$15,000 boost for S’pore SMEs: How fund by global tech giant will enable firms to transform, grow and do good

MELISSA Laurie has seen her company, Oysterly, flourish since emerging among the winners of the 2023 edition of the Xero Beautiful Business Fund (XBBF).

“Winning the Xero Beautiful Business Fund significantly enhanced our reputation and visibility as experts in User Generated Content (UGC) creation in Singapore and around the world,” says the firm’s founder.

Oysterly, which won the award under the “Trailblazing with Technology” category, specialises in creating UGC, influencer content and branded videos. It was one of the four small and medium-sized enterprises (SMEs) in Singapore that walked away with funding from the inaugural XBBF in 2023.

This increased brand awareness for the company as a result of winning the XBBF has led to invitations for Laurie to speak at prominent events such as Social Media Marketing World in the US, The Art of Attention in Malaysia, and Creator Week in Singapore.

“Winning solidified our mission to help brands connect authentically with their audience on social media, as we create user-generated content without using beauty filters or dubbing voices,” she says.

“It has supercharged our business and attracted top-tier global brands to Oysterly. This accolade has not only validated our vision but has also propelled us into new markets with our specialisation for UGC.”

With the cash grant from the XBBF, Oysterly has invested in an in-house UGC tool. “Our new Oysterly UGC tool is in development and will streamline content creation, allowing us to produce trend videos within 24 hours and keep our clients ahead in pop culture, which is the future of marketing,” says Laurie.

What the judges say

Koren Wines, managing director, Xero Asia

“At Xero, we believe that the private sector can meaningfully complement government-led efforts with targeted initiatives aimed at equipping firms with leading-edge technologies as well as capital to drive long-term growth. We created the Xero Beautiful Business Fund to enable SMEs to maximise their growth potential by adopting new technologies or developing skills to work smarter and more efficiently.

A key differentiator of the fund is its eligibility for non-profit organisations. We recognise that these organisations can generate significant value in areas such as social services or community building, playing a crucial role in building an inclusive, resilient and innovative Singapore economy.”

Lee Yee Fung, chief smart technologies officer, Singapore Business Federation 

“The digital world has levelled the playing field. Small businesses can now compete with larger corporations by leveraging online platforms and digital marketing strategies. Digital tools can provide them access to data about customers, marketing campaigns and operations to help them make more informed business decisions. Technologies like artificial intelligence can automate tasks, streamline workflows and improve data analysis, freeing up valuable time and resources to focus on core business activities.

While a digital-first strategy has become essential for survival and growth, small businesses often face tight resource constraints, with much of their funds allocated to operating cash flow, necessary asset replacements and upgrades. This can hinder SMEs from fully embracing technology both as an enabler and as a source of growth opportunities.

The Xero Beautiful Business Fund provides a valuable opportunity for these businesses, with its focus on helping businesses become more innovative and agile, while driving growth in a truly meaningful way.” 

Ken Leong, director, 361 Degree Consultancy Group

“The Xero Beautiful Business Fund stands out from other initiatives because it also offers participants access to Xero’s global network of business experts and partners. This holistic approach helps small businesses gain the knowledge and connections needed to thrive, facilitating business expansion efforts and networking opportunities. This is especially important at a time when the costs of doing business are on the rise, placing pressure on local enterprises.

The application process also encourages small businesses to engage in a thorough self-evaluation when preparing their qualifying entries. By identifying areas for improvement and highlighting their unique value propositions, they can gain a clearer understanding of what is needed for long-term success and better position themselves for sustained growth.

On that note, I would be excited to see how applicants utilise advancements like API (application programming interface) connection, RPA (robotic process automation), or artificial intelligence and cloud solutions to give their businesses a competitive edge, facilitating growth and innovation in the digital economy.”

Vicky Hwang, chief executive officer, Chyau Fwu Wines & Spirits

“When we started our business, ATLAS, a much-needed financial boost enabled us to invest in top-notch IT systems, including POS (point of sale) and Xero accounting software. This helped us achieve tremendous efficiency gains and handle high trade volumes, ensuring healthy cash flow and business growth.

The Xero Beautiful Business Fund, likewise, aims to provide small businesses with the funds they need to improve their operations and stay competitive. Moreover, regional and global awards ensure that impactful and innovative projects receive the recognition and support they deserve across borders. This can open up new markets and partnerships for small businesses looking to expand internationally.

Businesses that demonstrate how they use technology, sustainability and community engagement to enhance their customer experience will stand out in the competition. These qualities are crucial because they show a business’ ability to adapt, innovate and build strong customer relationships, which are essential for long-term success and growth.”

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What makes up the unique XBBF factor?

The XBBF is an initiative designed to back small businesses for the future, providing over $600,000 in funding to Xero small business customers globally, including those in Singapore.

Each country has four winners, each receiving $15,000, with an additional $40,000 awarded to four global winners.

Koren Wines, managing director for Xero Asia, says: “The Xero Beautiful Business Fund empowers small businesses with a financial boost in strategic growth areas that will help them become more competitive and resilient.

“Our fund winners will be able to implement their proposals to advance their sustainability agendas, innovate with technology, upskill their workforce for future-readiness and contribute to social good by developing products or services that benefit the broader community.”

Other XBBF winners in 2023 include traditional Chinese medicine chain Oriental Remedies Clinic (“Upskilling for the Future” category), clothing rental company Style Theory (“Innovating for Sustainability” category) and non-profit Art Outreach Singapore (“Strengthening Community Connection” category).

Besides Wines, the 2024 judging panel comprises 361 Degree Consultancy Group director Ken Leong, Singapore Business Federation chief smart technologies officer Lee Yee Fung and Chyau Fwu Wines & Spirits chief executive officer Vicky Hwang.

Coming from different backgrounds and industries, the judges will be able to share their diverse experiences and expertise, and offer advice to the successful candidates.

The XBBF, which is in its second iteration, is open to all Xero small business customers, who can submit entries across the four categories. The entry period for the grant closes on Aug 27, 2024.

Wines notes that Xero takes its “commitment to make lives better for small businesses, their people, advisors and communities very seriously”. The company pledges to be a partner and enabler to the small business community in Singapore.

“Singapore was recently named the most competitive economy in the world. What this translates to, is an enormous amount of pressure on the nation’s small businesses which make up 99 per cent of its total commercial enterprises,” adds Wines.

Putting more pins on the global map

Several big opportunities have come the way of Oysterly since winning the business fund, says Laurie. Clients include shipping and logistics firm UPS and RMIT University, with Oysterly due to start on projects with more global partners, such as a prominent toy brand.

Soon, Oysterly will launch a trending content checker to analyse consumer search behaviour, crucial for creating engaging short-form videos.

“This tool will help us stay ahead of the curve and produce content that helps engage our client’s target audience,” says Laurie. “We’ve also enhanced our video creation and project management to deliver authentic UGC videos for our client partners.”

When asked for her advice on impressing the XBBF judges, Laurie says: “Provide a short introduction, then explain the challenge you’ll solve and how winning the Xero grant will change your business.

“To summarise: frame your pitch with context, challenge, and impact – and always stay comfortable on camera.”