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Coworking spaces are the face of the working zones in the modern world. These places are an attempt to change the trends of how employees react to work and office spaces.

Traditional office spaces are slowly getting wiped off from the picture as not just the new but also the established players are preferring to own office space in a coworking zone.

The environment around acts as a driving force to generate the results that you expect from your institution. Hence coworking spaces today are built with this mindset.

They provide an office that guarantees to have a positive impact on the employees. Apart from that different organisations are provided with the option to configure their office space in accordance with their ideals. Such opportunities help you stand out among your peers hence it strengthens your brand name in the market and it says a lot about your work ethics.

We have discussed a few points that must be kept in mind while choosing an office space for your institution, so let’s dig in!

At first, we will discuss the problem you may face while finding a suitable office space for your organisation.

Different interest

It is unlikely that you end in a group of like-minded people. There is always a possibility to meet individuals with different skills, interest, and mindsets which may turn out to be either a positive experience or a bitter one.

In the case of the latter, one should try and ignore such people and focus on their productivity.

Discomforting timing

There is a possibility that the timings of the coworking zone may not suit you as different people align themselves according to different timing schedules which may pose issues for the others.

Also Read: Coworking space: why it’s the most startup thing ever

Hence, in that case, an organisation must check this parameter before ending up into a shared workstation.

Lease terms 

Another bothering aspect of the coworking zone is the leasing terms. It is a fact that almost all the shared workstations in a big city demand high rent. The terms may be flexible or stringent depending on the terms and conditions hence an organisation must thoroughly study the terms and conditions before renting a place for their office.

Space

Every institution must be aware of what are the requirements of their organisation especially the startups. Space should neither be more than required nor it should be less. It should also be expandable in case the number of employees increases in the future.

Location

Reachability is one of the key factors that must be considered while renting a coworking space. Location matters when you think of setting up an office for your organisation as it strengthens your reach in the city, strengthen your brand value among your peers, offers convenience to the employees while commuting and maintains a reputation among your clients.

Hence how easily an office space is accessible matters.

Amenities

Another major factor to be kept in mind while you are on a hunt for a suitable office space. Amenities are the backbone of a coworking space. They offer convenience and comfort to the organisation which is yet another reason why coworking spaces are preferred over a traditional office space.

Also read: How coworking is reshaping the workforce

Therefore an organisation must study the amenities offered by a coworking zone and whether they align with their requirements or not should be checked.

Connectivity

Nothing works without the internet today. The entire country is digitalising then why not the coworking zone. Every workstation needs a stable internet connection which is required for the smooth working of numerous tasks in an organisation.

Companies should always go for a coworking zone that provides them with a seamless connectivity of the internet with which they can easily connect to an outstation client with ease hence helpful in expanding the customer base of a company.

The reputation of the space owner

Sometimes overlooked while choosing a coworking space, I would suggest you better not do this. Reputation is an important aspect as a reputed builder will be responsible and will be aware of the requirements of its customers.

He will make sure to provide you with the best services to build a sense of trust which is essential in a professional relationship.

A wise decision taken for your organisation is likely to generate a positive impact not just for your employees but also for your business. Therefore a coworking space to chosen with utmost precision.

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Thailand-based fintech company Lightnet has raised US$31.2 million in a Series A funding round from six conglomerates, according to a press statement.

The financing round was led by UOB Venture Management, Seven Bank, Uni-President Asset Holdings, HashKey Capital, Hopeshine Ventures, Signum Capital, Du Capital and Hanwha Investment and Securities.

The fresh funds will be used to strengthen Lightnet‘s investment in the blockchain technology on the Stellar Network, and towards building a better financial mobility network.

Lightnet’s core strengths lie in bringing remittance settlements to the lowest cost across the Asia Pacific. The fintech company aims to target largely the unbanked migrant workers, who rely on costly substitutes such as SWIFT in major Southeast Asian markets.

The platform also provides cross-border services such as B2B payment, conditional payment, trade finance, cash management, and escrow.

The company plans on launching three solutions BridgeNet, LiquidNet and SmartNet that will be fundamental to the core of the business.

Also Read: 3 things startup founders can learn from Elon Musks Thailand cave rescue drama

“The main platform has been completed, and the first transaction is slated for Q1 2020. In addition to the potential 500,000 cash agents across our ecosystem, Lightnet will integrate with several renowned payment and remittance partners such as MoneyGram, Seven Bank, Yeahka, Ksher across Japan, South Korea, and several other Southeast Asia nations to ensure successful activation of our ecosystem,” said Lightnet Chief Executive Officer Suvicha Sudchai.

Lightnet’s Vice Chairman, Tridbodi Arunanondchai, has also expressed strong anticipation for growth saying that “in three years, Lightnet will facilitate over US$50 billion worth of annual transactions through our industry-leading partner network.”

The fintech company aims to disrupt the trillion-dollar US dollar global remittance market as it aims to target the large unbanked population that exists in SEA.

“We launched Lightnet to offer low-cost and instantaneous financial inclusivity and mobility to the four billion lives across Asia Pacific — all powered by Stellar’s fast, scalable, and sustainable blockchain technology,” said Lightnet Chairman Chatchaval Jiaravanon.

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Image Credit:  Hanny Naibaho

 

 

 

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The competition in the startup ecosystem is aggressive. And the early stage for a tech startup is one of the hardest phases for their business. The team might be incomplete, the product needs refinement and you are sourcing funds and resources.

Therefore, it’s right from the early stage that you need to keep track of every penny and save as much as possible to grow your venture. 

In this article, I’m going to discuss five tips for a tech startup to save money.

Without further ado, let’s dive in:

Avoid renting an office

You don’t need a posh office on the seafront right from the beginning. Instead, go for a shared workspace or home office. 

It will help you save a considerable amount on rent, overhead expenses, and even electricity bills.

You can even rent a coworking space for the moment or set your war-room in a corner of your house. But, avoid renting a dedicated office. It might not be fully utilised. 

You can choose to work remotely too, syncing with your team members over the internet.

Buy used equipment

You can save a handsome amount by buying used equipment instead of brand-new ones. 

Second-hand office furniture used devices, and other electronic equipment will often cost only half of their original price, while still working fine. So, find out ongoing auctions, newspaper classifieds or markets which deal with used goods.

Also Read: Can overfunding kill a startup?

However, you need to ensure that electronic equipment – laptops, mobiles or other gadgets, you buy, come with the latest technology. Outdated devices will affect your performance and upgrading them can be a costly affair. 

So, take precautions when buying used equipment.

Adopt BYOD Work Culture

Adopting a BYOD (Bring Your Own Device) work culture can save you a significant investment for your tech startup. You won’t need to purchase laptops and smartphones for each member, and you also may not have to get enterprise licenses for different apps and software.

Also, your teammates will find it more productive to use their own devices and preferred software when possible. 

However, if data security is a cause for concern, you can put everything on the cloud. Cloud storage and cloud applications aren’t only secure but also are cheaper than regular applications.

BYOD work culture along with a cloud-based work environment can save you a lot of pennies. 

Negotiate with vendors

Negotiation is an art, and you have to learn it by heart. There’s no shame in asking for discounts. And you’ll be amazed to see that many vendors will oblige to your request.

Before accepting a quote, check the rates of other players in the market. Some will have a promotional offer rate while others will give a discount on bulk buy. You can also get substantial discounts if you settle for a longer contract period.

Local businesses might provide additional discounts if you buy from them regularly. You can even save money by paying the entire amount in cash, instead of asking for a credit. 

Vendors are often open for negotiation, so go for whichever option gets the work done.

Track your money

An accountant is essential if you’re looking for opportunities to save money.

Although having an accountant might seem like an added expense, but hiring one at an early stage can help you be on the right track. 

Also Read: Sealing the deal: How to get the upper hand at the negotiation table

In addition to helping with your financial reports, an accountant can also offer expert guidance on budgeting and capital allocation. After all, you can’t afford to spend money mindlessly. Here is a good resource to compare accountant prices to get the best deal for your tech startup.  

Optimum use of available resources is of prime concern and an accountant helps you with that.

By avoiding to pay for an office or new equipment, you can have a considerable saving without affecting the day-to-day proceedings of your tech startup. The BYOD culture, careful negotiation, and an accountant will further strengthen your cash reserves.

What about you? Do you want to share any other money-saving tip for a tech startup? Please leave it in the comment section. I’d love to know about it.

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A study finds that Malaysia’s corporate boardrooms lack diversity in gender and age representation.

Board members are predominantly male at 73 per cent while females comprised only 27 per cent, reveals the study, titled ‘Detailed Analysis on Malaysia’s Top 100 Companies Board Composition’ by private investment firm RHL Ventures.

The results also show that 95 per cent of directors are aged 40-plus (with most aged in their 50s and 60s), and only 5 per cent of directors are aged below 40.

The research assessed 873 directorships from Malaysia’s largest companies (based on market capitalisation on Bursa Malaysia), whereby examinations were made into their gender and age diversity, education, career and other related experiences.

Also Read: RHL Ventures launches accelerator programme for startups in emerging technologies in Malaysia

Malaysian firms need to restructure their board compositions to enhance their corporate governance, effective monitoring and decision making.

The research also finds that most directors are experienced working in government-linked companies (GLCs) and institutions, such as the Employee Provident Fund, Khazanah Nasional Berhad, Bank Negara Malaysia, Permodalan Nasional Berhad and the Petronas group of companies.

Most directors, at 74 per cent, are currently serving on the boards of at least two companies, while 88 per cent have served in their positions for at least two terms.

In terms of ethnic diversity, most directors consist of Malays and ethnic Chinese Malaysians, followed by ethnic Indian Malaysians and foreigners from countries such as Singapore, Japan and Australia.

However, diversification between Malay and ethnic Chinese is exceptionally equal, accounting for 41 per cent and 42 per cent on board compositions respectively.

While most directors have experienced working in Malaysia’s top corporates, it was observed that many at 58 per cent did not have overseas exposure in their career progression, around 42 per cent have this as either an employee, a company board director or both.

Nevertheless, overseas exposure was found in education as many went to institutions such as Cambridge University and the University of London. Another popular destination was Harvard University, with 73 attendees. However, most of the enrolled in Management Programmes instead of Bachelor’s or Master’s degrees.

It should be noted that the most common educational background for directors is the University of Malaya, with it accommodating 145 of the 873 directors assessed.

Also Read: RHL Ventures launches US$24.3M sector-agnostic fund to invest in Malaysian startups, SMEs

“Malaysian company boards remain highly conservative. Many prefer industry captains who have spent much of their career in the nation’s biggest corporates, which could explain the low board’s diversification,” said Raja Hamzah Abidin, Managing Partner, RHL Ventures.

“With the dawn of a new decade, this composition should open up to welcome leaders outside the conventional demographic. We need to see fresher ideas and perspectives injected into our nation’s top companies,” he added.

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Zied Tayeb (CEO & founder of MyelinS) is a researcher on brain-computer interfaces (BCI) and neuroprosthetics at the Technical University of Munich. The co-founders worked with Zied Tayeb in different projects before starting MyelinS. They first developed an open-source software “Gumpy” for BCI.

Intriguingly, this software technology has gained momentum and popularity since its unveil and many researchers worldwide are using it.

After they met Dr. Sabri Mekaoui, he quickly recognised the tremendous potential of such innovation to be used for space exploration and he advised the team to investigate this direction.

Inspired by this idea, the team has been working alongside for more than a year on reshaping the idea and the innovation towards cutting-edge solutions for space robotics and they developed the beta version of the software MyBrain.

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This article was first published on nfinitiv.

Image Credit: Sunyu Kim on Unsplash

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SoftBank Group Chairman and CEO Masayoshi Son and Grab CEO and Co-founder Anthony Tan met Indonesia’s President Joko Widodo about a potential investment in the country’s new capital city East Kalimantan, according to a KrAsia report.

East Kalimantan has a new concept revolving around smart cities, green initiatives and Artificial Intelligence development.

Also Read: Ubisoft launches fifth season of its startup programme in Singapore, France

According to a Grab spokesperson, the meeting discussed potential areas of collaboration, including developing smart cities, with green initiatives across Indonesia.

On a previous trip in August last year, Son had met the President in Jakarta and declared Softbank would invest US$5 billion in various projects, including electric vehicle development.

Earlier this week, Luhut Binsar Pandjaitan, the Co-ordinating Minister for Maritime Affairs and investment, suggested that SoftBank would invest around US$25 billion in the new capital city for the next five years.

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French video games company Ubisoft has announced the fifth season of its Entrepreneurs Lab programme.

The call for projects for both tracks, blockchain and social entertainment, is open until March 1, 2020.

Entrepreneurs who wish to apply will choose between the Paris location at STATION F, the biggest startup campus in the world, and the Singapore location at Infocomm Media Development Authority’s innovation space, PIXEL.

The programme, which began in 2017, aims to support startups creating innovative products and services. Led by Ubisoft Entrepreneurs Lab, it offers a collaboration model based on mutual contribution with no equity involved, where startups benefit from the mentorship of Ubisoft executives and gain access to a wide range of experts across the entire company.

Also Read: French video games company Ubisoft expands its startup programme to Singapore

The programme aspires to explore two trends further — social entertainment (socially inclusive, empowering, positive and accessible experiences) and blockchain (enhance players’ experience with new forms of interactions and features).

“Social entertainment is an area we want to further explore both for players and viewers of Ubisoft content. Together with talented entrepreneurs across a range of entertainment fields (music, video, live shows, etc.), it’s our desire to contribute to creating the most engaging, fun and creative entertainment experiences of tomorrow,” said Catherine Seys, Programme Director at Ubisoft Entrepreneurs Lab.

“As for blockchain, we strongly believe that the technology has yet to unveil all it has to offer. It is our fifth season exploring, and there are still so many paths we have not ventured into,” she added.

Ubisoft is a creator, publisher and distributor of interactive entertainment and services, with a portfolio of known brands such as Assassin’s Creed, Just Dance, Tom Clancy’s video game series, Rayman, Far Cry and Watch Dogs.

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Vickers Venture Partners, a Singapore-headquartered global early-stage VC firm, has led an over US$11-million Series A funding round in UK-based Emergex Vaccines Holding.

Emergex is a biotechnology company that develops set-point vaccines to prevent serious infectious diseases.

Professor Thomas Rademacher, CEO and Co-founder of Emergex, commented: “These new funds will support us to achieve some significant value-enhancing milestones as we progress our lead vaccine candidates into clinical development.”

Founded in 2016, Emergex focuses on developing vaccines that prevent virulent diseases such as Zika, Dengue Fever, Ebola and even pandemic Flu. Its T-cell vaccines elicit different responses than traditional antibody-producing vaccines, eliminating allergic, autoimmune or antibody-mediated side effects.

Also Read: I could never be the largest fund, but I can be the best performing: Dr Finian Tan of Vickers Venture Partners

Its underlying platform technology enables rapid development of vaccines to entire families of pathogens, compared to traditional approaches that can take years to develop and scale vaccines for single pathogens.

As per the deal, Dr. Finian Tan, Chairman of Vickers, will join the Emergex Board as a non-executive Director. He said: “With today’s rising global population, the risk posed by infectious diseases is greater than ever before. As such, it is vital that we value and pursue innovation to ensure we have effective healthcare options.

We see great potential in Emergex’s technology as it allows vaccines to be produced quickly, administered easily and sold at a fraction of current prices. We believe that this would revolutionise the entire world of vaccines and increase access to a larger number of people around the world,” Tan added.

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Polapat Arkkrapridi (known as Paul Ark in Thailand’s startup and investment circle) is departing from Digital Ventures at the end of January, he announced in a Facebook post.

Ark, Managing Director of Digital Ventures, a US$100-million fintech investment arm of Siam Commercial Bank (SCB), is leaving after a four-year stint at the helm.

He will take a sabbatical before thinking about the next phase of his work life, he wrote in the post.

Also Read: Venture Capital Book Club: Why I make my VC team read books

“With the announcement that Siam Commercial Bank PLC is reorganizing all its innovation units (including Digital Ventures and the corporate venture capital unit that I manage), this is as good a time as any to address the rumours that have been circulating around the Thai startup ecosystem and make public the news I have been keeping under wraps over the past few months, namely that I will be leaving Digital Ventures at the end of the month,” he wrote in the post.

“After nearly 4 years at the helm of one of the largest and certainly the most international of Thailand’s homegrown VC funds, it is time for me to take a much-needed work sabbatical (my third in my rather eclectic career) and think about the next phase of my work life.

He thanked the visionary senior executives at the SCB, who gave him an unparalleled degree of freedom to shape its tech investment platform and strategy and build the team that he wanted to build.

Ark said he nurtured and developed some of the most talented VCs in the Thai VC ecosystem while boosting female representation in the industry. He also crafted a progressive, visionary tech investment strategy that will shape the financial services industry in the years and decades to come.

“I can honestly say that within my long, diverse career, launching and managing the Digital Ventures corporate VC unit was THE highlight of my career, which means my departure will be bittersweet; happy,” he wrote.

An alumnus of the University of California, Berkely, and London Business School, Ark has over 25 years of on-the-ground management and deal experience in North, South, and Southeast Asia, with tenures in Silicon Valley and on Wall Street. He is also an active angel investor and startup advisor/mentor and sits on the board of many startups.

Also Read: Thai bank SCB doubles the size of its fintech-focussed corporate VC fund to US$100M

Ark joined Digital Ventures in 2016. Under his watch, the corporate VC firm made direct investments in Ripple, Pulse iD, OneStockHome, Seekster, PayKey, IndoorAtlas, 1QBit, DemystData, Pagaya, AsiaCollect, and CurrencyCloud.

The fund also made investments in several VC firms during his stint, such as Golden Gate Ventures Fund II, Nyca Partners Fund II, Dymon Asia Ventures Fund I, Arbor Ventures Fund II, SBI AI & Blockchain Fund, Viola Fintech Fund, Passion Capital Fund III.

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Vietnam is one of the most densely populated countries in Asia, with 95.5 million residents living in the country, according to the statistics from 2018.

This developing country has been undergoing a lot of changes during the past two decades, including opening its borders for global business. In addition, Vietnam has been moving away from its mostly agrarian economy to become a more market-based and industrial-focused economy. 

Vietnam has been able to improve its income level at a great scale, in part thanks to its population’s cultural inclination for a hard-working character.

Another significant factor that helped Vietnam’s economy revive is the development of entrepreneurship in the country. 

Vietnam’s economic growth: What’s next?

As mentioned above, Vietnam has been transitioning from the traditional and agricultural economy, with an increased focus on foreign investments and global exchange. Today, we know this country as the leading producer and exporter of rice, coffee, rubber, and sea products.

Additionally, this Southeast Asian country is one of the most active countries in the digital industry.

The Vietnamese digital community is dynamically pushed forward by a number of government-led initiatives.

In fact, the Vietnamese government has been working on developing a startup landscape, which also contributed to the fast growth of fintech startups in the country.

Also Read: How Vietnam is accelerating fintech growth

Despite its steady growth of more than six per cent from 2011, Vietnam still needs to explore more areas of development to maintain this pace.

Until now, the country’s growth has been mostly driven by its high-scale manufacturing activities. Looking further, Vietnam’s government would need to find alternative sources of fueling its economy.

One of these sources appears to lie in the small business sector of Vietnam – specifically, in its micro, small and medium enterprises (MSMEs) that are dominant in the country (93.7 per cent of the total enterprise).

While the MSMEs are perceived as the next kick-off of the Vietnamese economy, there are a lot of challenges standing in the way. 

The biggest part of the obstacles for MSMEs in Vietnam is related to innovation. Small businesses in Vietnam are limited to very small markets and are not able to expand their operations to a wider audience. 

The missing piece here is the innovation since only with advanced products and services Vietnamese MSMEs will be able to stay relevant and keep up with the competition.

In addition to that, MSMEs need to embrace innovations to be able to improve their services and products, along with business operations and other areas of their business. 

This means that the Vietnamese government needs to foster innovation in the MSME industry to maintain its economic growth.

MSMEs receive support from the Vietnamese government

MSMEs have been playing a major role in the Vietnamese economy for a long time now. According to the latest data, MSMEs account for 40 per cent of GDP and 50 per cent of employment in Vietnam. 

Also read: Startups bag a total of US$14M investments at Techfest Vietnam

Yet, despite the prevailing influence, small businesses are still facing issues, including limited access to finance, market access, and aggressive competition. To aid this business sector’s participants, Vietnamese officials introduced a new law that established a number of support measures for SMEs across the country.

As a part of the legislation, Vietnamese SMEs are able to receive support in the form of incentives, land rental preferences, credit access, and human resource aid.

The law serves as the foundation for the government support in the research and development area for MSMEs. It also helps SMEs to create and nurture a creative economy in the country. 

Other initiatives

Other ways the government is supporting the ecosystem is by hosting events. TechFest Vietnam, one of the most innovative events in the country focused on a startup community, is organised by the Ministry of Science and Technology in cooperation with other Government Ministries and socio-political organisations in Vietnam. 

The event presents a significant opportunity for innovative startups to share their knowledge and experience and create a network of connections. In addition, startups are able to spread the word about their work and reach thousands of attendees, including potential customers, experts, investors, and media.  

Such initiatives, especially when promoted by the government, is a big step in making Vietnam the next startup hub in SEA. In this case, the government seems to be taking a leaf out of Singapore’s startup ecosystem, particularly in terms of their involvement.

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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.

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