SMEs Tap On Growth Opportunities In Asia-Pacific

As the leading driver of the global economy, Asia is expected to contribute about 60% of economic growth in 2024, presenting significant opportunities for businesses looking to expand their presence. Technology remains a crucial factor in shaping the business landscape, helping companies to scale and innovate. Companies big and small are leaning heavily into technology and taking a digital-first approach, whether it’s to increase brand recognition or deliver faster and better products and services.

The four winners of the 2024 FedEx Asia Pacific Small Business Grant Contest (SBGC) prove conclusively yet again that you don’t need to be big to drive meaningful change. These four innovative startups demonstrate how they are leveraging technology to drive growth in the region and beyond.

Lucence is the winner of this year’s SBGC in Asia-Pacific. Founded in 2016 by oncologist and cancer geneticist Tan Min-Han, this precision oncology startup develops non-invasive tests to accurately diagnose cancer.

Headquartered in Singapore and Palo Alto, Lucence offers comprehensive genomic profiling of clinically relevant cancer mutations and biomarkers across several tumor types through a non-invasive blood test. Called LiquidHALLMARK®, this test is able to profile 80 genes across 15 cancer types.

Lucence achieved a significant milestone in 2023 when it secured the approval of Medicare, a U.S. government funded health insurance program, for its cancer tests.

“The technology we have built ensures that cancer can be detected earlier, treatment can be more effective and even a cure is possible,” says Tan. “This journey is possible because of the ability to develop the technology and making it accessible to cancer patients and those who are concerned about their health. There’s an opportunity now to take this to a wider audience around the world.”

This agritech startup was founded in 2020 as a response to the Covid-19 pandemic. The community group buying platform offers fresh produce at lower prices, connecting communities with their local farmers. Brian Cu, Cofounder and CEO of SariSuki aimed to transform the retail landscape in the Philippines. He says, “It takes time for produce to reach consumers and as a result, prices are higher, making fresh produce unaffordable for the masses.” By eliminating the middlemen, Cu was able to streamline the supply chain and cut the prices of fresh produce.

In the long run, SariSuki aims to help the Philippines become a food secure nation. This goal can be achieved by collaborating with its farmer partners to create abundance and enhance affordability and accessibility. “Through a network of over 30,000 community leaders and partners, we’ll be able to give consumers access at their fingertips,” Cu says.

Aerodyne, a provider of drone technology solutions, leverages artificial intelligence (AI) to solve real-world business challenges, helping customers achieve performance improvements, cost optimization, and enhance safety while empowering their operations. Initially, it set out to address safety concerns related to critical infrastructure, such as power lines and telco towers. The inspection of such infrastructure was typically performed by human riggers. However, with drone technology, Aerodyne was able to automate the process, ensuring human safety and reducing labor time from days to just minutes.

“We deliver solutions that make business sense,” says Kamarul A Muhamed, Founder and CEO of Aerodyne Group.

“These solutions are faster, better, cheaper and safer.”

The company is now helping the agriculture sector address food security challenges, using drones for seeding, spraying, plant analysis and mapping, increasing crop yields by more than 60%. The startup is eyeing the immense potential in drone delivery services, having recently signed an agreement with DroneDash Technologies to introduce small-scale commercial deliveries between Singapore and Malaysia.

Founded during the pandemic in 2020, Fresh Factory is a smart cold chain fulfillment company that specializes in storing and delivering chilled, frozen and dry goods. The company started with 14 fulfillment centers in Greater Jakarta and has now expanded to over 40 facilities in 20 cities in Indonesia, including Medan, Semarang and Yogyakarta.

Due to the complex nature of cold chain logistics, the company relies heavily on technology such as AI and IoT to build cold chain centers and transportation modes catering to the needs of SMEs and large enterprises, says Larry Ridwan, Founder and CEO of Fresh Factory.

“We help businesses store and deliver cold chain products faster, cheaper and better,” he says. “Technology, whether it’s automation or digitalization, makes us more efficient, transparent and reliable.” The company aims to be a dominant player in the cold chain space in the next five years.

L-R – Kawal Preet, President Asia Pacific, FedEx with four startup CEOs; Tan Min Han (Lucence), Brian Cu (SariSuki), Kamarul A Muhamed (Aerodyne) and Larry Ridwan (Fresh Factory)

The success of these four startups demonstrates how entrepreneurs who lean on technology and innovation can take their businesses to greater heights. As a strong advocate of SMEs, which represent about 90% of businesses globally, FedEx plays a crucial role in helping companies like these scale and achieve their potential by providing access to resources as well as digital tools.

“SMEs in Asia are increasingly investing in data and digital technologies to drive their businesses forward. Digital transformation improves overall efficiency and performance as well as supports data-driven decision-making,” says Kawal Preet, Regional President, Asia Pacific FedEx. “As we work towards making supply chains smarter for our customers, the value of our data, and how we democratize it, is right up there with the value of our physical network. That’s why we’re giving our customers access to the digital solutions they need to make international shipping as simple as possible and save time in their day.”

Lucence, the winner of the 2024 SBGC received a cash prize of US$30,000 from FedEx, while the three finalists each received a cash prize of US$13,000.

This article was originally published on Forbes.com on Jun 5, 2024.