THE BRIDGE

tag COVID-19

Real estate in a post-coronavirus world

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here. This article was intentionally removed because some of the data has become confidential. Thank you for understanding.

mark-bivens_portrait

This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here.


This article was intentionally removed because some of the data has become confidential. Thank you for understanding.

One Visa, Wovn join forces to keep foreign workers updated with relief efforts over COVID-19

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Two Tokyo startups – One Visa and Wovn Technologies – announced today that they are joining forces to help foreign workers in Japan keep updated with relief efforts and support measures over COVID-19. The will translate and organize notices and advisories from the government and private sectors into English, Chinese, Korean, and “Easy Japanese” so that non-native Japanese speakers can learn the latest developments. Translated updates are expected to reach more than hundreds of thousand foreign workers in Japan through the partnership with Tokyo-based foreign workers-focused recruiting agency Global Power in addition to 150 member companies belonging to Japan Shopping Tourism Organizatioin (JSTO). According to Japan’s Immigration Services Agency, over 2.8 million foreign passport holders are residing in Japan as of June 2019. One Visa has developed an online visa applications management platform, allowing Japanese companies to submit visa applications for their employees and manage when their visas will become expired and must apply for a new one. Wovn has developed an SDK (software developer kit) that allows mobile developers to easily multilingulize their websites and apps.

Centers for Disease Control and Prevention’s Public Health Image Library (PHIL), with identification number #4814.

Two Tokyo startups – One Visa and Wovn Technologies – announced today that they are joining forces to help foreign workers in Japan keep updated with relief efforts and support measures over COVID-19. The will translate and organize notices and advisories from the government and private sectors into English, Chinese, Korean, and “Easy Japanese” so that non-native Japanese speakers can learn the latest developments.

Translated updates are expected to reach more than hundreds of thousand foreign workers in Japan through the partnership with Tokyo-based foreign workers-focused recruiting agency Global Power in addition to 150 member companies belonging to Japan Shopping Tourism Organizatioin (JSTO). According to Japan’s Immigration Services Agency, over 2.8 million foreign passport holders are residing in Japan as of June 2019.

One Visa has developed an online visa applications management platform, allowing Japanese companies to submit visa applications for their employees and manage when their visas will become expired and must apply for a new one. Wovn has developed an SDK (software developer kit) that allows mobile developers to easily multilingulize their websites and apps.

10 crisis initiatives for startups

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This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here. A fair bit of ink has been spilled with VC recommendations to startups on how to best confront the business challenges catalyzed by the covid-19 crisis. In fact, it’s practically compulsory writing for any VC on social media these days. Rather than write yet another of one of those posts, I’m taking a different angle. The preponderance of the various VC tips permeating the ether these days — worthwhile as they are — tend to be fairly prescriptive in nature. So, in complement to all that good wisdom out there and rather than preach from the perch of my Peloton®, I’m going to highlight some best practices from the people on the front lines of this economic crisis, i.e. our portfolio company CEOs. Here is an extract of some of the most concrete and actionable…

mark-bivens_portrait

This guest post is authored by Mark Bivens. Mark is a Silicon Valley native and former entrepreneur, having started three companies before “turning to the dark side of VC.” He is a venture capitalist that travels between Paris and Tokyo (aka the RudeVC). You can read more on his blog at http://rude.vc or follow him @markbivens. The Japanese translation of this article is available here.


Image credit: Pxfuel

A fair bit of ink has been spilled with VC recommendations to startups on how to best confront the business challenges catalyzed by the covid-19 crisis. In fact, it’s practically compulsory writing for any VC on social media these days.

Rather than write yet another of one of those posts, I’m taking a different angle. The preponderance of the various VC tips permeating the ether these days — worthwhile as they are — tend to be fairly prescriptive in nature. So, in complement to all that good wisdom out there and rather than preach from the perch of my Peloton®, I’m going to highlight some best practices from the people on the front lines of this economic crisis, i.e. our portfolio company CEOs. Here is an extract of some of the most concrete and actionable ideas which have been initiated by a variety of our investments. [I have restricted my own comments to brackets.] Hopefully some of these initiatives will inspire ideas that are more directly relevant to your own unique situations.

  1. Anticipating that things will get worse before they get better. Erring on the side of abundant caution and taking measures early even if they seem excessively prudent.
  2. Holding candid discussions with their investors, early and often, to find out whether they have the capacity, the will, and the dry powder to provide some bridge financing in the event that things do get worse.
  3. Providing their employees the tools to work from home. Not all of them rock the same home office crib that the CEO does. Those who could afford it have given their employees a “work-from-home stipend” to enable them to purchase the equipment they need to be productive. [Not only is the productivity boost covering the expense, but I have a feeling that the staff loyalty they generate from moves like this will probably prove priceless
  4. Designating to each employee a special additional role during the crisis [hat tip to Eric Ries for this idea], for example
  • A person who contacts suppliers, customers, and partners purely to check in on their well-being
  • A point person to keep up with the evolving dynamic of local government subsidies for which the startup might be eligible
  • A person who posts any good news on a regular basis about covid-19 developments
  • A person to ensure there’s adequate supply of hand sanitizer in the office
  • [an initiative like this brings several benefits: it gives every employee a clear responsibility; it aligns employees with the problem-solving mission; it relieves much of the burden on the CEO (if you haven’t learned how to delegate yet, now would be a good time, and quick); it enhances productivity; etc.]
  1. Giving themselves some time (usually two weeks) to brainstorm with all staff on how to creatively generate more short-term revenue, free of ideological mindset constraints. [if you’re product purists, could you provide some services ? are there any work-for-hire opportunities ? could you monetize some of your company’s talents or technologies in a different way ?]
  2. Over-communicating with transparency and candor to all employees about the potential financial challenges
  3. Leading by example first, by postponing 100% of their own salary and then asking employees to postpone 50% of theirs. In the event that layoffs are absolutely necessary, finding the most humane manner possible to do them [extending option exercise periods, offering to re-hire, granting use of facilities, etc.]
  4. Postponing fees to external board members [exploring the postponement of such fees could hardly be considered offensive if you have already established a relationship of transparent communication with your board.]
  5. Pursuing every possible government aid available [government-backed loans, partial unemployment subsidies, tax deferrals, etc.]
  6. Generally extending the same level of transparency to their suppliers, sharing openly their financial predicament and exploring potential flexibility in payment terms [I know of one startup who told their landlord with sincere apologies that they will temporarily need to stop paying rent for a few months, were prepared to accept the consequences, and genuinely hope that the landlord understands their situation.]

[On a related note, I recall one CFO from a portfolio company in the distant past who found himself forced to navigate crises on almost a bi-annual basis. I’m going to dedicate a whole future post to this individual one day. One of his most creative ideas when in a cash crunch was to approach each supplier with a proposition of flipping a coin: heads he pays them within 30 days; tails he postpones payment for 60 days. I love trotting out this anecdote every time a startup manager tells me that they’re in a cash crisis and they’ve tried absolutely everything. “Have you really tried everything? If you haven’t flipped coins with your suppliers yet, then you haven’t tried absolutely everything,“ I like to respond.]

A healthy company culture will be one of your greatest assets to navigate this crisis. Leverage it.

Asia-focused KK Fund helps Thai startups meet investors virtually in face of COVID-19 troubles

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Singapore-based KK Fund, the VC firm backed by many Japanese companies and focused on investing in seed stage internet and mobile startups across Southeast Asia, is launching their first Meet Your Match Thailand ​session with the aim to help match investors with Thailand-based startups in light of the uncertain situation due to the novel coronavirus pandemic. In order to support the startup ecosystem, KK Fund claims it has signed up with more than 20 investors to participate in this initiative to connect Thai startups with potential investors. Participating investors include Vertex Ventures, Sumitomo Corporation, PTT, Denso, Krungsri Finnovate, Colopl Next, CyberAgent Capital, Monk’s Hill Ventures, Insignia Ventures Partners, Beacon Venture Capital, Sequoia Capital, and other outstanding Thai and Japanese firms. In the face of the global coronavirus pandemic, more than a few startup founders in the world are struggling with meeting up with potential founders because of urgent need of funding or further sustainable business development. As a reason why KK Fund decided to focus on helping Thai entrepreneurs rather than other startup ecosystem, the VC firm’s general partner Koichi Saito says he got inspired by the initiative which the Japanese trade and economy ministry recently rolled out in Bangkok….

Singapore-based KK Fund, the VC firm backed by many Japanese companies and focused on investing in seed stage internet and mobile startups across Southeast Asia, is launching their first Meet Your Match Thailand ​session with the aim to help match investors with Thailand-based startups in light of the uncertain situation due to the novel coronavirus pandemic.

In order to support the startup ecosystem, KK Fund claims it has signed up with more than 20 investors to participate in this initiative to connect Thai startups with potential investors. Participating investors include Vertex Ventures, Sumitomo Corporation, PTT, Denso, Krungsri Finnovate, Colopl Next, CyberAgent Capital, Monk’s Hill Ventures, Insignia Ventures Partners, Beacon Venture Capital, Sequoia Capital, and other outstanding Thai and Japanese firms.

In the face of the global coronavirus pandemic, more than a few startup founders in the world are struggling with meeting up with potential founders because of urgent need of funding or further sustainable business development. As a reason why KK Fund decided to focus on helping Thai entrepreneurs rather than other startup ecosystem, the VC firm’s general partner Koichi Saito says he got inspired by the initiative which the Japanese trade and economy ministry recently rolled out in Bangkok. Saito has participated in several summits hosted by the ministry with an aim to connect the two countries in tech and startup field.

If you run a startup in Thailand and want to grab this opportunity, simply submit you application through the Google form link by April 10 so that you can get in touch with potential investors who may be interested in your business or idea. Upon successful matching, an online session over Zoom will be arranged by the investor with the startup.

In Japan, Moneyforward Synca, the Tokyo-based consultancy focused on helping startups raise investments or sell through an IPO or M&A deal, has launched a similar scheme with more than 20 local VC firms with an aim to prevent founders from stagnating fundraising.