb 28, police officers were seen interviewing staff of LHN. honestbee contacted the police after LHN staff appeared at the premises to question why the startup was moving its furniture out.

When BT visited habitat again on Saturday evening, more furniture, including about 150 chairs and dining tables, were lined up at the entrance of habitat, with a few honestbee vans parked at the loading area.

Also Read: Honestbee to discontinue Singapore food delivery service

A lorry stacked with the tables and chairs from habitat was seen driving away. Though it’s unclear where the furniture was being taken to, BT understands that honestbee has rented a new space in Genting Lane from March 1.

Filipino VC firm Kickstart Ventures to discover the country’s unicorns with US$198M funding disposal

Kickstart Ventures, the venture capital firm based in Makati City, Philippines, has revealed plans to utilise its US$198 million funding disposal in an effort to “nurture promising technology “unicorns” and help innovative companies grow into regional players across Southeast Asia”, as reported by Manila Standard.

“There is a 650-million person opportunity out there in Southeast Asia. We would like to see more Philippine companies thinking about the unmet needs across Southeast Asia, rather than just the Philippines. We would love to see more ambition from them,” said Joan Yao, VP (Investments).

Kickstart Ventures is a wholly-owned subsidiary of Globe Telecom and backed by SingTel and Ayala Corp. It invests in early- to early-growth stage tech startups globally by putting in capital, market access, and expertise in exchange for equity in startups anywhere in the world.

Also Read: Kickstart Ventures to manage Ayala’s US$150M Corporate VC fund in Philippines

It was established with a US$2.4-million seed fund in 2012. Just last year, Ayala announced that it would allocate US$150 million in venture capital initiatives managed by Kickstart Ventures.

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