Sparking startup growth
- 500 Startups has teamed up with Enterprise Singapore (ESG) to launch a new virtual program called 500 Ignition Singapore. Applications for its second cohort are open until May 21.
- This program aims to help budding entrepreneurs in the country build innovative ventures from scratch by helping them assemble founding teams, validate potential opportunities, and create a product roadmap and business plan.
- 500 Startups is currently running another Ignition program in Cambodia and intends to run similar programs in ecosystems with emerging startup talent.
- “The past year has witnessed significant disruption across myriad sectors and hence fresh ideas are needed to meet ever-evolving demands. We are thrilled to partner with Enterprise Singapore in this endeavor to provide aspiring founders with the foundation and mentorship they need to launch a business,” said Ee Ling Lim, Regional Director of APAC, Business Development, 500 Startups.
- Read the full article on e27 here.
Reeling in the benefits
- Last year, 500-backed aquatech startup eFishery launched the Kabayan program, a ‘pay later’ program to provide farmers with formal financing for their businesses.
- The program also provides non-monetary support such as the eFishery Feeder. The eFishery Feeder is a smart fish feeding machine that can sense the fish’s appetite through motion sensors and feed them automatically.
- According to CEO Gibran Hufaizah, the startup has approved close to US$7 million in loan facilities for more than 1,500 farmers across 100 regencies in Indonesia.
- “We’ve seen how farmers grow their pond from merely one, to six ponds — six times increased income! I’m a strong believer that reducing technology inequality will lead to reduced social and economic inequality,” he said.
- Watch eFishery’s video featuring Mr. Suryo, a beneficiary of Kabayan who expanded his business from just one pond to 30 here.
Swimming into success
- A story on e27 featured Christine Kombong, Business Development Executive at 500-backed startup Jala Tech and the role she played in growing the startup throughout the pandemic.
- According to the startup, Christine and the team developed the Smart Farm program to help shrimp farm owners who were struggling during the pandemic. Jala Tech designed the program to assist farm owners in adopting technology and educating farmers on the best aquaculture practices.
- The result? Farm productivity was improved by 5 to 10%. This was achieved by lowering the feed consumption by 10%, which increased shrimp survival rates from 70% to 75%.
- “Because of the success of the program, she got the opportunity to pitch it to the Ministry of Communication and Information Technology. In 2021, the government is taking this program and willing to implement it in several locations across Java,” Jala Tech said.
- Read the full story on e27 here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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