In late 2021, engineer-turned-media explorer Vignesh R and lyricist and screenwriter Dr Madhan Karky travelled from West Coast to East Coast to learn about the creative industry in the US.

They interacted with some of the finest creative minds and organisations, including David Aaker (the creator of the Aaker marketing model) and actor-comedian TJ Miller. These meetings helped the duo understand the challenges faced by the creatives industry which included subscriber fatigue and declining customer attention spans. They realised that these challenges could be addressed using advanced technologies.

“We identified the gap of independence and ownership, including the avenues for monetisation for creative individuals and organisations. We discussed this in detail and arrived at the idea of Canvas Space,” Vignesh recounts the story to e27.

A creator-centric platform

Incorporated in the US, Canvas Space is a SaaS-based micro content monetisation engine for creative individuals and organisations. According to Vignesh, it is the “world’s first creator-centric platform” that allows creatives to choose how they wish to monetise their work and build sustainable revenue channels.

The monetisation engine enables micro-transactions for any small parts (seconds, pixels, minutes, and paragraphs) of users’ content in the currency of their choice — fiat, crypto, or even ad inventories.

Also Read: The news wars: Will tech giants soon be coughing up big bucks for media content?

“Canvas solves a unique monetisation problem for creatives as an augmentation to the declining subscriptions and advertising model,” he says.

As per research, our attention span has markedly decreased over the past two decades; it shrank by 25 per cent between 2000 and 2015. It means customers disengage with anything that is too time-consuming or complicated at first glance. If you make them wait, you risk losing them.

“Canvas Space with its micro technologies addresses those business and user challenges,” he adds. “Our USP is our easy-to-use templates and the future forward content technology that can be installed seamlessly through simple API and SDK integrations.”

Canvas Space’s key target audience includes:

1) Individual creators (creating across media, including text, audio, video, and images.

• text may include writers, storytellers, researchers, bloggers, etc.),
• image may include photographers, digital artists, doodlers, artists, etc.)
• audio may include podcasters, independent artists, musicians, storytellers, etc.)
• video may include vloggers, YouTubers, and independent filmmakers).

2) Creator collectives (like journalism schools, publishing houses, filmmaking schools, music schools, small medium creator collectives or creator communities with a sizeable audience and number of creators within their purview)

3) Creative enterprises (content and creative enterprises like Warner Brothers, Disney/Hotstar, and CNBC Network 18).

How Canvas Space works

The interface allows users to build a profile and either use its in-built editor (for text) or upload their content in text, audio, video, and image formats. Any creative entrepreneur or individual creating content can use it irrespective of their geography or follower/audience count.

They can use the platform to find novel ways of interacting with their audiences and build a sustainable revenue channel for their creative business through the ‘payblock’ feature while selling their content in full or in part with their audiences. This way, the micro-monetisation feature gives creatives the freedom to choose when what and how they wish to monetise their work in any currency.

“For example, there is a popular writers’ community of over 1,200 members from across Malaysia and India on our platform. It thrives on showcasing the prowess of poets, novelists, bloggers, and authors. While this community aspires to spread awareness and inculcate a passion for writers, bloggers, poets, and authors, it also aims to invent and enhance methods of helping them build a sustainable income source and find monetisation opportunities,” explains Vignesh.

“As a collective of some of the finest subculture-defining writers, the community discovered the micro way of innovative interactions for the audiences. Enthusiasm and passion blended with opportunity and as it experimented with locking micro content through the Canvas-powered technology, its world changed and the perspective of building sustainable creative businesses evolved multifold,” he claims.

The current revenue models for this writers’ community on Canvas Space included donations, author collaborations or sponsorships, author royalties, ads, workshops, and seminars.

The market size

The Creator Economy market is US$105 billion as of 2020, and with the onset of AI and other tech development, everyone is a creator today.

“There were 50 million global content creators and 200 million people globally contributing to the creator economy in 2022. According to Adobe, the creator economy has increased by 119 per cent in the last two years. The next creator economy influencers might emerge straight out of high school, as 29 per cent of high schoolers in America selected content creators as part of their preferred career choice as per a recent report by Antler,” he says.

Also Read: What is the future regulation of crypto?

Canvas Space claims that it already has US$110,000 in its revenue pipeline, over 25 collectives and 14 letters of intent with B2B media houses, and 5,000+ creatives experimenting with it.

However, Canvas Space as a novel concept in the market faces a challenge: making a behavioural shift for creators to understand that they can have complete control and power to monetise anything without any third-party involvement and with zero dependencies on platforms. Vignesh and the team hope to overcome the challenge as it scales.

In early 2022, the startup raised an undisclosed amount in a pre-seed round from a number of individuals, including Neelamani Muthu Kumar (CFO of OLAM Singapore), Gagan Gupta (CEO, Arise), Anil Advani (Director, Inventus), Gunjan Aggarwal(CPO, Confluent), Jaya Kumar (ex-RingCentral, Capital Group). Suriyanarayanan (CFO, Aujas), Jayanth Narayanan (Professor, NUS), Saibaba Talluri (Co-Founder, Disruptrs), Anuj Jain (Founder, Startup O), Amit Jain (Co-Founder, Mednet Labs), Dee Mc Laughlin (ex-MTV, Virgin, Capital Group), Ipsita Agarwal (General Counsel, Olam), and Ram (Sony Playstation) are also among its backers.

With the company achieving multiple milestones since early 2022, Canvas Space will look to expand and for that, it plans to raise Series A in the US.

“Canvas Space is an original idea from India for the world, empowering creatives with the tools they need to monetise their content, their way,” Vignesh concludes.

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Singapore-based Cosmose AI, a global platform that predicts and influences how people shop offline, has received a strategic investment from NEAR Foundation at a US$500 million valuation.

NEAR Foundation is a Swiss non-profit that supports the ongoing growth and development of the Near Protocol, a carbon-neutral blockchain.

With the new investment, Cosmose will innovate within the Web3 ecosystem to create a “seamless” experience for shoppers and increase sales for retailers. By leveraging Web3, Cosmose AI can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.

Through the partnership with NEAR Foundation, Cosmose AI’s products — Cosmose Media and KaiKai — will advance Web3-driven innovations. KaiKai has been leveraging NEAR Protocol by creating its own cryptocurrency utilised for payments, cash-back and rewards: Kai-Ching. Thanks to Kai-Ching, shoppers and retailers benefit from shorter payment processing times and lower fees.

Also Read: The AI revolution: Transforming industries and reshaping the world we live in

Founded in 2014, Cosmose AI connects offline and online to create a better experience for shoppers and increase sales for retailers. It gathers insights from smartphones and helps understand offline shopping habits and drives footfall across 20 million venues in Asia.

It also offers AI-driven recommendations to its users, encouraging them to shop in nearby stores saving time, money, and the environment.

The firm works with companies such as LVMH, Richemont, L’Oréal and Estée Lauder.

Cosmose AI has offices in Paris, Warsaw, Singapore, Hong Kong, Shanghai and Tokyo.

Miron Mironiuk, Founder and CEO of Cosmose AI, said: “NEAR is the most secure, scalable, and sustainable blockchain protocol. Having built on NEAR in 2022 and working with NEAR Foundation, we discovered that our visions for the Web3-driven future are aligned. Together we’ll build a future where one billion users benefit from the ecosystem they’re part of, with complete control of their data and superior AI-driven personalisation.”

The new funding announcement follows Cosmose AI’s US$15 million Series A fundraise in 2020, led by Tiga Investments, OTB Ventures, and TDJ Pitango. Since then, it expanded its product offerings and geographical footprint, with the platform currently available for customers in mainland China, Hong Kong, Singapore, Japan and Southeast Asia.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

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In March, TNB Aura announced the appointment of Glen Ramersan as the new Managing Partner & Head of Indonesia, supporting the Singapore-based VC firm’s portfolio in the country. As the firm is on its way to launching its third fund, it intends to further expand in the Indonesian market.

Various reports have highlighted the Indonesian startup ecosystem’s resilience in this startup funding winter, as it continues to become a favourite for regional investors, in addition to Singapore and Vietnam.

But how do Ramersan and TNB Aura see Indonesia? In a recent interview with e27 during his visit to Singapore, Ramersan tells us about the one thing that he would like the public to know about Indonesia: Despite a number of success stories, it is still in the “very early stage” of its startup journey.

He also shares what is behind the resilience of the local startup ecosystem.

“[No matter what the ‘season’ is,] a good company is a good company,” Ramersan says, stating that a sustainable company should be able to withstand any market condition. “And there is always enough supply of sustainable companies that are forward-looking in Indonesia.”

“Maturity of the ecosystem is also important. If you see the type of founders that are working in Indonesia … you see a lot of people who have experiences abroad. They studied abroad, they worked in PayPal, Amazon. Now that they have returned to Indonesia, they start something … they have done this before and they will do it again.”

Also Read: In Indonesia, the problem is lack of insurance accessibility, not affordability: Qoala CEO

Following the COVID-19 pandemic and other back-to-back global crises, Ramersan notes the appearance of more “thoughtful” founders in Indonesia–those who think two to five steps ahead.

“They understand how to be sustainable; they don’t just think about ‘growth at all cost.’ Because now it’s very clear that it can cost you the company … Thinking how you can do things efficiently, grow efficiently, and one day be profitable, that’s important. And we see that mindset change in Indonesia.”

In this interview, Ramersan shares how TNB Aura approaches investment and its views on ongoing trends in the startup ecosystem–including the rise of AI.

Starting from the top

In their investment philosophy, Ramersan explains that TNB Aura is taking a top-down approach when it comes to assessing a potential investment.

“We don’t just invest in deals that come to us. We invest in deals that we approach. So, we do market research, not just on the industry itself, but we narrow it down to the business models within the industry, what we like, and the players within those business models,” he begins.

“Let’s say, there are four or five of them. We speak to all five of them, we see what they do, see their strategy, and how they actually grow throughout the years. For the one that we really liked, we offer them something they can’t refuse. This company might not be fundraising; this company might actually be in the middle of fundraising. But we are so highly convinced, we invest only in those companies.”

TNB Aura focuses on Pre-Series A stage companies, which tend to be slightly later than many VC firms in Indonesia.

“If you invest in a company that is in the very early stage, usually there will be a lot of question marks. [Meanwhile] we would like to make a company that is ready to explode. We want to be that verification check. Because what we like to do is that we like to institutionalise this company … That’s how we want to add value. We want to help with governance, business plan, and everything else to institutionalise them,” Ramersan explains.

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

“I think one of the things to note is that as a regional fund, how we add value to a company can come in a lot of different ways. One of them is that not only we can help them, I would say, make their business plan more efficient, but we also can help them with regional expansion. So that’s why we are investing more often later stage companies,” he continues.

Rising trends

If we look at the list of companies that are in the TNB Aura portfolio, we can see a great variety of companies working in different verticals, from e-commerce to agritech. The firm picks these companies not only for the size of their impact on society but also for how they can change the lives of millions in the market they operate in.

TNB Aura also sees that as an investor, they cannot be oblivious to trends in the market, including AI. The firm’s portfolio in the AI segment includes Ematic from Singapore.

“AI is something that is very intertwined with the startup ecosystem. A lot of startups have implemented the technology, if not on the front end, then maybe on the back end. The way we see it is that AI is an inevitability. It will become bigger, it will become more integrated,” Ramersan says.

“We always tell founders to keep a lookout. Even with the latest founder we have chatted with in our board meeting, we will say, ‘Hey, guys, have you learned about this yet? How can we implement this into your system? What feature can we add to this?’ But again, it is totally up to the founders to finalise the use case of AI. We always push them to understand more, because this thing is coming fast.”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Image Credit: TNB Aura

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Create music, produce art, or even become online idols, Artificial Intelligence (AI) programmes may perform tasks that are unimaginable to humans. However, technology is not the only factor in how society develops.

The greatest cutting-edge technology is always human intelligence

The introduction of the loom, the sewing machine, and the opening of the first Industrial Revolution in the late 18th and early 19th centuries completely transformed the textile industry, which had hitherto only relied on human labour.

However, over the years, the best designers have continued to use the flawless handcrafted design process to produce Haute Couture designs, the benchmark of high-end tailoring that frequently appears in Chanel, Hermes, etc. Thus, Haute Couture is more expensive and valuable than clothing that is mass-produced using industrial machinery.

There are worries that technology will eventually replace people as a result of the development of AI, particularly the current expansion of ChatGPT. However, if you take a look at the history of human progress, you will see that no matter how sophisticated a machine is, it will always lag behind the human mind.

Karl Marx and Friedrich Engels’ view of the history of human progress demonstrates that man did not create the ability to elevate work from physical to intellectual labour, any assistance stems from a person’s need for clothing, food, and shelter. People must discover ways to overcome nature as this requirement grows to boost labour productivity and production efficiency. It is the process of creating and renewing production tools.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

In actuality, humanity advanced from the Stone Age with crude tools used only for hunting and gathering through the Bronze Age to support agricultural production, and finally the invention of machines. the technological age continues now. It is claimed that all revolutions, including the 4.0 revolution, are fundamentally distinct from one another because super technologies that are capable of feats beyond human comprehension are created.

Therefore, humans will replace that equipment and technologies if they are unable to suit their needs in the future, not AI, robots, or any other technology.

No technology can replace emotions

Social relationships are created through human interaction, which has an impact not on technology but on the growth of people, companies, and ultimately the country.

Humans cannot yet be fully replaced by technology. Sophia, the first robot in the world to receive a citizen license, can answer questions fluently and with 50 different facial expressions, but she is still just a “speaking machine” and cannot evoke strong feelings in the audience the way Nick Vujicic or Michelle Yeoh can when they perform motivational speeches or sing like Michael Jackson.

Despite merely needing a few hours to create a painting that costs millions of dollars, artificial intelligence cannot satisfy collectors’ hunger like Leonardo’s paintings can, Picasso or da Vinci. 

The care, love, and education of parents cannot be replaced by technology, but it may improve how children play, learn, and are cared for. Sometimes, a subject’s teacher rather than the subject itself might pique a student’s interest or hatred in it.

Even technology’s negative aspects have negative effects on the physical and mental health of people. When everything is easily searchable on Google, as it is now with ChatGPT, technology might limit creativity.

When the home is equipped with smart technologies to assist, people are less active. Children become so engrossed in games and online applications on their phones and laptops that they neglect to engage with their peers and parents.

Also Read: Is ChatGPT a great invention or is it being ‘hyped’?

AI only scares you when you allow it

Social relationships are fundamentally based on the sharing of spiritual values. This engagement not only helps people or organisations grow, but it also advances the political and economic health of the nation.

It is challenging to create an organisation under the leadership of a boss who excels in his or her field but struggles to forge strong bonds with partners and staff. It is challenging to persuade clients to purchase from a company that offers quality goods and services but uses advertising and communication methods that fail to appeal to their emotions. Without maintaining social ties with other nations in the area and around the world, it is challenging for a nation to thrive.

Although it can support greater social interactions, technology cannot replace spiritual qualities. While the phone can minimise both physical and temporal distances, replacing handwritten letters, it is the emotions of the two individuals on the other end of the line that provides significance to the exchange. Modern lighting technology does not cause armed wars; rather, disputes about relationships between organisations and nations do.

Consequently, Vietnam’s perspective during the past 90 years has likewise been one of placing people at the heart of development, which is both a goal and a crucial driving force of growth. Additionally, educating the populace should be a key priority because they will be the ones to decide how to advance technology and employ it to further the socioeconomic growth of the nation.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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ASEAN Finance Ministers and Central Bank Governors have discussed the possibility of reducing their reliance on the US Dollar and phasing out payment systems, such as Visa and Mastercard. This move could pave the way for implementing Central Bank Digital Currencies (CBDCs) and blockchain-based financial infrastructure in the region.

ASEAN and the US Dollar

The Association of Southeast Asian Nations (ASEAN) is an intergovernmental organisation promoting economic, political, and cultural cooperation among its ten member countries.

Historically, the US Dollar has played a significant role in financial transactions in the ASEAN region due to its status as a global reserve currency. However, recent geopolitical tensions and economic uncertainties have led ASEAN countries to reconsider their dependence on the US Dollar.

In addition, Visa and Mastercard have long been the dominant payment systems in the ASEAN region. Nonetheless, growing concerns over transaction fees, data privacy, and centralised control have led ASEAN Finance Ministers and Central Bank Governors to consider alternative payment systems. ASEAN countries aim to promote regional economic integration and resilience by exploring new financial technologies.

Indonesia’s President, Joko Widodo, has urged local governments to use credit cards issued by local banks and gradually stop using foreign payment systems, such as Visa and Mastercard. He argued that Indonesia needs to protect itself from geopolitical disruptions, citing sanctions targeting Russia’s financial sector from the US, EU, and their allies over the conflict in Ukraine.

Also Read: Putting all your eggs in one basket?

“The use of local government credit cards, in this digital era, should be achievable. If we can use them, we can be self-reliant,” said Jokowi during the opening of the Domestic Product Business Matching in Jakarta Wednesday (15/3).

The potential of CBDC

One solution to reduce reliance on the US Dollar and centralised global payment systems is to optimise CBDC adoption and blockchain technology.

CBDCs are digital representations of a country’s fiat currency, issued and regulated by the central bank. CBDCs offer several advantages over traditional payment systems, including enhanced security, lower transaction costs, and increased financial inclusion. Additionally, CBDCs can help ASEAN countries reduce risks associated with excessive reliance on the US Dollar and strengthen regional currency cooperation.

Bank Indonesia (BI) is currently developing the use of CBDCs. Bank Indonesia Governor, Perry Warjiyo, mentioned that CBDCs are being developed as crypto assets requiring a reference unit of account from sovereign digital currencies.

Perry said CBDCs need to be promoted in ASEAN countries, along with the rapid development of crypto assets. Therefore, central banks are obliged to accelerate the growth of central bank digital currencies, including promoting CBDCs to the public and other ASEAN countries.

“We are obliged to accelerate the development of central bank digital currencies,” said Perry during a High-Level Seminar From ASEAN to The World, titled “Payment System in Digital Era,” quoted by Antara.

Embracing blockchain technology

Blockchain has the potential to revolutionise the financial sector. By adopting blockchain-based systems, ASEAN countries can enhance the efficiency and security of their financial transactions. This technology can also facilitate the development of new financial products and services, driving innovation and economic growth in the region.

“Blockchain and programmable money have opened a new era in the global financial system and cross-border digital payments. With unparalleled speed, security, and transparency, this technology creates a bridge that connects the world economy, eliminating barriers and empowering people to transact more efficiently and inclusively,” said the CEO of D3 Labs, Chung Ying Lai.

Also Read: How to venture into blockchain during a recession

“We believe that, through blockchain innovation and programmable money, we will create a more equitable and sustainable financial future for all.”

Challenges and concerns

Lai added that although CBDCs and blockchain technology offer promising opportunities for ASEAN countries, they must address several challenges and concerns. These include a solid regulatory framework, data privacy protection, and cybersecurity measures.

Furthermore, interoperability and collaboration among ASEAN countries will be crucial for successfully implementing this new technology.

Steps to reduce reliance on the US Dollar and abolish the centralised global payment system by ASEAN Finance Ministers and Central Bank Governors reflect a growing interest in exploring alternative financial strategies.

“By embracing CBDCs and blockchain technology, the region has the potential to enhance its economic resilience and promote innovation. However, it is crucial to address related challenges and encourage regional cooperation to ensure the successful implementation of this new technology,” concluded Lai.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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“In the midst of every crisis, lies great opportunity.” — Einstein.

It doesn’t take the sheer intelligence of Einstein to understand that economic downturns actually accelerate a portion of companies, and market share and position radically reshuffle.

Research shows that twice as many companies make the leap from laggards to leaders during a downturn, compared to a period of economic calm. With all indications now that the economic environment is looking very choppy, how can we best plan and execute around “leading” and not “lagging”?

Consider three actionable, clear components to your strategy to out-position the competition.

“Those who tell stories rule society.” — Plato.

It’s always a noisy, crowded environment that you need to cut through and drive awareness in. In a crisis/downturn environment, it’s even noisier.   That means that there has never been a more critical time to have a compelling “story” and narrative as your core company positioning.

Think about this from a Point of View perspective.  Don’t lead your story with your product, company history or details.  Many companies make this mistake that leads to a boring, unengaging message.

What is the problem that your audience is wrestling with?  Or perhaps it’s a problem that your audience doesn’t fully realise that they have. Lead your narrative with this: it’s the problem that your audience will truly care about.  It’s clarifying your strategy around the problem you are solving, and weaving this strategy into a natural-feeling story and point of view.

Architect this point of view with a message house approach.   A very simple yet powerful way to not only structure your thinking and message but to also catalyse conciseness.   It has a roof (the problem) and three pillars: pillar one is the problem further detailed; then the solution (thus the middle pillar); and finally your company’s relevance and differentiation to deal with this problem and deliver the solution.

The message house is on a single word document page.  Not double-sided; not two pages.  One page.  If you can’t get your point of view into that structure and focus, then your audience is never going to fully listen to, and little alone “get” your message.

Also Read: What companies can do to stay agile in the future of work

Think differently, not just better.

Your Point of View can evolve, but at any given time it is the viral, consistent story that you, your team, and your marketing are based around.   It is one of the most powerful assets to leverage, especially during a volatile, challenging business environment.

The category is the new strategy

We are all wired for a category.  It’s a fundamental component of our consciousness, and continual sorting and organising.  It’s how we stay sane and interpret this noisy world.  There’s plenty of brain science and validation around this, but it is also self-evident if we take a step back and look at our business, that we are in a category, and will always be in a category.

In an economic downturn, pressures will mount on your customers to do more with less or to cut costs in your category of goods or services.   Most suppliers/vendors in a market category will chase this declining pie and set of economics.

That doesn’t sound very attractive, does it?  It is often referred to as “catching a falling knife” and that strategy is likely to lead to being a “laggard” and losing both total revenues as well as market share.

Rather, in this pivotal time as you plan for a choppy and volatile business environment, leverage both your Point of View, as well as your Category Strategy.

As you craft your Point of View, consider the opportunity to not only position for existing demand but to create new demand.   How is the problem evolving for your customers, given the environment is changing so much?   Describe the problem in a clear, visceral way, and engage and draw in your audience.  Get that “cut through” you desperately need in this environment.

At the same time consider the Category you are in.  How can you reframe it?  How can you describe this new Category, and why is it critical for your audience to understand it?

Also Read: The challenge for female leaders is to get their voices heard: Lisa Gibbons, Blockchain Advocate 

Remember that your Category will not stay static.   It may take time, even years for it to evolve, but it will change.  And in fact, it has a greater chance of radically changing during a downturn.   If you don’t redefine the category and the problem, then someone else will.

The fact is, you will always be in a category.

The question then is, do you want to define it?  Or let someone else do it?

Taking a step back and really analysing the category and your strategy, will inevitably also lead you to consider your category’s ecosystem.  A category cannot exist with just one company.   You need to have an independence of thinking to really map out the category’s entire ecosystem.  It will have many different players and influencers, from partners to government and regulatory, key analysts, key media, adjacent and connected technologies, and the list goes on.

You have the opportunity to think about a visual representation of your category’s ecosystem.   How will you map it and show it visually?  As you do this you will uncover new ideas about the ecosystem and its players.  A storyline will emerge around how you describe the ecosystem.

You will also begin to ask core execution and strategy questions such as: who on our team will “own” that slice of the ecosystem? (If you don’t have a responsible person/group for this, then that slice of the ecosystem won’t be proactively nurtured and managed); and how are you tracking the various members of your ecosystem?  How and where are you making progress?  Or where are your competitors focused in terms of the ecosystem players?  How are you building your “tribe” around the category you are defining?

“Your ability to thrive depends on the tribe.” — S. Perry

During a downturn, you need to take any resource and fully maximise it.  And there is no greater opportunity to do this than with your ecosystem, and to identify priority relationships.  To do this, you need to have it clearly mapped, have regular tracking of it, and have “throats to choke” who are responsible for specific ecosystem slices and players.

This enables your point of view to go further viral and leverage your ecosystem for this.   Show the visual of the ecosystem to the different members of it.  Make them excited and clear that they are part of this tribe, and there is a powerful, problem-led story to tell.

These three critical strategies around a powerful point of view; a clear category design and strategy; and a dynamic visualisation and tracker of your ecosystem are essential for not surviving, but thriving in an economic downturn.

Out-position the competition!

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! Get your tickets now! For more information, visit the official Echelon page.

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What is the latest update from micromobility company Beam?

In an email interview with e27, Co-Founder and CEO Alan Jiang revealed the most significant milestones that the company has made recently, starting with its US$93 million Series B funding round in early 2022–which he dubbed as a “significant stride” in Beam’s journey to growth and profitability.

“We’re particularly proud of being able to achieve both of these simultaneously in today’s macro environment,” Jiang explains.

Apart from that, the company has also doubled its footprint in eight countries in different regions, including Malaysia, Thailand, Indonesia, Turkey, South Korea, Japan, Australia, and New Zealand.

“We also doubled our fleet size up to 60,000 vehicles, and most significantly of all, each of the three regions (North Asia, Southeast Asia, and ANZ) are already independently EBITDA profitable by a double-digit margin,” Jiang says.

This year, Beam has been confirmed as one of the companies that will be speaking at the Echelon Asia Summit 2023, June 14-15 at Singapore Expo. Before we get to hear what Jiang will share at the event, let us keep ourselves updated with what Beam has in store.

Also Read: H3 Dynamics decarbonises global aviation industry with multiple aerial mobility products

The following is an edited excerpt of the interview with Jiang.

In recent years, you have made significant milestones that include a Series B funding round and expansion into new markets. Is there any lesson that you can share with us from that experience?

We have been laser-focused on unit economics since Beam was founded five years ago.

Ensuring that we had great unit economics in place before we scaled up enabled us to achieve both growth and profitability at the same time.

The biggest challenge we see with startups that achieve growth through price discounts or negative unit economics is once those discounts go away, growth also shrinks. For us, as we add profitably deployed vehicles to our fleet, our P&L improves and achieving country-level profitability in each country was just a matter of growing into our fixed cost structure.

How do the back-to-back global crises that we are facing today affect your decision-making process? What major changes have you made?

We are fortunate that we have been focused on unit economics and profitability from Day One, so we are less impacted by the sentiment shift of growth vs profitability that we see in the venture ecosystem today. However, we are also an extremely capital-intensive business as we own and operate all our own assets. We do expect capital to get more expensive in the near term and this impacts where we invest. We are more focused on short-term cash flow today.

What opportunities do you aim to seize this year?

We are always in conversation with governments across APAC to discuss how Beam vehicles can help cities reduce congestion and pollution in cities, and improve first/last mile connectivity. Due to our positive unit economics and healthy balance sheet, we expect to be in a strong position to be able to invest in cities that embrace micromobility.

Also Read: The future of mobility is in public-private collaboration

What is your major plan this year?

We are focused on continuing our profitable growth trajectory in 2023 by continuing to invest in more vehicle deployments into all eight of our markets in APAC. We see micromobility as just scratching the surface in APAC, and we expect the popularity of EVs – especially shared EVs – to grow significantly in the coming years.

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Image Credit: Beam

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Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, has netted US$3 million in convertible notes from ADB Ventures, Touchstone Partners, and two foreign investment funds.

The company aims to utilise the funds to expand its two-wheeler production lines and set up battery-swapping systems in key cities in Vietnam, aiming to become the nation’s largest battery-swapping network provider.

Also Read: Validate the problem before building a solution: Surasit Sachdev of Hungry Hub

“This investment will provide us with a strong foothold in Vietnam and a platform for our expansion into other parts of the region,” said Selex CEO Nguyen Huu Phuoc.

Established in 2018, Selex produces electric two-wheelers and swappable battery packs that are purpose-built for large applications, including last-mile cargo delivery. Each gasoline motorbike replaced by a Selex electric two-wheeler can cut the emission of 0.45 tons of carbon dioxide equivalent a year, says ADB.

Its existing clients include regional delivery aggregators, such as Lazada and Grab, which require a single solution provider that can facilitate their transition to a cost-effective and reliable EV fleet with charging infrastructure to support their operations.

ADB Ventures invested in the Hanoi-based startup to reduce carbon emissions in high-usage applications, such as last-mile cargo and passenger transport in Vietnam.

“The electrification of road transport will have a profound impact on the automotive manufacturing and logistics sectors in Southeast Asia. We look forward to helping Selex to become an important regional player in the sustainable transport market in coming years,” said Suzanne Gaboury, ADB Director General for private sector operations.

Also Read: SEA’s VC landscape will soon get more specialised, says ADB Ventures

In December 2021, ADB Ventures provided a US$200,000 grant to Selex with an option to make an equity investment in the company.

ADB Ventures invests in early-stage technology companies that have significant potential to scale and deliver climate impact in emerging Asia and the Pacific.

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Artificial Intelligence  (AI) and Machine Learning (ML) appeared not so long ago, but have already become indispensable technologies in the modern world. They penetrate various spheres of life, change the economy and increase the efficiency of companies. The fintech industry is no exception, actively adopting the latest technologies to optimise its processes and improve the quality of services provided.

In Southeast Asia, where the fintech industry continues to grow rapidly, the adoption of AI and ML is especially strong. With the help of new technologies, companies can provide more convenient and affordable services, improve the speed of processing requests and increase their level of security. This not only makes fintech companies more competitive but also provides new opportunities for business development.

The most active phase of AI and ML adoption in Southeast Asia’s fintech has already passed, from 2016 to 2019. The current state most resembles a “small respite” or “reaching a plateau”. However, this does not mean that the development of AI and ML technologies in SEA fintech has completely ceased.

On the contrary, more and more companies are beginning to realise the potential of this tech and are starting to implement it in their business processes in parallel with the general development of financial technologies.

AI and ML benefit Southeast Asia’s fintech

A recent study by Robocash Group analysts claims that the penetration of AI and ML technologies in SEA fintech companies is steadily growing, reaching 3.1 per cent in 2022. In other words, 807 out of 26,105 fintech companies in Southeast Asia already feature AI and ML tools in their technology stack.

Process optimisation is one of the main purposes of applying AI and ML in fintech. Automation can greatly simplify routine operations such as document verification, data analysis, and more. It reduces the risk of errors and increases employee productivity.

Also Read: Tailored corporate governance: Key actionable steps for startups at different growth stages

In addition, AI and ML are being used to bolster analytics and forecasting. Companies may rely on them to more accurately predict the behaviour of their customers, assess risks and make the most informed decisions. For example, banks and other financial services can use ML to analyse customer data and offer customised services and products that best suit their needs.

AI and ML are also widely used to improve payment processing and fight against fraud. Fintech companies use Machine Learning algorithms to quickly and accurately check transactions for fraud and improve data protection.

Finally, AI and ML are used to improve the user experience in general,  including communication. For example, chatbots are used to automatically answer customer questions and provide real-time support. This allows fintech companies to better their customer service, reduce response time to inquiries and increase customer satisfaction.

Final thoughts

On the whole, AI and ML tech is an important tool for a company, allowing for more informed and balanced business decision-making. In the future, with the development of new technologies, it will become even more widespread and effective in fintech.

The fintech players in SEA are increasingly adopting AI and ML technologies in their business models and processes. However, it should be noted that these technologies are not a panacea and do not guarantee success itself. Companies must properly adapt them to their needs and models in order to get the maximum benefit from their use.

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Despite the challenges of the last few years, it was a time for innovation for businesses that had to learn how to handle adversity. As such, in the past three years, the world has witnessed an incredible acceleration in the advancement of technology and digitalisation. I have seen more businesses pivot and adapt quickly in the last few years than ever before in the decades I have been working with Singapore SMEs.

When compared to 2020, the global digital transformation market is expected to grow to US$1,009.8 billion by 2025 from US$469.8 billion. With that, 91 per cent of businesses are somewhat engaged in a digital initiative with 89 per cent of companies already adopting a digital-first business strategy. 

Industries such as F&B and commerce have established a greater online presence and adopted digital solutions for their businesses. For instance, the efficiency of online platforms and increased convenience for functions such as online payment and delivery of food or products resulted in the survival of businesses in these industries.

However, amongst the many industries that have adopted digital solutions to facilitate mundane job functions, an industry that is crucial to the safety and health of employees and workers has yet to hop on the digitalisation bandwagon in Singapore. 

A gap in the current risk management process in Singapore

Since 2020, the workplace fatalities have been increasing from 30 in 2020, 37 in 2021 and 46 in 2022, the highest since 2016 when there were 66 workplace fatalities reported according to Channel News Asia. This alarming trend reveals the gap in Singapore’s risk management process resulting in an increased number of workplace accidents.

Also Read: The secret sauce of de-risking early-stage venture capital

As such, the Ministry of Manpower (MOM) in Singapore introduced the six-month heightened safety period along with other measures such as increased penalties to overcome workplace fatalities. The heightened safety period has since resulted in a decrease in fatalities from 4.5 per month to 2.5 per month.

Nonetheless, the mere fact that workplace fatalities are still occurring, signals the need to improve current risk management processes to ensure no workplace fatalities happen. 

Small and medium-sized companies have been identified by MOM as having more workplace accidents when compared to larger organisations. This was mainly contributed by the lack of knowledge and resources when it comes to adopting WSH practices such as obtaining risk assessment certificates and bizSAFE certificates.

The need for a platform that provides a cost-effective yet easy-to-use platform that eases risk management processes for these companies is now especially crucial in Singapore, and more effort needs to be put in place to do so. 

The confusion between bizSAFE and Risk Assessment 

The Workplace Safety and Health (WSH) Regulations in Singapore mandate that every employer, including contractors and sub-contractors, is required to conduct risk assessments where they identify safety and health hazards at workplaces to eliminate the risk of workplace accidents from occurring. Failure to comply with the regulation would result in a fine of up to SG$10,000 for first-time offenders and a fine of up to SG$20,000 or six months imprisonment or both for subsequent offenders. 

The bizSAFE programme, on the other hand, is an optional certificate supported by the Ministry of Manpower to increase workplace safety and health capabilities. Previously, only heavier industries such as manufacturing and construction would look to obtain the bizSAFE certificate. However, in recent years, more industries are obtaining the bizSAFE certificate due to the increase in awareness and education about workplace safety.

It is worth noting that the bisSAFE certification process is rather daunting, time-consuming and costly, involving the need to complete a full WSH report based on the paperwork and set requirements as well as often hiring a consultancy firm to help identify the risks associated with the business to complete the report. 

While Risk Assessment often stands as a mandatory document to have for compliance, the bizSAFE certification increases a company’s reputation and competitive edge by showing the presence of a conducive and safe working environment.

Also Read: 5 smart ways to decarbonise supply chains and logistics with AI

Nonetheless, it is undeniable that the high cost and time needed to obtain the certification could deter businesses from doing so. Hence, the question of how businesses could obtain both Risk Assessment and bizSAFE certification without the hefty price tag and time invested remains. 

Alleviating the administrative burden 

Due to the lack of digitalisation within the risk management industry, businesses face many administrative challenges that could have easily been overcome by leveraging technologies. For instance, a typical challenge faced by organisations is the loss of risk management documentation and the lack of secure storage space.

The usage of cloud technology could help eliminate the chances of losing these important documents while allowing businesses to access the documents anytime and anywhere – providing them with a secure online space to collaborate seamlessly. 

To avoid wasting time and money on hiring a consultancy firm to identify the relevant processes and risks related to the business, which usually takes a week, the development of software that guides businesses to select the relevant industry and provides a pre-identified hazard and risk strategy allows for a much faster and cost-effective solution to obtaining the certifications. 

Additionally, a key factor that places digital solutions at the forefront is the ability to eliminate unnecessary errors that are inevitable by humans. Doing so would reduce the chances of documents being rejected due to the misinformation provided, eventually decreasing the cost and time that was needed when re-submitting documents. 

With the primary focus on educating more Singapore companies about the importance of WSH, we saw the need to develop a platform to help digitalise the process for an easy, quick and cost-effective approach to submitting risk assessment documents.

Through the consolidation of working with clients across 30 industries, we were able to establish an extensive database that is regularly updated to create a list of pre-identified risks associated with each industry. By doing so, we developed a quicker yet more cost-effective approach to ensure that all businesses, especially SMEs, are not disadvantaged when it comes to ensuring that their work environment is safe for their employees.  

The need for digitalisation and modernisation in risk management cannot be overstated. By incorporating technology and advanced analytics, Singapore can improve its risk management practices and become more efficient and safe. It is crucial that we work towards bridging the gap between traditional industries and the digital age to ensure that no industry is left behind.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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