Here is this week’s biweekly edition of The Pursuit newsletter, which brings the latest news and commentary about small business and entrepreneurs straight to your inbox on Wednesday mornings. Click here to get on the newsletter list!
In case you missed it, Forbes recently launched its annual 30 Under 30 Asia list. The 300 visionaries spotlighted on the list are redefining the future of business and society in Asia.
A record more than 4,000 nominees applied to be on this year’s list. Whether they’re innovating with new ways of delivering goods or venturing into the Web3 space, these honorees’ forward-thinking vision shows determination and optimism. They have collectively raised more than $3.5 billion in funding and represent 22 countries and territories, with the most listmakers hailing from India, followed by Singapore, Japan, Australia, Indonesia and China.
Indonesian entrepreneurs—who make up 10% of the overall list—are mostly building businesses to serve an increasingly tech-savvy population of 274 million. One duo doing just that is Debeasinta Budiman and Garret Koeswandi, the cofounders of Aplikasi Super. Their 4-year-old social commerce firm is working to lower the price of consumer goods in Indonesia’s smaller cities and rural areas, where they typically cost more than in larger cities. Focusing on the less developed eastern part of the country, Aplikasi Super works with a network of resellers who fulfill demand from consumers through its app. The company has raised $36 million in funding from investors including Alpha JWC Ventures, rapper Jay-Z and World Bank managing director Mari Elka Pangestu.
Also named to the list is Kevin Zhang, who is accelerating the expansion of his Singapore-headquartered logistics startup Inteluck across Southeast Asia after establishing a foothold in the Philippines over the past eight years. Inteluck expects revenue to more than triple to as much as $70 million this year from $20 million in 2021, according to Zhang.
Household names like South Korean actress Hoyeon, who starred in Netflix’s show Squid Game, also made this year’s list. There are also 15 Olympians and athletes on the list, including American-born skier Eileen Gu, who competed for China at this year’s Beijing Winter Olympics, winning two gold medals and one silver.
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To see the full list, click here, and explore the categories, from Social Impact and Enterprise Technology to Retail & Ecommerce and Healthcare & Science. Here’s a closer look at the class of 2022.
In other news, Forbes has opened nominations for its 2023 North America 30 Under 30 list. Do you know someone who is creating the next Instagram, Stripe or Spotify? If so, click here to nominate yourself or someone else to the list. The deadline for nominations is September 1, 2022.
Story Spotlight
Billionaire brothers John and Patrick Collison built Stripe into one of the world’s most-hyped, highest valued—and profitable—startups, worth some $95 billion. Now they must stave off going from disruptor to disrupted. The shockwaves from global instability are being felt by businesses big and small, and like many entrepreneurs, the Collisons must navigate the new normal without slowing down.
Key quote: “Businesses that don’t have to sing for their supper every day, I think they get a bit flabby and lazy. We still have a list four times longer of the things we would like to do.”—John Collison, Cofounder, Stripe
Must-Reads Across Forbes
Entrepreneurship has boomed amid the pandemic: Some 5.4 million new business applications were filed last year, according to the U.S. Census Bureau. While optimism abounds, it can be challenging for new business owners to get started. From not doing enough research to failing to stick to a budget, these common mistakes can hurt a new business.
After growing up in the shadows of America’s nuclear weapons program, Alexandr Wang dropped out of MIT at 19 to cofound Scale AI. Now he is helping organizations including the Air Force, Army, GM and Flexport unlock their data’s potential. A $325 million funding round last year valued Scale, which generates an estimated $100 million in revenue, at $7.3 billion. Wang’s estimated 15% stake is worth $1 billion, making him the world’s youngest self-made billionaire.
Resilience is key for small businesses, especially as they deal with the ongoing effects of the pandemic, the Russian invasion of Ukraine and supply chain issues. Small business owners need to invest time into their sales strategy and planning to ensure stability and growth. Here is how to craft a resilient small business sales strategy.
Foundation Alloy, a vertically integrated metal part production platform, announced it has raised a $10.5 million seed funding round co-led by The Engine and Material Impact, which includes an investment by Safar Partners. Founded in February, the startup specializes in manufacturing high performing metal parts. The company says it can make parts using less energy and creating less waste, making the manufacturing process more sustainable for the environment.
Startup Red Leader is aiming to be the iPhone camera for laser technology to others’ DSLR—using software workarounds to compete with more advanced and more expensive hardware. The California company announced it secured $10 million in Series A funding from NextView and Micron Ventures. The startup, which has been operating quietly since 2018, previously raised about $3 million in seed capital. It’s now worth $55 million after the new round.
