Startups are near and dear to our heart at SoftLayer; just take a look at the Catalyst program. That’s why we are so excited to see the startup scene in Asia growing at a tremendous pace. The fact that venture capitalists are now setting aside funds especially for young technology companies in this part of the world brings to focus the absolute potential of this market. Some of the big funds announced in 2014 include: the Singapore government's $48 million fund distributed among six venture capital firms, Japanese mobile gaming giant GREE Ventures’ new $50 million fund, Softbank and Indosat’s partnership to launch a $50 million fund for Indonesia, and Softbank’s $20 million fund for the Philippines.
Before we dive into the Asia startup of the month, let’s discuss how the 2014 Asia Series A saw some of the largest investments to date—startups in China alone racked in US$130 million, and if we go by the frequently released trends, 2015 is set to break all records. The sheer number of investable startups coming out of the region will only open doors for more entrepreneurs. Here’s a look at some of the big winners:
- Renrendai, a Beijing-based financial services startup received a whopping US$130 million last year
- aCommerce walked away with US$10.7 million
- Appier, an artificial intelligence, big-data ad-tech company won a US$6 million series A investment
Check out some interesting infographics on my Startup Trends in Asia Pinterest page, including this infographics shared by TechinAsia and the 2014 high-value investments. Ping me if you have some more we should pin (LinkedIn or Twitter).
Temploy, founded by Mark Koh, is a marketplace that automates the anonymous matching of temporary workers to employers while aligning expectations. This translates to a platform that essentially targets not only semi-skilled, low-skilled, blue-collar, and transferrable job positions, but a portal where students searching for summer jobs, individuals searching for part-time placements, or those looking for double income avenues can design the work they want based on parameters of locality, remunerations, schedule, and skills.
Mark Koh, Temploy founder
Basically, the portal connects the job seeker with the right employer.
Having worked two jobs while studying in Australia, Mark went through the grind of finding jobs to fit his schedule. He also saw firsthand the often unfair treatment of temp-workers as well as the flickering loyalty of the temps towards their interim-employers.
"I realized there was a huge mismatch in what the candidate was expecting and the actual job requirements. There was a core demand in most cases of having the flexibility to maintain work-life balance so that the candidate could meet their other commitments. So, we decided to put the power in the hands of job seekers, and the idea of Temploy was born," Mark shared when we caught-up last week.
Understanding the Market
On the other hand, in Indonesia, especially in the Bunder, Surabhaya, and Jakarta districts, the average users were teenagers and college students looking for comparatively higher salaries for temp jobs.
"It is surprising to note that employers actively encourage such candidates to pick up a second job to meet these expectations," Mark noted.
Singapore faced a big labor crunch, and the main reason behind this was an image perception that certain jobs were considered un-cool by part-time prospective candidates looking to fill their summer holidays. These candidates also demanded higher pay than what employers could afford. Here flexibility and work-life balance are more important than the actual compensation. Mark also noted there is a stigma associated with working two jobs.
In Vietnam, where the workforce population is the youngest, localization still remains a major challenge but there is still a huge potential. Cambodia, on the other hand, does not have the necessary penetration of smartphone and Internet connectivity needed for the platform to succeed currently.
The Platform and All That It Entails
The platform empowers job-seekers by allowing them to design their own jobs, including how many and what hours they would like to work, salary expectations, and the type of jobs they are looking for. This then undergoes a sophisticated linear optimization algorithm that matches jobs anonymously, mapping the job-seeker's criteria with current openings posted by employers. Contact details are only exchanged once both parties accept that the match is to their satisfaction.
When I asked Mark what was different about Temploy, he said, "The unique proposition lies in the database being non-extractable, hence discrimination based on last name, race etc. is avoided. Plus our competitors cannot poach our client or our candidate listing."
Mark and his team selected SoftLayer as a foundation for building their platform. "It helps that the data center is located in Singapore, which reduces the latency for our audiences. Getting data replicated is easy as well. I have no worries whether my data is safe since we can auto-replicate it across other DCs, including geographically disparate locations. In addition, features like auto-scaling are helping us tremendously in dealing with traffic spikes emerging due to our recent marketing tactics. Moreover, the benefits of the Catalyst program and the support from SoftLayer's support team are second to none," he shared.
The video gives a quick explanation of how the portal works.
Temploy is in the spotlight, and for all the right reasons.