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Why Entrepreneurs Are Settling in Bali

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Bali, with its tropical climate, laid-back lifestyle, beaches, jungles and cheap beer, has long been a holiday-maker’s paradise. The ‘Island of the Gods’, a province of Indonesia, is a popular playground and place of reflection for Australian, Asian and, since Julia Roberts had a mid-life crisis on its shores in Eat Pray Love, American travelers. In recent years, the very reasons for the island’s booming tourist trade have also made it an attractive place to do business from. Bright, driven folk striking out on their own have realized they can live and work in paradise, rather than just holiday in it. So what business realizations are travelers having on their wanderings around the island?

  1. Eat, drink and generally live like a king = cost of living (and of doing business) is low relative to developed economies, and time can be bought back by outsourcing the chores of life.
  2. Relax and reflect in paradise = escape the daily grind of big cities and stresses of everyday life, and gain new perspective on your work.
  3. Soak up the island’s renowned nutrition, wellbeing, art and culture pursuits = immerse your work mind in a creative, inspiring and energetic atmosphere.

Peter Wall, co-founder of the island’s first major co-working space, Hubud, speaks of the hinterland town of Ubud as the island’s creative hub, and the perfect place to escape the rat race:

“Bali has always been recognized as an incredible creative hub. You can come here and experiment, do things a bit differently, step back from the business and work harder or smarter. The day-to-day grind in a big city can wear you down. Living here no-one doesn’t want to come to work. No-one is doing things they don’t want to do. There’s a really nice energy in our space; there’s something about getting out of your normal cubicle and working in a space that feels different.

“My commute to work is two-and-a-half minutes through a monkey forest. I’ve never been as productive as I have been living in Bali. There’s an opportunity here to access yoga, healthy food and fresh air that’s more difficult to come by in a city. It’s a place people come to get perspective on their lives… a unique opportunity to get perspective and focus.”

With over 200 members, and around 50-60 daily coworkers, Hubud is one factor in the growth of Bali’s creative and startup business community. Wall and co-founder Steve Munroe use the space to help build a stronger community of entrepreneurs, hosting 25 events in November, encouraging ‘exchangeable learning’ and sponsoring hackathons and Indonesia’s social innovation award. The pair are also developing a ‘soft landing solution’ for new arrivals which will include airport pickup, phone number and phone, accommodation, cleaning, laundry, food, desk space and other support for a monthly rate. Understanding and transparency of costs is a sticking point for many, according to Munroe.

A similar set-up can be found at co-working and co-living startup accelerator, Startup Getaway, located near Denpasar and offering offers one, three or six-month stays for entrepreneurs to work on their startup without any distractions or daily chores. The same team is also behind the 30-day networking event Project Getaway and the Contenga International co-living and coworking environment.

One of the facility’s alumni, co-founder and CEO of Windows mail client Mailbird, Andrea Loubier, says the community in Bali is fresh, innovative and creative but, like a startup, still in its early stages. Originally from Cincinnati, Ohio, Loubier has stationed her team — a mix of Danish, Indonesian and Colombian nationals — in a town between Ubud and Kuta. She believes:

“Operational costs can be bootstrapped much easier than in the US or Denmark, simply due to the high cost of living in Europe and America.

“It’s beautiful here; it’s in an up-and-coming, rapid-growth market, with Indonesia being the fourth largest population in the world. The tech industry is growing rapidly as well, and more and more students are seeking degrees in technology which is very promising for building a stronger economy in Indonesia. We have some of the best team members on Mailbird from the prestigious Institute of Technology Bandung right here in Indonesia. We are excited to be part of the movement specifically in Bali, where we already feel that our startup community is a great example of eliminating the extra day-to-day to-do’s, so you can fully dedicate your time to building an exciting business while also enjoying life.

“It’s funny when you tell people that your startup is based in Bali — they’re surprised or don’t take you seriously. Then they are surprised when they see the traction and global awareness of the startup.”

“Our little, Bali-based startup has been recognized worldwide after we were picked up by major tech news publishers and blogs like TechCrunch and Lifehacker.

“The warm weather keeps you happy and very motivated in Bali too.”

Another coworking space in the island’s coastal town of Sanur, a female entrepreneurial group called Secret {W} Business and #subali meetups add to the community on the island.

Three years ago, TEDx made its way to Bali’s shores, started by digital designer Daniela Burr. Earlier this year the event was attended by a curated group of 400 innovators, creatives, cultural leaders and social pioneers. Burr started TEDxUbud after falling in love with the island:

“It happened unintentionally. I took a sabbatical in 2010, inspired by designer Stefan Sagmeister and came to Bali following his advice. I loved it. I started TEDxUbud just two months after landing and it grew exponentially, completely changing my life. I run a digital design studio and have the ability to work from anywhere… Bali quickly became the perfect spot. I’ve met the most incredible people on this island, we now have a great co-working space, and I get to live what I always thought was a dream life.”

Working in paradise, and in a developing country remote from major business centers, has its drawbacks, but those working there find them insignificant compared to the benefits. Budgeting, safety, language/cultural barriers and internet speed can be factors to contend with, but are issues easily managed. Access to outside networks, events and resources not yet established in Bali also need to be managed — raising investment requires flying in or flying out, for example.

The picture painted by the entrepreneurs and digital nomads who’ve chosen the Bali work-life haven is a rosy one. The business case is strong, and the vibe of the island is proving for many to be the special ingredient needed to unlock inspiration and creativity. It’s not hard to see why it’s becoming a hub for startup business and creative industries.

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About the Author

This article was written by The Fetch contributing writer Chris Byrne. The Fetch is the best place for professionals to share and discover what’s going on in your city. Subscribe to our free, curated weekly email digests here and follow us @thefetch.

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Entrepreneurship

Women on Top in Tech – Daphne Ng, CEO of JEDTrade

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(Women on Top in Tech is a series about Women Founders, CEOs, and Leaders in technology. It aims to amplify and bring to the fore diversity in leadership in technology.)

Daphne Ng is the CEO of JEDTrade, a blockchain technology company focused on trade, supply chain, and financial inclusion projects in ASEAN. She is also the Scretary-General at ACCESS and Exco. of Singapore Fintech Association

What makes you do what you do?
I was introduced to blockchain technology in 2016 after I left my corporate banking career after 10 years. It was my mentor who first got me interested in this technology, which I then went on to delve further into, on its potential applications in the lending and trade finance space – domains where I came from.

How did you rise in the industry you are in?
Being in the space for 2 years and actively involved in the ecosystem, I was able to bring on the projects, network and a good degree of thought leadership in this vertical. Early on in the startup journey, our team faced many challenges. And to me, the key to rising above failures are two essential factors – resilience and support. While resilience is innate, I received a lot of help be it in terms of connections or advice. ‘Nobody succeeds without help’ rings very true for me.

Why did you take on this role/start this startup especially since this is perhaps a stretch or challenge for you (or viewed as one since you are not the usual leadership demographics)?
From the start, I focused on my domain expertise in trade finance and the application construct of how blockchain and DLT can be applied to these use cases. Also, my strategy from the start was to build a technology company made up of 80% tech and engineers, which is also our key competitive advantage today. At the end of the day, deliverables are about strategy and execution, which includes building and leading an ‘A’ team.

Do you have a mentor that you look up to in your industries or did you look for one or how did that work?
I have many mentors, which includes our company advisors (all of whom are well-known in this industry) and mostly informal mentors I meet via my connections, and on various occasions and circumstances. Creating opportunities also means putting myself in the right place, at the right time. And in my case, these were mostly organic and genuine friendships formed from the initial connection.

How did you make a match if you and how did you end up being mentored by him?
To me, a match in values is very important. It also takes humility to ask for help and be willing to listen to advice, which is important in order for mentorships to be successful – be it formal or informal.

Now as a leader how do you spot, develop, keep, grow and support your talent?
I love this question! I am passionate about building strong teams and helping my people grow. I abide by the 3Rs when identifying talents: resourcefulness, resilience and right values. And then I invest in the ‘potential’ and this means giving them room to lead, make decisions and take risks.

Do you consciously or unconsciously support diversity and why?
My support of diverse talents, skillsets and characters can be seen in the make-up of our core team – all helming specific roles and each bringing their own value to the table. We need the sum of all parts to build a great company.

What is your take on what it takes to be a great leader in your industry and as a general rule of thumb?
Great leaders emerge in times of failures and challenges, never abandoning the team, and always putting the team’s interests before her own. And I consciously live by these mottos every day.

Advice for others?
My advice to other entrepreneurs: be resolute and dare to be different. If you are going to follow others, then you will end up on the same path as them. No right or wrong; but I would rather chart my own path. This June, we are officially launching our blockchain project, Jupiter Chain (www.jupiterchain.tech), which have garnered much interest in the industry, even before we made it public. We believe this project is the epitome of marrying innovation with practical implementation, and we want to be the first to truly operationalize blockchain for our ecosystem projects in this region.


If you’d like to get in touch with Daphne Ng, please feel free to reach out to her on LinkedIn: https://www.linkedin.com/in/daphne-ng-%E9%BB%84%E7%91%9E%E7%8E%B2/

To learn more about JEDTrade, please click here.

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Callum Connects

Jace Koh, Founder of U Ventures

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Jace Koh believes cash flow is the lifeblood of your business. Understanding it will enhance your ability to run and manage your business.

What’s your story?
My name is Jace Koh and I am the Founder of U Ventures. I’ve always been inclined towards investment and entrepreneurship. I’ve played a hand in starting businesses across these industries – professional services, cloud integration, software and music. I believe that succeeding in business is tough, but that’s what makes the rewards even sweeter.

What excites you most about your industry?
Everything excites me. These are my beliefs:

  • Why is accounting important?
    The accounting department is the heart. Cash flow is like blood stream, it pumps blood to various parts of the body like cash flow is pumped to various departments and/or functions in a business. It is vital to the life and death of the business.
  • Is accounting boring?
    Accountants are artists too. They paint the numbers the way they want them to be.
  • What makes a good accountant?
    A good accountant can tell you a story about the business by looking at the numbers.
  • Why is budgeting and projection important?
    Accountants are like fortune tellers, they can predict the numbers and if you wish to understand your business and make informed decisions, feel free to speak to our friendly consultants to secure a meeting.

What’s your connection to Asia?
I was born and raised in Singapore, and here’s where I want to be.

Favourite city in Asia for business and why?
Singapore is my favourite city. We have great legal systems in place, good security and people with integrity. Most importantly, we have a government that fosters a good environment for doing business. I recently went for a cultural exchange programme in Hong Kong to learn more about their startups. I found out that the Hong Kong government generally only supports local business owners in terms of grants. They’ve recently been more lenient and changed the eligibility to include all businesses that have at least 50% local shareholding. But comparing that to Singapore, the government only requires a 30% local shareholding to obtain government support. In the early days of starting a business, all the support you can get is precious. It’s great that we have a government that understands that.

What’s the best piece of advice you ever received?
The best time ever to plant a tree was 10 years ago as the tree would have grown so big to provide you with shelter and all. When is the next best time to plant a tree? It is today. Because in 10 years time, the tree would have grown big enough to provide you shelter and all.

Who inspires you?
Jack Ma. His journey to success is one of the most inspiring as it proves that with determination and great foresight, even the poorest can turn their lives around. I personally relate to his story a lot, and this is my favourite quote from him, “If you don’t give up, you still have a chance. Giving up is the greatest failure.”

What have you just learnt recently that blew you away?
I’ve faced multiple rejections throughout my business journey, and recently came across a fact on Jack Ma about how he was once rejected for 32 different jobs. It resonated very deeply and taught me the importance of tenacity, especially during tough times.

If you had your time again, what would you do differently?
Nothing. I live a life with no regrets. Everything I do, regardless of whether it is right or wrong, happy or sad, and regardless of outcome, it’s a lesson with something to take away.

How do you unwind?
I love to pamper myself through retail therapy and going for spas. I also make a conscious effort to take time off work to have a break outside to unwind as well as to uncloud my mind. This moment of reflection from time to time helps me see more clearly on how I can improve myself.

Favourite Asian destination for relaxation? Why?
Taiwan! Good food with no language barriers and the people are great!

Everyone in business should read this book:
I don’t really read books. Mostly, I learn from my daily life and interactions with hundreds of other business owners. To me, people tell the most interesting stories.

Shameless plug for your business:
We’re not just corporate secretaries, we’re “business doctors.”
U Ventures is a Xero certified advisory firm that goes beyond traditional accounting services to provide solutions for your business. You can reach us on our website: http://uventures.com.sg/

How can people connect with you?
Converse to connect. You can reach me via email at [email protected] or alternatively, on LinkedIn here: https://www.linkedin.com/in/jacekoh/

This interview is part of the ‘Callum Connect’ series of more than 500 interviews

Callum Laing is an entrepreneur and investor based in Singapore. He has previously started,
built and sold half a dozen businesses and is now a Partner at Unity-Group Private Equity and Co-Founder of The Marketing Group PLC. He is the author two best selling books ‘Progressive Partnerships’ and ‘Agglomerate’.

Connect with Callum here:
twitter.com/laingcallum
linkedin.com/in/callumlaing
Download free copies of his books here: www.callumlaing.com

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