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Startup Lessons from Failed Startups

Over the past few years, there has been an increased interest in startups. Long gone are the days of traditional businesses, as the current generation is more exposed and well-informed.

Nowadays, there is more of a social acceptance towards entrepreneurs and with the right set of skills and drive, startups can be successful. There are tons of startup success stories, but what about those that failed? Here are a few lessons you can learn from failed startups around the world.

Fuhu – United States

Fuhu
Image from The Digital Reader

Backed with an artfully straightforward concept, Fuhu designs and sells high-tech toys for children. Their best-selling product to date is the android-based learning tablet Nabi which is a combination of hardware, software services, and accessories, giving kids an immersive and engaging educational experience. Although the company could not overtake the other big-name tablet competitors, it still dominated the market and topped Inc.’s list of fastest growing company two years in a row.  Fuhu’s secret to success is the ability to break out from a single product offering. When a product is tied to other additional products, it will most likely uphold long-term success.

You would think that a company with an early success was destined for greatness, but it came crashing down when it hit Whitewater in 2014. This is a common occurrence for rapid-growing businesses where at some point the organization must face complex issues.

After the success of the original line of tablets, the introduction of Fuhu’s new DreamTab flopped severely. Along with that, the company faced a dispute from their supplier Foxcoon from racking up close to USD$100 million of unpaid bills. In 2016, the company filed for bankruptcy.

What happened? Inc.com spent hours interviewing the founders and found out how the seduction of success led to overconfidence and unnecessary risk-taking decisions. While it was important to push, they pushed too hard to go big and the company was unable to benefit from it. Another thing that led to their downfall was their inability in keeping track of their spending and lending, which cause them to owe Foxconn tens of millions of dollars in addition to what it already owed for the DreamTab. This problem can be avoided if they had implemented supplier capacity management software and staff that would keep track of their supplies and funds.

SchoolGennie – India

SchoolGennie
Image from LinkedIn

Many entrepreneurs decide to venture into the startup world because they were inspired by success stories, just like how Pardeep Goyal was. Being unhappy with his current job after having just returned from the United States, Pardeep joined hands with his brother-in-law as co-founder. As education is a billion-dollar industry in India, they wanted to provide a solution related to schooling. They also believed that this industry would translate into big profits, because a child’s education is the second largest expense for parents in India.

The idea for an ERP (enterprise resource planning) tool was developed soon after. Named SchoolGennie, their product was an online software managing everything related to school, such as fee payments, inventory, communication with parents, etc. They had everything an ideal startup would need: an office, money in the bank, a hiring policy, and a co-founder with 10 years of recruitment experience.

Everything was going smoothly until unforeseen problems began to arise. To begin with, they fired their junior developer due to his poor performance. With just four people left in the team, they completed their first version of the product and were ready to market it out.

Soon after, they lost their only designer when he took off with their laptop that contained the product designs. Adding on to their dilemma, SchoolGennie’s sales were not up to targets, even though it was cheaper than their competitors. By the 11th month of its founding, the startup ran out of money and wasted Rs15 lakh (USD22,000). That was the end of SchoolGennie.

Nevertheless, Goyal learnt some valuable lessons through this costly experience. First and foremost, Goyal admitted they misused their funds on unimportant aspects. This was evident as they spent a huge sum of money setting out a physical office when they did not need to. He should have spent the money on things that could translate into more sales or leads instead. If the majority of your customers come through your website, Goyal recommends that you should invest your resources in areas such as content marketing, sales deck, and sales pages.

Quweza – South Africa

Right off the bat, this startup had a great team of ambitious, multi-faceted, and highly enthusiastic individuals. The company targeted the education industry in the Swazi market with a plan to revolutionize schools across the country with their product. They were so excited about their business that they invested R19.2 million (USD1.4 million) without a product plan drawn up.

After months of working out their million-dollar project, reality came creeping in and the company encountered a number of difficult challenges until they had to call it quits. What happened? The founder, Benjamin said they did not have a deep honest retrospection of their product until they realized it was not working out and it was still very far away from their desired outcome.

The lesson? Validate the product idea with customers. The word startup might sound glamorous, but little did you know, hundreds of hours of research is done to validate the true demand of a product and how to market it right. 

Every entrepreneur should learn to embrace failures, because it teaches us things that aren’t taught elsewhere. No matter what business you plan to start, it will not be easy. But once you have experienced the taste of failure, I will guarantee that it will make a huge impression on your future endeavors.

See also: 7 Businesses That Failed in Malaysia

In Partnership with iPrice Malaysia.

Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the official statement/position of CompareHero.my. CompareHero.my is not responsible for the accuracy of any of the information supplied in this article.

    DAMAC Chosen for USD1 Billion Historic Port Transformation of Oman’s Waterfront Tourist Development

    Landmark agreement to redevelop Oman s Port Su lt an Qaboos into an integrated tourism, residential and leisure destination

    DAMAC International has been chosen by the Government of Oman to develop its Port Sultan Qaboos into a world-class, waterfront mix use destination through a joint venture with Omran, the government’s investment, growth and development arm.generated by system

    ‘Mina Sultan Qaboos Waterfront’ is being redeveloped into a USD1 billion integrated tourist port and lifestyle destination that includes hotels, residences, as well as a dining, retail and leisure offering.

    A Memorandum of Understanding was signed by Hussain Sajwani , Chairman of DAMAC Properties, and His Excellency Dr. Ali bin Masoud Al Sunaidy , Deputy Chairman of the Supreme Council for Planning, Minister of Commerce & Industry and Chairman of Omran, in the presence of His Excellency Dr. Ahmed Al Futaisi , Minister of Transport & Communications and Omran board member, as well as other members of the Omran board and key dignitaries.

    “This historic agreement reflects the vision of His Majesty Sultan Qaboos bin Said to transform Oman into a world-class tourism and investment destination,” said Sajwani. “As the second largest developer in the region and with a strong record of international experience, DAMAC is ideally positioned as the joint development partner of Omran. As part of its commitment to the project, DAMAC will contribute to the local road infrastructure, improving opportunities for local SMEs and Omani nationals, as well as enhancing the economic and social standing of the community as a whole.”

    H.E. Dr. Ali Al Sunaidy , said, “Mina Sultan Qaboos Waterfront is based in the 200 year-old historical centre of commerce in Muscat and is one of the most visited tourist destinations in Oman . The redevelopment of the port by Omran will build renewed interest and focus to the area, while creating a strong investment proposition for the tourism, real estate and leisure industries.”

    generated by systemH.E. Dr. Ahmed Al Futaisi commented, “The transformation of the port into a thriving economic and tourist hub stems from His Majesty’s vision to move commercial port activity to Port Sohar, paving the way for the redevelopment of the port into an integrated tourist hub.”

    DAMAC was chosen by Omran for its experience in developing world-class residential and leisure projects in the Gulf and internationally. DAMAC’s extensive portfolio of luxury apartments and villas, hotels and international golf courses in its home market of the UAE,Gulf, Levant and the United Kingdom , make it the ideal partner for Port Sultan Qaboos Waterfront.

    With over 18,500 homes delivered and more than 44,000 units in various stages of development, DAMAC has cemented its place as a leading luxury developer in the Middle East .

    Further information is available at   http://www.damacproperties.com

    Notes to editor:   DAMAC Properties has been at the forefront of the Middle East s luxury real estate market since 2002 bringing luxury living experiences to residents from all over the world. Making its mark at the highest end of stylish living, DAMAC Properties has cemented its place as the leading luxury developer in the region, offering iconic design and the upmost quality. The company s footprint now extends across the Middle East with projects in the UAE, Saudi Arabia , Qatar , Jordan , Lebanon and the United Kingdom .

    As of 31st March 2017 , DAMAC Properties has delivered approximately 18,500 homes. The company has a development portfolio of over 44,000 units at various stages of progress and planning, comprising more than 13,000 hotel rooms, serviced apartments and hotel villas, which will be managed by its hospitality arm, DAMAC Hotels & Resorts. With vision and momentum, DAMAC Properties is building the next generation of Middle East luxury living.

    Further information is available at http://www.damacproperties.com or join DAMAC Properties onFacebook , Twitter (@DAMACofficial) and YouTube .

    ABOUT OMRAN

    Oman Tourism Development Company (OMRAN) drives investment, growth and development of the rapidly growing tourism and real-estate sectors in the Sultanate of Oman . We are the master planners of major tourism, heritage and urban developments, delivering some of nation s most iconic destinations. Our projects create unique experiences that benefit the social and economic growth of the Sultanate. Omran has a diverse portfolio of developments, hospitality assets and joint ventures   that span across the Sultanate and contribute to growing the capacity of the Oman s tourism sector. By working in partnership with local communities and embracing the unique aspects of Oman s culture and heritage, we built sustainability into every project while safeguarding the natural beauty of the country for the future generations.

    For more details please visit omran.om

     

    SOURCE DAMAC Properties

      Nuctech serves the Expo Astana 2017

      The 2017 Astana Expo kicked off at Kazakhstanon 10th June , 2017.

      More than 100 countries and international organizations will join, and over 5 million visitors are coming for the Expo. The theme of the 2017 Astana Expo is “Energy of the Future”, and it is the first Expo held in Central Asian countries. From June 10 to Sep 10 , the exposition will last 93 days.

      Nuctech's CT baggage inspection system for the Astana Expo
      Nuctech’s CT baggage inspection system for the Astana Expo

      Wherever there is big international event, we can see Nuctech’s security systems. To hold a successful Expo, security is always the first priority. For the Astana Expo, Nuctech provides over 130 sets of security systems including Cargo/Vehicle Inspection System, CT Baggage Inspection System, and X-Ray Inspection Systems. The installation and debugging started in April and finished in May, and the systems are going to be deployed in the logistics distribution centers, main channels, and conference centers of the Expo to check all the cargos, vehicles, and bags of visitors passing through.

      The CT Baggage Inspection System used in this Expo is the next-generation CT Baggage Inspection System designed and manufactured by Nuctech. Equipped with several cutting-edge technologies, the product is able to get density, effective atomic number, and other information of the items being tested. Apart from colored HD 3D images, CT images, and DR images, the product can also detect EDS and narcotics automatically.

      The committee of the Expo spoke highly of Nuctech’s products as well as services and invited local media to have a look, ” These Nuctech systems provide high quality images and are easy to use, our inspection effectiveness have been largely enhanced since we started to use these systems, and this has helped the Expo a lot .”

       

      SOURCE Nuctech Company Limited

        Honeywell to Acquire Industrial Cyber Security Software Leader Nextnine

        Broadens industrial cyber security offerings to meet increasing threat to industrial facilities and critical infrastructure

        Honeywell (NYSE: HON) announced today that it has signed a definitive agreement to purchase Nextnine, a privately held provider of security management solutions and technologies for industrial cyber security. The addition of Nextnine’s industry-leading security solutions and secure remote service capabilities will enhance the Company’s existing range of innovative cyber security technologies and significantly increase Honeywell’s Connected Plant cyber security customer base.

         MORRIS PLAINS, N.J., June 19, 2017 Nextnine’s flagship technology, ICS Shield, protects industrial sites from cyber security attacks and enables remote monitoring of assets. It complements Honeywell’s extensive cyber security portfolio with a solution that is used at more than 6,200 sites globally across the oil and gas, utility, chemical, mining and manufacturing sectors. Previously, ICS Shield had to be deployed separately for each control system vendor, resulting in multiple and separate installations at a single customer site. With this acquisition, customers will be able to deploy and operate a single system, thereby simplifying and better securing their entire site with Honeywell’s proven capability to provide multi-vendor solutions.

        Founded in 1998, Nextnine has been backed to date by Infinity VC, XT Hi-Tech and several other prominent investors.

        “Each day, the number of attempted cyber attacks on industrial facilities and critical infrastructure around the world increases,” said Vimal Kapur , president of Honeywell Process Solutions. “This acquisition shows our ongoing commitment to providing our customers with a comprehensive portfolio of cyber security solutions to protect and defend their industrial control systems and process control networks. Honeywell’s extensive global reach will increase Nextnine’s availability to a broader range of customers.”

        Nextnine’s security solutions also will be a key enabler of Honeywell Connected Plant, which combines Honeywell’s unmatched industrial expertise, software and digital technologies to make its customers’ operations more reliable, profitable and secure than ever before possible. Cyber security is a critical part of that program.

        Honeywell has the largest industrial cyber security research capabilities in the industry and has continued to increase its industrial cyber security offerings. Two such solutions are Risk Manager, the industry’s first solution to proactively monitor, measure and manage industrial cyber security risks, and Secure Media Exchange (SMX), which pro tects plants against threats from removable media such as USB flash drives.

        Honeywell Process Solutions (www.honeywellprocess.com ) is a pioneer in automation control, instrumentation and services for the oil and gas; refining; pulp and paper; industrial power generation; chemicals and petrochemicals; biofuels; life sciences; and metals, minerals and mining industries. It is also a leader in providing software solutions and instrumentation that help manufacturers find value and competitive advantage in through Honeywell Connected Plant, Honeywell’s Industrial Internet of Things (IIoT) solution. Process Solutions is part of Honeywell’s Performance Materials and Technologies strategic business group, which also includes Honeywell UOP ( www.uop.com ), a leading international supplier and licensor of process technology, catalysts, adsorbents, equipment, and consulting services to the petroleum refining, petrochemical, and gas processing industries.

        Honeywell ( www.honeywell.com ) is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace and automotive products and services; control technologies for buildings, homes, and industry; and performance materials globally . Our technologies help everything from aircraft, cars, homes and buildings, manufacturing plants, supply chains, and workers become more connected to make our world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom .

          ICIS Presentations at the Asia Petrochemical Industry Conference (APIC) 2017 are Now Available to Access

          ICIS, the leading petrochemical market intelligence provider, delivered several key presentations at APIC in Sapporo, Japan last 18-19 May 2017 . These presentations have been made available to download.

          The consultants at ICIS presented on the past, present and future of the petrochemical industry amid changing trading patterns and economic and political developments on day one of the event. The presentation entitled Accelerated Changes: New Scenarios for Global Refining and Petrochemicals Industries, and the Role of China covers all of the following:

          • Climate change and pollution concerns – The impact on refining and chemicals industries
          • Uncertain demand and trade flow patterns
          • China at a turning point: The impact of economic reforms on Asian and global economies

          The presentations of ICIS market experts during the committee meetings of APIC 2017 can also be downloaded.

          • “Trumped” or not “Trumped”? The Coming US Petrochemical Export Surge
          • Survival of the Fittest – Are the Non-traditional Olefins and Polyolefins Routes Sustainable in the Low-oil, Low-naphtha Price Environment?
          • The Road Ahead for Asia’s Styrene and Feedstocks
          • Asia Vinyls Market Review and the Revival of China as an Export Player
          • Gas or Coal-to-olefins (CTO) – Will it Ever Work in the Current Low Oil Price Environment?
          • Exploring the Intertwining Relationship between Propylene Oxide (PO) and Polyether Polyols

          By downloading the presentations listed above, you gain unrivalled access to hot topics, challenges and opportunities faced by market players operating in olefins, polyolefins, aromatics, vinyl and intermediates sectors.

          Download the presentation slides here

          For further details, visit http://www.icis.com/apic-2017

          About ICIS
          ICIS is the world’s largest petrochemical market information provider and has fast-growing energy and fertilizer divisions. Our aim is to give companies in global commodities markets a competitive advantage by delivering trusted pricing data, high-value news, analysis and independent consulting, enabling our customers to make better-informed trading and planning decisions. We have more than 30 years’ experience in providing pricing information, news, analysis and consulting to buyers, sellers and analysts.

          With a global staff of more than 800, ICIS has employees based in Houston , Washington , New York ,London , Montpellier, Dusseldorf , Karlsruhe, Milan , Mumbai , Singapore , Guangzhou , Beijing ,Shanghai , Tokyo and Perth. Some 350 of ICIS’s staff are journalists engaged in reporting market prices and news, and ICIS is fully committed to upholding the highest journalistic principles of verification, corroboration and authentication. ICIS has a compliance framework that along with its methodologies and business processes adheres to the requirements of the IOSCO PRA Principles.

          ICIS is a division of Reed Business Information , part of RELX Group.

          About Reed Business Information

          Reed Business Information provides information, analytics and data to business professionals worldwide. Our strong global products and services hold market-leading positions across a wide range of industry sectors including banking, petrochemicals and aviation where we help customers make key strategic decisions every day. RBI is part of RELX Group, a global provider of information and analytics for professional customers across industries. http://www.reedbusiness.com

          About RELX
          RELX Group is a world-leading provider of information and analytics for professional and business customers across industries. The group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom half are in North America . RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdamlisted holding company which owns 47.1% of RELX Group. The shares are traded on the London ,Amsterdam and New York Stock Exchanges using the following ticker symbols: London : REL;Amsterdam : REN; New York : RELX and RENX. The total market capitalisation is approximately £33.1bn/€38.2bn/ US$42.6bn . http://www.relx.com .

           

          SOURCE ICIS

            JA Solar Supplies the World”s Largest Floating Solar Power Plant

            JA Solar Holdings Co., Ltd. (JASO) (“JA Solar”), one of the world’s largest solar products manufacturers, today announced that it supplied modules for the world’s largest floating solar power plant.

            The 40 MW floating PV solar system is installed in a former flooded coal mining region in Huainan City,Anhui province, China . The solar project was connected in May 2017 , and has the capacity to provide most of the light and air conditioning to a nearby city.The mono double-glass modules used in the project were all manufactured by JA Solar.

            JA Solar’s modules are ideal for this type of project. The modules have passed long-term reliability and environmental endurance tests. The excellent anti-PID performance and resistance against corrosion guarantee performance despite the humidity inherent in a floating array. Moreover, the 12-year warranty on materials and workmanship and the 30-year linear power warranty for the double-glass modules ensure that customers will enjoy a steady financial return.

            Floating PV is an exciting new emerging market, with the potential for rapid growth. Demand is expanding for floating PV, especially on islands, because the cost of water surface is generally lower than the cost of land. In addition, the evaporative cooling effect of water helps to reduce module temperature, which promotes module efficiency and prevents degradation.

            JA Solar Chairman and CEO Mr. Baofang Jin commented: “We are excited by the opportunity to contribute to such a prominent project. JA will continue its efforts to develop, innovative and improve product technology, which will enable us to participate in similar pioneering solar projects.”

             

            SOURCE JA Solar Holdings Co., Ltd.

              10th UNESCO Youth Forum – Call for Proposals / 10e Forum des jeunes de l’UNESCO – Appel à propositions

              The 10th UNESCO Youth Forum, entitled “Rethinking Youth Engagement with UNESCO”, will take place on 25 and 26 October at UNESCO Headquarters, in Paris.

              The primary aim of the Forum is to build sustainable relationships with young change-makers that are leading or co-shaping impactful initiatives in a UNESCO field of competence.

              We are thus looking for engaged young women and men that have first-hand experience of the issues tackled by UNESCO and who are ready to engage alongside the Organization in developing solutions.

              Within this framework, we are pleased to share with you the link to the online Call for Proposals of young change-makers:
              https://www.surveymonkey.com/r/10thUNESCOYouthForumProposals

              Your organization can submit 1 to 2 (maximum) proposal(s), keeping in mind that the proposal(s) must meet the following eligibility criteria:

              • the young woman or man must be working in an area related to UNESCO’s mandate, AND
              • they must also be ready to commit to collaborate with UNESCO on opportunities that may arise within their area of specialization with a view to promoting peace and development, AND
              • the young woman or man is aged between 18 and 24 at the time of the Forum or, in exceptional circumstances, within the youth age definition of their country of origin, AND
              • the young woman or man has either led or co-shaped an innovative social initiative that relates to one of UNESCO’s areas of competence, and this initiative has received a significant amount of public recognition/government recognition/media coverage,

              OR

              • the young woman or man has a story of resilience (the young person has overcome odds/defied expectations to achieve their objective).

              The Call will be open from 8 to 25 June 2017 (midnight Paris time). After this date, the online application form will no longer be available.

              The final selection of the proposals submitted will be made by UNESCO’s Secretariat ensuring that they are in compliance with the above-mentioned criteria and taking into account the following factors:

              • Thematic balance, covering the various UNESCO programme areas
              • Gender balance
              • Regional balance, taking into consideration the nationality of the participant

                Southeast Asia Presents New Opportunities from Belt and Road Initiative, Canton Fair Paves Solid Foundations for Participating Countries

                The influence of China’s Belt and Road Initiative (B&R), the government’s development strategy to boost economic development along the Silk Road Economic Belt and 21st Century Maritime Silk Road, was felt at the 121st Canton Fair, where nearly 90,000 attendees hailed from countries within the B&R, accounting for almost half of the event’s total attendance.

                Southeast Asia Presents New Opportunities from Belt and Road Initiative, Canton Fair Paves Solid Foundations for Participating Countries
                Southeast Asia Presents New Opportunities from Belt and Road Initiative, Canton Fair Paves Solid Foundations for Participating Countries

                The number of buyers from these countries has seen a year-on-year growth of 8.55 percent with turnover reaching $9 billion, a year-on-year increase of 4.8 percent.

                Belt and Road offers new opportunities for global companies

                Singapore , Myanmar and Malaysia are the 3 countries from Southeast Asia among the 11 countries that have signed a Memorandum of Understanding with China on B&R. Among these, Malaysia has seen solid progress in its cooperation with China .

                The number of Malaysian buyers who attended the Canton Fair has increased by 5.6 percent over the past three years, while the number of buyers from Myanmar and Singapore increased by 30.8 percent and 8.2 percent respectively.

                Since the B&R was launched in 2015, private enterprises from the two countries have signed 15 memorandums in the fields of investment, infrastructure, construction, finance, E-commerce, solar panel manufacturing, port construction, natural gas pipelines and desalination.

                Liow Tiong Lai, Minister of Transport of Malaysia and president of the Malaysian Chinese Association, recently told China News Service that the B&R will strengthen Malaysia’s competitiveness in global markets, as it will stimulate Malaysia’s potential in terms of economic development.

                Traders from Southeast Asian countries within the B&R including Vietnam , Singapore , Myanmar ,Thailand and Malaysia are gradually occupying more of the spotlight at the Canton Fair. During the first and third phases of the 121st Canton Fair, the international pavilion welcomed a total number of 620 exhibitors from 42 countries, among which 364 companies are from B&R countries.

                Growing number of participants from B&R countries at the Canton Fair

                At the 121st Canton Fair, Malaysian companies demonstrated signature products with distinctive local features from food to small appliances, including vacuum cleaners, white coffee, teh tarik and durian cake.

                Hu Henry , a representative Malaysian exhibitor, said that B&R has brought new business opportunities and sales growth to participating countries, and that it is promoting trade cooperation among neighboring countries.

                Dato’ Chong Chong Tik , managing director of Malaysia ES Event Management, noted that Canton Fair can help Malaysian traders explore the Chinese market and Malaysian products go global .

                Canton Fair, the largest trade event in China and one of the major fairs that forecasts international trade industry dynamics, has followed the Initiative, and stepped up its promotion in B&R countries, playing a crucial role in promoting trade and encouraging exchanges among these countries. Currently, 45 chambers of commerce and business associations from 32 B&R countries now cooperate with the Canton Fair.

                Maggie Pu , Deputy Director General of the Foreign Affairs Office of the Canton Fair, remarked that they have sent more than 100 teams to over 50 B&R countries since the first visit to Malaysia and Kuwait took place in1996.

                “We will continue to seek mutual benefit under the principle of achieving shared growth through discussion and collaboration with companies from B&R countries as well as business partners worldwide to contribute to the modern ‘Silk Road’ .”

                For more information, please visit http://www.cantonfair.org.cn/en/index.aspx

                About Canton Fair

                The China Import and Export Fair, also known as the Canton Fair, is held biannually in Guangzhou every spring and fall. Established in 1957, the fair is now a comprehensive exhibition with the longest history, highest level, largest scale and largest number of products as well as the broadest distribution of buyer origins and the highest business turnover in China .

                SOURCE Canton Fair

                  Protix Receives 45M EUR in Funding to Scale Production of Insect Proteins

                  Today, the insect supply industry reached a significant milestone with Netherlands -basedProtix, closing 45M€ in funding   delivered by Aqua-Spark, Rabobank, BOM and various private investors.

                  Protix breeds insects for animal feed, as insects offer a low-impact protein alternative that can be cultivated on a variety of food scraps. This is important as global populations continue to grow and the demand for meat, fish and dairy surges. Food production is increasingly under pressure, with added challenges of deforestation and overfishing.

                  Protix has turned insect production into a commercial success by serving the animal feed industry, while also developing food applications for consumers. Their products are used in over 12 countries to date – in feed applications ranging from pig and poultry to pet food specialties.

                  The driver behind Aqua-Spark’s interest is Protix promising uses for aquaculture. Fish raised using sustainable aquaculture methods offer a solution to the global food crisis because they have the least environmental impact of any animal protein. Protix has the potential to further elevate aquaculture, while solving feed challenges across multiple industries.

                  The Potential for Insects

                  Protix was founded in 2009 by two former McKinsey & Company colleagues, Kees Aarts and Tarique Arsiwalla. “Due to increasing demand from our loyal and valuable customers, we’re ready to scale. With 45M€ in funding, we plan to expand Protix’s production capacity, especially within the aquaculture industry. Protix will also deepen its R&D and diversify to other markets like food. We are very excited to serve our existing and new customers and we will be seeking great M&A opportunities, work with great organizations and hire the best people,” said Protix CEO Kees Aarts .

                  Aqua-Spark

                  Mike Velings and Amy Novogratz , founders of Aqua-Spark have a clear reason for investing. “We’ve been researching the insect industry for many years, and Protix stands out because of its potential to be pivotal in the development of a sustainable aqua-feed solution. We’re selective about the companies we invest in; and Protix fits well with Aqua-Spark’s portfolio and aligns with our mission and values.

                  Rabobank

                  Rabobank has been involved with Protix from its start, and continues to support the insect company today as the core bank in its latest round of funding. The bank was introduced to Protix through the Dutch Green Tech Fund (currently Shift Invest).

                   

                  Business Lifestyle Review

                    Heart-Warming Visit to Pahang Flood Victims

                    A project Ethis “Crowd” fully crowdfunded

                    “In that Pahang community,
                    I felt a certain kind of peace,
                    a quiet, where the people
                    were happy, content and
                    grateful; a beautiful calm,
                    one would wish to be
                    in every moment.”

                    Maryam Enriquez have been working with Ethis Ventures in various capacities for almost a year now. She left the San Francisco Bay Area for Malaysia to pursue Islamic Finance Studies almost 3 years ago around Ramadan time.

                    In many ways, she have reached several mini “full circles” in my life recently which bring me to easily say, “Oh so that seems to make sense now!”. She see something that she did not seem to notice before.

                    Last Tuesday, May 24, 2017, the Ethis team visited Pahang and headed towards the town of Jerantut; popular for its lush forest reserves. It is also the area where we crowdfunded for a developer to build 10 homes for flood victims.

                    She have followed the development of this project from the very beginning, as it was the first attempt by Ethis to crowdfund for a Malaysian entrepreneur. Pahang was one of the freshly funded initiatives when she started a year ago.

                    She did not know what to expect as her exposure was limited as to how they structure listings, effectively crowdfund, payout and all else in between.

                    It was quite a drive, as they first had to get through the KL traffic, and then they headed East, deeper into the villages. The weather was short of perfect – the journey made her really appreciate the amazing roadways in Malaysia. They arrived at the site and the houses were bigger than she imagined.

                    They knocked on their first door and met Sakinah with her son and daughter. Sakinah narrated how she remembers the flood and how grateful she is to be in this new home. Sakinah moved into the home December of 2016 together with the other recipients of the 10 self-standing homes.

                    The second home Maryam went to, they called the lady Makcik, or Auntie in Malay. She welcomed us to the living room where they sat on the carpet and listened to her story. With full gusto, she told her story and a run down of the other neighbors who were off-site. At this point, and up until now (2 days after the trip), something in Maryam started to change. She cannot put my finger it on, and as she shared with the rest of the team in the morning huddle the day after, she can’t really explain apart from something inside of her had shifted.

                    Makcik spoke in Malay, which Maryam did not understand (the digital team still in the process of preparing a video which they hope to share with the investors). But Makcik spoke to Maryam beyond the language of words, almost to my heart and the message is still evolving.

                    As they were about to leave, Makcik called us towards the end the home. One of they Malaysian team members said, Makcik want them to meet her husband. Maryam walked back and as the door opened she saw Mashareef. He was bed ridden, but you could see and feel he was properly cared for by Makcik who is slightly younger than him. Maryam took his hand to my forehead and closed her eyes as a gesture of respect similar to their Filipino culture, asking for blessings and prayers.

                    At this point, Maryam felt tears well up in her eyes, in awe of how many lives they have touched. Humbled and yet feeling that they could do better. Maryam counted at least 20 children living in the 10 houses, not to mention the extended families who visit such as the grandchildren to Makcik’s 8 sons, the single father, the widow, the young couple, the large family, etc.

                    One home after the other the unexplainable feeling began to build up, and on they way back Maryam felt like she wanted to cry out loud. She looked at the clear blue skies as they drove back staring at the beautiful mountain range of Pahang, the greenery and the road, just allowing the emotions to sit in.

                    It was in the morning after as she brought my children to school when she found an “alas” moment and she caught herself saying, “Guys, you know yesterday I went to the homes we built for the poor.” Then immediately she knew something in the sentence was wrong. So she said, “OH no, not the poor, but the flood victims from the flood in Pahang, remember in December of 2015 when we were in the Philippines and we saw it in the papers…”

                    It was then that she sort of came full circle with the feeling. In that Pahang community, she felt a certain kind of peace, a quiet, where the people were happy, content and grateful; a beautiful calm, one would wish to be in every moment.

                    Thanks to their crowd, who have touched the lives of these flood victims in Pahang.

                    May this Ramadan shower you with blessings unbound and may we find peace and contentment in this lifetime as we all struggle to please the Creator and Sustainer of us All.

                    Ramadan Kareem.