www.jumpstartmag.com The Entrepreneur’s Magazine Issue 29 April 2020

Anatomy of an Almost− Unicorn

Charting Zilingo’s Zilingo Co-Founders meteoric growth Ankiti Bose & Dhruv Kapoor from pre-seed to global titan p. 50

Why mobile gaming is about to win big

Rental, resale, and the fashion industry

New challengers in the search engine space

Transforming urban life through farming

Teletherapy to expand access to mental health treatment

EDITOR’S LETTER

think it’s safe to say that 2020 is not turning out the way that any of us expected. The last time I wrote to I you, I was brimming with enthusiasm about globaliza- tion and its potential to bring the world closer together in the next decade. How innocent those words seem today. As we impatiently watch the consequences of the COVID-19 pandemic unfold, businesses around the world are adapting and recalibrating. The optimist in me A NOTE FROM OUR CEO believes that, through each Zoom call and face mask-to- Relena Sei face mask meeting, positive changes will happen. For now, all we can do is press on and wait for better days from the am honored to be a part of the Jumpstart family. It’s only safety of our homes. been two months since I joined, but I can feel the passion For us, business-as-usual means sending another I in our office as we prepare to launch Jumpstart Media to issue your way. This ‘Back to Basics’ issue is a bit differ- new heights. ent. We’re covering innovation from another perspective: I am proud of our magazine, which our team has worked disruption through execution. Some of the startups we diligently to develop into the great product it is today. How- interviewed may not harness deeptech, but they are spear- ever, Jumpstart is not limited to being just a media platform, heading change through a new take on a traditional busi- as we are also a leading startup ecosystem-builder. Over the ness model. next few months, we will be announcing exciting new initia- In our cover story, we interview the co-founders tives geared toward supporting startups in this competitive of Zilingo–a soon-to-be ‘unicorn’ that is digitizing the and ever-changing landscape. ecommerce supply chain for small vendors and facto- Lastly, I welcome any stories and feedback from our com- ries throughout Southeast Asia. Although the company munity, both good and bad. I believe it is essential to listen to launched with the simple idea of connecting independent our readers, especially if they care enough about us to share merchants to consumers, it has since become a launchpad their thoughts. We truly consider you a part of our team and for small business owners to grow and thrive, elevating the integral to our success. I will remain accessible anytime by lives of those working in the region’s informal economy. email at [[email protected]]. In this issue, we also dive into the reinvention of con- We will build on our ongoing efforts to connect and signment and rental in the retail space, how urban farm- develop the startup ecosystem globally–from . ing is transforming cities, uncharted territory for mobile gaming, why ‘Googling’ may become a thing of the past, and the power of teletherapy. Last, but definitely not least, I’m excited to announce that Jumpstart Media welcomed Relena Sei as its new Chief Executive Officer in March. Jumpstart Media’s pre- vious CEO, James Kwan, will assume the role of Executive Chairperson. CHIEF EXECUTIVE OFFICER Relena Sei We’re looking forward to entering this new era of Jumpstart with you, and thank you for your ongoing sup- EXECUTIVE CHAIRPERSON James Kwan port. We wish everyone a happy and healthy Spring. EDITOR IN CHIEF Min Chen EDITORIAL ASSOCIATE Nayantara Bhat DIRECTOR OF OPERATIONS Anita Chan FOUNDER / ADVISOR Yana Robbins ADVISORS Joseph Chow, Carman Chan, Shitiz Jain, Leo Ku, Min Chen Derek Kwik, Jeanne Lim, Prem Samtani Editor in Chief JOURNALISTS IN RESIDENCE Monika Ghosh, Jordan Lee, Have thoughts about this issue? We’d love to hear from you. Email us at Sharon Lewis, Daneesh Shahar [[email protected]] and include your full name and email address. Please note that letters to the editor may be edited for length and clarity. SPECIAL THANKS Jasmine Chan, Kelly Cho, Anagha Nair COVER PHOTOGRAPHY Zilingo

Copyright © 2020 Jumpstart Media Ltd. The contents of the magazine are fully protected by copyright and nothing may be reprinted without permission. The publisher and editors accept no responsibility in respect to any products, goods or services that may be advertised or referred to in this issue or for any errors, omissions, or mistakes in any such advertisements or references. The mention of any specific companies or products in articles or advertisements does not imply that they are endorsed or recommended by this magazine or its publisher in preference to others of a similar nature which are not mentioned or advertised. Published articles do not necessarily represent the views or opinions of Jumpstart Magazine.

April 2020 Jumpstart Magazine 1 2 Jumpstart Magazine April 2020 April 2020 No. 29 ZILINGO

Cover Story Anatomy of An Almost-Unicorn 50 Charting Zilingo’s meteoric growth from pre-seed to global titan RETYKLE / JENNA LOUISE POTTER ( MIDDLE ) 36 44 75 ECOSYSTEMS TRENDS TRENDS Introduction to the Korean The Fast Rise of New Challengers in the Search Startup Ecosystem Slow Fashion Engine Space

April 2020 Jumpstart Magazine 3 4 Jumpstart Magazine April 2020 FEATURES P41 STARTUP TOOLKIT 26 Understanding Design Thinking Exploring the approach through relevant case studies

ECOSYSTEMS 41 A Spotlight on MENA Tech Maturity and a mindset shift are transforming the region’s startup ecosystem

TRENDS 58 Green Living Starts from the Top Fertilizing a sustainable lifestyle through urban farming

TRENDS 62 A Golden Age for Power Ups P58 Eight years A.C.C. (After Candy Crush), the mobile gaming industry is ready to win big

TRENDS 70 Transitioning to the Subscription Model Tis popular revenue model may not be for everyone

FOUNDER STORIES 82 Match and Listen Transforming mental health treatment in Australia with Lysn Founder Dr. Jonathan King

GUEST COLUMNS

P62 8 A Stream of Influence By ASHLEY GALINA DUDARENOK Why China’s KOL market isn’t slowing down anytime soon

16 New Skies for the Photography Industry By EVGENY TCHEBOTAREV Bringing magic into photo editing using AI

CONVERSATION STARTERS

20 Apped Up In You Interesting findings about your mobile gaming, dating, and shopping life

P8 L I F E S T Y L E

PODCAST REVIEW 91 Moonface created by James Kim

BOOK REVIEW 92 How to Get Filthy Rich in Rising Asia by Mohsin Hamid

E T C E T E R A

ONE LAST QUESTION 96 What is one life hack that you swear by?

April 2020 Jumpstart Magazine 5 C CONTRIBUTORS

PHILIP BAHOSHY NAYANTARA BHAT LINA BODESTAD STEVE BRUCE Philip is the Founder and CEO Nayantara is Jumpstart’s Edito- Lina is a licensed psychologist Steve is a Hong Kong-based in- of MAGNiTT, the largest rial Associate. She is passionate based in Sweden and is one of dependent LinkedIn trainer and investment data platform for about gender equality and good the first in the country to spe- marketing consultant for small the MENA startup ecosystem. food, and loves to read and cialize in UX research. She is the and medium sized-enterprises. Raised in the UK with Iraqi ori- write about new and unusual Founder and CEO of Crimson With over 30 years of experi- gins, he obtained an MBA from applications of technology. She Vale Consulting, a startup that ence, he helps senior executives, INSEAD in 2013 and a BSc in has lived in India, , and develops apps to gamify and business owners, and corporate Economics from the London New Zealand before moving to simplify everyday family life. teams to present themselves School of Economics. Hong Kong. Lina has a life-long love of tech. powerfully on LinkedIn. magnitt.com [email protected] linkedin.com/in/linabodestad sbconsulting.com.hk Read his feature on page 41. Read her feature on page 50. Read her feature on page 87. Read his feature on page 33.

STEVE CERVANTES JASMINE CHAN KIMMY WA CHAN KELLY CHO Steve is an Associate Professor Jasmine is an Editorial Assistant Kimmy is a Professor in the De- Kelly is an Editorial Assistant at in the Department of Interna- at Jumpstart. Born in Melbourne partment of Marketing at Hong Jumpstart. She studies English tional Trade at Konkuk Univer- and raised in Hong Kong, she is Kong Baptist University School Literature and Translation at The sity in Seoul, Korea. He has held studying Linguistics at the Uni- of Business. Her research University of Hong Kong. She several media and think-tank versity of Hong Kong. Jasmine is specializations are in Services is also passionate about music positions throughout Asia. Pro- passionate about art, Broadway, Marketing and Customer Rela- and theater. In her spare time, fessor Cervantes is highly active and cultural exploration. She tionship Management, for which she enjoys playing violin, and at- in the Korean media scene and loves visiting art exhibitions or she has published numerous tending concerts and exhibitions often shares his expertise. belting out her favorite songs. studies. around Hong Kong. [email protected] [email protected] hkbu.edu.hk [email protected] Read his feature on page 36. Read her feature on page 58. Read her feature on page 23. Read her review on poge 91.

JARED HAW DEEPA KAMATH LOUISA LAU SHIRLEY XUENI LI Jared manages EPower Corp, Deepa has over 30 years of Louisa is HelloReporter’s PR Shirley is an Assistant Professor a global contract manufac- experience as a designer and and Content Manager and in the Department of Marketing turing company that develops creative team manager. She is a leader in strategic brand at Hong Kong Baptist University and manufactures consumer the founder of Amplify, a Hong building, corporate and media School of Business. Her re- electronics. He has worked with Kong-based design studio. relations, digital marketing cam- search interests span Consumer some of the leading innovators Deepa has a Masters in Visual paigns, and event management. Behavior, Digital Marketing, in the world to transition their Communication and is a LU- She is passionate about creating Sales and Services Market- products from development to MA-certified Design Thinking and shaping business narratives ing, and Customer-Employee production. Practitioner. for startups and SMEs. Interaction. epowercorp.com amplifyhk.com helloreporter.io hkbu.edu.hk Read his feature on page 35. Read her feature on page 26. Read her feature on page 29. Read her feature on page 23.

6 Jumpstart Magazine April 2020 CONTRIBUTORS C

ANAGHA NAIR WILL ROSS DANEESH SHAHAR PLATO WAI Anagha is an Editorial Intern at Will is the Head of Digital Daneesh is a senior at New Plato is General Manager at Jumpstart. Originally from India, Channels and Experience for York University Stern School of SHOPLINE HK, a global smart she is a first year student study- Citibank Hong Kong, oversee- Business, studying Quantitative commerce enabler. Prior to ing Journalism at The University ing digital channels and their Economics and Computing and SHOPLINE, he worked at of Hong Kong. Anagha is pas- integration with customer Data Science. He’s fascinated Lehman Brothers and Nomura sionate about new experiences experience. He has 20 years of by the crowdsourcing model Holdings. With extensive and traveling the world, and experience in VC, corporate and in shaping wide-scale employ- experience in the startup scene, hopes to become a backpack investment banking, and digital ment, and the role tech plays in Plato regularly writes for The journalist in the future. business development. driving the esports industry. Stand News and StartUpBeat. [email protected] citibank.com [email protected] shopline.hk Read her feature on page 79. Read his feature on page 24. Read his feature on page 70. Read his feature on page 30.

Do you want to write for Jumpstart?

Get in touch with us at [[email protected]] BENJAMIN WONG to learn more about how you can become a contributor. Benjamin is the Co-founder and CEO of TranSwap, a company that provides businesses with a platform to seamlessly manage and execute Please include at least one payments globally. His industry knowledge and well-rounded business writing sample in your email. perspective has led him to found several startups over the years. transwap.com Read his feature on page 32.

JULY 9, 2020 Festival Organizers

Hosted By LIFESTYLE TECH CONFERENCE

Scan to complete a survey about our magazine and sign up to our mailing list to redeem your ticket. STARTMEUPHK FESTIVAL 2020

April 2020 Jumpstart Magazine 7 G GUEST COLUMNS

merce with them. When we talk about A Stream of Influence China’s Internet economy, the role of KOLs can’t be ignored. Why China’s KOL market isn’t slowing down anytime soon How KOLs disrupted retail

By ASHLEY GALINA DUDARENOK he standard retail cycle (i.e., demand Tto influencer content to purchases) has been upended to become influencer hina’s key opinion leader (KOL) sidered a small- to medium-sized influ- content followed by consumer demand, market has been one of the fast- encer in China. Let that sink in. and then purchases. Cest-growing and most durable eco- Li Jiaqi is the top live streaming blog- The supply chain formed by KOL nomic phenomena in recent years. Ruhan ger and cosmetics salesperson on Taobao ecommerce allows for pre-ordering to Holding, a Chinese firm that specializes in with 18.5 million followers [as of Febru- eliminate excess stock. When it’s their own KOL-driven ecommerce, found that the ary 2020]. He gets more than ten million product line, influencers will work closely country’s influencers drove US$4 billion views for his daily streams. Viya is also a with manufacturers to make sure extra in sales in 2018. Taobao live streaming seller who showcases stock can be ordered if there’s demand. China is also known for the outsized items ranging from skincare to cereal. She This chain eliminates intermediary retail- role that its influencers play in consumer has 15.3 million followers, and her regu- ers who were necessary to reach customers behavior. According to CCTV, 83% of lar live streams get more than 12 million in the past. young consumers’ purchasing decisions views per stream. The two consistently sell KOLs who have product lines are also are highly influenced by KOL recommen- tens or hundreds of millions of Renminbi in the unique position of promoting prod- dations, while 38% of consumers feel the worth of products. ucts for competitors, putting many brands same in the U.S. In the UK, the number To compare, Bill Gates has 48.9 mil- in the awkward position of having to rely is only 32%. Judging by the sheer number lion followers, Robert Downey Jr. on the competition to promote their prod- of potential followers in the world’s most has 42.6 million followers, and uct. New influencers or those who don’t populous country, it’s easy to see how pow- Lady Gaga has 39.4 million Instagram fol- have product lines can turn to another erful the KOL economy is compared to lowers. These public figures are all inter- trend: MCNs. other countries. nationally-known, whereas Chinese KOLs For example, Huiyi Zhuanyong Xiao- are only known within China and among Multi-channel networks (MCNs) majia, a comedy and pet blogger on Weibo a small number of Chinese expats. are changing the game (China’s answer to Twitter), has 41 million The pace of digitization in the coun- followers, and the average engagement try means that its modern celebrities and CNs are agencies that create core (i.e., likes, shares, and comments) for one influencers went straight to the web with- Mcontent for platforms and train of his posts is around 10,000. He is con- out skipping a beat and brought ecom- professional KOLs. They are bringing a

8 Jumpstart Magazine April 2020 GUEST COLUMNS G

nese KOLs, given their proximity to the world’s largest manufacturing hubs and sophisticated supply chains.

Increased platform competition

aobao’s dominant position in live Tstreaming ecommerce may not last for long, and platform competition may soon replace MCN competition as the key to winning traffic. JD.com, Weipinhui, and Pinduoduo are all planning to enter the ecommerce live stream market. Even video apps, such as Douyin and Kuaishou, are filled with KOLs selling products during live streams. Taobao occupies much of the mind- share in first and second-tier cities, so the new players will likely start from the sink- ing market (third- and fourth-tier cities and below) and then slowly occupy the first and second-tier cities.

Journey to the West

everal Chinese YouTube accounts have Sgained success in recent years. Li Ziqi showcases an idealized and cinematic por- trayal of rural life in China, which has captivated viewers around the world. Her certain level of standardization and consol- more effective in targeting consumers with channel currently has around nine million idation to what has become a broad and the use of data analysis and other tools. subscribers and more than a billion views. fragmented market. Another YouTube channel by a quirky More and more platforms are also Social responsibility is blogger, who goes by Ms. Yeah in English, launching their own internal MCN sup- gaining importance has garnered 8.3 million subscribers and port programs. Xiaohongshu, or RED, almost two billion views for her odd hacks announced its MCN plan in November ore and more influencers are using and unusual takes on office life in China. 2019, stating its intention to create ten Mtheir enormous platforms to do With domestic channels highly saturated super KOL accounts with RMB 1 billion good. Li Jiaqi did a special live stream on and competitive, these KOLs are showing in backing. the eve of Chinese New Year; instead of that going international on YouTube may KOLs–supported by vast amounts of selling, he asked viewers to make dona- be the way forward. traffic–share consumer demand and feed- tions to Wuhan after the coronavirus out- back with ecommerce platforms, suppliers, break, raising a total of RMB 71.4 million. brands, and MCNs to form a supply chain that can quickly adapt and iterate. Key opinion consumers (KOCs) and private traffic What can we expect in the future? rands know they can’t rely on inde- Expansion and diversification pendent KOLs for everything. Many B ABOUT THE AUTHOR brands are building in-house KOCs to ccording to an iResearch survey, the review and promote new products and Ashley is a renowned China marketing Anumber of online celebrities with discounts, and manage customer relations. expert, entrepreneur, speaker, vlogger more than 100,000 fans increased by 51% They openly work for the brands, which and bestselling author. In 2019, she from 2017 to 2018. As of April 2018, followers see as another way for companies was recognized as a LinkedIn Top Voice the total number of Chinese KOL fans to diversify their promotional efforts. in Marketing in 2019 and an Asia-Pa- reached 588 million, up 25% from 2017 cific Top 25 Innovator. She is the (iResearch). KOL brands will continue to excel founder of two companies: China-fo- With this expansion comes new types cused social media agency Alarice and of content and new ways to consume it, ore and more influencers will work to China digital marketing consultancy such as using VR to enable customers to Mbuild brand and product lines once and training company ChoZan. view a product from all angles before mak- they attain a certain level of popularity. chozan.co ing a purchase. KOLs will also become This process is particularly easy for Chi-

April 2020 Jumpstart Magazine 9 G GUEST COLUMNS

10 Jumpstart Magazine April 2020 GUEST COLUMNS G The Next Great Entertainment Revolution

Next generation games will be unlike anything we have seen before

By WING LEE

aming has transformed from a ‘geeky’ activity into a dom- inant force in entertainment. With one in three people Gconsidering themselves a gamer, it’s safe to say the industry is reaching new heights (Newzoo). What makes the gaming experience unique is that it extends beyond the players. The fans who follow competitive gaming, or esports, have turned it into a global form of entertainment, as more people watch esports than HBO, Netflix, and ESPN com- bined (Roundhill Investments). Gaming as a spectator sport is massively appealing, whether for a kid who’s chasing their esports athlete dream, a gamer who loves to socialize with fellow players, or a casual fan who watches live streams on YouTube. Changes of this magnitude are rare in entertainment. Tradi- tional sporting content on television has dominated home enter- tainment for the last few decades. The new era of esports-related content and live streaming will likely be an enduring trend, given the increasing pace of digitization. Next-generation games in the new decade will be unlike any- thing we have seen before, reshaping the way people interact with and consume content. A game may just become the next big social network, for one. Popular shooter game Fortnite is already draw- ing comparisons to Facebook. Millions of people play the game in teams, and even when gamers are not actively playing, they chat and watch others play. The next Marvel universe may very well stem from the gaming industry. Action-adventure game Red Dead Redemption II had the largest opening weekend for game sales in the history of enter- tainment, topping Hollywood’s weekend box office record set by Avengers: Infinity War. Players are devoting thousands of hours to interacting with characters and stories, as MMORPGs (massively-multiplayer online role-playing game) are designed as massive worlds for play- ers to explore. This highly-engaged fan base provides excellent opportunities to build the next big movie franchise or lifestyle brand targeting millennials and Generation Z consumers. U.S.- based esports organization 100 Thieves has invested heavily in its brand, and many more are sure to follow suit. Technology will also open up more ways for gamers to engage in their favorite activity. Currently, platform segmentation across P.C., mobile, and console makes it hard for friends to play with and against each other if they are on different platforms. But tools like Unreal Engine will enable developers to build cross-platform ABOUT THE AUTHOR games. Multiplayer experiences will also be enhanced, leading to Wing is an entrepreneur and investor who invests in startups more player acquisition and engagement. across the education, esports, and tech sectors. He is a former Gaming and esports are creating a culturally visible commu- investment banker with more than ten years of experience in nity of passionate gamers and fans. The fans, often affluent and corporate finance and debt capital markets across London, digitally-savvy, will become a highly sought after consumer pool and Hong Kong. for corporations and brands. We can look forward to a massive [email protected] wave of commercial opportunities across the world, and the most immersive, imaginative, and entertaining gaming experience yet.

April 2020 Jumpstart Magazine 11 G GUEST COLUMNS A Diferent Type of Going back to brick and mortar rom the days of streetside stalls to Amazon Prime, we have Fbeen obsessed with shopping for millennia. Although ecom- Innovation merce has put countless retail giants out of business, more and more small business owners are taking back the brick and mortar Focusing on product and community above all model and making it their own. A personal favorite of mine is Perk by Kate, a feminine linge- rie brand that uses comfortable fabrics. Founded in Singapore in By YEELING CHANG 2012, it started as an online business, but the company moved into a beautiful shophouse unit last year. e see a ton of coverage these days about tech startups, As much as shopping online provides a variety of benefits to often neglecting to discuss other new businesses that both the customer and operator, for founder Kate Low, a phys- Whave been established in recent years. These businesses ical store means having more opportunities for interaction with may not be selling a product or service with groundbreaking tech- her customers. In doing so, she’s able to form long-term relation- nology that changes our lives, but they impact us in subtle and ships with her customers and journey through life with them. For meaningful ways. I can think of three companies here that encom- instance, if a new mother needs nursing , but is unable to pass these values. find time for a fitting, the store will send items to her home, and the customer can keep what fits. A friendly match The retailer-customer relationship is reciprocal, as the bene- fits of being able to see, feel, and try on the products have led to here’s nothing new about headhunting, but Taipei-based higher sales conversions. TR&S Careers, co-founded by Sabina Huang, is offering a human-centric approach. Going beyond matching, the com- New region, new produce pany helps job seekers by organizing monthly workshops around upskilling, conducting mock interviews, reviewing their resumes, arrow & Hope, based in Marlow, England, planted their and hosting networking events. Hfirst vines in 2010. Its first commercial harvest was in 2013, Positioning and personal branding is certainly something that which was released for sale in 2016. Founders Henry Laithwaite Huang understands based on her experience at AKAD Group, an and his wife Kaye started the venture when it became clear that MBA consulting firm. Like top-tier universities, employers look climate change was making England a suitable place for produc- for highly-mobile and adaptable talents. ing sparkling wines. With the same chalky soil as Champagne, One can argue that headhunting can potentially be auto- England now has the same climate as the region did 100 years ago. mated, as we have seen on platforms such as LinkedIn Jobs. But Given the increasing temperatures, the grapes can now ripen the human touch is more effective in identifying suitable talent within a suitable time frame. The co-founders recognized that and developing a deep understanding of individual industries and the greatest asset a winery has is soil, so Harrow & Hope steers company cultures. clear of herbicides and only uses organic nutrition. He believes the vines should be healthy and balanced to produce the best flavors.

hese three companies use tech tools to run their business and Tunderstand their target audience, but what sets them apart is having an intimate, human understanding of their customers. They may reside in traditional industries, but their value rests in other elements: education, empowerment, and sustainability. Perk by Kate’s brick and mortar location opened in Singapore last year after seven years of online operations. Photo courtesy of Perk by Kate.

ABOUT THE AUTHOR YeeLing is Content Director at CAREhER, the only bilingual platform that takes a comprehensive approach to personal and professional development for women. CAREhER offers per- sonal branding and coaching, and resources for learning, such as interviews with successful women. She is also an entrepreneur with over 12 years of experience in the F&B industry. careher.net

12 Jumpstart Magazine April 2020 GUEST COLUMNS G

April 2020 Jumpstart Magazine 13 G GUEST COLUMNS

• Stop trying to emulate famous people or what other entrepreneurs are doing. Don’t Compare Your Beginning to • Stop putting yourself down because you haven’t met an arbitrary standard Someone Else’s Middle you set for yourself. • Stop comparing your year one to oth- Focus on what you’re doing and not on what the world is doing ers’ year twenty.

By STEPHEN MOORE If we want to gain the most out of our entrepreneurial experience, then we need to be honest about what we are doing, how he availability of online content We’ve forgotten that the people who we are doing it, and who we are–behind in the modern age has led us to we put on a pedestal are way further down it all. Entrepreneurs need to know that Tbecome obsessed with what every- the line than us. Most of these found- they’re not alone in sometimes feeling one else is doing and achieving in their ers you compare yourself to have likely helpless, lost, and inadequate. lives–and to destructive effect. Teenagers experienced all the struggles you’re going Being honest about what we go are spending up to nine hours a day con- through: money issues, the endless grind, through will better the conversation suming media, with some checking their and failure. What you see is the end prod- around startup life. Sharing the lessons, social media up to 100 times a day (Com- uct, which resulted from years of hard experiences, and mistakes we all make mon Sense Media). Research by behavioral work and kind fortune. allows us to grow as founders. scientist Clarissa Silva found that 60% of We sit and wonder why our one-year- people using social media reported that it old business hasn’t taken off yet, and turn negatively impacts their self-esteem. to the Internet to tell us how to change the In the startup space, this phenomenon situation, only to be met with an endless has become a toxic problem that is crip- sea of content. The result is feeling over- pling far too many entrepreneurs. Social whelmed by the milestones we’ve yet to hit media has changed the way we evaluate and strategies we’ve yet to try. our accomplishments. We’re holding our- Constantly seeking validation is det- ABOUT THE AUTHOR selves to the unachievable standards of the rimental to self-worth. Not being able to hugely successful public figures and busi- meet the unrealistic expectaions we set for Stephen is the Co-founder and Maker ness leaders we follow. ourselves can only lead to disappointment. of Roots Furniture, a bespoke fabrica- I’ve been guilty of doing so, spending We then throw in the towel far too early tion and fit out company. He is also a too long looking at competitors and idol- and join in the ‘90% of startups fail’ chant. writer and his work has been featured izing those further ahead in their profes- The simple fact is that spending time in Business Insider and Thought Cata- sional lives than me. It took me a long time on others’ lives is taking away time spent log. Stephen is Co-editor of the Post to realize that those two situations, one of working on our own. Without focus, you Grad Survival Guide and Medium’s somebody figuring out how to start a busi- will achieve nothing, feel even less ade- Millennial Career and Life Publication. ness from scratch and somebody who has quate compared to your peers, and con- sjmblog.com ‘made it’ already, are not comparable. tinue down the vicious cycle. My advice is:

14 Jumpstart Magazine April 2020 GUEST COLUMNS G

for them specifically. Vindicating the Liberal Arts Major Referring back to the Data Scientist role, the ability to use analytical reasoning The best talent you’re not hiring should be high on the priority list. As an interviewer, ask for examples of when the candidate showcased that skill. You’ll gain By SHO DEWAN a much more in-depth understanding of the individual by doing so, such as what istorically, Liberal Arts majors dates with the ability to think outside of motivates them. have had a bad reputation when the box and solve real, human problems. Hit comes to their appeal in the job According to a recent LinkedIn report, Hire for attitude market. While unfair, this generalization the top three most in-demand soft skills has trickled into the way many recruiters for 2020 are creativity, persuasion, and ccording to Entrepreneur, “40 per- hire, especially for tech companies. collaboration (The Skills Companies Acent of all new hires fail because of Which candidate do you think a Need Most in 2020—And How to Learn issues with their attitude.” If given a choice startup would prefer for a Data Scientist Them). And which backgrounds are typi- between ability and attitude, go with atti- role: a Mathematics or a Sociology gradu- cally most equipped with these skills from tude every time. Anyone can learn new ate? It depends is the right answer, but most their studies? Liberal Arts. skills, but it is much harder to convince recruiters are trained to look out for the So how can startups best hire a great candidates to feel excited for a company buzzwords and go with the straightforward blend of talent for their organizations? and its mission if they are missing that choice. This practice may be acceptable spark from day one. in the short-term, but tech companies are Focus on the skill sets, potentially losing out on game-changers not on past titles Reward multi-skilled candidates by going down this route. Yes, strong technical skills are great t’s easy to judge candidates based on ecruiters are sometimes so honed into qualities, but they’re not the only ones that Itheir schools, majors, and previous roles, Ridentifying the few technical skills matter. The best candidates for long-term but this approach is not ideal when you that they miss the talent sitting right in success are often dynamic in their skill sets want to foster diversity. Instead, identify front of them. In today’s world, the best and have varied backgrounds. What mat- the essential skills the candidates would talents are no longer one-trick specialists, ters most for a growing startup are candi- need to succeed in the role and then look but well-rounded rockstars. Don’t detract star candidates from having multiple inter- ests and skills–reward them for it.

ack in the day, most tech recruiters Bwouldn’t even look twice at the CV of a Liberal Arts major, but times have changed. The best companies know that a diverse talent pool is better for business. More startups are now finding great suc- cess in hiring talent from less traditional paths. The CEOs of , Alibaba, and YouTube all hold humanities degrees, and your next great hire may have one, too.

ABOUT THE AUTHOR Sho is the Founder of Workhap, a coaching and leadership training com- pany in Hong Kong. Its mission is to make work a happier place for every- one. He helps ambitious job seekers find their ideal next role and partners with leading companies to teach lead- ership skills to managers. workhap.com

April 2020 Jumpstart Magazine 15 G GUEST COLUMNS

that sentient or ‘general’ AI will take over the world, but so far, the technology remains outside the grasp of even the brightest minds, best-funded startups, and largest corporations. Instead, the AI that is now present in every product, from calendar apps to voice assistants, is simply analgorithm that uncovers patterns through self-learning. It harnesses technology for good by training pieces of code for a precise application. With ever-increasing computa- tional speeds and open source libraries, it is now feasible to imple- ment any idea using algorithms. Engineers began looking at tasks that are repetitive, but take an enormous amount of time. In the photography industry, the most notable is portrait retouching. It often takes photographers anywhere from 15 minutes to one hour to retouch a photo. If you have to deliver 30 portraits to a client, the process becomes very monotonous, very quickly. The economies of scale simply aren’t Before and after photos using Skylum’s “AI Sky Replacement” technology. Photo present when creativity is involved. courtesy of Skylum. Now, algorithms are taking on the task. Engineers would ask professional photographers to provide them with before and after photos, such as retouching the skin. Then, tens of thousands of photos are fed into a machine learning system algorithm to achieve professional-looking results–all done entirely by a computer. After several rounds of retouching and human checks, the algorithm will be smart enough to get the marketing stamp of being an ‘AI.’ Engineers are also taking on other problems, such as recognizing faces or retouching specific areas–making the eyes sharper, eyebrows fuller, chin more chiseled, and so on. Each of these improvements requires an algorithm or a combination of different algorithms. This utilization of AI is good news for startups and photogra- phers. Instead of creating a gold rush, where companies compete for dominance, hundreds of startups are releasing small but useful features for photographers to try out. And changes are happen- ing fast, as these companies don’t have committees taking years to decide to do ‘AI stuff’ like that of large corporations. My company developed a solution to a problem that all travel New Skies for the and landscape photographers face: not being able to control the weather. We introduced a feature that can ‘replace the sky’ with Photography Industry the click of a button–a task that would take a professional pho- tographer up to an hour. It also allows everyone to enhance their Bringing magic into photo editing using AI travel photos. The photography industry has been making steps toward what I call ‘useful AI’ in the last two or three years. These are the baby By EVGENY TCHEBOTAREV steps, but 2020 will be the year that we see both cloud and on-de- vice AI from companies, big and small. They will be powerful t the end of 1999, with snow falling outside an apartment enough to be, in the words of legendary Arthur C. Clarke, “indis- located in a quiet part of Moscow, a 14-year-old boy was tinguishable from magic.” Apatiently waiting in front of a boxy, beige monitor–the unblinking eye of the Photoshop 5.5 splash screen staring back at him. That boy was me. The technology did seem magical when we look back at these seemingly idyllic, retro-futuristic days. Hordes of futurists and filmmakers at the time were promising us flying cars and interga- lactic travel by 2020. Instead, we put a powerful supercomputer in everyone’s pocket. When Steve Jobs showcased the game-changing iPhone to the ABOUT THE AUTHOR world in 2007, entrepreneurs began scrambling to build apps for the new device that would conquer the hearts and minds of all. Evgeny founded 500px, a global photo-sharing marketplace, One of the most compelling areas of development was building which raised over US$25 million from , various photo applications to empower photographers. After all, ffVC, and CAA. The company was acquired by VCG in 2018. the quality of photography in a smartphone is one of the most He is currently the Chief Growth Officer of Skylum. crucial features of the device. skylum.com Artificial intelligence (AI) is often misunderstood. There’s talk

16 Jumpstart Magazine April 2020 April 2020 Jumpstart Magazine 19 F FEATURES STARTUP TOOLKIT

18 Jumpstart Magazine April 2020 GUEST COLUMNS G

The interesting part is that the five female founders must col- Female Entrepreneurs laborate to decide how to split the money; the rules: it can’t all go to one or be split evenly. What seems to be a terrifying social experiment instead offers insights into a new way of doing busi- Ofer a New Perspective ness in a changing world. When approaching competitors for collaboration, think about on Competition whether there is a way to vertically integrate or align on some other core value to aggregate your offering. This diverse new way of thinking offers opportunities to find the best use cases for the Competition doesn’t always have to be cutthroat– limited resources needed for the next generation of businesses– sometimes, it can be collaborative and is a direct result of having more female entrepreneurs and investors in the world today. By SHAZIA KHAN

couple of months ago, I was asked to give a keynote speech on how to build a startup in a difficult emerging A market successfully. While I carefully outlined the ques- tions that we asked to embed ourselves in the market, claw our way to profitability, and build a company with steady revenue and growth, what seemed to resonate most with attendees was our unusual approach to competition. Many years ago, I read an important book about negotiation called Getting to Yes: Negotiating Agreement Without Giving In by Roger Fisher and William Ury. It recounts a story of two sisters fighting over an orange. By drilling down into what each needed and understanding that their needs were not mutually exclusive, the situation is amicably resolved. One sister required the orange rind to bake a cake, while the other just wanted to eat the orange. This anecdote reflects how I approach negotiating with the competition. If you can carefully identify each stakeholder and their motivations, then you can find opportunities to collaborate in ways that are mutually beneficial to both of you. I use this strategy time and time again with my own com- pany. Instead of fighting competitors in a race to the bottom, we continually engage them to see if there are opportunities to work together. This strategy has also allowed us to collectively work toward the creation of a positive environment to grow our busi- nesses by pushing for policy shifts that favor all of us. It was this approach that led to us acquiring our largest com- petitor in the market. It was a much better funded company, but was on the brink of collapse due to bloated management costs and lack of local distribution. Far from finding joy in its demise, we realized that its failure might send the wrong signal to inves- tors, potentially giving them the idea that our market was unripe. Moreover, it would leave thousands of customers stranded and destroy confidence in our product and the ability of companies like ours to service them. Buying out our competitor for a reasonable price allowed its owners to recover some costs and pay employees. Further, its cus- tomers could continue to be served. We were able to significantly expand our customer base at an accelerated pace and in a much more cost-effective way than we could have done otherwise. ABOUT THE AUTHOR Another example of collaboration over competition can be seen in our fundraising efforts. I was recently presented with an Shazia is an environmental lawyer and off-grid energy expert. exciting opportunity. In an attempt to counter the very real strug- She co-founded EcoEnergy with Jeremy Higgs as a way to dis- gle that female CEOs face in this endeavor (according to Pitch- tribute solar electricity in Pakistan to the 65 million living off- book, only 2.8% of venture capital went to female founders in grid. EcoEnergy was selected as one of SheEO’s Ventures, and 2019), a progressive new debt fund was established specifically for received a SET Award for being one of the top 100 energy start- female CEOs. The total fund of half a million U.S. dollars is to be ups in the world. split among five ventures, selected based on the businesses’ chance ecoenergyfinance.org of survival and repayment.

April 2020 Jumpstart Magazine 19 F CONVERSATION STARTERS

Apped Up In You

Interesting findings about your mobile gaming, dating, and shopping life

Mobile Gaming

56 percent of game revenue comes from three genres: Puzzle, Skill and Chance, Strategy (EEDAR). Average Yearly Revenue of Around 150 the Top Five Grossing Mobile marketing creatives work at big Gaming Apps (MediaKix) 6 pm to 10 pm gaming companies (over 500 is the most popular time for mobile people) like Wargaming. They always gaming (Newzoo). have five to ten creatives at hand to provide fresh perspectives when ad performance drops (Apptopia). 23 percent of women in the mobile game industry feel they have equal 2.2 billion 1.5 3.5 5.5 opportunity, even though 52% of people were mobile gamers in 2019 mobile gamers are women (Forbes). (MediaKix). n = US$100,000,000

20 Jumpstart Magazine April April 2020 2020 CONVERSATION STARTERS F

Dating Apps 1 million 60 percent messages were sent through Cofee of respondents say they “always Meets Bagel on ‘Dating Sunday’ present themselves truthfully” on (the first Sunday of the year) in dating profiles (Statista). 90 minutes 2019 (Business Insider). is the average time a user spends on Tinder daily. Women spend 8.5 minutes swiping in a single session, 75 percent and men spend 7.2 minutes (New US$8.92 of online daters are under the age York Times). is the average revenue per user for of 30, and 90% are under 40 online dating (Statista). (GlobalWebIndex).

51 percent 66 percent of people aged 18 and 24 consider of the online dating pool online dating to be important to [people aged 16 to 66] are men them (Think With Google). (GlobalwebIndex).

21 percent US$973 million of Gen Z respondents believe that of online dating revenue is expected a text conversation can count as a in the United States in 2020 date (Think With Google). (Statista).

Online 45 percent of U.S. ecommerce purchases will Shopping be from mobile devices in 2020 (Business Insider).

755 million active users shop on Alibaba as of 75 percent June 2019–more than the U.S. of online grocery shoppers say they population (Investopedia). are still using the first e-tailer they tried (Think With Google).

119,928,851 products are listed on Amazon as of 2 out of 3 April 2019 (Oberlo). shoppers say online video has given them ideas and inspiration for their purchases (Think With Google).

Pokemon Go! 65 percent of shoppers look up price Fortnite comparisons on their mobile device Candy Crush Saga while in a physical store (Oberlo). ROBLOX

Toon Blast

*Data as of December 2018.

AprilApril 20202020 Jumpstart Magazine 21 F FEATURES STARTUP TOOLKIT

22 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F

associate the use of emojis with the pro- Should Your Startup Use Emojis as a vided service. Customer Communications Tool? Emojis make bad situations worse mojis do not resolve a customer’s By KIMMY WA CHAN and SHIRLEY XUENI LI Enegative feelings from unsatisfactory service; in fact, they only compound it. When service is failing to resolve a sit- ustomer service is a critical part of Using emojis can make uation, all customers increasingly look startup success, but it often falls you seem warmer, but less for competence as opposed to warmth. Cby the wayside when founders are competent to customers In these situations, emoticon usage–no bogged down by other tasks. When com- matter how cute or clever–by a customer municating with customers, setting the ccording to the study, customer ser- service representative usually makes the right tone from the outset goes a long way Avice employees who use emoticons situation even worse. in building brand reputation and generat- appear warmer, but also less competent. ing conversions. Today, we will look at a This perception applies to pictorial (e.g., Emojis can secure conversions trending tool for customer service repre- ) and text-based (e.g., :) ) emojis, show- when the time is right sentatives: emojis. ing that the power of emojis is not purely No longer just for chatting with family driven by eye-catching graphics and colors. hen a customer service employee and friends, we see more and more busi- Wgoes the extra mile to address a cus- nesses experimenting with emojis to con- Emoji perceptions depend on tomer’s needs (e.g., proactively providing nect and engage with customers on social the customer’s personality extra care or knowledge) using messages media and ecommerce platforms. As this with emojis, the study finds that custom- shift takes place, we find ourselves asking: ommunal-oriented customers (i.e., ers are more likely to make the purchase. what do consumers think of all this? Ccustomers who enjoy friendlier rela- To help answer this question, Hong tionships with brands) think customer ser- Four tips for improving your customer Kong Baptist University School of Busi- vice providers who use emojis are warmer, communications: ness recently conducted a study to explore which makes them feel more satisfied how customers perceive brands that use with the service experience. On the other 1. Use emojis if you want your brand to emojis in customer service conversations. hand, exchange-oriented customers (i.e., appear warmer, but keep in mind that Here are the key findings that could sig- customers who prefer purely transactional it likely won’t help your brand look nificantly impact your startup’s success: relationships with brands) will negatively more professional and competent. You need to find the right balance for your startup. 2. Understand your customer segments, then tailor your communication strat- egy. ‘The simpler, the better’ rings true when faced with exchange-oriented customers, as emoji use is not per- ceived positively. 3. Make sure you have a comprehensive customer service protocol in place that follows the entire customer journey. Being prepared to deal with a cus- tomer’s situation is always better than trying to use emojis to help salvage a relationship turned sour. 4. If your services are genuinely exceeding a customer’s expectations, try leverag- ing emojis in your communications to help drive conversion. You may be sur- prised by their effectiveness.

ith these tips in mind, savvy start- Wups can effectively enhance their customer communications with emojis without overstepping their boundaries. Kimmy is a Professor and Shirley is an Assistant Professor in the Department of Marketing at Hong Kong Baptist University School of Business.

April 2020 Jumpstart Magazine 23 F FEATURES STARTUP TOOLKIT

A Fresh Approach to Corporate-Startup Partnerships

By WILL ROSS

un-dried startups, hung on the cor- to pitch, but in my experience, large orga- APIs are a good fit within this process, as porate procurement vine. nizations tend to make decisions out of they can be quickly integrated and stan- SDespite the best efforts of many, pro- insecurity rather than conviction. To galva- dardized into the company framework. curement has all too often been the result nize your audience’s attention, do not flat- Anchor any timeline presented in your of attempts to foster corporate-startup ter their strengths. Instead, demonstrate pitch to quick deployment via a bank’s API partnerships. But why is it still the case that you truly understand the specifics of infrastructure. when ‘digital transformation’ returns 555 their perceived weaknesses and how you Incorporating these two strategies into million results on Google? are the best readily deployable solution. a pitch enhances a corporate partner’s will- It’s clear that customers are looking for Without tapping into an organiza- ingness and ability to play. It moves your new solutions that will allow them to live tion’s insecurities, you will likely struggle solution out of the ‘nice to have’ bucket more smartly, and organizations are trying to create any internal urgency to push for and transforms it into something that to meet their demands. Unfortunately, your product. Consider this the ‘dark side’ could impact this quarter’s business. organizations, especially large ones, strug- of product-market fit. Remember that The general lesson here is that quar- gle with friction and inertia. Friction in a this should be institution-specific–be sure ter-on-quarter performance is at the core heavily-regulated industry like banking is not to pitch the same conclusion to other of any public company’s thinking. Captur- due to the numerous stakeholders beyond organizations in the industry. ing a dollar that they could be leaving on a product’s users–like legal and compliance Second, focus on the magic words: the table today is infinitely more action- teams–whose concerns must be addressed. readily deployable solution. In the bank- able than an indefinite risk of disruption. Inertia, on the other hand, characterizes ing sector, third-party solutions are The ultimate goal during your pitch is to a time when all software solutions were increasingly accepted under the aegis of make a successful result seem both credible developed in-house. APIs, which have been easier for banks and plausible. The combination of these two factors to embrace than solutions that still need Let me end with a call for action to my results in roadblocks on the aforemen- development. In the same way that the fellow bankers. Success in startup partner- tioned procurement vine, making work- Internet protocol suite standardization ships is not about smiles set in social media ing with large corporations a tedious and allowed for the scale-out of the web, APIs stone at the end of a hackathon. It is 2020: challenging process. Nevertheless, just like have eased the pathway to the adoption of we’re beyond that, and capable of so much counting cards, there are ways to incre- third-party solutions. more. There is only one measure of success mentally increase your chances of success Resource allocation at any large insti- that matters: deployment. Anything else is even when playing by house rules. tution is a brutally pragmatic process–lib- innovation theater. First, learn how to say ‘hello.’ There is erally sprinkled with politics–that seeks Will is the Head of Digital Channels and no shortage of advice for founders on how to maximize the impact of every decision. Experience for Citibank Hong Kong.

24 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F

April 2020 Jumpstart Magazine 25 F FEATURES STARTUP TOOLKIT

UniCourt operates, these questions were Understanding Design Thinking reframed into broad, ‘How might we…’ challenges, which is the starting point of any design thinking engagement. The Through Case Studies challenges were:

By DEEPA KAMATH • How might we make Unicourt, a U.S. court case database application, more customer-friendly? hange and innovation are messy Developing user empathy • How might we improve the UX of key yet essential processes. But human and identifying problems UniCourt pages to increase conversion? Cbeings psychologically crave the in a SaaS solution security of structure, which is where design The first challenge was to get under the thinking comes in. It can be applied to angalore, South India | UniCourt, a skin of a customer persona while using any industry, taking into account unique Msoftware-as-a-service (SaaS) solution UniCourt. Personas were based on ficti- ecosystems and the diverse needs of their for accessing U.S. State and Federal court tious users in California, complete with stakeholders. records, started as a project in California in names, genders, ages, and clearly defined In essence, design thinking is a prob- 2011. Founders Prashant Shenoy and Josh professions. Each of the personas accessed lem-solving system. The discipline was Blandi bootstrapped UniCourt in 2012 UniCourt’s database for vastly different shaped by the contributions of innumer- with funding from family and friends. reasons, for example: able academics, designers, and thinkers By 2018, the SaaS solution acquired from the 1960s onward. It was widely a significant number of customers, but • Rachel, aged 32, is a paralegal accepted that complex contemporary Shenoy still had many questions regarding • Tom, aged 40, is an architect and problems had no simple solutions, and its look and feel. For instance, how can a divorcee fighting a custody battle had to be approached holistically and U.S. court records SaaS application based humanely. Simply put, this approach is the in South India hold its own against local Next, a simple exercise called ‘Affinity integration of designers’ creative processes competition? How can we keep the team Clustering’ aggregated and ranked appli- and methodical business thinking. motivated? Does the user experience (UX) cation features based on the complexity Looking at business systems in diver- clearly explain the problem it solves? Is the of implementation and their impact on gent and convergent ways results in pow- onboarding process smooth? Do users find users. This exercise made it easy to decide erful insights, irrespective of the scale or what they are looking for right away? Are which of the mountains of user requests nature of the business, making this flexi- the SEO efforts effective enough for Goo- for solutions would be best to carry out. ble methodology applicable to startups in gle rankings? The session concluded with an ‘Impor- many areas of their operations. After assessing the ecosystem in which tance-Difficulty Matrix’ to prioritize

26 Jumpstart Magazine April 2020 STARTUP TOOLKITS FEATURES F

to spend time with her daughters. Around her, she saw many other qualified women letting go of their careers when they became mothers. Lena felt strongly that fulfilling work and motherhood were not mutually exclusive. This belief led to the founding of Hong Kong Momtrepreneurs (HKM), a platform encouraging women to take up entrepreneurship by providing access to training and mentorship opportunities. Drawn by Lena’s energy and organiza- tional acumen, a like-minded committee gathered around her. But the HKM Core Committee was at a crossroads, without a shared understanding of where the organi- zation was headed and what to prioritize. The design thinking challenge was: How might we make Hong Kong Mom- trepreneurs into an inspirational and unique organization providing lasting value to its members? The session kicked off with a custom- ized ‘Creativity Matrix’ to stimulate ideas in line with organizational aims and stake- holder objectives. Collaboratively, many ideas were first generated, then ranked convergently–first for effectiveness and then for ease of implementation. HKM’s takeaways formed a clear visual roadmap of which ideas could be executed immediately, and which had value but needed time and organizational resources to succeed. HKM’s nine-member core group, who had met just a few times, arrived at a consensus on how to proceed– amicably, over wine and cheese, and with- out a single argument. “The design thinking session helped to think outside-the-box and to prioritize properly [...] and was done in an efficient manner which might otherwise take two or three more rounds of meetings,” says actionable points for UniCourt’s team. and is something to be dealt with later. HKM founder Wong. In the second challenge, an inexpensive But customers are now spoiled for choice. but extremely effective testing procedure The unique features of any SaaS solution here is no singular way to practice devised by IBM in the early 1990s called have to be upfront and easy to understand. Tdesign thinking. The method cannot the ‘Thinking Aloud Protocol’ was used to Otherwise, the application will be doomed be explained or taught–it has to be experi- evaluate UniCourt’s usability, taking user in the saturated, hyper-competitive SaaS enced. Sessions are embedded in context, empathy a step further. Participants used environment. where the outcome depends on the partic- the app and verbalized their thoughts at By developing empathy with its users ipants’ commitment and how deep-rooted every stage of the interaction. Asking them through a design thinking exercise, Uni- the problems being addressed are. Exer- to assume the personas enabled the Uni- Court realized that they had to get out of cises are thoughtfully structured, taking Court to experience first-hand the prob- their developer mindset. The team learned into account human frailties and failings lems customers faced while using the app. that it’s critical to focus on specific cus- and working around them. Developers tend to concentrate on the tomer needs in a detailed way, all the time. Above all, design thinking is an act of technical or challenging business aspects hope. It enables truly collaborative deci- of SaaS products. App development, scal- Diverging and converging to sion-making and deliberate action, show- ability, lowering costs, and creating APIs define a non-profit’s road map ing that it’s possible to change the status for easy integration with other software quo and make the world a better place. are prioritized–and rightly so. The user ong Kong, HKSAR | Lena Wong Deepa Kamath is the founder of Amplify, a interface is invariably visualized as a ‘skin’ Hquit a high-pressure job in finance Hong Kong-based design studio.

April 2020 Jumpstart Magazine 27 F FEATURES TRENDS

28 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F

(who, what, when, where, and why). For example, if you are The Basics of Writing a launching a new digital platform, you should include its name, date of release, a brief overview of key features, and explain how it will disrupt the industry. Explain everything in layman terms Press Release before getting into the technical specifics in the body of the article.

By LOUISA LAU Body: Make it informative

n the body of the press release, detailed information should be nowing how to write a solid press release for your startup Iwritten in the inverted pyramid structure: the most important is the first step to effective media pitching. A press release information at the top of the release, and the least important at Kis a formal and official announcement regarding some- the bottom. thing new or significant about your business. It should contain If you are launching an app, you can also consider listing the sufficient information, so journalists can understand your brand key features with visuals of user interfaces. It will not only help and consider publishing stories about the announcement. Press explain the app’s functions, but it will also demonstrate the user releases are an excellent tool for enhancing brand credibility and journey to arouse a journalist’s interest. creating social proof. However, one cruel but true fact is that no one cares about Include a tempting quote your product. Journalists receive dozens, if not hundreds, of emails every day from PR teams. Each one claims to have the ‘next et quotes from key stakeholders in the company, such as big thing’ that’s going to disrupt the industry. Gfounders and project leads. The chosen quote should shape So, how can a press release be made more newsworthy? Here your business narrative and describe why this new launch is signif- are some tips for writing an effective press release: icant to customers, making the press release sound more human.

Headline: What is the real ‘big thing?’ Concluding your press release

journalist will only spend three seconds screening each email ummarize the essential information in the conclusion. It is A title. Having a short and compelling headline is key to the Salso customary to add a few lines about the company’s plans, success of your press release because you only have one line to such as expansion and future product updates, to keep the audi- work with. State the subject immediately: who are you and what’s ence attuned to subsequent news about your brand. the story? Use action verbs, appealing data, understandable lan- guage, and keep your headline short and straightforward. henever you’re writing a press release, ask yourself: What Wam I trying to achieve? Is getting exposure from top-tier Lead: Get to the point media my goal? Or am I looking for new investors? It is crucial to identify your goal at the start and tailor your strategy. he first paragraph of your press release, also known as a lead, While digital marketing is gaining popularity among startups, Tshould summarize the main subject of your story. Include all traditional press releases can still be valuable when executed well. the information about your new product, so that journalists can Having your brand featured by top-tier media is always an effec- determine whether it’s worth digging deeper. tive way to enhance brand awareness and credibility. Don’t beat around the bush–focus on answering the ‘five Ws’ Louisa is HelloReporter’s PR and Content Manager.

Additional tips

Provide a fresh perspective and include exclusive insights on a relevant topic. Incorporate keywords to improve your search engine ranking. Always write in 3rd person point-of-view. Keep it short–two pages at the maximum. Add “For immediate release” at the top, and the company description and press contact at the bottom.

April 2020 Jumpstart Magazine 29 F FEATURES STARTUP TOOLKIT Choosing the Right Ecommerce Platform for Your Store

By PLATO WAI

ow more than ever, anything that is done offline can be done faster and more efficiently online–be it completing a Ncourse or finding a pair of limited edition sneakers. Against this backdrop, companies are scrambling to build an online presence. Whether you already have an offline store and getting online seems like the natural next step, or you’re keen to set up an ecommerce business to ride the wave of digitization, it’s essential to choose a platform that’s right for your business. With a myriad of platforms available, making a decision comes down to your unique needs. Get a good understanding of the fea- tures that different ecommerce platforms offer, weigh the pros and cons, and choose the right platform based on your requirements.

Setup and design

ith a fully-featured ecommerce platform, you simply need Wto make an account and choose a package to get started. These platforms make it quick and easy to launch a store, and usually offer fixed-price packages that you can upgrade to access advanced features as you grow. If you want to start from scratch and design an online store with total flexibility, a developer can help you build a custom store. In such a case, be mindful of the fact that maintenance costs can add up quickly, and should be accounted for when budgeting.

Analytics and online to offline (O2O) integration

ost ecommerce platforms offer some analytics, but the type Mand quality of data will vary. Basic metrics to optimize a store Marketing support and customer care include those relating to web traffic, sales performance, and cus- tomer behavior, which should be available across most platforms. arketing solutions go a long way toward reaching your tar- Advanced data such as comparison graphs or live views can Mget audience and attracting customers. Some platforms offer make it easier for you to get an idea of a customer’s purchase tools to create coupons, send automated emails and messages, and journey, compare sales performance across periods, and identify target users through partnerships with major social media plat- top-selling products and categories. But not every platform will forms, which can reduce your social media marketing load. offer these features. In terms of organic traffic, a platform with integrated SEO features–such as the ability to independently control page URLs, Payment and delivery options metadata, or a blog function–can do wonders to improve search engine rankings. t’s important to consider a platform’s partnerships with major While most platforms provide self-help resources and an Ipayment providers and logistics companies. Even though Pay- online community to crowdsource tutorials and bug fixes, others Pal and major credit card providers are commonly available, go above and beyond, offering multilingual customer support and we’ve seen a drastic increase in localized payment options, such as even consultants to help maximize sales. This support can be valu- Venmo. Choosing a payment gateway based on the geographical able for entrepreneurs delving into ecommerce for the first time. distribution of your target audience can help customers save on international transaction and shipping fees. o sum up, platforms are plentiful, and the possibilities within Connecting the operations of a physical store to an online Teach are immense, so it all comes down to prioritizing your store may also be relevant to your business. Ecommerce platforms needs and narrowing down the list to find the right fit for your that offer Point of Sale (PoS) solutions can help you manage and ecommerce startup. view data from an offline and online store in one centralized plat- Plato is General Manager of SHOPLINE Hong Kong, a global smart form, providing a truly integrated O2O shopping experience. commerce enabler.

30 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F

April 2020 Jumpstart Magazine 31 F FEATURES STARTUP TOOLKIT

our values, vision, and mission need A Three-Step Guide to Finding the Yto be aligned from day one. My co-founder, Kien, and I both faced similar problems when we used traditional means Right Co-Founder to send money overseas, albeit in very dif- ferent scenarios. These experiences meant By BENJAMIN WONG that we both identified a problem that we hoped to solve. This alignment is crucial because, in the course of building the business, there will be times when you inevitably disagree and look at an issue from different per- spectives. Having a shared vision will help you come to a consensus. Also, you will often have to trust each other to make decisions on behalf of the company, and having the same values will ensure that you would draw the same or at least a similar conclusion to that of your co-founder.

Work together first

had the opportunity to work with Kien I when his legal firm in Singapore was assigned to my previous company for a case. Through this relationship, I wit- nessed first-hand that he brings a unique, e often see friends set out to For example, my strength lies in enter- individualized approach to help businesses found businesses together. But prise-building; hence, I needed a business navigate regulatory and compliance issues. Wwhat if the idea comes first, partner with a legal background and com- We also had strong working chemistry, and you need someone to support you as pliance expertise to fill the gap. Fintech– which I knew would make it easy for us you bring your startup to life? the industry I operate in–is nascent, but it to partner together on a longer-term basis. Finding a reliable co-founder took me is already heavily regulated. a long time. I needed someone who could Although you shouldn’t write off a hree years later, I’m glad to say that help me propel my business forward; more profile that you find interesting, having a TI’ve made the right choice. We’ve laid importantly, the individual and I needed job description in hand will allow you to a strong foundation for future growth good rapport and chemistry. cut through the noise and identify suitable and business expansion. This dynamic, I In my decade of experience as an entre- candidates quickly. believe, is the greatest benefit of finding preneur, I’ve seen businesses succeed and the right co-founder. fail, and the reason usually goes back to Be aligned on values, Benjamin is the Co-founder of TranSwap, a leadership. So, suffice it to say, finding the vision, and mission global payments company. right co-founder will play a massive role in the future of any startup. After months of searching, I’m glad to say that I found the right co-founder. I’ve distilled my experiences into three simple steps, and I hope these steps will help you find the right co-founder, too.

Identify complementary skill sets

efore diving in, you need to create Bparameters and a general direction that will help simplify your search. Draw up a list of requirements that will serve as the co-founder’s job scope. Next, take a look at yourself and evaluate your skill set and experience. Examine your strengths and weaknesses, as you want your busi- ness partner’s strengths to balance your inadequacies.

32 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F Building a Strong Personal Brand on LinkedIn

By STEVE BRUCE

our personal brand matters more than ever in the digital age. After Yall, what people think of your brand is what they’ll likely say about you when you’re not in the room. Even in today’s ultra-connected world, a great business relationship is based on personal relationships. Your clients much prefer to do business with people they know, like, and trust, rather than a faceless organization. Companies like Apple, Tesla, and Vir- gin understand the power that a strong personal brand can add to their business. They all have charismatic frontmen who built enthusiastic followings to become the definition of success and innovation. According to a study by CareerBuilder, 50% of employers won’t hire candidates who lack an online presence, and 50% of consumers base their purchasing behavior • Are you authentic? tion to grow their business. on the strength of the company’s online • Are you consistent? presence. These numbers demonstrate why • Are you visible in your market? • Be consistent: Be clear about how you a strong personal brand can bolster profes- • Are you considered an industry expert? want to be perceived, and maintain a sional success. • Are you well connected? consistent tone of voice across all your LinkedIn has 645 million users–with posts. I suggest picking three things two new users joining the platform every You will need to develop well-informed you want to be known for as an indus- second–and there are over 2 million pieces opinions around their pain points, help- try expert. The goal is to be known in of content posted every day. This reach ing the audience understand what they can a niche area of expertise and gain cred- makes the platform a perfect place to build gain from working with you. To do so, you ibility for it. your personal brand. will need to understand: If you type your name into Google, • Use LinkedIn Groups: There are over your LinkedIn profile will likely come up • Whom you want to influence 2 million groups on LinkedIn. Users as the number one organic search result. • How you want them to perceive you who are active in groups get four times These days, you can be sure that anyone • What keeps them awake at night more profile views. You will get more who is going to do business with you will traffic on your profile if you are known Google you. If you don’t show up, then Grow your audience for being engaged and responsive in you’ll lose credibility and influence. the community. • Post every day: One post reaches 20% Understand your audience of your network, so posting four days • Engage with other users: Creating a a week will allow you to reach 60% of natural conversation around your top- irst, you need to form your personal your network every month. Doing so ics of industry expertise is a great way Fbrand based on the impression you will help you stay top-of-mind if and to build credibility. Always return likes want to give. Be authentic, while keeping when your audience wants to learn and comments from anyone who has in mind what your audience looks at when more about you or your company. engaged with your posts, which is an assessing your credibility: easy and effective way to make fruitful • Be interesting: The most effective way connections. • How do you act? to draw people’s attention is when your Steve is an independent LinkedIn trainer • How do you talk? posts add value to them, such as shar- and SME marketing consultant based in • How do you dress? ing insightful and actionable informa- Hong Kong.

April 2020 Jumpstart Magazine 33 F FEATURES ECOSYSTEMS

34 Jumpstart Magazine April 2020 STARTUP TOOLKIT FEATURES F

shows. Previously, it was difficult to enjoy any extra services with- Tapping Into the Modern out a few million dollars worth of purchase orders. Nowadays, factories will analyze a startup’s product and potential. If it shows promise, the manufacturer may supply an engineer or even an Factory Mindset engineering team. Another hidden but crucial consideration is whether the prod- By JARED HAW uct is manufactured at a competitive rate. If the manufacturer supplies an engineering team, then they won’t just make a proto- type functional, but will make it work within a set budget. They n today’s fast-paced startup environment, founders typically are, after all, the people who best understand the ins and outs of leverage the services and knowledge of a few key partners to manufacturing costs. Ilaunch and grow their companies. For a product-based com- Managing the supply chain is also a common pain point for pany, like a hardware startup, one underutilized partner is the startup founders, as coordinating with electronics suppliers, plas- manufacturing partner. This gap tics suppliers, and raw material is most likely due to the differ- suppliers is a daunting task. ences in mindset between the Also, how does one plan for all two organizations. of these materials and sub-com- Factories are infamous for ponents to arrive at the assembly insisting on large, short-term factory all within a specific time purchase orders before agreeing frame and all within the correct to manufacture. This has made quality requirements? Unfor- it difficult for early-stage hard- tunately, startups must operate ware startups to grow: most with all of this uncertainty. startups don’t have the funds to One advantage of leverag- place an acceptably large pur- ing an evolved contract man- chase order, and they may also ufacturer is using an advanced be faced with other limitations, network of suppliers. What this such as the product lacking mar- means is that there is no longer ket validation. a need to search for each individ- Due to these constraints, ual supplier. Instead, it’s possi- startups prefer to build long- ble to use the suppliers working term relationships with partners with the contract manufacturer. who understand their limitations By placing one purchase order, and believe in their potential. the main supplier then becomes Until recently, manufacturers responsible for placing all the were unable or unwilling to grasp subsequent requests with each these nuances in the way startups sub-supplier. work, making it challenging for The result of contract startups to form partnerships manufacturers’ effort to open with them. themselves up is a big plus for However, in recent years, startups and SMEs. The ability contract manufacturers have to use their services to improve started to see the value of work- a product will allow for a more ing with startups. The mind- streamlined approach, save on set has shifted from providing development cost, and enable the most competitive quote, to the startup to allocate its building up internal engineering resources to sales and marketing. teams and expanding supplier Unfortunately, not all sup- networks, giving clients end-to- pliers have been able to evolve end manufacturing support . their mentality. These manufac- Nowadays, contract manu- turers are most likely the ones facturers with an evolved mind- who only close deals for com- set will provide their clients moditized products due to their with engineering support, sup- pricing. Certain due diligence ply chain consolidation, capital, steps are needed to ensure that project management, and more. a manufacturer will be able to They will also provide these services quickly, as they understand adhere to high standards and work closely with a design team to that if the client is successful, they will also be successful. produce good results. However, once trust has been established One of the biggest challenges for a startup is to figure out how and the same vision is shared, you’ll see a considerable improve- to transform a product from a prototype to something that can be ment in your business. made consistently over and over again. Jared manages EPower Corp, a global contract manufacturing com- This is where the evolution of contract manufacturers really pany that develops and manufactures consumer electronic products.

April 2020 Jumpstart Magazine 35 F FEATURES ECOSYSTEMS

orea’s startup ecosystem is showing the world that it is Introduction to the Korean no longer solely a conglom- erated economy, where a few global luminaries dom- Startup Ecosystem Kinate the scene. The country has 11 uni- corns and counting, ranking fifth globally A thriving startup hub that’s coming into its own behind the U.S., China, the United King- dom, and India. No other startup ecosys- tem has reached the ten-unicorn threshold By STEVE CERVANTES as quickly as Korea–if you consider that it began earnestly in 2013. That year, former President Geun-hye Park instituted the ‘creative economy’ pol- icy as a surefire way to create jobs through government-driven startup development. The Korean chaebol (conglomerate) had started to run its course in terms of being the sole growth engine. In previous eras, the chaebol provided one of Asia’s highest standards of living. But outsourcing and automation have caused widespread early retirement and one of the OECD’s highest youth unemployment rates in recent years. Elected in 2017, President Moon Jae- in’s administration set out to do much the same, aside from renaming the ‘cre- ative economy’ to the ‘peace economy’ and exponentially raising funds from 1 to 4 billion U.S. dollars annually. Moon’s administration doubled down on its com- mitment toward growing and developing startups, where they would ultimately become an economic cornerstone. The creative and peace economies’ crowning achievements are providing ample seed funding for early-stage start- ups. There is no Asian or global com- parison with regards to the amount of government funding; through its grants and other schemes, the government invested seven won for every won that pri- vate lending institutions invested. In a similar vein, peace economy pol- icies sponsored government and private growth by organizing accelerators and incubators in co-working spaces. They have enabled Korea to become the undis- puted per capita Asian leader in num- bers—there are over 300 co-working spaces in Seoul alone and 170 incubators or accelerators nationwide. What’s more, the policies haven’t endowed only Korean startups with sup- port. Foreign startups also enjoy vis-à-vis funding, subsidized co-working space use, and targeted acceleration programs for foreigners like the K-Startup Grand Chal- lenge. The program accelerates 40 quali- fied foreign startups for 3.5 months, with the possibility of an additional 3.5 months based on the startup’s performance, which

36 Jumpstart Magazine April 2020 ECOSYSTEMS FEATURES F

President of South Korea, Moon Jae-in, at his is mostly determined on the outcome of the world’s most vertically integrated enti- inauguration ceremony on May 10, 2017 at The National Assembly, Seoul. Photo courtesy of a demo day competition. All 40 startups ties. The system differs from its American Korea.net / Jeon Han. receive US$10,840 funding, and the 20 and Chinese counterparts, which actively highest ranked receive another $10,840. incorporate startups. For instance, Apple The top four of the 20 receive prize money and Xiaomi have acquired or are affili- ranging from $6,000 (fourth place) to ated with over 100 domestic and foreign $100,000 (first place). startups. Above all, Park and Moon’s adminis- Samsung Electronics’s paucity of trations elevated public awareness around startup acquisition, for example, is startups. Before 2013, most Koreans attributed to a rigid in-house research and couldn’t conceptualize a startup because development and supply chain mecha- the country had a limited entrepreneur- nism. Save for Samsung Pay, the company ial tradition. Korea has since transformed isn’t competitive in intangible services Before 2013, most from a staunchly conglomerated society (e.g., music streaming, content stream- Koreans couldn’t into one that’s welcoming of innovation ing, the apps, etc.), which inherently need conceptualize a startup and startup culture. multiple acquisitions or partnerships. Samsung Electronics instead promotes, because the country had Never a seamless journey incubates, and finances promising domes- a limited entrepreneurial tic and foreign startups through its internal tradition. Korea has lthough the Korean startup ecosys- incubator, NEXT. Yet, the company rarely since transformed from a tem has developed exponentially, acquires and has a limited association with Athere are numerous hurdles the participants following graduation. staunchly conglomerated country must overcome to develop into a Despite the government’s proactive society into one that’s larger, sustainable global player. First and funding policies, private funding (i.e., ven- welcoming of innovation foremost, startups often compete against ture capital, private equity, etc.) is a work- and startup culture. government-sponsored chaebols and their in-progress, although progress is being subsidiaries, which are perhaps some of made. At last count, there are more than

April 2020 Jumpstart Magazine 37 F FEATURES ECOSYSTEMS 300 financial institutions funding startups, ups only remain in Korea provided there Korean skills and Korean co-founders where $5.5 billion was invested domesti- is easy government money. Consequently, mostly fail,” says HireChance and Jobfindr cally in 2018, according to GEF Accelera- ‘grantrepreneurship’ has manifested in the Co-founder and CEO Craig La Touche. tor CEO Derik Kim. ecosystem, where startups depend more on While it’s difficult for non-Korean Nonetheless, “the highest propor- grants and less on product-market fit and speakers to enter the innovation space, tion of funding goes to selected top tier growing their customer base. given issues around communication, he startups,” says Jonathan Moore, the CIO believes that “if you have a competitive of PowerPT, a leading local consultancy advantage as a foreigner and skilled in firm that organizes accelerators and pitch areas like edtech, foodtech, and trade then events. According to a government source, Language barriers–fewer it’s possible to create a niche market in ten percent of startups receive 80% of those fields.” funding. than 30% percent of founders A case in point is Shuttle Delivery, He goes on to add: “Foreign and are English speakers–and a a bilingual food delivery platform that’s domestic startups lacking connections or lack of localization know-how founded and led by expats. Less than a networks have difficulty getting private are the primary obstacles year after its founding in 2016, Shuttle funding. [...] In all my years working in Delivery was already in the black. The the Korean startup ecosystem, I haven’t for global expansion. company exemplifies effective prod- heard of many privately funded foreign uct-market fit and niche market creation. startups.” Prior to the company’s launch, much of Thus, the government’s comprehensive Korea’s 2 million-strong expat community funding initiatives essentially offset the pri- Moreover, aside from Korea’s 11 uni- were prevented from ordering food due to vate funding disparity between the ‘haves’ corns, few of its startups are global. Lan- language barriers. and ‘have-nots,’ which creates a win-win guage barriers–fewer than 30% percent of Finally, by any means possible, Korean situation on the surface. However, govern- founders are English speakers–and a lack and foreign startups need more collabora- ment funding is unintentionally creating of localization know-how are the primary tion. There’s a stark dichotomy between instances of moral hazard. obstacles for global expansion. Most who them. They often use different co-work- “Without easily obtainable govern- have gone global have had their burn rate ing spaces and incubators, participate in ment grants, the vast majority of 30,000 exceed their runway before reaching prod- different events, and seldom collaborate startups would fail. [...] Korea’s govern- uct-market fit, and have failed. In much on projects. More reciprocal and collab- ment grants often prolong the inevitable: the same way that Korean startups failed orative relations could help one another failure,” says Moore. abroad, their foreign counterparts have with language and localization while miti- Given the country’s limited private done the same in Korea. gating problems associated with global and capital accessibility, some foreign start- “Startups entering without spoken Korean expansion.

38 Jumpstart Magazine April 2020 April 2020 Jumpstart Magazine 39 F FEATURES ECOSYSTEMS

40 Jumpstart Magazine April 2020 ECOSYSTEMS FEATURES F

As startups grow and we A Spotlight on MENA Tech hear more success stories, aspiring entrepreneurs are Maturity and a mindset shift are transforming the region’s more and more inspired to startup ecosystem start ventures of their own.

By PHILIP BAHOSHY My response is always: all stages. While it is encouraging to see an increase in fund- ing amounts, there still remains a discon- t has been fascinating being part of Investment capital in the region has also nect in the demand and supply for capital and tracking the Middle East and hit an all-time high, even if we exclude in the region across all stages. As startups North Africa (MENA) startup eco- the ‘mega-deals,’ namely investments in grow and we hear more success stories, system over the last four years. As we ecommerce platform Souq (acquired by aspiring entrepreneurs are more and more move into the new decade, the land- Amazon), and ride-hailing app Careem inspired to start ventures of their own. scape has changed at such an accelerated (acquired by Uber). This cultural shift will culminate in Ipace that it’s been hard to keep up, accord- The number and size of investments two trends: (1) more startups will raise ing to MAGNiTT data and research. led to a 7% year-over-year (YoY) increase early-stage funding, and (2) more startups 2019 did not disappoint. The region in the average ticket size of startups in will successfully graduate to later rounds. saw its first unicorn exit, the highest num- the region. Just to put it into perspective: In terms of numbers, 64 startups were able ber of investments to date, and increasing 2009 saw US$15 million in funding (in to raise later rounds compared to 57 in international investor interest. five venture deals), while 2019 saw that 2018 (MAGNiTT). Capital supply needs amount reach $704 million. This news is to match this demand, and many found- Funding landscape encouraging, and startup founders are now ers are turning to international investors to more confident to raise larger rounds. get there. ENA-based startups are seeing more investment capital being Supply versus demand Emerging hubs Mdeployed than ever before; 2019 marked another record year for the num- I have often been asked: Where is the fund- nnovation remains top of the agenda for ber of investments, which reached 564. ing gap for startups in the MENA region? Igovernments across the region. In many

April 2020 Jumpstart Magazine 41 F FEATURES ECOSYSTEMS Maturing ecosystem

aturity is vital for the region to con- Mtinue this upward trend. Last year saw clear signs that can act as catalysts for further growth. Those of us in the ecosys- tem are encouraged by Uber’s $3.1 billion acquisition of Careem early this year, as it marked the first unicorn exit for the region. This milestone was meaningful for many founders who looked for the light at the end of the tunnel. It also highlighted a takeaway for all founders: scale is the name of the game. It’s also important to note that mindset always matters. When growing a startup, it’s essential to look at capturing as big a pie as possible. Careem led the way, but we are seeing more examples as the ecosys- tem matures. Top funded regional startups include UAE’s Kitopi (foodtech), Kuwait’s Boutiqaat (ecommerce), and UAE’s PropertyFinder. We have also seen more investors–over 200–making investments in MENA-based startups than ever before, as well as more exits than any previous year. Moreover, cases, we are seeing them put money where zones of Dubai International Finance Cen- mergers and acquisitions have led to a con- their mouth is. tre, Dubai World Trade Centre, and Emir- solidation of industries. Needless to say, Abu Dhabi’s Hub71 was created to ates Towers. This initiative also includes an there is a growing international appetite spur innovation in the capital of the AED1 billion (US$273M) fund to spur for MENA-based startups as they continue United Arab Emirates with $250 million innovation and digital transformation. to increase their footprint. in funds to help regional and international startups scale in the region. Saudi Arabia has seen a policy shift and a 92% growth in the number of deals YoY (MAGNiTT). Multiple initiatives have eased startups’ ability to enter the coun- try, access education, and scale within the Kingdom. Recently, the Public Investment Fund of Saudi Arabia announced a $1 bil- lion fund to spur venture investments. Egypt, given its population size, remains a key hotbed of innovation. Many early-stage companies and founders are solving significant market issues that are local to them, with startups like Halan (tuk-tuk hailing app), Vezeeta (medi- cal care scheduling platform), and Swvl (bus transportation network) raising large rounds of funding. Dubai, with its first-mover advantage, continues to assess how best to encour- age and foster the startup ecosystem with new legislation and support, including golden visas for founders to help develop its evolving ecosystem. We also saw the announcement of the new Dubai Future District, which combines the free-trade Top: Photos and data courtesy of MAGNiTT, the largest investment data platform for the MENA startup ecosystem.

42 Jumpstart Magazine April 2020 TRENDS FEATURES F

April 2020 Jumpstart Magazine 43 F FEATURES TRENDS

44 Jumpstart Magazine April 2020 TRENDS FEATURES F The Fast Rise of Slow Fashion

Normalizing the fashion rental and resale markets in the age of conscious consumerism

By MIN CHEN

n the not-so-distant past, the Circular fashion is the concept that fashion industry was rather garment production should not harm slow-moving. The long process of human development and environmental sourcing wool, weaving textiles, ecosystems. It advocates the use of renew- and hand-sewing garments made able materials, reducing supply chain Iclothing a costly investment. While prices wastage, and extending the life cycle of were driven down by the invention of clothing through reuse. Reuse is arguably the sewing machine during the Industrial the most effective solution, as it doesn’t Revolution and the 1960s counterculture produce new materials and lowers the movement–which inspired young peo- frequency of recycling, which can be a ple to use personal style as an avenue for resource-intensive process in itself. Most self-expression–fast fashion wouldn’t reach importantly, the rental and resale markets its pinnacle until the late 1990s and 2000s. have a relatively low barrier to entry, allow- Democratizing access to the latest ing the new retail models to evolve quickly trends made high street leaders like Zara, and establish a footing in the age of the H&M, and Topshop some of the indus- conscious consumer. try’s most profitable companies. With a To better understand how resale and retail model characterized by the rapid rental platforms are disrupting retail, turnover of cheaply-produced designs, Jumpstart speaks with two startups that fast fashion’s growth over the past two are making waves in the space: children’s decades paralleled the rise of social media, apparel resale platform, Retykle, and lux- where influencer culture has ingrained a ury rental destination, Wardrobista. Not ‘no-repeat’ attitude toward our sartorial only do they reflect the evolution of con- choices. The byproduct of this model is sumer behavior, but they also point to the exploitation of cheap labor in devel- how all segments of the fashion industry oping countries and a heavily polluting will soon follow suit to integrate resale and manufacturing process–all to produce gar- rental into their future. ments that are discarded after an average of seven to ten wears (Ellen MacArthur Sparing is caring Foundation). Luxury fashion brands are also to uying consignment or secondhand blame for the industry’s wasteful ways, as is a tale as old as time, but the resale many have been ousted for destroying mil- Bplatforms of today are working to lions of dollars worth of inventory–Louis solve specific problems. Fashion industry Vuitton, Burberry, and Richemont, to veteran Sarah Garner came up with the name a few–for the sake of maintaining idea for Retykle (‘recycle’ and ‘tyke’) after exclusivity through scarcity and preventing becoming a parent. counterfeit activity. “I’m most interested in solving this With the textile market on track to issue for the inherently temporary nature account for 25% of the global carbon bud- of children’s and maternity fashion, which get by 2050, retailers and consumers alike is particularly wasteful when consumers are experiencing an awakening–of sorts. often turn to disposable items instead of Although fast fashion is still projected to quality purchases,” says Garner. grow to US$44 billion by 2028–up from Being a purpose-driven company $35 billion in 2018–the circular economy means that its values must also permeate movement is gaining momentum in tan- into its operations and marketing strate- dem (Statista). gies. The company encourages customers to return packaging for reuse, and shares Wardrobista launched as a rental destination for content and organizes events to educate occasion wear, and now offers accessories as well. Dress by Alexander McQueen.Photo courtesy of parents about how to live more sustain- Wardrobista. ably, such as workshops teaching them

April 2019 Jumpstart Magazine 45 F FEATURES TRENDS

Left: Retykle Founder Sarah Garner. Photo by Jenna Louise Potter.

Right: Retykle offers secondhand and new designer fashion from over 2,000 brands. Photos by Jenna Louise Potter / Retykle.

how to use cloth diapers. Garner says market conditions and the rising price of that the company has grown organically luxury goods, where even those reporting through word-of-mouth since its founding six-figure incomes [in U.S. dollars] are in 2016, driven by a broad shift in con- looking for “discounts or alternative mod- sumer mindset. els of acquisition” (McKinsey & Com- “The more we educate consumers pany). Concurrently, ‘Kondomania’ has about the perils of their decisions, the inculcated a ‘less is more’ outlook on con- more they care and make purchase deci- sumer culture. sions which reflect their values,” says Gar- On the other side of the coin, social ner. “People are becoming increasingly media has also perpetuated the culture of conscious and hyper-aware of how their overconsumption through accelerating purchases affect others and the Earth’s the transience of fashion trends, in addi- resources.” tion to setting impossibly high standards (thredUP 2019 Resale Report), and the This shift also encouraged Elaine Fong for curating a stylish personal brand. Fong rental market is expected to expand at a and Joey Li to explore the potential of the says that consumers feel they “can’t really compound annual growth rate (CAGR) of rental model, and they founded Wardro- wear the same dress for all these import- 9.4% between 2019 to 2025 (Grand View bista in 2017. Fong witnessed the lack of ant events over and over again” because of Research). For startups like Retykle and transparency in the fashion industry first- social media. Wardrobista, tapping into such opportu- hand, having worked in brand manage- It only takes opening Instagram to see nities will entail adapting to shifting con- ment and fashion merchandising. all the new styles one’s missing out on, as sumer needs and building trust in the new “I saw a lot of waste, starting from opposed to waiting a month for the next retail models. even the design stage. Consumers can only issue of Vogue to arrive. According to a sur- see what is on-shelf, but they are actually vey conducted in the U.K., one in three A new definition of ownership forgetting about what happens behind- young women considers their clothes “old” the-scenes,” she says. after wearing them once or twice (McK- s Asia-based companies, Retykle Aside from the sustainability perspec- insey & Company). and Wardrobista have had to craft tive, the co-founders note that the rental The two conflicting dynamics of want- Atheir messaging to local audiences, model is also more practical for today’s ing more without accumulating more have who may not be as familiar with the resale consumers for being space- and cost-sav- led to the rising popularity of resale and and rental concept as Western consumers. ing, especially for urbanites. Shoppers are rental. Online resale grew 21 times faster Garner says that consignment or second- more price-conscious due to unfavorable than traditional retail from 2016 to 2019 hand shopping is common and primarily

46 Jumpstart Magazine April 2020 TRENDS FEATURES F

there are several types of customers,” but Causeway Bay, one of the world’s most The more we educate generally, renting is more of a pragmatic expensive shopping areas, and organizes consumers about the decision for them. monthly pop-ups. Li says that while the perils of their decisions, Regardless of perception, both compa- company launched as an ecommerce plat- the more they care and nies believe that having a brick-and-mor- form, the team soon realized that “online tar strategy is crucial for building trust for and offline complement each other and make purchase decisions new retail models. Retykle opened a per- help build [consumer] confidence and which reflect their values. manent store late last year in Hong Kong’s stickiness.” It was also at these pop-ups Wong Chuk Hang district after the success that customers asked about listing their associated with prudence and practicality of its pop-ups across the city. own underutilized dresses on the platform. in North America and Europe, but is less “With over 80% of our shoppers hav- In 2018, the company introduced its of a cultural norm in Asia. ing their first secondhand experience with ‘Share Your Dress’ program, where cus- Fong and Li have similarly observed us, we need to establish trust–not only is tomers can list their dresses on the plat- that rental often correlates to a particu- our product of great condition, but that it’s form and earn 25% of the rental revenue. lar lifestyle in the West; consumers who okay, in fact, to be proud of shopping sec- Having worked in several leading tech rent are also likely to make other sustain- ondhand,” says Garner. “Often, establish- companies throughout her career, Li set ability-related choices, such as adopting ing that connection happens offline, and out to customize a SaaS application to fit a plant-based diet or using sharing econ- then our relationship continues online.” the company’s consignment model, allow- omy services. They note that “even in Asia, Wardrobista operates a showroom in ing users to view the status of the dresses

April 2020 Jumpstart Magazine 47 F FEATURES TRENDS in real-time and watch as passive income year that it will launch a pre-loved program Retykle and Wardrobista have both made from each rental rolls in. for its line, Other Stories. Luxury e-tailer moves to provide a holistic solution for “We are mixing the B2C [busi- Farfetch recently introduced ‘Second Life,’ shoppers. Customers who purchase an ness-to-consumer] and B2B [busi- which enables customers to trade in their item from the former can sell it back once ness-to-business] model; it’s part of an designer handbags for store credit. their child has outgrown it, and Ward- evolution of the new digital world because Although encouraging, such initiatives robista regularly holds sample sales for customers can be sellers as well. Anyone are sometimes branded as ‘greenwashing,’ its inventory and items listed by its cus- could be a spokesperson and be a part of or when companies make false claims tomers. Placing customer feedback at the the company,” adds Li. about the environmental benefits of their forefront will continue to guide product Developing new tools will be a focus products or practices. In August last year, diversification as the space evolves. as the new retail models mature. Garner H&M landed in hot water with Norwe- says that automation is the priority on the gian Consumer Authority for misleading hile it’s clear that we’re far from tech-side, as managing a large inventory of consumers about its ‘Conscious’ collec- entering the post-consumerism unique SKUs is a big challenge for resale tion. That said, those in the industry like Wera, new retail models are prov- platforms. Wardrobista believe that participation is ing to be a fruitful start. They serve as an “Any company operating within this always a promising sign. indicator of our times, where sustainability space is iterating on its operations to “It’s definitely a good thing that the and practicality now top the list in guiding increase the fluidity of product handling,” big players are now tapping into the rental purchasing behavior. For the founders of she adds. “Every week, we are tweaking markets because it forces them to be more these companies, education remains essen- and modifying our processes to handle conscious as a whole,” says Fong. tial to bring about real change. more products faster.” Looking ahead, new retail startups Garner believes that the fashion indus- Startups are not the only ones navigat- will have more solutions at their disposal try will only shift in earnest when con- ing the new retail frontier, as large retailers to compete against market leaders, such as sumers expect radical transparency from are now forced to adapt. This development rental powerhouse Rent the Runway, and retailers, which can be achieved if the comes as no surprise, as a survey from resale marketplaces TheRealReal, Vesti- media and activists continue to uncover 2018 found that 72% of consumers pre- aire Collective, ThredUP, and Poshmark. the truth about its wasteful ways. When fer to buy from environmentally friendly Resale inventory management company, asked about her aspirations, Garner says brands–up 57% from 2013–and 60% Yerdle, powers Nordstrom’s ‘See You she hopes to “build a company that [her] would increase their loyalty to a brand Tomorrow’ program, which offers online kids will feel proud of and one that the with a recycling program (thredUP). and offline shopping experiences for its community and [her] team members will In September last year, Banana Repub- pre-loved apparel and accessories, and feel proud to build together.” Fong also lic (owned by Gap Inc) launched an works with other brands including Pata- echoes the sentiment of legacy. $85-a-month rental program, ‘Style Pass- gonia and Eileen Fischer. Banana Republic “When I was a kid, I was always taught port,’ where customers can purchase the and Bloomingdales have partnered with to not be wasteful, and that’s why I grew items at any point. Similar subscriptions CaaStle, a company that offers tech and up to become the person I am now. So I include Bloomingdale’s $149-a-month logistics support for rental supply chains, think it’s an educational process–to think ‘My List’ service and Urban Outfitter’s according to CNN. before you shop. Ownership is not the ‘Nuuly,’ which costs $88-a-month. On the Such solutions will also have to cater only solution.” resale-side, H&M announced in April last to the hybridization of resale and rental; Min is Jumpstart’s Editor in Chief. We are mixing the B2C [business-to-consumer] and B2B [business-to- business] model; it’s part of an evolution of the new digital world because customers can be sellers as well. Anyone could be a spokesperson and be a part of the company.

Left: Wardrobista Co-founders Joey Li (left) and Elaine Fong (right).

Right: Wardrobista holds monthly pop-ups across Hong Kong. Photos courtesy of Wardrobista.

48 Jumpstart Magazine April 2020 TRENDS FEATURES F

April 2020 Jumpstart Magazine 49 F FEATURES COVER STORY

We found ourselves in places like , Jakarta, and Bangladesh, and really spent time staying with merchants, observing them, and doing things for them with the intention of helping them do better and not get left behind.

ANKITI BOSE

Anatomy of an Almost-Unicorn

Charting Zilingo’s meteoric growth from pre-seed to global titan

By NAYANTARA BHAT

50 Jumpstart Magazine April 2020 COVER STORY FEATURES F

hen Ankiti Bose and Dhruv Kapoor first met at a house Wparty in Bengaluru in 2015, they had no idea that they were starting down the path to building one of the most talked-about companies in the retail and fashion space. Bose, fresh from a visit to Thailand’s Chatuchak market, had seen a ripe oppor- tunity in digitizing a vast offline mar- ketplace, giving merchants better access to consumers. In addition, the platform would plug the holes in one of the world’s most unsustainable industries, reduc- ing inefficiencies and waste by increasing transparency in the supply chain. “The fashion industry is one of the largest industries in the world. It’s 5% of the global GDP; everybody needs clothes. Yet, it is one of the most inefficient, undig- itized, horribly polluting, unsustainable industries,” says Bose. As an analyst with international ven- ture investor Sequoia Capital at the time, Bose was struck by the potential of a solu- tion for clothing SMEs in Southeast Asia (SEA). At the house party, she spoke about it with Kapoor, who was a backend engi- neer at a mobile gaming company at the time. Within a few months, the first itera- tion of Zilingo’s platform was born. Zilingo has gone far and beyond the initial concept of providing digital tools for merchants. With over 30 different services available to merchants on the platform, including tools for sourcing, accessing raw materials, and financing, it’s evolved from simple sales tracking and inventory man- agement, to an integrated suite of solutions built to cater to a small merchant’s every conceivable need. The consumer-facing side of the platform, ‘Zilingo Shopping,’ is still a focus, but choosing to hone in on the merchant-side proved to be strategic in more ways than one. In February 2019, Zilingo raised a US$226 million Series D led by Sequoia Capital India, valuing it at what sources close to the company say is around $970 million (Fortune). That said, Bose has made it clear that in her view, the ‘unicorn’ label is, perhaps, overrated. The company A garment factory in India that uses Zilingo’s isn’t making a profit yet, but the B2B solu- solutions. Photo courtesy of Zilingo. tions bring in 80% of Zilingo’s revenue,

April 2020 Jumpstart Magazine 51 F FEATURES COVER STORY

setting it on a clear path to profitability. ogy has been a constant since his college a year. Sometimes when things feel right, Zilingo’s growth from two peo- days, where his thesis project was a hard- there is merit in taking the plunge,” she ple working a side hustle to almost 900 ware-software system that simulated a says. Taking risks, constantly innovating, employees spread across 13 offices globally solar panel. After graduating, Kapoor and staying three steps ahead of the com- hasn’t come without hard work, risk-tak- began working at Yahoo India. petition soon began to define Zilingo’s ing, and a healthy dose of right-place- “I was part of the localization team, strategic approach. right-time. It now serves over 75,000 which would power Yahoo’s infrastructure merchants and 6,000 factories across 17 for managing all of its 70 or 80 languages, different countries. and that experience came in handy when BUILDING A COLOSSUS “I think a huge part of our story has we started Zilingo,” he says. been serendipity,” says Bose. “We found Meanwhile, Bose had joined Sequoia igitizing a vast offline mar- ourselves in places like Thailand, Jakarta, Capital India after a stint at McKinsey & ket is an enormous under- and Bangladesh, and really spent time Co. As an analyst, she was exposed to doz- taking. In 2019, the ten staying with merchants, observing them, ens of early-stage founders, some of whom ASEAN member coun- and doing things for them with the inten- were tackling the SEA market. This expe- tries, in addition to Japan, tion of helping them do better and not get rience and knowledge would later help DKorea, India, China, Australia, and New left behind. And a lot of those decisions guide Zilingo’s development. Zealand, accounted for $405 billion in have been the right ones, propelling the “Both of us, in terms of our DNA, textile exports–more than half the global company forward.” were the kind of people who would already total (McKinsey & Co.). Separately, the be spending some of our weekends or considerable number of small garment some of our late nights researching things, merchants across the region is part of an FIRST STEPS reading up, writing code,” says Kapoor. informal economy that employs 70 to Once Bose approached him with the 90% of the working population in most hruv Kapoor, Zilingo’s idea for Zilingo, their curiosity and work Asian countries (International Labour Co-founder and CTO, ethic converged toward a new mutual Organization). has played a pivotal role– objective. Within a month, it became clear Not only would UX design and adop- largely behind the scenes– that they had a massive opportunity on tion be challenging given a target audi- in building the tech stack their hands, and they committed to run- ence of users without any experience using Dand managing a tech team that now num- ning the company full-time. business software, but the breadth of the bers almost 150. His passion for technol- “We hadn’t even known each other for envisioned platform would require a sig-

52 Jumpstart Magazine April 2020 COVER STORY FEATURES F nificant tech investment. Early on, Bose You have this incredible nology. In the first three months, Kapoor and Kapoor discovered that while markets and several engineers worked to build out in SEA lacked formal platforms for trading set of businesses, which the initial functions of the platform from and payments, many merchants were mak- didn’t really have scratch, rather than utilizing APIs or rely- ing use of social media to fill the gap. access to a platform ing on other vendors. Taking the time to “You have this incredible set of busi- build its own technology was invaluable nesses, which didn’t really have access to like Zilingo, but they when it came time to scale the company. a platform like Zilingo, but they were still were still used to using In quick succession, Zilingo rolled out used to using smartphones and 4G, and smartphones and 4G, financing tools, expanded to Indonesia finding workarounds to get things done,” and Singapore, and added tools for sourc- says Kapoor. “It proved to us that there and finding workarounds ing from wholesalers and factories. was market opportunity, that there were to get things done. In addition to internally building its people out there who were hungry to make core technology, which includes logistics things work, even on platforms that were and secure payments, Zilingo now helps DHRUV KAPOOR extremely inefficient for them.” factories optimize their production lines, Observing the ways in which mer- and works to connect Asian textile produc- chants were bending social media to their ers with global brands. Some of Zilingo’s purposes–such as using image captions to Left: A snapshot of a fabric mill in India that value-add services are facilitated by exter- partners with Zilingo. announce sold out products–unearthed nal partners, including human resource Below: Zilingo Co-founder and CTO Dhruv another key insight: the importance of Kapoor began his career at Yahoo India. Photos management software that has proved consumer-centric UX design when build- courtesy of Zilingo. indispensable for factories. ing a solution for small merchants. To make the tech accessible to them, the design had to be as intuitive as Facebook or Instagram, while possessing the func- tionality of a business product. “Because it’s still a business product, it has to hide a lot of the functionality that users can then start to discover and access as they get more and more used to using the product,” says Kapoor. Ideally, he says, the UX designer has to innovate to the point where using the system is almost as easy as posting a photo on Instagram. Given the complexity of the product, poor design could have easily led to a high churn rate as users gave up on figuring out the platform. As Kapoor puts it, the com- pany didn’t have a ‘silver bullet’ akin to Google Search that drove consumer adop- tion and loyalty. However, Zilingo’s trick to engineering stickiness was to focus on expanding the platform to be a one-stop- shop for a small merchant’s every need. “When you’re building a platform for businesses, especially when you look at an SME, you have business owners who are very time-crunched because they need to get food on the table at the end of the day for themselves and their employees,” Kapoor says. Thus, the company had to ensure that users weren’t forced to use another website or solution to fulfill an aspect of their business. Over time, as more services were added, the insights gathered from user pat- terns created a feedback loop that was both fed to users as a value-add service and used by Zilingo to build new products. As soon as the scope of the platform became clear to the co-founders, it became imperative to develop proprietary tech-

April 2020 Jumpstart Magazine 53 F FEATURES COVER STORY

It’s this dedication to building prod- ucts for the merchant that has positioned Zilingo as an ecommerce enabler, rather than one of the many online shopping platforms currently engaging in price wars across the region. “We kept adding services we felt our customers really needed–they were strug- gling, and we kept adding solutions, and the business just completely took off as a result of that,” says Bose.

UPWARD MOBILITY

or Bose and Kapoor, Zilingo’s phenomenal growth has natu- rally driven significant changes in their respective roles as CEO and CTO. Bose says that, in Fthe early days, it was “[all] hands on deck, packing boxes, sometimes grabbing coffee for everybody else”–poles apart from her and Kapoor’s current responsibilities. “As the role changes, you evolve as a person, as a founder. I think what’s really important is to still have a startup mind- set,” she says. “I was 23 when I started the company, and what makes me completely paranoid is that there’s another 23-year- old somewhere today who will beat us if we don’t keep reinventing and disrupting ourselves.” One recent development in Zilingo’s evolution was the acquisition of nCinga, a Sri Lankan startup with proprietary Inter- net of Things (IoT) and data analytics tech for optimizing factory processes. Its solu- tion fit perfectly into Zilingo’s vision of improving the supply chain–a problem the company had yet to tackle. “They had identified this area which was so underinvested–there are very few entrepreneurs going after building soft- ware for factories,” says Kapoor. He adds that while some software for factory man- agement exists, it’s usually designed for auto factories, which are significantly larger than most garment producers. Having worked together on an earlier partnership, the founders of both compa- nies already had an understanding of each other’s work culture, and saw clear syner- gies in joining forces. Bose recounts that she and nCinga founder Imal Kalutotage decided that they would proceed with the merger based on whether the found- ers could get along well during a dinner together. Post-merger integration, she says,

The factory floor of a garment manufacturing facility in Indonesia that uses Zilingo’s software. Photo courtesy of Zilingo.

54 Jumpstart Magazine April 2020 COVER STORY FEATURES F

can really make or break companies more than anything else. “This has been a true test of whether we can grow fast and sometimes take inor- ganic paths to growth, and deal with a team with a different culture, background, and demographic than us,” Bose says. “So far, it’s been a very enriching experience.” nCinga’s team of around 40 people has now been fully integrated into Zilingo. The company is still based out of Sri Lanka, but Bose and Kapoor are encour- aging knowledge-sharing through devel- opment team transfers from Bangalore to Colombo to work on what has affection- ately been dubbed the ‘n-factory initiative.’ In 2019, Zilingo also capitalized on the market of U.S.-headquartered brands looking to relocate garment production to a SEA country like or Bangla- desh, where exports would be unaffected by the escalating U.S.-China trade war. Acting as a liaison between these brands and Zilingo’s local partners allowed the company to quickly scale outside the Asia-Pacific region. In October last year, Zilingo announced a planned $100 million invest- ment into the U.S., to be put toward digitizing the sourcing process, as well as hiring sales and product staff to fill the two U.S. locations–in New York and Los Angeles–opened in Summer 2019. Zilin- go’s U.S. expansion is part of a sweeping growth strategy that also includes plans for capturing new markets such as Australia and the Middle East.

FAIR & TRANSPARENT

“ ack when we started, there was one thing common to our vision and mission that still stays true today, which was that we wanted to be very Bmuch merchant-focused,” says Kapoor. However, an unexpected benefit of the platform is the company’s ability to put user data toward countering some of the most pervasive problems in the textile industry, such as child labor and unsafe working conditions. “As we started spending more and more time in the industry, it was also becoming very obvious to us just how exploitative the industry was,” says Bose. “As we started expanding our B2B services in 2016 and 2017, it was very obvious that one of the key things to solve for, besides providing commerce tools, was along the lines of responsible manufacturing and

April 2020 Jumpstart Magazine 55 F FEATURES COVER STORY

I was 23 when I started the company, and what makes me completely paranoid is that there’s another 23-year-old somewhere today who will beat us if we don’t keep reinventing and disrupting ourselves.

ANKITI BOSE

“

56 Jumpstart Magazine April 2020 COVER STORY FEATURES F

sustainability.” together,” says Bose. “Not only is it unfair focus on transparency in the supply chain To put these objectives into motion, to her, but it’s also unfair to the household will be a key focus of their growth strategy Zilingo implemented high standards for and the economy.” for the remainder of the year. partner factories, checking everything The key problem in SEA, she believes, McKinsey’s 2020 State of Fashion from business registrations to labor cer- is a lack of female and mentors role mod- Report highlighted sustainability as one tifications. As the relationship deepens, els in leadership positions. Her advice to of ten key themes for the fashion indus- Zilingo will also conduct in-person visits. aspiring female entrepreneurs is tied to the try this year. The report also found that Certain metrics–unexplained jumps in fact that in today’s world, it is still harder textile production creates 6% of global volume, for example–also indicate whether for women to achieve the same recognition greenhouse gas emissions, and is respon- a factory is engaging in activities like illegal and outcomes as men. sible for one-fifth of waterway pollution or underpaid labor. In addition, the com- “We sometimes hold ourselves back resulting from the use of industrial dyes pany is in the process of developing a ‘true because of how guilty society makes us feel and detergents. Zilingo standard’ for any factories looking for choosing our ambitions and choosing Information about the fashion indus- to subscribe to the platform. our aspirations,” she said. “It’s important try’s wasteful ways has entered into the Bose has also been a vocal advocate to be really, really good at what you do mainstream over the past several years, for equality in the workplace and in lead- because the world is unfortunately still with an increasing amount of public dis- ership. Zilingo recently launched the She- quite sexist, but it’s also important to not course centered around shunning fast Workz initiative, which offers microcredit hold back on your ambition.” fashion and making better choices as con- and mentorship to female entrepreneurs sumers. Going forward in 2020, Zilingo to get them back into the workforce. is poised at the forefront of trying to solve “I have seen my mom having to give ENGINEERING THE this issue. up work because she had to take care of FUTURE OF FASHION “We’re a small player in a really big me as a child, and the household, and she industry that is ripe for change,” says Bose. has more degrees than me and my dad put eyond new targets for Zilin- “I think we’re going to really stay focused go’s tech stack (of which there on making the supply chain fair, transpar- Left: Zilingo Co-founder and CEO Ankiti Bose are plenty, including democ- ent, and as sustainable as possible. We’re began her career at Sequoia Capital India. ratizing access to shipping by making baby steps, but hopefully we’ll Above: A recycled yarn mill in Bangladesh that uses Zilingo’s technology. Photos courtesy of onboarding small-scale local start running and leaping towards that.” Zilingo. Blogistics businesses), Zilingo’s thematic Nayantara is Jumpstart’s Editorial Associate.

April 2020 Jumpstart Magazine 57 F FEATURES TRENDS Green Living Starts from the Top

Fertilizing a sustainable lifestyle through urban farming

By JASMINE CHAN

ong Kong is a city of over architects, engineers, organic farmers, 7 million residents with chefs, and nutritionists to develop and a population density of deliver urban farming solutions, convert- 17,311 people per square ing more than 60 idle urban spaces into mile (World Population rooftop farms across Hong Kong since its HReview). It’s challenging to elevate res- founding. idents’ quality of life when space is as Jumpstart interviews Tsui to under- scarce as it is, but urban farming is being stand the company’s mission, the chal- presented as a solution by incorporating lenges it’s faced in advocating urban wellness and sustainable practices into farming, and why innovating on a green city-dwelling. economic model is the way forward for Andrew Tsui has always been pas- the movement. sionate about social transformation and aimed to empower communities to adopt From farm to circularity a greener lifestyle. In 2015, he co-founded Rooftop Republic, an impact business, sui was in real estate management with Michelle Hong and Pol Fabrega. before embarking on his social They discovered that by nurturing a more Tentrepreneurship journey. Working intimate relationship with food and nature with architects, urban planners, and gov- through the activity of farming, urbanites ernment officials led him to believe that like Hongkongers would become more building an economic infrastructure is the conscious about their consumption habits. first and foremost criterion for changing without an economy around sustainability, The company also aspires to shape people’s lives. it’s really hard to drive and sustain that,” future cities to be more livable and inspire “A lot of people have been talking he says. people to re-think the produce they’re about sustainability–how important and In 2017, Rooftop Republic was consuming. Rooftop Republic works with how urgent it is for us to change. But awarded the ‘Most Outstanding Social

58 Jumpstart Magazine April 2020 TRENDS FEATURES F

There are around 6 profit-driven, the company believes that nature to take care of itself,” he says. million square meters such projects and partnerships will accel- Tsui calls the feverish desire for effi- erate public understanding of urban farm- ciency the “instant noodle lifestyle.” In of rooftop that are ing, showcasing its potential to transform the context of farming, it’s the attempt potentially farmable in cities. The word ‘rooftop’ is an iconic rep- to expedite natural processes with science Hong Kong with good resentation of untapped urban sites. to reach a higher yield, such as using syn- sunlight condition. We “There are around 6 million square thetic hormones and chemical fertilizers. meters of rooftop that are potentially He says that this mentality is difficult to mobilized, and we are farmable in Hong Kong with good acces- reverse through campaigning and advo- forming a tribe of people sibility and physical condition,” Tsui says. cacy, as it’s aligned with people’s values. who come together and “We mobilized, and we are forming a tribe In this regard, the company goes transform these idle places. of people who come together and trans- against the grain. When selecting a suit- form these idle places.” able location for a rooftop farm, Tsui and his team strive to make the most of the Enterprise (Meritorious)’ and ‘Most Inno- Inside the city’s mindset natural environment, even if the condi- vative Social Enterprise’ accolades at the tions aren’t ideal. For instance, they don’t Social Enterprise Awards Hong Kong. lthough the benefits of urban disregard spaces with insufficient sunlight, Although the company’s social mission farming are clear, Tsui says that as the ultimate aim goes beyond efficiency. is at the forefront of its operations, its Athe cosmopolitan mindset of effi- “Technically, we can use artificial light- co-founders have also created a revenue ciency, which is deeply rooted in Hong ing, other technologies, or even move it model that works alongside its efforts to Kong, is a notable challenge. indoors. But still, we ask ourselves: How build a circular economy. “In the fast-paced urban lifestyle, time do we shape an inclusive environment for Tsui describes the company’s business is money. People don’t allow time for the wellbeing of our people?” he says. “It’s model as “farming as a service.” Its clients Far left: Participants of the ‘Little Farmers Pro- not just a space to produce food.” include corporations, restaurants, schools, gramme’ organized by Rooftop Republic at the Or- Tackling food waste is another focus and local communities, and it provides ganic Rooftop Farm at Metroplaza L5 Skygarden. for the company. Consumers are gener- Photo Courtesy of Rooftop Republic. farm design and installation services for ally hypercritical of agriculture products, Left: Rooftop farm at the JLL-managed Bank urban farms as well as professional farm of America Tower in Central district. Photo by which generate a tremendous amount of management. Though these services are Sarah Thrower / Rooftop Republic. food waste and pose another challenge to

April 2020 Jumpstart Magazine 59 F FEATURES TRENDS

sustainable practices. occur at a faster pace. After five years of as it also provides structured courses for “One-third of the food produced in operation, Rooftop Republic has a clear property and facilities management. By the world don’t reach the end consumers direction in espousing the green move- connecting with urban designers through because they are not perfect-looking or ment through education, sharing the ben- farming, the company hopes to bring meet the expected shape,” says Tsui. “If efits of a circular economy that supports about a new normal, where urban farms there’s a little scar on it, you cannot sell it local food production, urban greening, will be as ubiquitous as gyms. for a good price. They’re not even taken and a sustainable lifestyle. “It is the cradle of empowering city from the farm.” Rooftop Republic Academy launched people–specifically, one part of it is the Unlike other urban farming compa- in March last year. The program caters professionals who are actually designing nies, which strictly focus on food produc- to urban designers, retirees, students, the future of our city,” Tsui says. “These tion or hydroponics, Rooftop Republic and anyone urbanite who is interested in are the people we actively engage with and works to better food distribution in Hong farming. Participants can gain hands-on share how they can engage urban green Kong by donating a portion of its harvests farming experience and learn urban agri- design in the future.” to local food banks. culture knowledge, such as the principles “Today, in an abundant city like Hong of organic farming, soil management, irri- y many accounts, Rooftop Repub- Kong, we still have a million people who gation systems, and more. It also provides lic’s push for urban agriculture is are living in poverty. But at the same time, upskilling opportunities for marginalized Bpaying off. Matthew Pryor, Associ- other parts of the city are wasting so much communities. ate Professor and Head of the Landscape of our food,” says Tsui. He adds that, with “Our purpose of existence is to create Architecture Division at the University hands-on farming experiences, consum- value for the 99%,” Tsui explains. “They of Hong Kong, estimates that there are ers are likely to become more receptive share the commonality of being hopeless around 1,500 farmers in the city. The to eating “ugly food” and drive systemic about having a green lifestyle–either they number of farms has also increased consis- change in the produce supply chain, such have no options where they live, the sys- tently over the past decade and is showing as waste reduction and supporting more tem does not allow them, or they feel like no signs of slowing down. local farmers. they don’t have the ability.” Looking ahead, Tsui hopes to continue Tsui hopes Rooftop Republic Acad- to change how the public views urban Blooming a green generation emy will become the Le Cordon Bleu or farming, not only as a leisure activity or an Shaolin Temple of urban farming talent, alternative to traditional food production, lthough it’s difficult to shift peo- but a vital component to urban life. Rooftop Republic’s co-founders (left to right): ple’s mindsets, Tsui believes that Andrew Tsui, Michelle Hong and Pol Fàbrega The oasis may not be a mirage after all. Ainnovation can enable change to Photo by Xaume Olleros / Rooftop Republic. Jasmine is Jumpstart’s Editorial Assistant.

60 Jumpstart Magazine April 2020 TRENDS FEATURES F

April 2020 Jumpstart Magazine 61 F FEATURES TRENDS

hen Candy Crush the right amount of escapism. It also pio- Saga first launched neered the freemium model, where users A Golden in 2012, mobile play for free and have the option to pay for gaming was more so add-ons. an anecdote than a But Candy Crush’s most significant Age for Wsaga in the global games market, where it contribution was propelling mobile gam- made up 18% of industry revenues (Sta- ing into a dominant position in the games tistica). Today, it’s the most valuable and market through its explosive commercial Power-Ups fastest-growing gaming format compared success and cultural ubiquity alongside to P.C. and consoles, accounting for 45% other industry-defining sensations, such as Eight years A.C.C. (After of gaming revenues worldwide in 2019 Angry Birds, Clash of Clans, Pokémon Go!, Candy Crush), the mobile (Newzoo). and Fortnite. These chart-toppers, together Like any great epic, Candy Crush left with the general rise of smartphone users, gaming industry is ready to a lasting legacy. It’s still generating more have turned casual gaming into serious win big than US$1.7 million daily for its developer business. and publisher, King, as of February 2020 Mobile gaming is still a relatively new (Think Gaming). For many commut- industry, with Apple opening the App By MIN CHEN ers, it’s still the activity-of-choice for just Store to developers in 2008–one year after

62 Jumpstart Magazine April 2020 TRENDS FEATURES F When we first started six years ago, [VCs] just looked at download numbers, but they are very savvy now. Downloads don’t mean anything to them. They look at the revenue, which is always important, but even that’s not everything. the initial iPhone launch. The number offices in Zhuhai, Vancouver, and Hong months to develop a casual game), there’s of active gamers has increased exponen- Kong headquarters, Twitchy Finger has no formula to success, and metrics can tially since, growing from 1.5 to 2.5 bil- won several industry awards since found- only take a studio so far when it comes to lion between 2014 and 2019 (Newzoo). ing, including the 2018 Tencent Game deciding on a genre to pursue. Like any Mobile games are only second to social Innovation Award, 2018 HKDA Global creative medium, studios simply have to media and communication apps in terms Design Award, and the 2016 Google Play take risks until they release a hit. of time spent in-app and accounted for ‘Best Independent Game’ Award. Its flag- “Starting a mobile game company is 74% of consumer spending in-app in ship game, Mini Legend, is a mid-core tough. By 2015, we were developing our 2019 (App Annie). This spending totaled racing game that boasts over 8 million second mid-core game, and we were run- $68.5 billion in revenues last year, with downloads in the App Store. ning low on money. We thought: This a projected 10.2% YoY growth to reach Creating a profitable game is no small game is either going to make us or break us,” $95.4 billion by 2022 (Newzoo). feat for young studios, as their resources says Li. “We were lucky it did very well.” The accessibility of mobile gaming has pale in comparison to that of gaming Twitchy Finger’s next release was a pushed studios to create new experiences giants. Development-time aside (it takes casual puzzle game with a comic art style–a for new audiences. With more women the Twitchy Finger team around four to six stark contrast to what the studio was and age groups entering the ‘gamer’ demo- graphic, mobile gaming’s influence will only become more far-reaching in our dig- ital lives. How developers adapt to these changes and apply the tools available to them, such as 5G and augmented reality (AR), will be up to the players to decide.

Road to twitches

obile gaming first appeared on Edward Li’s radar in 2012 after a Mfriend recommended that he play Candy Crush and Clash of Clans; he was intrigued after learning that the former had grossed over $1 billion in revenue. Surprised by their appeal, as he “grew up playing on P.C.s and consoles,” Li decided to look into the potential of the emerging gaming medium, having spent most of his career in music production. “I had a discussion with my co-found- ers, and we thought: There’s an opportunity. There aren’t a lot of studios in Hong Kong. The field is still very new, so this is something we can try to move into. That’s how Twitchy Top: A screenshot of Finger started,” says Li. Twitchy Finger’s newest Together with Howard Lau and game, Apex Racer. Anthony Kwan, Li co-founded a mobile Right: Twitchy Finger Co-founder Edward game development and publishing studio Li. Photos courtesy of in 2014. With over 30 employees across its Twitchy Finger.

April 2020 Jumpstart Magazine 63 F FEATURES TRENDS known for, which raised a few eyebrows. cent has been notably aggressive, obtaining thing lacked an engaging, competitive To Li and his co-founders, it was necessary stakes in Supercell, Pocket Gems, Glu factor to keep retention rates up–and it to “not always do the same things over and Mobile, and Epic Games, to name a few. took years for to recover from the over again even if it’s a cash cow” because Goldman Sachs invested $200 million loss (The New York Times). it keeps the team adaptable and creative. into hyper-casual mobile gaming studio, While many acquisitions and part- This decision also followed on the heels of Voodoo, in 2018. Such trends have made nerships are motivated by data sharing, a broader industry shift toward the reward investors much more discerning when it large gaming companies are also after soft video model within the freemium seg- comes to dissecting industry metrics. benefits, such as acquiring new talent or ment, as the studio used the game to test “When we first started six years ago, refreshing their company culture by work- the monetization strategy in a new genre. [VCs] just looked at download numbers, ing with an agile team. In 2017, Twitchy The decline of paid games and pop-up but they are very savvy now. Downloads Finger entered a joint venture with King- ads were, interestingly, a result of consum- don’t mean anything to them. They look soft, a Hong Kong-listed and Mainland ers’ receptiveness to advertising in games, at the revenue, which is always import- China-operated software and Internet which prompted studios to explore new ant, but even that’s not everything,” says services company, as a way to inject more ways to capture their attention. A study Li. He adds that retention rates, session creativity and perspectives into its games by TapJoy found that 41% of consum- lengths, average revenue per user, and life- division, Seasun Games. ers are likely to pay attention to adver- time value of the user are just some of the tisements placed in mobile games, versus numbers that investors evaluate in the due It’s anyone’s game 17% for general Internet ads and 15% for diligence process. billboards. Studios can bring in recurring Li cites the example of Pictionary game onfidence in the future of mobile revenue and increase time-in-view by, for Draw Something as a watershed moment gaming is bolstered by advance- example, showing a video ad in exchange for gaming investment. Its developer, Cments in hardware and software, for lives, whereas paid games are a one- Omgpop, was acquired by social gaming new monetization models, and genre time purchase, and users may be turned powerhouse Zynga for more than $180 diversification. The application of AR, off by frequent pop-up ads. million at the game’s peak in early 2012, best epitomized by Pokémon Go!, is rein- Such revenue opportunities have led to after reaching 50 million downloads in venting player experience and introducing a flurry of investments and acquisitions by only 50 days (The New York Times). But new monetization opportunities. In addi- VCs, financial institutions, and large gam- Omgpop’s valuation dropped to $95 mil- tion to in-app purchases, the game uses a ing companies in the past few years. Ten- lion by the end of 2012–as Draw Some- cost-per-visit model, which attracts players

64 Jumpstart Magazine April 2020 TRENDS FEATURES F to a specific place through Pokémon place- ment and charges sponsored locations for each visitor. According to Dice, this model has brought in $75 to 250 million in reve- nue since 2016. Mobile gaming is also well within the disruptive reach of 5G, which will pave the way for cloud and on-demand gam- ing. Running games on remote servers and streaming them directly to a user’s device will not only enable faster loading speeds and undisrupted gameplay as users switch from one device to another, but it will also set a new standard for the mobile gaming experience. “Right now, all mobile games are lim- ited by hardware. In general, we don’t worry about iOS devices because Apple has a well-optimized software-to-hardware integration. But on the Android side, it’s very fragmented,” says Li. “You have low- er-end phones that are bare-bones; games run on it, but not well. So we still have to make a compromise for now.” Like countless other industries, the subscription model is taking mobile gam- ing by storm. Apple Arcade and Google Play Pass both offer a curated selection for $4.99-a-month. Subscribers can try new games ad-free and gain access to exclusive perks, while developers are able to enjoy recurring revenue. Subscriptions also have the potential to impact spending behavior, as consumers often perceive them as better value than standalone purchases. Currently, 2.8% of mobile gamers spend money on in-app purchases for freemium games (Newzoo), We’re seeing more and more women coming into and only 10.3% of App Store games are paid (42 Matters), suggesting that user the field, and they’re providing insights and ideas spending has much room to grow. that a lot of male programmers and game designers Traditionally an activity occupied pri- just don’t have. There’s always been a lack of gender marily by teenage boys and young adult men, the gaming market is now benefit- balance but it’s good that this is starting to change. ing from an older and more female con- sumer base–much to the credit of mobile “We’re seeing more and more women anxiety treatment or getting us from A to gaming’s accessibility and the general aging coming into the field, and they’re provid- B, tactical engagement in our digital lives of gamers. Last year, the proportion of ing insights and ideas that a lot of male will not only be prevalent, but expected. female mobile gamers reached the majority programmers and game designers just Hardware and software advancements at 51%, and the average age of a mobile don’t have. There’s always been a lack of have shone an even more promising light gamer was 36.3, according to the State of gender balance, but it’s good that this is on its trajectory, but growth is not without Mobile 2020 Report by App Annie. starting to change,” says Li. “For our Van- its caveats. The industry is facing criticism A study by Newzoo and Activision couver studio, we’re half-and-half for gen- for using psychologically-manipulative Blizzard Media also found that while der representation, which is rare.” tactics to draw users into addictive play, female and older gamers prefer puzzle creating appealing sensory stimuli and games, they are also branching out to the t’s evident that, as we enter the golden dopamine-charged rewards. This narrative action and adventure, and competitive age of mobile gaming, its presence will has played out again and again in the gam- genres (Betting on Billions: Unlocking Ibe seamlessly integrated with our day- ing world, so only time will tell if studios’ the Power of Mobile Gamers). Such find- to-day. With this growth comes opportu- efforts to address such concerns will be ings will undoubtedly affect how studios nities to make the activity more inclusive sufficient. For now, the industry and the approach development, but Li believes and solve problems that plague us, big or gamers will be focused on getting to the that the industry needs to do more. small. Whether it’s the gamification of next level.

April 2020 Jumpstart Magazine 65 F FEATURES TRENDS

66 Jumpstart Magazine April 2020 TRENDS FEATURES F

expensive and unethical practices, brand- ing based on wealth–and instead, chose values-based branding and no physical retail location at all. Things appear to be coming full circle now. Direct-to-consumer (D2C) glasses brand Warby Parker introduced the Warby Parker Class Trip–a yellow school bus out- fitted as a showroom that drove around the United States–in 2012, following up with their first permanent retail location in 2013. Cosmetics brand Glossier and luggage brand Away opened their first per- manent locations in 2016. In 2019, there were over 1,700 brick-and-mortar stores under the umbrella of digital brands, with another 850 expected to come into being by 2023 (Forbes). One of the primary drivers behind this phenomenon, according to Jasmine Bina– Founder and CEO of branding strat- egy firm Concept Bureau–is that digital brands are in search of a new demographic of consumers. They’re trying to attract the later adopters, who are perhaps more accustomed to the traditional, try-before- you-buy retail experience. “They can go in, and they can expe- rience the ethos and idea behind a brand without having to take that risk online and then decide if they want to buy the prod- uct,” says Bina. Tellingly, the words Bina uses–‘ethos’ and ‘idea’–provide a glimpse into the calculated world of D2C brand- ing that few consumers ever get to see for themselves.

A crowded ecommerce marketplace

ith the rise of Shopify igital native brands have often and the founding of turned to unorthodox methods of The Bricks glossy digital brands Daccessing consumers out of neces- like Away, Casper, sity. Warby Parker, for instance, has a try- and Recess, retail is at-home policy that gives buyers the option and Mortar of Wno longer restricted to a physical shopping to try out glasses and return them. When experience. These luxury digital-native its waiting list exploded with new users, brands built up loyal online followings the company tested its first showroom Branding through innovative branding strategies, in Co-founder Neil Blumenthal’s dining convincing consumers to put their trust in room. Similarly, Heidi Zak, Co-founder Unpacking the how and products they had never touched before. and Co-CEO of lingerie brand ThirdLove, why of digital-first luxury Ecommerce became the final word in was pushed toward brick and mortar by retail, and brands created new ways to the rising costs and lower efficiency of Ins- brands opening physical retail reach consumers digitally. tagram advertising. locations The success of digital-native brands “A few bad players that took advan- not only proved their viability, but the tage of the Facebook ad ecosystem kind of ability to inspire cult-like followings–set- ruined ad prices for everybody. But that’s By NAYANTARA BHAT ting a new standard for luxury goods. Like how most D2C was built,” says Bina. traditional luxury, such products came at In the early days, she adds, such a somewhat inflated price tag. However, brands were pumped full of venture capi- Warby Parker now has over 120 retail locations throughout the U.S. and Canada. Photo courtesy these brands stayed clear of the hallmarks tal and able to use it to aggressively mar- of Warby Parker. of luxury–imposing heritage buildings, ket to users, drowning out all competitors.

April 2020 Jumpstart Magazine 67 F FEATURES TRENDS The user has gotten more sophisticated. The ad landscape has gotten more competitive. The barriers to entry for all these industries have gotten super, super low.

Branding in the millennial age

hen viewed through a millen- nial lens, traditional luxury Whas almost become a bit of a has-been. Where fur coats and expensive champagne were once the status symbols for sophistication and taste, the implied classism and rampantly wasteful practices have turned consumers off these brands. Now, it’s responsible production and aspi- rational values that matter to big-spend- ing consumer groups–pushing them to make purchases from brands that echo this mindset. “When you feel like you’re buying this larger narrative, you’re willing to pay a lit- tle bit of a higher premium, because when you wear those products or carry those products, you’re kind of signaling to the world that those are the values and ideals However, there were two flaws in that launch your company and go to market,” that you hold,” says Bina. plan: firstly, investors weren’t accustomed says Bina. In large part, launching brick-and- to putting capital into consumer goods With obsolescence staring these brands mortar stores is more of an ode to a com- companies. They gave these companies in the face, it came time to return to the pany’s ethos than its product, Bina says. tech valuations, pressuring them to reach old way of doing things and open brick- “There are plenty of places where they impossible growth rates. Secondly, being and-mortar stores–but with the millenni- don’t stock too much product, and that’s louder than the competition simply isn’t al-driven mindset that’s quintessential to on purpose–they don’t really see the store sustainable as a branding strategy. today’s upcoming brands. as a place to sell a product, they see it as “The user has gotten more sophisti- cated. The ad landscape has gotten more competitive. The barriers to entry for all these industries have gotten super, super low,” Bina says. Also, the dream exit strategy–acqui- sition by one of the big incumbents like Kimberly-Clark or Unilever–soon became out of the question as the incumbents’ corporate innovation departments began launching their own buzzy startups to dis- rupt themselves before a startup could get to it. “It was a model that was easy to copy. So there’s really nothing inherently advan- tageous about D2C anymore–it’s just another option for figuring out how to

Top: Jasmine Bina is the founder and CEO of Concept Bureau, a leading branding agency that works with growth-stage startups, millennial- facing brands, and companies entering the U.S. market. Photo courtesy of Concept Bureau.

68 Jumpstart Magazine April 2020 TRENDS FEATURES F selling the brand,” she says. This strategy is what gave U.S. con- sumers the Casper Dreamery, a luxuri- ous concept store from mattress startup Casper, where visitors can book 45-minute nap sessions on Casper mattresses before enjoying a cup of coffee and getting back to work. Recess, which sells beverages infused with marijuana-based compound cannabidiol (CBD), opened a location in 2019 designed to replicate the calming influence of the brand’s products. “In this space, I want you to feel like you are walking into Instagram […] or walking into a billboard,” Recess Founder and CEO Ben Witte told CNBC in a 2019 interview. Designed unlike anyone’s expectation of a retail store, these spaces are undeni- ably made for social media. Visitors who explore, take photographs, and share them on Instagram, provide a loop of organic attention that keeps feeding into itself. “It kind of makes you wonder–what’s the real product here?” says Bina. “You can drink a bottle of Recess, and you’ll feel calmer and more creative and inspired according to them [...], or you can go to the Recess store and have an experience where you might leave feeling those same things. And you don’t have to necessarily buy a product, but you’ve experienced the brands in a meaningful way.”

The risks and rewards

n cases like these, the numbers usually tell a compelling story, but many of Ithese brands don’t publicly release rev- enue figures. However, Gartner’s L2 Intel- ligence Report: Death and Pure Play Retail noted that retail stores could provide a sig- nificant boost to a company’s online traf- fic. Having a physical location is beneficial both in terms of Google rankings and credibility to the target audience. The relationship between cost and revenue becomes more complicated when apparent in many situations. with the brand. it’s a digital native brand going brick and For instance, the outbreak of COVID- “I don’t think you have journeys and mortar, especially when the brand in ques- 19 has dramatically reduced foot traffic to retail like you do when it comes to D2C tion isn’t even really using the space to retail stores, diluting the beneficial brand- brands and their stores,” says Bina. “They move product. For D2C brands, it’s all ing impact they offer. Additionally, after really want you to leave somewhat of a about using physical space to complement building a considerable amount of brand changed person, even if just a tiny bit.” the brand and build a greater understand- equity online, any events that run counter Some might argue that the cool calcu- ing of their customers. to these values–for instance, the late-2019 lation put into optimizing retail stores for Opening retail spaces also allows Verge article that exposed toxic work cul- customers takes some of the shine out of brands to interact directly with customers, ture at Away–can immediately tarnish the these unique customer experiences. Still, engaging with them more deeply to col- brand’s image. digital brands have learned how to add a lect contextual data on their buying hab- Ultimately, the ‘customer journey’ is new dimension to their sales process. As its. However, considering that these stores an all-important process that is essential to consumers, it’s up to us to decide whether aren’t entirely built for sales, the risks of get right–giving consumers a special con- we want to subscribe to it. investing in brick-and-mortar become nection or tribe-like feeling of belonging Nayantara is Jumpstart’s Editorial Associate.

April 2020 Jumpstart Magazine 69 F FEATURES TRENDS

years, Salesforce has now cemented itself as the industry leader. But unlike companies Transitioning to the that transition to a subscription model later, Salesforce began as a SaaS company, avoiding the negative effects of a pivot. Subscription Model By nature, subscriptions provide a degree of certainty in a company’s pro- This popular revenue model may not be for everyone jected profit and loss statement. They provide upfront boosts in cash flow at the start of every renewal period, which typi- By DANEESH SHAHAR cally translate into a stable financial posi- tion for the rest of the month or quarter. ubscriptions have become syn- by-mail services before developing into The model not only has a robust onymous with how we con- software-as-a-service (SaaS) and subscrip- effect on a company’s financials, but is sume products and engage with tion ecommerce boxes. also monetarily beneficial for consumers. services. Nowadays, it seems Customer relationship management Subscriptions help financially constrained almost impossible to listen to software company, Salesforce, pioneered businesses avoid the substantial upfront Smusic, watch movies, or shop online with- the SaaS model through its founding in costs of software licenses and IT hardware, out being attached to a monthly subscrip- 1999. Riding on the rise of broadband such as servers. tion plan. Internet and mobile technology in its early Adobe is the poster child for how to The perpetual exchange of value and the ability to cancel anytime helps us avoid the stinging feeling of dropping large sums of money for things like software licenses. Endless libraries (think Netflix and Spo- tify), 24/7 customer support, constant software updates, and algorithmic curation all feed into the appeal of subscriptions. For companies, this business model presents an opportunity to strengthen their profitability forecasts, cultivate deeper relationships with their consumers, and collect data to uncover said consum- ers’ engagement habits. According to an October 2019 report published by subscription software pro- vider Zuora, subscription business reve- nues grew around five times faster than S&P 500 companies in the first half of the year (18.2% vs 3.6%). Given the tremen- dous revenue potential, it comes as no sur- prise that many companies have recently initiated plans to transition all or part of their revenue streams to the subscription model. For instance, industry rumors sug- gest that Apple may introduce an iPhone subscription plan, bundled with services like Apple Music and Apple TV+. However, many companies attempt- ing this transition fail to recognize the key steps to creating a successful subscrip- tion-based business–including assessing product-market fit, and deploying effective change management. In such instances, the pivot alienates their consumer base and ultimately threatens their existence.

The perks of subscription

he subscription model took the form of gym memberships, grocery Tchain loyalty programs, and DVD-

70 Jumpstart Magazine April 2020 TRENDS FEATURES F The benefits of the suite in 2012. Surprisingly, a year later, of the company’s year-long release cycle. overwhelmingly positive reception of the On the data-side, continual updates subscription model– new pricing model prompted Adobe to via the subscription model unlock an robust cash flows, cease selling licences for the entire suite. entirely new channel for its collection and increased profitability, Enterprise and individual users over- analysis. Ecommerce companies looking whelmingly preferred to pay in smaller to transition to subscriptions can analyze higher customer monthly installments of $50, rather than actions like return rates, cancellations, and retention–can only be an upfront $2,500 to purchase the license plan upgrades or downgrades. The analy- achieved if employees to Adobe’s master collection. sis of consumer data can then inform price Consumers also benefited from regu- adjustments, return policies, and other and management are lar software updates, which gave them the changes in a gradual bid to constantly equipped with the perception that they could regularly gain improve the subscription experience. right mindset to create new value from the software–this, in turn, encouraged retention by preventing the Challenges ahead supporting systems product from feeling stale. Additionally, and procedures. a subscription also allowed the company umping on the subscription band- to more strategically leverage its engineer- wagon without examining your successfully transition to the subscription ing talent, who previously had to wait to Jproduct-market fit can be damag- model. The company released a monthly launch products that they had been devel- ing to your business. According to a 2018 subscription plan for its creative software oping for extended periods of time as part McKinsey report on consumer goods subscription services, a consumer will not hesitate to cancel their subscription if they feel that it doesn’t deliver a satisfactory experience. The deciding factor can vary between the level of convenience, person- alization, or value, depending on the type of consumer good. A clothing subscription service that delivers new clothes every month on time, but does not provide the service of person- alized curation, would have a high churn rate if their target audience values person- alization over convenience. Failed attempts to transition to sub- scription-based models can largely be attributed to poor change management. A subscription business requires finance, sales, and product teams to reassess priori- ties and redefine milestones. For example, salespeople now have to understand that the first transaction with a new customer is the beginning of a potentially long relationship, rather than the end of a sales process. The benefits of the subscription model–robust cash flows, increased profitability, higher customer retention–can only be achieved if employ- ees and management are equipped with the right mindset to create supporting sys- tems and procedures. Besides these factors, there are exter- nal considerations that need to be assessed before transitioning and maintaining a subscription model. For instance, Zuora’s Subscription Economy Index estimated that media and publishing have the highest churn rates of 37.1% and 28.2%, respec- tively, over a seven-year period. When it comes to streaming services, it is likely that a combination of intense competition between the major players (Netflix, Ama- zon Prime Video, HBO) and new entrants

April 2020 Jumpstart Magazine 71 F FEATURES TRENDS

US$57 million in 2011 to $2.6 billion in 2016. The entrance of major players like Walmart Beauty Box and Unilever’s $1 billion acquisition of Dollar Shave Club (razor subscription), helped legitimize sub- scriptions boxes as a viable business. Nike’s Adventure Club, a service that ships children’s shoes on a monthly, bi-monthly, or quarterly basis, is a recent addition to the slew of brands experiment- ing with ecommerce subscriptions. The service addresses the problem of having to constantly buy new shoes for children because of how fast they grow out of them. Here, the power of the subscription model lies in its ability to capitalize on recurring behavior. Nike’s Adventure Club eliminates the friction of having to repeat- edly buy new kids’ shoes, and also works to instill loyalty in their youngest users. The launch of the service may hint at a future Nike plan to introduce subscriptions for other users with recurring purchase behav- iors, such as marathon runners.

Will subscriptions take over everything?

For many of us, it’s difficult to imagine our media consumption or goods delivery taking any other form than a subscrip- to the industry (Disney+, ApplyTV+) will churn rate (72% of users cancelled their tion. Discretionary monthly spending keep the churn rate high. Blue Apron subscriptions within the first has become so ubiquitous that we’ve now The meteoric rise and fall of sub- six months) signalled they were never opted into delivery services that regularly scription meal-kit service Blue Apron able to fully convince new customers of supply us with toothbrushes, makeup, can be attributed to a myriad of reasons, the value of their service. Blue Apron has and cooking ingredients. But is the sub- including logistical challenges, poor prod- plummeted from its peak valuation of $2 scription model practical for all service uct-market fit, and major players dis- billion to its current market cap of $36 industries, and does it make sense for more rupting the grocery space (e.g., Amazon’s million (as of March 2020). companies to transition? acquisition of Whole Foods). The com- Despite these challenges, the subscrip- Zuora CEO Tien Tzuo certainly thinks pany’s inflated marketing costs and high tion ecommerce industry ballooned from so. In a Stanford Graduate School of Busi- ness interview, when asked about what other industries he expects to embrace the subscription model next, he answered: “There are already subscription-based companies in real estate, education, finance, and pet care. The reality is, own- ership is dead; now it’s really about access as the new imperative.” His strong opinions coincide with the rising prominence of the sharing economy and the trend of access over ownership, though there is skepticism about whether sharing behavior will translate well in industries where strong ownership incen- tives exist. Only time will tell whether the subscription model will take over more of our lives–in all likelihood, we have set ourselves on the path to using everything available, and owning nothing at all. Daneesh is Jumpstart’s Journalist in Residence.

72 Jumpstart Magazine April 2020 SPONSORED CONTENT QUICK TAKE Q Technology Meets Design at Ejj Jewellery

The exciting intersection of design innovation and creativity

By MONIKA GHOSH

ntrepreneurship is often perceived as an endeavor that requires con- Esiderable technical skills. Still, there are those pioneers who–despite not hav- ing the specialized experience right off the bat–believe in an idea strongly enough to pursue it and develop the skills on the way. Although she did not have a tech back- CreateHK gave us early on in our startup projects. For instance, she is working on a ground, Elaine Shiu wanted to innovate journey,” she says. pet-tech project which aims to develop pet the traditional jewelry-making business. Ejj is experiencing increasing demand accessories outfitted with chips in collabo- Her dream was to create a fashion brand online, but both manufacturing and ration with the Hong Kong government’s that makes stylish, high-quality jewelry at a shipping to international customers have tech department. The chips will provide lower price tag by using design technology. become difficult with the global COVID- pet owners access to such functions as GPS Ejj is Shiu’s second venture in the jew- 19 lockdown. The manufacturing line is tracking, temperature checks, step count- elry space, which she established in 2015. based in Italy–one of the worst-affected ers, vaccination reminders, and more–all Intrigued by 3D printing, she spent a year countries–and disruptions in flights and through a mobile application. and a half studying the technology, using shipping routes have also presented prob- As part of another philanthropic proj- the software, and understanding how the lems. However, Shiu remains optimistic ect, she sponsors wedding jewelry for one printer could produce fine jewelry. about the looming recession. financially-disadvantaged couple every The brand launched its first “Because we own the manufactur- month, teaming up with photographers 3D-printed jewelry collection in 2018 ing line, we can control the cost and how and makeup artists to create a luxurious and was the first brand in Hong Kong to many products we produce,” she says. wedding photoshoot that otherwise would utilize the technique. The collection was “Some companies are crumbling because have been out of reach. She started the met with much fanfare, and the company they cannot control their costs efficiently. project in February 2020, but her plans received multiple industry awards, includ- For us, the advantage is that we control the have come to a halt because of the global ing a Hong Kong Cultural and Creative manufacturing line and don’t rely on sup- coronavirus pandemic. Industries Award and an A’ Design Award pliers or producers–we are the creators.” “I want to help them to have good in 2019. Ejj has since represented Hong Ejj products are affordable luxury jew- memories of a lifetime event. It’s a really Kong at multiple international Fashion elry alternatives–priced between US$50 meaningful project for me,” says Shiu, Weeks, and also retails its products at and $150–for the company’s target mar- adding that she intends to continue with the airport thanks to the support of Cre- ket of Greater China. Although the Hong the initiative as soon as the COVID-19 ateHK, a government program supporting Kong market is the primary focus, Ejj has lockdowns are lifted. creative startups. set its sights on expanding in the Greater Shiu is also the brains behind ‘Hong “We’re very grateful for the boost that Bay Area–a nexus of 11 cities in the region. Kong Designers Society’ and helps design- The company has opened a store in the ers from Hong Kong expand their business southern-Chinese city of Shenzhen, and in the Greater Bay Area by connecting will be launching a new project–a retail them with potential customers and provid- location in Zhuhai selling multiple Hong ing legal advice. Kong designers’ products–in July this year. “My aim is to promote ‘Hong Kong Though Ejj is still a relatively ear- Design,’ and also to increase the business ly-stage startup, with fewer resources than opportunities for local designers,” she says. established players in the industry, Shiu She is hoping that this initiative will is passionate about contributing to soci- receive more support over time, and wel- ety and is involved in several non-profit comes ideas that may help more Hong Left: Ejj Jewellery Founder Elaine Shiu. Kong designers expand globally. Right: A selection of Ejj Jewellery’s designs. Photos Monika is a journalist at Jumpstart. courtesy of Ejj Jewellery. ejjonline.com

April 2020 Jumpstart Magazine 73 F FEATURES TRENDS

74 Jumpstart Magazine April 2020 TRENDS FEATURES F

New Challengers in the Search Engine Space

With consumer trust shaken, new search engines are rising to tackle the giants

By NAYANTARA BHAT

hile Google now garnering a user base. In the interven- Alternative search dominates much of ing years, the company rose to become a our daily Internet global titan, with a whopping 84.3% of engines like explorations through the global share as of January 2020 (Net- DuckDuckGo and searches and targeted MarketShare.com). Yahoo faded from Qwant–both established Wads, some will remember early entrants mainstream usage and was eventually in the search engine space. In the late acquired by Verizon in 2017. around a decade ago– 1990s and early 2000s, Yahoo, AltaVista, Other search engines have briefly have been picking up and Excite were competing for users. But made a bid for a spot in the market, but traction in the wake soon enough, the dot-com bubble burst, such attempts have almost consistently and most of these erstwhile-popular search fizzled. Goo was the first search platform of numerous privacy engines went to ground. out of Japan, but eventually gave up its scandals that left users Yahoo–one of the few remaining sur- algorithm and switched to Google Japan’s reeling and regulators vivors of this extinction event–recovered engine. Others were swallowed up in from the blow, but all the while Google acquisitions; Apture, a startup founded in scrambling to implement was busy developing its technology and 2007, was acquired by Google just a year data privacy legislation.

April 2020 Jumpstart Magazine 75 F FEATURES TRENDS after it launched a window-in-window whether users will opt for privacy or good year-on-year in the last quarter of 2019, search function called Apture Highlights causes over reliable results from the only with Yahoo and Bing experiencing steeper (TechCrunch). search engine they’ve ever used. declines. Meanwhile, DuckDuckGo However, this trend appears to be achieved 44% YoY growth in the same changing. Alternative search engines like Privacy and regulation: Key period. One of the fastest-growing ser- DuckDuckGo and Qwant–both estab- market opportunities vices in terms of user base, DuckDuckGo lished around a decade ago–have been has also launched a mobile browser and a picking up traction in the wake of numer- s Big Tech giants like Google, desktop browser extension in addition to ous privacy scandals that left users reeling Microsoft, and Amazon scaled, its primary search engine product. and regulators scrambling to implement Athey established what came to be “Search engines now even track offline data privacy legislation. Similarly, accu- known as a ‘kill-zone’ around them. Ven- purchases, amplifying the lack of privacy sations of results bias and a series of ture capitalists began to shy away from amongst consumers. However, this no lon- paid-placement scandals have diverted funding startups in the same industries as ger reflects the interests of search engine some users of Chinese search giant Baidu these companies; VC Mike Driscoll said in users,” says Steel. This disconnect in itself to its competitors ByteDance and Qihoo a 2018 Economist story that annual devel- seems to be a significant enough indicator (Nikkei Asian Review). oper conferences “send shock waves of fear for investors like OMERS to renew their DuckDuckGo, Qwant, and One- through entrepreneurs.” interest in the search space. Search–a new offering launched in January However, increasing regulation around 2020 by Verizon and powered by Micro- privacy has given startups in the search soft Bing–are all competing in the privacy space a new lease of life. OMERS Ven- arena, where they promise users a search tures, a Toronto-based VC firm, added experience that is free of targeted ads and capital to DuckDuckGo in 2018. Investors, the founders refrains from storing any personal user “[There] is a real market and growth of search engine data. On another front are services like opportunity in a new category of search: startups, and the Ekoru and Ecosia, which claim to support privacy and anonymity,” says OMERS eco-friendly initiatives by donating money Managing Partner Damien Steel. community of privacy with every search. He adds that the estimated worldwide advocates all believe The resurgence of interest in build- segmented market size for privacy-centric that the age of more ing search engine alternatives to Google search engines was approximately US$8.6 speaks to the view that users’ priorities billion in 2017, and continues to grow at a responsible data have changed. Still, it remains to be seen CAGR of 16.6%. regulation and educated Global marketing agency Merkle’s Dig- DuckDuckGo Founder and CEO Gabriel consumption is upon us. Weinberg launched the search engine in 2008. ital Marketing Report Q4 2019 found that Photo courtesy of DuckDuckGo. organic search visits via Google fell 11%

Qwant: A European case study

n the wake of the Cambridge Analyt- ica exposé and subsequent data-misuse Iincidents, privacy is an area of increas- ing concern–particularly in Europe. The European Union has reacted by introduc- ing sweeping reforms, including the Gen- eral Data Protection Regulation (GDPR). In January, the French government announced a plan to make Paris-based search engine Qwant the default on all government workstations. Qwant launched a live beta of its search engine in 2013, which claims to be free of targeted ads and personalized search results. The search is currently powered by Microsoft Bing as Qwant works to develop its own engine, and results pages display not only links, but associated news articles and Tweets for added context. “Search engines are a very important entry point for users going on the Inter- net,” says Qwant Vice President of Advo- cacy Tristan Nitot. “How come Europe has left this to foreign companies? Europe is

76 Jumpstart Magazine April 2020 TRENDS FEATURES F about to become a digital colony, and it’s something that we should avoid.” However, challenging a market leader– especially one like Google–doesn’t come without its hurdles. “[Google] is well-established, and their product is apparently free,” says Nitot. “We need to deliver a competitive offering while being better on the privacy side. On top of this, we need to operate at Web- scale, which is really huge. We’re talking about billions of Web pages and dozens of billions of links between pages.” Nitot admits that what Qwant is trying to do in Europe is both challenging and risky, but believes privacy and the integrity of European democracy are too import- ant to forgo. The company is counting on increased privacy awareness and its strengths in European languages and mar- kets to slowly sway users to its platform.

EU antitrust law– potentially a misfire?

rom March 1, 2020, users setting up new Android devices in the FEU were offered a choice between four different default search engines. Fol- lowing a record US$5 billion antitrust fine imposed by the EU in 2018, Goo- gle–which developed the Android sys- tem–introduced the feature to comply with regulatory demands. The options are selected through an auction system, where search engines bid to be included. While this move was met with crit- icism from other players in the indus- try–essentially allowing Google to make money off its competition–plenty of indi- cators seemed to point to this eventuality. As Politico reported in early 2019, all of the EU’s attempts to restore competition in the market up until that point were concerns that limited information on the of U.S. search traffic in the last quarter somehow twisted into opportunities for choice screen may actually push users of 2019. DuckDuckGo’s 47% growth in the company to make more money. toward Chrome (Bloomberg). organic search visits–while commendable– In a strikingly similar case, where More time is needed to gauge the accu- was a drop from a 68% growth rate in the Google was fined for bias toward its com- racy of this prediction–if a conclusion can previous quarter (Merkle). parison shopping service, the company even be drawn. Many who choose Chrome Investors, the founders of search allowed others that offer the same service may do so simply out of preference and engine startups, and the community of to pay for greater visibility. Not only was are indifferent to the entire privacy debate. privacy advocates all believe that the age this technically legal under the given stip- After all, Google has had the decades and of more responsible data regulation and ulations, but Google ended up making resources to optimize their search engine educated consumption is upon us. The money from what was intended as a puni- and has relentlessly pursued opportunities elephant in the room, however, is the pos- tive measure. for improvement. sibility that users may strongly value pri- Early reactions to the choice screen The acquisition of MetaWeb in 2010, vacy, but may not be willing to relinquish seem to indicate that those who have paid for instance, provided the technology and familiar interfaces and branding for it. As to be included have another bone to pick database software behind the infobox that regulation evolves, the next few years are with Google. DuckDuckGo, which along appears when a user looks up a person, likely to define this space–but it’s unclear with Info.com and Google Chrome are film, or book, with snippets of relevant whether it will lead to fairer competition the only three search options to be listed information sourced from multiple sites. or a new monopolist. in all 31 countries in the bloc, has raised Tellingly, Google still captured 92% Nayantara is Jumpstart’s Editorial Associate.

April 2020 Jumpstart Magazine 77 F FEATURES SPONSORED CONTENT A Turn of Events

Exploring new business models in the event planning industry

By NAYANTARA BHAT

etflix changed the world ernment. From moderating startup events in 2007 when it pivoted to to creating Guinness World Records with an online model, offering her clients, to commentating for Hong streaming instead of on-de- Kong Jockey Club’s horse racing, bringing mand DVDs. Using the people together is her bread and butter. NInternet in this way was seen back then as Anyone can slap together a hallmark of disruptive innovation, but Right place at the right time in the era of COVID-19, it’s an absolute a simple Facebook Live necessity to have a strong online presence. n the first quarter of 2020 alone, Kwan or point a camera at With individuals and entire companies facilitated the online execution of two something. An online now housebound indefinitely, the world is Hong Kong-based events: Alibaba migrating to the Internet now more than IEntrepreneurs Fund’s JUMPSTARTER event is more nuanced ever, and the power of the online medium Global Pitch Competition 2020 and the than just shooting a is becoming clear. Virtual Career Expo 2020 organized by video of an event and Contrary to most people’s experiences Hong Kong Science and Technology Parks during the COVID-19 pandemic, this Corporation (the world’s largest online putting it online. outbreak is a blessing in disguise for some. pitch contest and career expo in the Infor- As more events have been forced to move mation Technology sector, respectively). don’t underestimate. Instead, be over-pre- online, Melody Kwan has become an early Although she had hosted online ses- pared.” Far from a simple laptop and adopter for providing online events solu- sions for events even before the outbreak, Internet setup, online events, she says, are tions to meet growing client demands. she rapidly adapted and transformed her more challenging than offline events in Known as MC Melody Kwan, she is skill set and that of her team to help clients many ways, and her clients must under- the Founder and Director of Speak Up move events online. stand this too. Event Coordination, and a well-known “In my line of work, we’re the first ones event curator in Hong Kong. Kwan wears to get wiped out during this pandemic,” The building blocks several hats, including online and offline she says. “It’s quite rare and fortunate that of online events emceeing, providing integrated event our work is on fire right now. That said, solutions, public speaking mentorship, we are highly selective when picking our Find an online emcee with voice-over artistry, TV hosting, and sports clients, as the stakes are very high with exceptional qualities commentary. She made a name for herself online events.” running high-profile events with clients Her philosophy now, and her approach wan likens online emceeing to such as Manchester United, HBO Asia, to managing clients’ expectations, centers being an Air Traffic Controller– Google, Cartier, and the Hong Kong Gov- around the motto: “Don’t procrastinate, Ksimultaneously moderating, pre- senting, directing, handling tech issues, putting out fires, covering for speakers, and stirring up virtual audience engage- ment all at once. The role requires the emcee to adapt with chameleon-like ease. Thankfully, public speaking, translation, diligent multitasking, event management, and technical knowledge are the skills that have served Kwan well during this transition.

Left: Kwan hosted the Virtual Career Expo 2020, which was organized by Hong Kong Science and Technology Parks Corporation. Top: The Founder and Director of Speak Up Event Coordination, Melody Kwan. Right: Speak Up Event Coordination facilitated the online execution of Alibaba Entrepreneurs Fund’s JUMPSTARTER Global Pitch Competition 2020. Photos courtesy of Speak Up Event Coordination.

78 Jumpstart Magazine April 2020 SPONSORED CONTENT FEATURES F

“It’s like a calm duck moving across the element which requires good improvisa- older mind and more mature people who pond for everyone watching, but it’s pedal- tion to make it work, which requires an have young spirits. Everyone needs a great ing really fast underneath,” she says. array of some pretty contradictory skills,” understanding of the other members’ she says, referring to the juxtaposition roles, as opposed to just doing their own Meaningful audience engagement between emceeing and conducting tech job,” she says. “That’s the team; that’s what troubleshooting. I’m looking for. It’s also very hard to find, nline audience engagement comes much like a so-called nerdy, techy, yet out- down to the nature of the event, High-quality tech going emcee,” she admits. Othe software used, a healthy dose of With online events gaining popular- instinct, and sensitivity toward the needs aving been part of a production ity as a viable format for everything from of the virtual attendees. Knowing the type team previously, Kwan’s primary large-scale conferences to smaller interac- of audience dictates how you will interact Hconsiderations when it comes tive seminars, Kwan anticipates a hybrid- with them. to tech solutions for events are security, ization in event organization. These hybrid Online events restrict the audience reliability, user interface and experience, events will enjoy the best of both worlds, mostly to watching talking heads, mak- device compatibility, and features to boost reaching a broader audience while retain- ing it much harder to keep the audience audience engagement. If organizers aren’t ing the human touch. Today, however, engaged and smooth over mishaps. There equipped to engage audience participa- she’s more focused on addressing current is also higher pressure to get details right, tion, the ‘online event’ is effectively just problems in event organizing and provid- as inevitable technical glitches are bound a regular video stream on an ordinary ing a meaningful experience for attendees. to use up some of the audience’s tolerance website. “Our mission right now is just to help for mistakes. clients to avoid cancelations, because these Looking forward, looking back have domino-effect creating problems Edutainment down the road,” she says. ven with the four pillars above, the As the COVID-19 pandemic contin- nyone can slap together a simple importance of a quality team can- ues to escalate, SMEs like MC Melody Facebook Live or point a camera Enot be ignored. Teamwork is para- are thriving, yet others are facing tough Aat something,” she says. “An online mount, with the ability to make or break choices. In the end, surviving the reces- event is more nuanced than just shooting a an event. Kwan’s standards for herself and sion will come down to who has the skills, video of an event and putting it online.” her team are even more exacting due to the team, and innovative mindset to turn a cri- In today’s events landscape, an emcee unique nature of the job and the expecta- sis into an opportunity. As for the future needs to not only be a facilitator but a per- tions of virtual audiences. of online events, the future remains bright: former. The role requires more creativity “[My] team’s demographics are just as though some doors have closed, for now, than ever to both inform and entertain an unexpected and chameleon-like as mine. new ones open up every day. audience who could be continents away. Event management experience is a must, Nayantara is Jumpstart’s Editorial Associate. “There will always be an intangible but we need young people who have an emceemelody.com

April 2020 Jumpstart Magazine 79 F FEATURES TRENDS The Search For More Than Meets the Eye

Experiential travel is bringing about unprecedented changes in the travel industry

By ANAGHA NAIR

n the past couple of decades, travel trends have been revolutionized by the evolving priorities of vaca- tioners. An increasing number of tourists are choosing to bid adieu to I‘traditional’ sightseeing, which often takes the form of days spent hopping on and off buses to pose for photographs in front of iconic monuments. The idea of ‘experien- tial travel’ has taken the world by storm, and is feeding into our wanderlust like never before. Experiential travel entails immersing yourself in the essence of a travel destina- millennials, the growing preference for unseen and unheard, so operators have to tion instead of experiencing it superficially. experiences over souvenirs can, to a large work twice as hard to present novel ideas Rather than spreading a vacation thinly extent, be attributed to social media’s ris- to people in a way that appeals to their over all the desirable aspects of a city or ing influence. adventurous spirit. country, vacationers opt to engage deeply A survey conducted by Schofields, a The very idea of experiential travel with a specific aspect of the place. For UK-based holiday rental home insurance entails impulsiveness and taking a leap example, instead of tasting the local cui- provider, revealed that 40.1% of millen- of faith. As a result, tour operators have sine at a restaurant, experiential travelers nials consider the ‘Instagrammability’ noticed that vacationers are opting to seek out the culinary roots of traditional of a place to be their top priority when book much closer to their travel date than dishes, hoping to comprehend the locals’ choosing a travel destination. Today, peo- in previous years. Gavin Tollman, CEO lifestyle and their culture. ple are keen to post intriguing stories that of the tour operator Trafalgar, says that set them apart from the rest of the social the company’s average booking period Why the surge in media community. dropped from 120 to 150 days, to 60 to experience-seekers? Many think of travel as a medium to 90 days. Tour operators now have to be gain new knowledge, or allow them to more flexible in their planning, while also n June 2019, Airbnb introduced recalibrate and gain a new perspective on giving clients leeway to wander beyond the ‘Airbnb Adventures,’ where travel- life. Experiential travel is more of a com- breadth of the pre-planned tour. Iers get to ‘ditch the tourist trails and mitment than conventional travel, but is In addition to benefiting professionals go deeper with wildly unique adventures also considered to be more fulfilling, leav- in the tourism industry, experiential travel around the world.’ Earlier this year, the ing a lasting impact on the traveler. has encouraged many tour operators to company announced that guest book- collaborate with locals. Airbnb’s ‘Expe- ings by Generation Z (customers aged 24 The ripples created by riences’ arm, where travelers can engage or below) for ‘Experiences’ in Thailand experiential travel in activities ranging from exploring the increased by 228% year on year, a clear ancient ruins of Jordan, to uncovering the sign that the youngest segment of travel- n hope of creating this lasting impact, secrets of the Amazon rainforest, exten- ers are increasingly interested in experien- the role of travel agencies and tour sively involves local hosts, who handle all tial travel. As with most shifts in cultures Ioperators has been magnified. Trav- the nitty-gritty of the trip. and trends pertaining to Gen Z and elers are now anxious to probe into the Similarly, Asilia, a company that han-

80 Jumpstart Magazine April 2020 TRENDS FEATURES F dles safaris and other activities in Tanza- and destinations. Operators now attempt Cultural Survival, an organization that nia and Kenya, has a package called ‘Asilia to give their customers a glimpse of the works to protect the rights of indigenous Adventures,’ where visitors can pick from unfiltered reality of their dream destina- populations, a Senegal resort offering tour- a plethora of possibilities, including inter- tion, in the hopes of adding to its original- ists the experience of ‘fishing with locals’ acting with tribe members and trekking ity and allure. banned fishermen from the section of the through the African plains. The benefits coast where the resort is located, effectively of such projects are win-win: locals are The flip side of new travel trends taking away their livelihood. There is a initiated into the tourism industry on a certain artificiality associated with these larger scale, leading to higher income, espite the seeming ideality of expe- experiences: at best, it can be considered a and travelers can enjoy the experiences riential traveling, this trend has a marketing scam; at worst, it leaves a lasting they sought in a more authentic manner. Ddarker side that is often ignored. negative impact on the livelihood and cul- To ensure an immersive experience, Some already consider it misguided to visit ture of the local population. vacationers have gradually been moving a place in the hopes of completely immers- In addition to creating a false reality in away from destination marketing orga- ing in a particular aspect of it in just a some destinations, experiential travel also nization (DMO) websites, like [www. few days or weeks. However, tour oper- contributes to the erosion of environmen- nycgo.com] or [www.thisiscleveland.com], ators continue to capitalize on this trend tal ecosystems. The Maldives, a popular toward user-generated content platforms, and often hike up their prices, offering island destination, is at increasing risk of where they can find unfiltered reviews customers ‘unique’ experiences that they being submerged due to rapidly rising sea from people who have already ‘been there could actually find by themselves, or at a levels. It is famous for scuba diving and and done that.’ much lower price. other underwater escapades, but it is los- Collette, a tour operating company, is Experiential travel carries financial ing its pristine charm due to increasing increasingly favoring user-generated con- costs for the traveler, but also has a cul- tourist activities. A similar situation can be tent to authentically market their products tural cost in some cases. According to observed in the extremely fragile continent of Antarctica, which is progressively grow- ing in popularity as a tourist destination for particularly adventurous travelers.

The way forward

ooking ahead, those in the travel industry will have to revamp the Lway they cater to tourists. Their creativity will be put to the test, as they need to offer the truly remarkable experi- ences that travelers envision. In addition to offering more immersive experiences, operators also have to consider the rise in demand for ecotourism. There is increased urgency for tour operators to find a convergence point between sustain- ability and leisure. Many companies are developing ways to achieve this goal–for instance, Undiscovered Mountains focuses on adventure and activity-oriented holi- days in the mountains, while attempting to minimize its carbon footprint. It is part of a carbon-offsetting program with Mossy Earth, a private limited company based in the United Kingdom. Though the implications of experi- ential travel on the travel industry are still evolving, one thing is for certain: it will gradually lead to more inter-cultural acceptance and global understanding. As famous travel documentarian Anthony Bourdain once said, “If I’m an advocate for anything, it’s to move. As far as you can, as much as you can. [...] The extent to which you can walk in someone else’s shoes or at least eat their food, it’s a plus for everybody.” Anagha is Jumpstart’s Editorial Assistant.

April 2020 Jumpstart Magazine 81 F FEATURES FOUNDER STORIES Match and Listen

Transforming mental health treatment in Australia with Lysn Founder Dr. Jonathan King

By JASMINE CHAN

ental health is an issue we cannot overlook. Accord- ing to the Australian Bureau of Statistics, 4.8 million Australians suf- Mfered from a mental or behavioral condi- tion in 2018. Although it’s vital for those in need to receive help from profession- als as early as possible, searching for a suitable therapist can be an exasperating experience. Sufferers are often faced with chal- lenges in the form of the time and cost that’s needed for treatment. For many, taking the first step of reaching out to a therapist can be daunting in and of itself. Given these circumstances, many are turn- ing to teletherapy–therapeutic services that are carried out in a home setting–to obtain the mental health support they’re seeking, giving rise to a new generation of startups. According to Statista, the total number of global telehealth patients grew from 350,000 in 2013 to 7 million in 2018. Private practitioners began expanding their services to the Internet in the late 1990s, where platforms like Life Helper and eTherapy made considerable strides in the e-clinic space. Today, market lead- ers such as BetterHelp.com, TalkSpace, and Breakthrough have increased aware- ness around online counseling–an indus- try that’s expected to reach around US$20 billion by 2026 (Acumen Research and Consulting). Australia-based Lysn is one such men- tal health company that’s working to increase the accessibility of mental health treatment by connecting users to licensed professionals through face-to-face, phone, and video consultations, with a chat fea- ture to be introduced later this year. Founded by Dr. Jonathan King, Lysn’s mission is to fulfill the mental health needs of all Australians. Jumpstart spoke with King to learn more about his entre-

82 Jumpstart Magazine April 2020 FOUNDER STORIES FEATURES F preneurial journey and vision for address- pany has grown from a handful of clini- with asking for mental health support, ing one of the most pressing public health cians to over 500 qualified psychologists allowing them to make progress at their concerns of our time. nationally. own pace and convenience. “Today, we are able to service the “I believe that as we become more time- A medic in the digital sector mental health needs of all Australians by poor as a society and more patient-centric, improving access to quality services, and we are allowing users to take as much pri- n 2017, King was working as a doc- in some cases, improving the typical wait ority as our clinicians,” he says. tor in Far North Queensland when he time or providing a service that really While some question the efficacy of Iobserved that health services in Aus- wasn’t available,” says King. teletherapy compared to traditional ther- tralia were insufficient in meeting patient Coming from a surgical background, apy, King says that there are numerous needs in both urban and rural regions. He King admitted that his transition to the studies proving telehealth and traditional describes the current access model as the digital mental health field was not a therapy share the same standard of care. most difficult part of receiving healthcare, straightforward one. But his experience According to The SAGE Encyclopedia as the system requires patients first to seek as a medical professional equipped him of Abnormal and Clinical Psychology, help through a general practitioner, pedia- with the knowledge to construct a well- patients who received in-person and those trician, or psychiatrist to obtain a referral rounded, patient-oriented system for Lysn. who had video conference therapy usu- for subsidized therapy sessions. “I already understood many of the ally experience similar benefits, regardless “This [system] has proven to be a big nuances of healthcare and had many ideas of the sample sizes in the studies. On top limiting step for many to seek help. In on improving current models of patient of the quality of care provided, telehealth rural areas, many Australians suffer from care,” he adds. offers additional benefits, such as saving the issue of having a dual relationship– more time for patients. knowing the local doctor personally and Patient-oriented to the core “This rids the need for the patient to professionally can create a barrier of stigma travel to their local psychologist, who may for anyone seeking help,” he says. he slogan “You talk, we Lysn” aligns not be the best fit for them, and allows Recognizing this issue in the health- with the company’s mission state- them to meet the best clinician for their care system inspired him to found Lysn. Tment, which is to prioritize clients’ needs, regardless of distance,” says King. Launched in November 2017, the com- needs. With King’s extensive experience in To dispense personalized healthcare to Lysn Founder Dr. Jonathan King comes from a sur- healthcare services, he designed Lysn as a users, King stresses that users must identify gical background. Photo courtesy of Lysn. platform for users to be more comfortable the type of help they need precisely. With

April 2020 Jumpstart Magazine 83 F FEATURES FOUNDER STORIES

this objective in mind, Lysn also serves as “We help users find a psychologist that hours and 93% of users within 71 hours. an educational platform for users to gain suits their personality needs as well, which The system improves the efficiency of the more understanding of mental health. improves the overall outcome of care for matching process, allowing it to overcome “Our goal is to provide personalized patients by improving therapeutic alli- the deep-rooted problem of long wait healthcare for all users, and part of that is ance,” King adds. times for mental health services. understanding the type of help that users Lysn also accepts referrals from general “Our large workforce connects with want,” King says. “Just because users come practitioners and other specialists. In this patients quickly and provides them with to us, doesn’t necessarily mean they want case, the customer service team will con- help within reasonable timeframes, unlike to book an appointment with a psycholo- nect with users directly to assist them with some multiple-week or month-long wait gist right there and then.” the therapist-matching process. times that can occur in remote areas Lysn’s learning center, which contains through traditional psychology,” says King. educational videos and podcasts, provides Looking into the future, King hopes users with resources to make better deci- to build Lysn into a holistic mental health sions about their well-being. Through the company that tackles problems around self-discovery process, users can decide I believe that as we become service delivery through digital solutions, whether they need further support. The more time-poor as a and improves new care models through platform goes a step further to provide society and more patient- data and research. He also believes tele- assessment tools. therapy will experience a growing domi- ‘My Lysn Dashboard’ offers several fea- centric, we are allowing nance in mental health help. tures that allow users to track their emo- users to take as much “As we become more patient-cen- tions, including a mood tracking chart, priority as our clinicians. tric, our treatment options will be guided biometrics function, self-care plan, and by the public’s needs and wants,” King a gratitude journal. According to King, comments. the dashboard “empowers [users] to take control of their health and gives them the eletherapy does not represent the opportunity to share more with the clini- Bringing efficiency and beyond only solution to the growing men- cians they trust, and who are involved in Ttal health crisis, but it is making their care plans.” ike all digital solutions, Lysn aims strides in broadening access for suffer- The platform also uses an advanced to provide an expeditious thera- ers. With the continued efforts of mental matching system of 21 questions to help Lpeutic experience to users while health companies like Lysn, we may be users find a suitable therapist who works maintaining the gold standard of tradi- able to reverse the trajectory of the global within the area of expertise that’s relevant tional therapy. Psychologists on the plat- mental health epidemic. to the issues that the user is facing. form connect with 24% of users within 24 Jasmine is Jumpstart’s Editorial Assistant.

84 Jumpstart Magazine April 2020 ENTERTAINMENT REVIEWS LIFESTYLE L

April 2020 Jumpstart Magazine 85 86 Jumpstart Magazine April 2020 CULTURE AND SOCIETY FEATURES F

how we conduct business to halt this detri- mental development. When it comes to humans, you don’t need to be a psychologist to know that mental illness and stress-related health issues are increasing around the world. For example, a staggering 83% of American workers suffer from work-related stress, resulting in 120,000 early deaths each year and US$300 billion in losses for U.S. workplaces (American Institute of Stress). Frankly, we seem to be pushing ourselves beyond the limits of our ability and, at the same time, are becoming less and less sure of exactly why. Speaking of ‘why,’ in psychology, there is a model called the ‘Sense of Coherence Scale,’ which is used to map the overall mental and physical well-being of a per- son. It was developed by Aaron Anton- ovsky in the late 20th century and has since been corroborated by decades of research. In essence, the model stipulates that we need three things to thrive. Firstly, we need our lives to be comprehensible. We need to understand what’s going on in our lives and feel a sense of cohesion or predictabil- ity. The opposite of predictability is, argu- ably, uncertainty, which is a significant driver of modern-day stress, according to the American Psychological Association. Secondly, our lives need to be manage- Goodnight, Mr. Friedman able. We need to have enough resources–be it money, time, mental energy, knowledge, Redefining success for a more sustainable future competence, or social support–to meet the many demands placed upon us by society and ourselves. By LINA BODESTAD Thirdly, and–according to decades of research–most importantly, our lives need to be meaningful. We need an intrinsic “ he social responsibility of Today’s world is, reason to get out of bed in the morning–a business is to increase its sense of drive that comes from within and profits.” Those ten words to many, neither a feeling of being part of something greater were both the sentiment and comprehensible nor than ourselves, contributing to something the very title of a famous New manageable, resulting beyond our individual limits. TYork Times article by economist Milton Clearly, a lot of what is happening in Friedman in 1970. As history goes, Fried- in people falling prey the world today provides the complete man would later be awarded the Nobel to stress-related and opposite of these three things. Today’s Prize in Economics for his work. mental illnesses at world is, to many, neither comprehensible Fast forward 50 years to the 2020 nor manageable, resulting in people falling World Economic Forum in Davos, which alarming rates. prey to stress-related and mental illnesses dubbed its overarching theme: ‘Stakehold- at alarming rates. An underlying factor in ers for a cohesive and sustainable world.’ change is affecting environmental ecosys- this issue could very well be a decreasing At Davos, world leaders delved into the tems at increasingly alarming rates. sense of meaningfulness in a world that details of making a global shift toward January 2020 was the hottest in seems to be spinning faster with every ‘stakeholder capitalism’ and away from recorded history. Media images of the roar- breaking dawn. shareholder ditto. ing wildfires in Australia seemed to depict What is the point of all this? If we With the privilege of hindsight, we hell on Earth. In February this year, a heat- are driving climate change in a direction see that our ideas of profits-before-all and wave in Antarctica melted 20% of the ice where the very extinction of humans is scale-to-exit measures for success have had on one island–in nine days. There is now now on the radar, do I really need an ump- detrimental effects on our lives and the little doubt left that we need to make a teenth pair of shoes? Questions like these world. As for the environment, climate massive shift in how we live our lives and are seeping into people’s minds, and public

April 2020 Jumpstart Magazine 87 F FEATURES CULTURE AND SOCIETY figures like Greta Thunberg are bringing of a workday is wasted on non-work activ- maintained a certain level of efficiency and them to the negotiating tables of world ities (Salary.com). effectiveness, scaling back on bureaucracy leaders in business and politics. What if we tossed Freidman’s maxim and administrative bloating that doesn’t So, what can we do? Is there still time out the window and redefined the concept contribute anything meaningful? to turn this ship of ours in a new direc- of corporate success? If economic profit is What if businesses needed to prove tion? Let’s take a moment to play with not the sole purpose, but a byproduct of how their products or services positively some thoughts, keeping in mind that every different goals, what could those goals be? impact society and if they fail to do so, great idea that ever changed the world was Contributing to x percent decrease in CO2 their business would be banned? In other initially considered entirely crazy. emissions, creating y new jobs in a region, words, is it an unquestionable right to One of the culprits in our unhealthy and saving z tons of food from going to manufacture items such as sugary cereal, perception of success is our narrow defi- waste could be new objectives. low-quality garments, or cheap plastic toys nition of ‘work.’ During the Industrial that break or go missing within minutes of Revolution era, work broadly meant pro- getting into the hands of a child? ducing goods or managing others doing The implication here is, of course, so. Today’s definition is clearly wider, Surely there is a vast also a moral one: Who gets to decide for but seemingly not wide enough. What if the rest of us what is truly healthy or sus- ‘work’ could mean producing something continent of middle ground tainable? Nevertheless, we are already see- valuable, useful, and sustainably viable between unrealistic ing industries like fast fashion being put for the benefit of others? Many new jobs utopian ideals and the under hard scrutiny for producing cheap would have to be created, while millions of garments at an unsustainable rate. No existing ones would need to be scrapped. wealthiest 26 people on one said the path toward sustainability What if activities like exercising, taking Earth owning more than wouldn’t be rocky. short naps, or reading non-work-related the poorest 50% of the Milton Friedman would likely have literature could be considered aspects of scoffed and called me a socialist. Right ‘work,’ since such activities are scientif- world’s population. there is another problem in today’s dis- ically proven to boost productivity, cre- course: a polarizing, all-or-nothing rheto- ativity, and wellbeing? How much more ric. It is my firm belief that we can increase sustainable could the workforce be if one human welfare, dial down mass consump- hour per day was devoted to personal What if the seventeen United Nations tion, move toward a sustainable future, growth activities? Could this change, in Sustainable Development Goals were and let businesses stay for-profit at the fact, increase, rather than hamper, business turned into business KPIs, alongside tra- same time. Surely there is a vast continent growth in the long run? The $300 billion ditional performance indicators? What of middle ground between unrealistic uto- in stress-related costs could surely be put about a ‘level cap’ (to borrow from the pian ideals and the wealthiest 26 people on toward something better. Plus, we know gaming world) which dictates that any Earth owning more than the poorest 50% that even today, approximately two hours individual or corporation could increase of the world’s population (Oxfam). its worth up to a very generous, but also Goodnight, Mr. Friedman. Good Greta Thunberg at the 2020 World Economic Fo- rum in Davos, Switzerland. Copyright by World sustainable, limit? Or what if corpora- morning, a less straining and more sustain- Economic Forum / Manuel Lopez. tions could keep growing, as long as they able future.

88 Jumpstart Magazine April 2020 April 2020 Jumpstart Magazine 89 90 Jumpstart Magazine April 2020 PODCAST REVIEWS LIFESTYLE L

podcast By focusing on soundscape design, the podcast pushes the Moonface boundaries of what the medium can offer. In episode two, Paul A subtly provocative use of explains to a friend why he is the podcast medium interested in sound arts. He guides the friend through the process of oonface is a six-episode, imagining how ambient noise– independent audio drama such as the sound of someone Mcreated by James Kim, an running, a river, or the wind–can established podcast producer based become music by “opening up in Los Angeles. Kim’s life inspires your ears.” the semi-autobiographical story: Moonface will resonate strongly Paul is a Korean-American in his with second-generation immi- 20s who’s passionate about sound grants living in the U.S., as it art. The plot centers around his dissects the hardships and stereo- efforts to face his inner demons, types faced by minority commu- where he struggles to embrace his nities. With a highly intimate and Korean identity and reveal his sex- immersive first-person narration, ual orientation to his mother. this coming-of-age story will be It’s difficult for Paul and his mother to have deep conversa- relatable to a young adult audience as well. tions due to language barriers, which is made worse by the family Lastly, Moonface has a fantastic selection of indie, folk, and dynamic. As Paul remarks in episode three: “We are not that kind electronic music, including work by Clairo, Big Thief, Park Hye of family. We keep things to ourselves.” The theme of belonging is Jin, and Peggy Gou. The use of Kim Jung Mi’s ‘Haenim (The explored convincingly and in diverse ways throughout. Sun)’ from her 1973 psychedelic folk album, Now, in the cred- Much in line with Paul’s distaste for “explanatory comments” its for episode one was especially memorable for me. Her voice is in podcasts, Moonface paints all its backdrops and scenarios solely soothing, ethereal, and expressive, and the lyrics are poetic. It fits by using sound effects and background music. It’s fascinating how beautifully in an introspective story about finding one’s cultural nuanced emotions can be expressed in such a way. Transitions and roots–one that is filled with both uncertainty and hope. –KC flashbacks are also seamless, resulting in well-paced narration with anchor.fm/moonface a splendid aural experience. Cover art courtesy of James Kim.

podcast nominating a Tik Tok video for a ‘Best Picture’ Oscar or universally The Hottest Take standardizing the snooze time on our phone alarms. Hilarious, bite-sized In the ‘Car Tech’ episode, the commentary host discusses whether modern car technology is turning us into ill Simmons is a regular “weak children,” as he confesses his fixture in the American heavy dependency on the backup Bentertainment scene. He’s cameras in cars. He also dispar- a sportswriter, author, talk show ages the lane departure alarm, as it host, and the founder and CEO causes drivers to lose their auton- of the sports and pop culture web- omy over the vehicle. site, The Ringer. Produced by The The host ends the episode by Ringer, The Hottest Take is Sim- suggesting driverless cars kill the mons’s newest project, where he joy of driving and that we should and his friends discuss and debate not allow cars to “take over our juicy hot topics to infuse a sprin- destiny.” This episode is interesting kle of laughter on your workout or in that it pushes us to reevaluate morning commute. our relationship with automation; Unlike most other podcasts out there, each episode is only although some of the ideas are silly and absurd, they are utterly six to eight minutes long, so it’s an easy listening experience that relatable and entertaining. doesn’t require much commitment. Each episode starts with the The Hottest Take is best for pop culture lovers, but also suitable host saying, “I have the floor,” before sharing his or her take on a for those who want a break from dense, long-form podcasts. The controversial issue. hosts’ boisterous and often unpopular opinions provoke critical The podcast covers a diverse range of topics, from the British thinking in a fun way, highlighting its importance in our under- Royal Family to snooze buttons, champagne to the NBA. Rather standing of the world. –JC than formally dissecting a heated topic, the outspoken hosts theringer.com/the-hottest-take deliver crazy and outrageous ideas in a light-hearted debate, like Cover art courtesy of The Ringer.

April 2020 Jumpstart Magazine 91 L LIFESTYLE BOOK REVIEWS fiction non-Fiction

How to Get Filthy Rich in Working With Bloggers, Influencers, Rising Asia and KOLs

And the road is an exhausting one With great power comes great sales

f there’s any genre that the startup community collectively arketing a product in China is an endeavor that will send loves, it’s a self-help book, whether it be about negotiation chills down any entrepreneur’s spine. The vast market, Ior growth hacking. I am more of a fiction lover, so if I were Mstill full of untapped potential, is riddled with nuance to read any self-help book, Mohsin Hamid’s How to Get Filthy when it comes to consumer behavior. Not only do companies have Rich in Rising Asia seemed like the right place to start. Set in an to make sense of marketing channels and trends to reach Chinese unnamed country in the developing world–although it is gener- consumers, but they also need to possess a deep understanding of ally assumed to be the author’s home country, Pakistan–the novel the culture that underpins their tastes and values. follows a boy’s journey from village to city, poverty to business Navigating these waters can be difficult for local businesses, savvy, business savvy to wealth, and wealth to the conclusion that much less an international one, which is why Working with Blog- life is better experienced without dependency on material wealth. gers, Influencers, and KOLs by Ashley Galina Dudarenok and Lau- The book is a lesser-known work from Booker Prize-nomi- ren Hallanan is a great resource for those starting out. Veterans in nated Hamid and was largely met with critical praise, but it was the Chinese marketing space, the authors provide Western audi- hard to enjoy for several reasons. Sweeping novels that encompass ences with a useful entry point to working with local influencers lifetimes are very rarely done right and the novel uses second-per- or KOLs–a powerful strategy for engaging with shoppers in the son point-of-view (“You are a door to an existence she does not world’s most populous country. desire”) to an interesting, but exhausting effect. The punchy book wastes no time diving into the topic, pro- Aside from this literary feature, as a member of the Indian viding relevant case studies, how-tos for finding the right KOLs, diaspora–a country with many similarities, and indeed many ties and tips for launching a successful campaign. It strikes a balance to Pakistan–the repeated references to slum life in urban Asia between providing basic information, such as tables of all the had an unpleasantly commercialized feel to them. But readers important social networking sites and popular KOLs, and intro- saw value in this material, with The Guardian praising Hamid’s ducing concepts and strategies that are specific to China. descriptions of “stomach-churning depths of squalor.” However, For example, one of the chapters delves into multi-channel the clinical tone and second-person POV leave little room for sen- networks (MCNs), or brokers between brands and influencers, sitivity or emotion. What began as a clever way of repurposing discussing how the former can tap into this unique system to the self-help tone soon becomes a vehicle for the author to baldly maximum effect. The authors also examine live-stream shopping, interject details about poverty, as though included for shock value. which has become one of the most compelling ways to engage and Hamid’s novel is still redeemable by virtue of being a different reach Chinese consumers, but is relatively unseen in the West. kind of read. It may not have real insight to offer in terms of get- Dudarenok is known for being an expert on ecommerce in ting filthy rich, but for those with similar ambitions, at the very China and has authored several other books about the topic in her least, it can provide a mental break away from the grind. –NB Digital China series. –MC penguinrandomhouse.com alarice.com.hk Cover art courtesy of Penguin Random House. Cover art courtesy of Alarice.

92 Jumpstart Magazine April 2020 April 2020 Jumpstart Magazine 93 L LIFESTYLE PRODUCT REVIEWS Vita Coco Coconuts for natural hydration

ita Coco is a leading brand for coconut water and related prod- Vucts. Founded in 2004 by Mike Kirban and Ira Liran, the company touts celebrities like Madonna, Rihanna, and Matthew McConaughey as fans of its products. As the first line of natural coco- nut water in the U.S., Vita Coco was at the forefront of the coconut water boom in North America. The version we tried–the ‘Original Coconut Water’–is extracted from young, green coconuts from Thailand (the com- pany also sources from Brazil, Indonesia, refreshing, even though it doesn’t compare makes a sparkling version of the beverage, the , Sri Lanka, and Malay- to fresh coconuts–as one would expect. coconut milk, and coconut oil. sia). The flash pasteurized drink is rich in The company recommends that the bever- The cult of coconut-related products natural nutrients and antioxidants, such age be consumed after refrigeration, which isn’t going away anytime soon. The pack- as Magnesium, Calcium, and Potassium. improves the taste, in my opinion. One aged coconut water market is expected Due to its rehydrating properties, it’s a thing to note is that it contains natural to grow by US$5.6 billion from 2019 to popular drink for post-workout, hang- fruit sugar (less than 1%) and Vitamin C 2023 (Business Wire). There are count- overs, and afternoon boosts. It also goes as additional ingredients. less options on the market, but Vita Coco well in smoothies, chia seed pudding, There are a variety of other flavors, offers good variety at decent price points. and cocktails, and the company provides including ‘Pineapple,’ ‘Peach & Mango,’ The ‘Original Coconut Water’ can be countless recipes on its website. and ‘Twist of Lime.’ The most common found at countless retailers and e-tailers. A Like pure coconut water, the drink packaging for the coconut water line is 12-pack of 11.1 oz. bottles currently retails has a yellowish color and tastes slightly the Tetra Pak carton, which is made from for US$18.99 on Amazon. –KC sweet and light. The aftertaste reminds a BPA-free and 100% recyclable material vitacoco.com me of pineapple. Overall, it’s pleasant and derived from wood fiber. Vita Coco also Photos courtesy of Vita Coco.

own, but they can also help you get the My first impression of the case was SINEX Laptop Case most out of your new tool. how slim it is; the construction is sturdy This human-centered approach to and surprisingly lightweight, considering A 3-in-1 multifunctional design design is the founding philosophy of its wide magnetic closure. The best part SINEX, a design company that recently is the stand feature. Not only is it ergo- am slightly ashamed to admit that I’m launched “the world’s first 3-in-1 multi- nomic, but it also allows for effective heat someone who gets as excited about functional laptop stand case.” It features dissipation for your laptop. For people I picking out cases for my gadgets as I a waterproof leather sleeve, magnetic clo- who need a bit of screen elevation to avoid am about the gadgets themselves. Not only sure, elevation stand with two angles, and neck or back pain, the portability of the are they a great way to make a device your wrist rest to reduce fatigue. case makes it an excellent option for out- of-office days. The wrist rest is quite flat, but it’s a welcome feature nonetheless. One notable downside is the synthetic smell upon opening the packaging, which lingers for a day or two. But all in all, it’s a good product, and I see it as being quite practical for those who frequently travel or work remotely. The case can accommodate 13-, 15-, and 16-inch laptops, comes in gray, brown, green, and beige, and is available on the SINEX website. Customers who sign up to the mailing list can enjoy 30% off the US$39 retail price and a free laptop cord wrap. –MC sinexshop.com Photos courtesy of SINEX.

94 Jumpstart Magazine April 2020 PRODUCT REVIEWS LIFESTYLE L

endeavors to create pieces that reflect the “Trend is a collective thought and VIZZ Jewelry individual’s identity and can be worn every action in a particular time-space, and day. All the pieces are sterling silver or gold fashion is the perfect way to portray this The intersection of art and jewelry plated, and there is also a collection of fine identity. I love to experiment [with] the jewelry made from solid gold. possibility of color, material, and form to IZZ Jewelry, an independent jew- VIZZ Jewelry is the brainchild of a achieve a distinctive sensibility,” says Un. elry brand for modern women, collaborative couple, Thomas Tjiong and All collections can be purchased from Vwas inspired by the idea of inte- Carmen Un. Over the past 11 years, they the VIZZ Jewelry website. Customers can grating contemporary art and high fashion have designed and produced jewelry col- enjoy free shipping to Europe and Asia, with avant-garde jewelry. From statement lections for international brands. Their and the U.S. for orders over US$80. –KC pieces to dainty staples, the brand offers a work has been exhibited in Paris, Den- vizzjewelry.com varied selection that appeals to those from mark, and Hong Kong. Photos courtesy of VIZZ Jewelry. all walks of life. Each of the brand’s collections boasts unique design perspectives, where the aes- thetic directions are clear yet explorative. My favorite among them is the ‘Pollock Collection,’ which is inspired by the work of renowned abstract expressionist Jackson Pollock. His drip technique made him one of the most influential painters of his gen- eration–an approach that is reflected in the bold, organic, and imaginative designs in the 12-piece collection. Art plays a vital role in the brand’s design philosophy, as the founders view jewelry as “wearable sculptures,” where something as small as earrings can com- pletely change a person’s face. Rather than merely adhering to trends, the brand

April 2020 Jumpstart Magazine 95 O ONE LAST QUESTION

Whenever I have a difficult or even an Our brains work in mysterious ways. What is a life urgent problem, instead of trying to Often, brilliant ideas will pop up any- attack it right away, I stop and think where and anytime when they are most hack that about it. If it’s the evening, then I’ll go to unexpected. Be prepared to note them bed a bit earlier. Relying on my subcon- down before they disappear. you swear by? scious to process and analyze the prob- lem while I’m asleep has, so far, worked Benjamin Wong Our contributors and interviewees every single time. When I wake up the A Three Step Guide to Finding share their hacks next morning, the path to a solution is the Right Co-founder (pg. 32) clear and actionable.

Evgeny Tchebotarev I put my phone in another room when I I swear by cooking rice on the stove top New Skies for the Photography before bed to avoid any distractions, so I in a cast iron pot. It takes just under 15 Industry (pg. 16) can get a good night’s sleep. minutes–way faster than a rice cooker– the rice turns out fluffier, you can do Philip Bahoshy one pot meals, and washing up is easy. I keep a bottle of water–a clear bottle is A Spotlight on MENA Tech (pg. 41) important–next to my bed every night Yeeling Chang before I sleep. The water won’t spill if I A Different Type of Innovation (pg. 12) accidentally knock the bottle over, and it Before you go chill after work on Fri- also doubles as a lamp if I place it on top day, spend some time getting organized of my phone’s LED light. for the week ahead, which can help you I wake up at 5 am everyday before any- avoid Monday blues and Sunday night one else is alive. Edward Li anxiety. I’ll write a to-do list for Monday, A Golden Age for Power Ups (pg. 62) check my schedule for the following Shazia Khan week, and tidy up my desk. Female Entrepreneurs Offer a New Perspective on Competition (pg. 19) I’m all about moving fast on an idea, Louisa Lau which is why I follow what Mel Robbins The Basics of Writing a outlines in her book The 5 Second Rule. Press Release (pg. 29) Learn how to make money when you are Action begets motivation, so when an sleeping or out of the office. If you are idea pops into my head, I remind myself able to master this, then you will lead a that the clock is ticking–five, four, Ensuring stress remains at bay is a pri- less stressful life and be able to spend three, two–and I take action before my ority for me and I find attending gong more time with family and friends. brain decides it’s too late. baths extremely helpful to maintain calm and clarity. Jared Haw Stephen Moore Tapping Into the Modern Don’t Compare Your Beginning to Sarah Garner Factory Mindset (pg. 35) Someone Else’s Middle (pg. 14) The Fast Rise of Slow Fashion (pg. 44)

96 Jumpstart Magazine April 2020 April 2020 Jumpstart Magazine 97