Forecast 2024: Worth the Risk, Part 3

RODOLFO BARRÁEZ
Associate Conductor, Singapore Symphony Orchestra

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Classical music will witness a digital renaissance, as hinted by the emergence of streaming platforms and livestreamed concerts that amplified music’s accessibility in the past years. Expanding on its digital capabilities, the Singapore Symphony Orchestra has tapped into online platforms such as YouTube to present a repository of digital concert offerings, reaching audiences from around the world.

I also sense a more evolved orchestral landscape in 2024. Classical and contemporary elements will converge to create a dynamic and inclusive future for classical music – one that resonates with both traditional enthusiasts and a burgeoning younger audience.

What risks are you willing to take to meet your professional goals for the coming year?
Growing tomorrow’s classical music audience is very important. I stay open to unconventional approaches, such as cross-genre collaborations, unique program formats, and digital musical experiences to form meaningful bonds with online listeners. Holding equal significance is cultivating a diverse audience through curated programs that showcase a fusion of various artforms, and music from different cultures and origins. That said, my passion for music education remains unchanging in this profession. I’ve seen how music has an intangible way of changing people’s lives for the better, and it is with the aforementioned that will leave a greater impact on communities.

SEAN LIEW
General Manager, Sapphire Windows

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Property prices in Singapore are at an all-time high due to the growing influx of foreign wealth coupled with the increasing purchasing power of Singaporeans. The demand for luxury materials in the construction field is growing, but this is coupled with an acute need for personalized and uniquely tailored experiences. Homeowners are not keen on generic designs or solutions as each home is now required to be a symbol and reflection of the homeowners’ style, taste, and character. A successful company will be one that can identify and deliver these experiences to homeowners.

What risks are you willing to take to meet your professional goals for the coming year?
Amid global uncertainty, we have continued to invest in our people, processes, and machinery. In 2024, we will be embarking on an AI automation workflow project, where we hope to increase our throughput at a higher quality level to meet the rising market demands for speed and accuracy. We will do this whilst still focusing on maintaining a very personal touch with our clients. Another aim is to eradicate the errors that come with traditional manufacturing and position ourselves at the forefront of the window industry in our chosen markets by leveraging data and machine learning.

STEPHEN HAMILL
General Manager, 8X8

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Meeting the rising demand for CPaaS solutions will be the focus for industry players in the coming year. Growing demand means that customer experience needs to be on point, and industry players are now accelerating the enhancements of their product portfolios. One trending approach is the integration of artificial intelligence (AI) to power chatbots and virtual assistants for better efficiency and more personalized interactions – making them more intelligent and context-aware.

Another industry development worth noting is the enhancement of omnichannel communication. Instant gratification is now a mainstay in the buyer’s journey and omnichannel communication aids in improving business-to-consumer communication alongside customer engagement. CPaaS APIs are being consistently upgraded by industry players in enabling businesses to obtain more seamless communication management across a variety of chat applications, such as WhatsApp, WeChat, and Viber, from one platform. This is on top of combatting security threats, such as artificial inflated traffic (AIT). The development of CPaaS safeguards is well underway. Through leveraging communication APIs, CPaaS providers will be able to further assist customers in mitigating SMS fraud alongside obtaining multi-factor authentication for enhanced data protection and privacy.   

What risks are you willing to take to meet your professional goals for the coming year?
If you really want to make a difference in the tech scene today, forget copying the big shots in the industry. Instead, pinpoint fresh opportunities before the slower players catch wind, and dive in headfirst. Building the right team is key, but it is just as crucial to foster a culture where your crew feels empowered to take risks and unleash their creativity. Let’s be real – you can’t go into the tech wilderness alone. Link up with fellow trailblazers, combine your strengths, and dive into new partnerships. Be the one leading the charge, not playing catch-up. That is how you can make a real, meaningful difference for your customers and your people, letting you to stand out from the crowd.

SIMON DALE
Vice President & Managing Director, Southeast Asia & Korea, Adobe

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We will see reality hit the generative AI (genAI) hype, but real value will come from those using it smartly. Our research tells us that 59% of Singapore brands are implementing genAI to improve internal processes and create better digital customer experiences, whilst 39% of consumers do believe that genAI is necessary for businesses to remain competitive today. We see genAI helping our creative community to accelerate their work and allow them to express their creativity in new ways, as well as help companies of all sizes get more involved in the digital economy.

What risks are you willing to take to meet your professional goals for the coming year?
I will be taking a specific point of view on the macroeconomic situation across my regions of Southeast Asia and Korea, in order to underpin my commitments to deliver on my goals. Whilst there is uncertainty on the macroeconomic situation, the digital economy opportunities are still valid, and picking the key industries and customers continuing to make strategic investments in this will be key to our success.

EVELYN HEW
Founder, ChopValue Singapore

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We’re gearing up for an eco-revolution! Major brands, and even SMEs, are leading by example in embracing sustainable practices. Many have awakened to the realization that sustainability is not a luxury, but a kinder, smarter, and essential business strategy.

I am sure we will see better recycling tech making a splash, product design prioritizing longevity, energy management solutions, and even apps to help track and boost sustainability. All of us at ChopValue are excited to be a part of this sustainability movement by giving each used chopstick a new purpose.

What risks are you willing to take to meet your professional goals for the coming year?
I have two goals. First is to increase our brand awareness among professionals in the built environment space and encourage the use of our materials. Second is to increase our production to meet demands. But we are mindful of the risks. Growing a brand can be costly and as a new entrant to the market, there's also the risk of adopting expensive yet ineffective strategies. We have to evaluate these risks carefully and monitor the business closely. Seeking guidance is always good and I believe standing still is the worst thing we can do.

IRENE WONG
CEO, Grey Malaysia & Singapore     

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The advertising and creative world is in the midst of a huge makeover. Developments that started out as novelties will be adopted more widely and used more frequently as practical tools and solutions in 2024.

AI - Every creative business will seesaw between AI's ethics and efficiency, only a few will win by finding equilibrium and efficacy.

Blockchain - The lines between art and utility will blur through creative solutions that have both, practical and aesthetic value.

Mixed Reality - An increase in accessibility and availability of products like Apple's mixed reality headset will drive the creation of more immersive brand experiences.

What risks are you willing to take to meet your professional goals for the coming year?
In these uncertain times, my responsibilities as a leader have become even more complex as I look for the balance between people, profit and purpose.

People - Meaningfully investing in up-skilling and re-skilling to give my teams the culture and knowledge they need to thrive.

Profit - Saying NO when I must so that I may have more opportunities to say YES when I should.

Purpose - Having the courage to do things because they are right, especially when it comes to the country and the planet.

MELVYN YEO
Founder and Managing Partner, TRIREC

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The explosion of investment focus in Decarbonisation and Climate Action in recent times has been exhilarating. The potent mix of government policy initiatives and active investment capital from the private sector builds a strong foundation for entrepreneurs and cutting-edge deep technologies to be nurtured. With the advancement of computation power, scientific discoveries and technological breakthroughs will occur much more rapidly. This will form the basis of multi-faceted partnerships to invest into cost-effective climate technology solutions that will help reduce our greenhouse gas emissions dramatically. Even romanticized nuclear fusion power could be a possibility in the not-too-distant future.

What risks are you willing to take to meet your professional goals for the coming year?
The risk any entrepreneur faces constantly is to not take calculated risks. For the year ahead, all of us at TRIREC will continue to be laser focused on taking risks and enhancing our thought leadership and investment thesis as the pioneer in decarbonization focused climate tech venture capitalists. We look forward to being a pillar of support and strong partners to our portfolio founders and ecosystem collaborators. We believe that with clarity of thoughts, we will maintain our path of being a global leading investment firm while trying to do our utmost in positively driving our climate change agenda.

DAMIAN D’SILVA
Advocator of Singapore heritage cuisine, Chef Partner at Rempapa

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
The F&B industry is constantly on the move, and changes to developments and trends evolve sometimes too quickly for the public to capitalize on them or even recognize that they have occurred.

What we are seeing in the kitchens is an amalgamation of cuisines, particularly a blend of Southeast Asian elements infused with both Japanese and European influences. The ingredients used are no longer exclusively European, but a mix of different flavors, textures, and aromatics from all over the world. I see this trend continuing at least for the next five years, if not more.

What risks are you willing to take to meet your professional goals for the coming year?
If a risk is taken, it must be calculated with a Plan B. Making the wrong choice today is detrimental to any business. However, if I were to select a single risk, it would likely involve expanding the kueh business further – a prospect that I've been contemplating and analyzing for the past couple of years. This is to build on our existing kueh business, which I believe has tremendous potential. The demand for our daily homemade kuehs has been strong. I envision kueh sales penetrating different markets and segments because of our quality and consistency.

ANDREW LIM
Founder and Principal, 4PLUS8

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
Clients increasingly embrace technology to streamline their lifestyle, favoring the automation of daily tasks, like adjusting lighting and cooling, and smart appliances that are not only convenient, but also energy efficient. As luxury fit-out consultants, we work closely with our clients in recommending the best options that suit their lifestyle. They are becoming more discerning and demand products and services that are highly customized to their needs. Our  focus on personalization, functionality, and craftsmanship aligns with these client demands. In 2024, we anticipate a continued surge in tech-driven, bespoke solutions, reflecting the intersection of convenience and sophistication in modern living.

What risks are you willing to take to meet your professional goals for the coming year?
In 2024, 4PLUS8 aims to launch 48KB – a one-of-a-kind interactive space that transcends conventional showrooms, inviting clients to actively engage in the creative process. 

Beyond showcasing our commitment to luxury interior fit-outs, 48KB allows clients to feel the quality, artistry, and innovation defining our approach. Collaborating with industry leaders, we house key elements of the interior fit-out process under one roof from design ideation to final installation. 4PLUS8 aims to foster meaningful collaborations among architects, designers, manufacturers, and suppliers, crafting stunning, functional spaces that redefine design boundaries. This endeavor ensures a unique, personalized experience for our clients.

ETHAN LI
Vice President, AvePoint
Chief Strategy Officer, MaivenPoint

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024? 
In 2024, we anticipate an acceleration in EdTech integration within corporate L&D programmes, and a heavier emphasis on customisable learning experiences that will help to upskill each employee relevantly. Additionally, the emphasis on accessibility will grow, with platforms enhancing support for different abilities and learning styles, thereby fostering a more inclusive workforce. The rise of micro-credentialing will further enable employees to demonstrate competencies and aid career progression within our evolving digital landscape.

What risks are you willing to take to meet your professional goals for the coming year? 
We have always focused on the mainstream needs in education. I would like to challenge my team and I to investigate ways to enhance accessibility within our solutions in the coming year. This could mean consulting with stakeholders who have special needs to understand the challenges they face with online learning and assessments, and adopting a fresh perspective on how to make learning truly inclusive for all. Embracing holistic learning is crucial, and I am eager to pick up new skills and push both myself and my team to look beyond the usual business needs

DERRICK CHANG
CEO, PSB Academy

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
In 2024, as PSB Academy celebrates our 60-years of providing higher education, we anticipate a rising demand for flexible, tech-driven education. Embracing adaptive learning and emerging technologies, we prioritize innovation to meet evolving student needs, providing a seamless blend of digital and experiential learning for a workforce-ready education.

What risks are you willing to take to meet your professional goals for the coming year?
As a visionary institution, we're prepared to take strategic risks – exploring innovative partnerships, expanding programs, and entering new markets. Open to cutting-edge technologies, we remain committed to academic excellence, ensuring our students receive a top-notch education that prepares them for the challenges of a dynamic future.

RAMAN SINGH
CEO, Juniper Biologics

Based on data, research, and experience, what developments and trends in your industry are you anticipating in 2024?
We foresee ongoing progress in genomics and personalized medicine, offering more precise treatments based on individual genetic profiles. Emerging genomic technologies are pivotal in identifying drug targets for tailored medications, and even serving as targeted therapies. The global personalized medicine market, valued at $300 billion in 2021, is projected to reach $869.5 billion by 2031, with an 11.2% CAGR from 2022 to 2031 (Allied Market Research).

Furthermore, investments in biopharmaceuticals, including gene therapies, will increase. The expected 10.9% CAGR for the global biologics market from 2016 to 2024 means it could reach $479.7 billion by the end of 2024 (Transparency Market Research).

What risks are you willing to take to meet your professional goals for the coming year?
Juniper Biologics will continue to put our focus on the unmet needs under our therapy areas: oncology and oncology supportive care, rare and orphan diseases, and gene therapy. We aim to enhance patient quality of life by expanding our medicine portfolio in these areas, contributing to both company growth and global well-being.

With a history of acquiring products addressing unmet needs, including six in the past two years, we pledge to double down on strategic investments in innovative therapies.

The upcoming year is an opportunity to strengthen industry leadership through creative solutions for improved healthcare outcomes, adapting to the dynamic healthcare landscape.