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  • We're growing in a place that has no ventilation, no natural light. This is as hard as it gets!

  • The coronavirus pandemic has uprooted most aspects of daily life, and much of the economy built around it.

  • We have to adapt to cater to the needs of the user.

  • But some start-ups are finding opportunities in crisis by sowing the seeds for a new future.

  • We look at 50 years into the future and you try to imagine a snapshot of what the world looks like.

  • To get a sense of how that might play out, I'm in Singapore speaking to three fast-growing

  • start-ups to hear how they're building businesses for a post-pandemic world.

  • When the novel coronavirus emerged at the start of 2020, it set off alarm bells in Singapore.

  • As one of the countries hardest hit by the 2003 SARS outbreak, Singapore was placed on

  • a heightened state of alert within weeks and social restrictions were tightened.

  • That prompted a run on supermarkets amid concerns about food shortages in the Southeast Asian city state.

  • But even before the pandemic, agriculture technology start-ups such as Ben Swan's

  • Sustenir were working on a solution.

  • Sustenir's vision is to actually grow a more resilient future.

  • What we do is we grow incredible products that not only taste better than conventional

  • farming, but is actually 100% clean, free of pesticides, and it's actually more nutritious as well.

  • The ex-engineer launched his vertical farming start-up in Singapore in 2013 to address food

  • scarcity issues with a more sustainable approach to mass agriculture.

  • But the pandemic has put those concerns directly under the microscope, says Ben.

  • A lot of Singaporeans became a lot more aware about where their produce was coming from,

  • a lot more concerned about the safety of their products.

  • I think for the Singapore government, it was very much about the food resilient system that they've built.

  • Relying on neighboring countries, but when the border shut down what do we do?

  • So, there's big focus now on how do we get our productivity up?

  • Food security is a rising concern for countries as weather pattern changes disrupt crops,

  • while a growing global population adds stress to food supply chains.

  • Today, less than 10% of Singapore's nutritional needs are produced in the land-scarce country,

  • which is smaller than New York City.

  • The country hopes to raise the figure to 30% by 2030 through smart land use and technology,

  • including investments in deep-tech start-ups like agri-food.

  • All the agencies have really collaborated and come together to help companies like Sustenir

  • do the things that we're doing today. When we think about R&D, it's very expensive.

  • We, as a business, want to focus on bringing great products, but we also have to think

  • about how do we further improve the way that we're growing, so that we can think about

  • bringing down our cost and also broadening our product mix.

  • Ben is optimistic that could also mean positioning the company and the country as a leading food innovator.

  • Because our system can literally retrofit into any building in the world, we do want

  • to be, eventually, in every major city across the world.

  • Maybe even one day we could consider exporting certain produce into our neighboring countries.

  • Start-ups play a critical role in Singapore's economy.

  • So when the pandemic threatened to uproot the ecosystem, the government unveiled more

  • than $200 million in funding to support promising start-ups.

  • I've come to BLOCK71, the symbolic birthplace of Singapore's start-up scene, to hear from

  • one of its rising names, cashback platform ShopBack.

  • ShopBack is a shopping assistant.

  • We build tools to help users to find great deals, save time and get rewarded with cashback.

  • Somebody goes through our application, we send them to the merchant portal, and whatever

  • they buy we get paid a commission, which we share with the user as cashback.

  • This is real cashback they can cash out to their bank accounts.

  • Since launching in 2014, the Singaporean start-up has grown steadily, providing $115 million

  • in cash back to over 20 million users across Asia Pacific.

  • But when the pandemic hit, the business had to respond to changing consumer habits quickly.

  • I think users are not cutting their spending, they are just more mindful of how they spend.

  • And they are also unsure where they can spend on when offline options are no longer available.

  • So that's where we introduce what are new possibilities in this new norm.

  • So it's all about helping users to shop smart in different ways.

  • That included getting more businesses online amid lockdown measures nationwide.

  • In a recent study, nine in 10 small and medium-sized businesses in Asia Pacific said they are more

  • reliant on technology due to the pandemic.

  • Shopback, which earns a commission from its affiliate merchants every time a sale is made,

  • added 500 new retailers between April and June, expanding its list of 4,000 brands including

  • Taobao, Amazon and Expedia.

  • Merchants are increasingly more mindful of their marketing spend, and that's where

  • our pay-per-sale model resonates with them.

  • You can see this from the uplift in new merchants joining us.

  • And in the first half of this year, we have driven slightly under $1 billion in sales

  • for our merchants, which is actually more than the same period in 2019.

  • That's fascinating.

  • A thriving start-up system requires good infrastructure, such as seamless connectivity and fast internet speeds.

  • Even before the pandemic, internet penetration rates were rising across the globe.

  • But with more people working from home and under lockdown, that trend has been exacerbated,

  • putting a strain on networks.

  • That's something laser communications company Transcelestial aims to fix.

  • Transcelestial is trying to solve the issue of internet connectivity globally.

  • The Singaporean start-up's wireless devices transmit data via light, which co-founder

  • Rohit Jha says is a more efficient and cost-effective alternative to laying traditional fiber optic cables.

  • Light, in very technical terms, has nearly 1,000 to 1,000,000 times bigger capacity to

  • carry data and information.

  • That could help improve internet connectivity, especially in emerging markets.

  • At the end of 2019, 3.6 billion people were not connected to the internet,

  • or 46 percent of the global population.

  • What if we could build something which could transmit the highest amounts of data,

  • like a fibre, but wirelessly.

  • So it takes like less than 10 minutes to set up and can be nearly infinitely scalable in

  • terms of information.

  • And that's how this device came about.

  • Yeah, so you culminated in this?

  • This is kind of like the size of a small shoe box. It weighs less than three kilograms.

  • It's capable of replacing those very expensive fibers on a city level or on a country level.

  • As the push toward 5G heats up, fast and reliable connectivity is especially crucial for business.

  • While Singapore ranks as a global leader for internet connectivity, much of Southeast Asia

  • is still catching up.

  • By 2025, the region is expected to account for almost a third of global 5G deployments.

  • Rohit wants to make sure that coverage is evenly distributed.

  • We do one gigabit and 10 times faster, which is 10 gigabits.

  • That product is aimed directly at the 5G market.

  • That will help bring 5G ahead by at least six to eight months or even a year.

  • To drive that vision, four-year-old Transcelestial closed a $9.6 million funding round in July,

  • co-led by the Singapore government investment arm EDBI and venture capital firm Wavemaker Partners.

  • That came even as global funding has shrunk this year.

  • Most of the investors that we got are people who looked at long-term horizons, and that's

  • the conversation I have with investors when we actually do initial stuff.

  • I think that was quite helpful, right, looking up to stable investors who understand

  • that we are in for the long-term.

We're growing in a place that has no ventilation, no natural light. This is as hard as it gets!

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