Bringing It
Top entrepreneurs create ways and means to innovate in the face of unprecedented challenges
From product system to service, from structure and network to process, leading entrepreneurs are responding to new challenges with creativity, innovation and daring. In some cases, their moves are a last-ditch attempt to save the business: a once healthy customer base that is quickly drying up or a formerly robust physical presence that is threatened by a mass digital migration. But the innovations that they are bringing also indicate new wellsprings of ideas that will potentially revolutionize the industry. Here is a sampling.
PRODUCTSYSTEM INNOVATION
Advocado Pte Ltd, Sector: Tech Startup (Software) Years in Business: 5+ Core Business: Cloud CRM SaaS Principal Products/ Services: AI-Ready CRM, E-Commerce & POS Integration Major Revenue Streams: CRM New Sales, Partners, Renewals, etc. Future critical revenue streams: CRM Training & AI-Infused CRM
#BACKGROUND
SMEs faced challenges to digitalize their business, and engage customers effectively and often, which went beyond simply setting up an online store. Most of these businesses have developed years of good rapport with their customers, creating a pool of loyal and repeat patrons that receive limited special offers. To attract new customers, business owners commonly give out loyalty cards – a system that can be easily abused. Although à la carte solutions that digitize one process or a set of actions exist in the market, there remains a gap to fill in the customer relationship management (CRM).
# OBJECTIVES
Advocado set out to offer accessible, enterprisegrade tools to SMEs at affordable rates. In 2016, the cloud CRM market potential in Southeast Asia was extremely fragmented; very few players could enrol members to a rewards program with just a mobile number, and truly simplify customer engagement. Advocado’s goal was to help retailers generate instant revenue from loyalty campaigns and automate the engagement between consumers and business to reduce manual communication via email or calls to encourage returning customers.
#INNOVATIONPLAN
Advocado empowers SMEs with tools that were previously accessible only to big companies, and are now priced within the reach of SMEs. The simple activation begins with a retailer registering a customer’s phone number on Advocado web app using the store’s tablet or smartphone, and handing out rewards within seconds. A retailer can also run loyalty campaigns – perks, cashback, stamps, and store credits – while managing customers’ membership on a single system.
Upon registration, customers can click on the link sent via the SMS that will direct them to the Advocado web app where they can see the details of the retailer’s campaign. Customers can also scan the Advocado QR code to store offers or deals in their account automatically for use in the store or at check-out.
#INNOVATIONLEAD
Eric Chia, Advocado CEO, who developed and set up the Minimum Viable Product (MVP) with the Product Team. Version 1 has seen many refinement tests to optimize fit in Singapore and other Southeast Asian markets. The current
– and bigger – Product Team constantly enhances the features and overall product performance to ensure retailers’ service continues to operate at maximum uptime, ensuring a seamless experience for customers.
#RESOURCES&BACKUPS
Advocado draws inspiration and key learnings from Starbucks, Uniqlo and other successful reward programs as it develops its own quality solutions entirely in-house, based on native experiences, interactions and pain points of the SME retailers, partners and resellers, from the ground up. Believing in consistent two-way reliable engagements, e.g., webinars and zoom sharings, Advocado creates a never-ending rapid cycle of ‘Build, Measure and Learn’ to turbocharge its learning feedback loop.
SERVICE INNOVATION
Cove, Real Estate (Coliving) Years in Business: 3 Core Business: Hassle-free home rentals Principal Products/ Services: Turnkey rooms, studios and apartments Major Revenue Streams: Rental income and auxiliary product and services, e.g., housekeeping services and furniture rental
#BACKGROUND
Prior to the COVID-19 pandemic, Cove focused on providing room rentals in shared flats predominantly to the expats market, i.e., new arrivals in Singapore on EPs, S-Pass and student visas. It offered all-inclusive, highly convenient solutions with three-month minimum rental CBD-located properties.
# OBJECTIVES
At the beginning of the circuit breaker (CB), the company had to act quickly to stem continued loss of tenants due to travel bans, which were further exacerbated by the departure of several existing tenants from Singapore. Occupancy rate, historically over 95 per cent, dropped to 75 per cent. Being young and nimble, Cove was able to pivot quickly and establish resilience in the face of disruption. The company decided to capitalize on the trend of (young) Singaporeans moving out of the family home and renting their own place.
#INNOVATIONPLAN
During the CB, several households had multiple generations staying home together in close quarters for months – a push for many young Singaporeans to move out. Cove quickly diversified its accommodations from ‘onesize fits-all’ to a threetiered portfolio of Cove Classic (the core product for expats), Cove Basics (a value-for-money product for young, single Singaporeans), and Cove Luxe (a premium product for Singaporean families or couples in need of temporary, high quality, flexible rental solution).
Cove Basics, for instance, is priced at less than 30 per cent of average monthly salary, which works out to about $1,000 per month. To achieve this, Cove looked into different
locations and property types, and dropped such features as three-month flexible rental period, CBD location, premium furnishing, etc. In turn, they offered longer lease terms at lower rental rates. Cove Luxe comprising private studios and oneand two-bed apartments, was also offered in such properties as the company’s flagship Lumiere. These well-furnished apartments come with a weekly cleaning service, and a three-month minimum lease term.
As a result of the innovation, occupancy rate recovered to a over 90 per cent by by the fourth quarter of 2020. The company’s portfolio nearly doubled – to over 400 rooms. Singaporeans now make up 35 per cent of the customer base, which continues to grow every quarter.
#INNOVATIONLEAD
The in-house Marketing Team spearheaded the innovation plan.
#RESOURCES&BACKUPS
As a lean start-up company, Cove relies on internal resources for innovation.
PRODUCTSYSTEM INNOVATION
Ecosparks Company Pte Ltd, Technology (Lighting)
Years in Business: 12 Core Business: Industrial and commercial tech installation Principal Products/ Services: LED UV-C Disinfection Solutions Major Revenue Streams: Industrial/SMART Lighting
#BACKGROUND
Since the outbreak of the COVID-19 pandemic, stringent disinfection through wipe-downs and sanitation procedures using chemical products, ozone treatment, and more has been in practice, but the system may be inadequate as shown by the recent outbreaks in community clusters.
# OBJECTIVES
Conventional sanitization systems are laborintensive, costly and sometimes ineffective, with negative impact on public health such as the rise in respiratory issues and related illnesses.
#INNOVATIONPLAN
Ecosparks sought to improve existing sanitization procedures with a safer, simpler and more thorough cleaning technology based on an LED UV-C, which is capable of killing 99.9999 per cent of viruses, bacteria and molds, including the COVID-19 virus.
Using ultraviolet
C rays, the company’s proprietary LED UV-C solutions are highly effective disinfectants with a smaller carbon footprint and lower energy consumption. They are more robust, compact and easier to install and use. They also function as sanitization lamps for use after-hours.
Ecosparks’ first technology is a surface disinfection solution which kills all pathogens collecting on surfaces in a room. It can be installed at transmission hotspots, like airport terminals, hospitals, event venues, childcare centers, workers’ dormitories etc. The efficacy of the solution has been tested using dosimeter cards codeveloped with the company’s technology partner from Sweden. The company is currently developing other disinfection solutions.
#INNOVATIONLEAD
The in-house R&D department led the innovation.
#RESOURCES&BACKUPS
Ecosparks collaborated with industry-leading technology partners from Singapore (manufacturer), Japan and the USA (LED supplier), and Sweden (dosimeter manufacturer).