Financing is one of the major pillars for startups, who often require a considerable amount of capital to mobilise their ideas. Investments allow a company to hire necessary talent, develop its concept(s), scale its operations and finally bring its products to market more quickly.
To be successful, a startup must successfully stand out from all, attracting investors’ attention and demonstrating its worth. Following an investment, they must show development and progress within a specified time frame, as monies are most likely to be given in benchmarked tranches. Failure to hit milestones and show growth could result in the investor withdrawing or leading to bankruptcy.
In the high-risk start-up landscape, investors must understand the chances and be prepared to lose their investment. Due diligence is a crucial procedure that investors undergo when examining a potential investment opportunity to guarantee that it is a good fit for their investment portfolio and risk appetite.
When it comes to startup business funding, venture capitalists and angel investors come to mind. However, they are only one of several options for capital. Nowadays, instead of relying primarily on venture capital, a new wave of more democratic and dispersed funding is sweeping the market.
Fuelling Business with Fundraising Best Practices
Diana Florescu, Wolves Summit Partner and Founder of mediaforgrowth, (MFG) Founder, discusses the top fundraising tactics that are fuelling startups in an exclusive interview with Mohit Sagar, CEO and Editor-in-Chief, OpenGov Asia.
Diana recognises that numerous research including Startup Genome reports, over the years, have been conducted to examine the reasons why startups fail. It’s not surprising that some of the main causes of failure are related to securing funding and achieving product-market fit before the company exhausts its funds, as well as team dynamics.
Yet, another area that presents significant challenges is the company’s go-to-market strategy and its product marketing methods. This highlights the importance of achieving not only problem-solution fit but also product-market fit, which is closely tied to having a go-to-market plan. A good plan can translate into marketing growth opportunities and consideration for brand positioning.
“Funding has often been a challenge for first-time founders. This year in particular will be a challenging one for a lot of startups in the market for fundraising. Getting cash from the right investors will continue to always be a concern,” says Diana, “A lot of founders are now turning towards venture debt or raising bridge rounds. She believes that the advent of accelerators and initiatives, such as startup and student competitions or government-funded grants is a step in the right direction. They have helped to decrease the funding gap in industries that are largely focused on producing deep-tech products.
The Rise of Alternative Funding Options
Many investors are grappling with how to segment the industry due to the difficulty of accurately estimating the market size and future applications of AI. This is particularly evident in discussions surrounding technologies such as ChatGPT.
“Microsoft, for instance, is now integrating this technology with Bing, its search engine, to improve search results. This move is intended to give Microsoft a competitive edge over Google and open new avenues for advertisers. The applications of this technology are extensive.” Diana elaborates.
Currently, advanced climate technology, life sciences and biosciences, as well as gaming, with a particular focus on Poland, are receiving significant attention. Poland is currently one of the fastest-growing gaming markets in Europe. The United Kingdom, on the other hand, is heavily investing in industries such as life sciences that demand significant research and development funding.
In addition to venture capital, there has been a rise in alternative forms of funding for startups in recent years, including crowdfunding, venture debt, revenue-based financing, and other options. There are various funding sources available to help a venture without necessarily diminishing an equity stake.
Some funding may be non-dilutive while others involve an exchange of equity. One of these non-dilutive alternatives is a venture loan, which has become increasingly popular in recent years. Additionally, there has been a rise in media for equity as a funding source.
What Investors Look for in a Startup
Most investors typically look for highly-scalable, proven-business models operating in a big-size and growing market and with a clear path to profitability. Historically valuations came down to revenue multiples, and some were very hard to justify. This year investors seek profitability, equality, and value in logical multipliers. When referring to media for equity deals, these funds apply the same due diligence as a traditional investor, however, they also consider the media-startup fit.
There are a lot more investors who prefer to invest in B2B companies than in direct-to-consumer businesses. Therefore, as those consumer enterprises grow and need to spend significantly more budget on advertising, I believe there will be a funding gap to fill,” says Diana.
“The UK has a few more consumer VCs than the rest of Europe. As more VCs are placing their bets on consumer startups and start seeing returns I expect the consumer space to emerge as a key area for VC investment in the upcoming years. In addition, mentoring is essential, especially in the startup phase of a firm. Entrepreneurs should consider early on what skill gaps exist in their team. If they are unable to fill those gaps with the right team members, it could be due to market or financial difficulties.
“Think about surrounding yourself with mentors or even having a board of advisors. Carefully consider how to structure it and how you want to incentivise these people potentially. But having a mentor, especially as a first-time founder, may give you a head start,” adds Diana.
She emphasises the importance of growth marketing for startups and believes it helps to drive success. During the early stages of a startup, many founders may be struggling to gain traction. Hence, a growth marketing mindset could save a lot of time and a lot of money in the long run for entrepreneurs. “So, try to do digital experiments as soon as possible in your business.”
Diana points out that founders are becoming aware of new trends and recognise the need for a clear path to profitability. Without it, it could be challenging for startups to attract investors in the coming year.
Urban Ideas and Solutions Through LKYGBPC
The Lee Kuan Yew Global Business Plan Competition (LKYGBPC), which began in 2001, is a biennial global university start-up competition hosted in Singapore. Organised by Singapore Management University’s Institute of Innovation and Entrepreneurship, focuses on urban ideas and solutions developed by student founders and early-stage start-ups.
“As I was finishing my bachelor’s degree I decided to take part in a similar contest in the United Kingdom (UK),” Diana reveals, as she shares her “best approach” to making entrepreneurship an integral part of one’s education. “I was aware of it because the organisation that was running the contest worked closely with approximately 100 Universities across the UK. One of the methods of making more students aware of such opportunities is making university “hatcheries” and student competitions part of the curriculum.”
Diana added that there are various strategies for scaling an idea-stage venture it is not part of a programme, module or curriculum, there may be frequent interactions with students as part of a university-based incubator. She witnessed a roadshow that has been touring many European nations, and she believes that this is the best approach.
She believes that understanding the individual preferences and inclinations of students is crucial. This includes identifying students who have entrepreneurial experience and where they are in the process. She believes it is important to help future entrepreneurs from an early age and incorporate entrepreneurship into curricula as soon as practical.
Diana grew up in Romania, where entrepreneurship was not typically taught in schools, like in other countries, and where the norm is to finish university and look for a job before attempting to climb the corporate ladder.
She feels that it is important to teach young people that they can achieve things on their own and provide them with the resources and support they need to succeed. She believes that it is essential to receive assistance from the government and educational institutions to promote entrepreneurship.
Diana suggests that creating a venture capital fund that is tied to the student competition, such as the LKYGBPC could be a great way to support startups. Such a corpus could provide follow-on funding to some of the companies and invest in the portfolio companies as they expand.
The LKYGBPC is positioned as an innovation campus movement with the goal of creating a global start-up ecosystem involving investors such as venture capitalists, corporate conglomerates, and government agencies.
Diana’s experience working with a startup had a profound impact on her and influenced the way she wanted to approach entrepreneurship. Before founding the MFG, she had worked in various industries and tech ecosystems. She specialised in building and delivering marketing and innovation programmes for growth-stage startups and some of the world’s largest accelerators, tech conferences and innovation consultancies.
After launching her food tech startup, Diana became eager to work with accelerators and foster collaboration between startups and investors. She went on to lead global marketing initiatives for companies such as Startupbootcamp and Rainmaking, both of which have programmes in Singapore. Through these initiatives, Diana aimed to bridge the gap between startups and established companies, as well as connect founders with investors.
When she was in Doha, Qatar, Diana helped run a sports tech programme, becoming a meeting point for innovators and investors in the field.
Diana has observed that one of the fundamental issues in the startup ecosystem is the lack of funding or expertise for consumer entrepreneurs and founders who aim to grow their businesses through digital means. This can often create a gap in both financing and skills needed to scale the business.
Her ambition is to support founders from seed to IPO to raise media capital funding and make a distinctive contribution to the media for equity space, which she firmly believes will undergo significant transformation in the coming decade. The idea of MFG emerged from the absence of a well-established global entity that could foster awareness and provide support to entrepreneurs seeking media financing.
“Having worked closely with numerous founders, I had first-hand insight into the challenges they faced. This prompted me to delve deeper into the industry and investigate the space,” says Diana. “And that’s when the idea of media for equity came about. I could leverage my background in marketing and media.”
As of present, numerous investors and media businesses support entrepreneurs, but there is no single formal industry body to help educate both founders and investors.
Over the 12 months or so, Diana has built a network of30+ investors globally including media investors in Singapore and Southeast Asia. Her experiences have helped her develop a strong understanding of the industry, and every year the organisation creates an annual report on the state of the industry
Diana is astounded by the number of young entrepreneurs seeking to enhance their skills and their eagerness to learn from success stories. She observes a rise in small and medium-sized businesses participating in global business competitions, indicating an upward trend year by year.
In the end, this is where she wants to be. She enjoys the pace of the sector and the impact she knows her company has had and will continue to have.
“I’m excited to see how the media capital space will evolve over the next decade. I feel fortunate to have a front-row seat to this transformation and to be able to create a tangible impact for both media companies and founders. As you may have noticed, I have a lot of energy and I strive to direct this energy towards finding creative and innovative solutions to problems Diana concludes.
About mediaforgrowth (MFG)
The MFG is a media for equity advisory firm and a global network of media investors specialised in Series A to pre-IPO media capital fundraising. Their goal is to optimise media capital fundraising for startups and emerging fund managers.
First, they partner with founders to grow revenue and scale internationally using media for growth investments. Secondly, MFG connects emerging and established media for growth funds with investors to accelerate the flow of media capital and the creation of new funds. For more information, please visit www.mediaforgrowth.co
In a stirring address at the Emerging Enterprise Awards (EEA) 2023, Senior Minister of State Tan Kiat How underscored the pivotal role of continuous learning and skills acquisition in navigating the dynamic landscape of the modern world.
Emphasising that education should be viewed as a lifelong journey, extending beyond formal academic years, he articulated the need for individuals to adapt to the evolving demands of an ever-changing workplace.
Acknowledging the government’s commitment to supporting Singaporeans in this quest for perpetual learning, Tan Kiat How also appealed to business owners and industry leaders to create an enabling environment for employees to upgrade their skills. He highlighted the Forward Singapore report, a comprehensive guide to the nation’s major developmental shifts, urging those unfamiliar with it to explore its insights.
The Senior Minister of State asserted that embracing technology as a strategic enabler is integral to overcoming traditional constraints and enhancing competitiveness. He underscored Singapore’s pioneering role in digital technology adoption, dating back to the 1980s when the nation became one of the first in the world to integrate computers into its public service and workplaces.
Singapore places a paramount emphasis on the pivotal role of digitalisation in revolutionising its educational landscape. With a focus on enhancing learning experiences, fostering global competitiveness, and preparing students for the future workforce, the nation is embracing innovative teaching methods and personalised learning through advanced digital tools.
The integration of technology not only streamlines administrative processes but also facilitates seamless transitions between in-person and online learning models. This commitment to digitalisation reflects Singapore’s dedication to staying at the forefront of educational innovation, equipping students with essential technological skills for the evolving global landscape.
This commitment to technological advancement has persisted, forming the bedrock of Singapore’s digital foundation. Senior Minister Tan shed light on the government’s SMEs Go Digital programme, an initiative integrating emerging technologies like artificial intelligence (AI) and cloud services into Industry Digital Plans (IDPs).
These IDPs serve as roadmaps, guiding businesses across various sectors in adopting digital solutions and upskilling their workforce. In a recent example, the Tourism (Attractions) IDP incorporated AI to streamline workflows and provide data-driven insights, enhancing decision-making for attraction operators.
The government’s holistic approach extends beyond specific sectors, with a thorough examination of industry disciplines sector by sector. This involves updating strategies, incorporating emerging technologies, and ensuring that small and medium-sized enterprises (SMEs) can boost productivity and competitiveness while navigating the complexities of digital transformation.
Senior Minister Tan cited the Chief Information Security Officers-as-a-Service initiative, where cybersecurity consultants aid firms in enhancing cyber resilience through “check-ups” and tailored health plans.
Encouraging firms and networks to actively engage with these programmes, Senior Minister Tan emphasised the need for Singapore to embrace its agency in shaping its future. He urged the nation to leverage its strong foundation and the strategic roadmap outlined in Forward Singapore.
As Singapore charts its digital odyssey, the EEA 2023 serves as a platform not just for acknowledging achievements but for inspiring a collective commitment to a future where technological innovation and lifelong learning propel the nation to new heights.
The Senior Minister of State added that Singapore’s exceptionalism relies on collective ambition, hard work, and unity, ensuring that the nation continues to defy the odds and stand as a beacon on the global stage.
Union Minister of State for Skill Development & Entrepreneurship and Electronics & IT Rajeev Chandrasekhar shared comprehensive insights into India’s tech landscape at the 26th Edition of the Bengaluru Tech Summit.
Minister Chandrasekhar navigated through a spectrum of crucial tech domains, unravelling India’s transformative journey and the role of entrepreneurship and innovation in the digital economy. He shed light on India’s burgeoning semiconductor industry, the transformative potential of AI, and the instrumental role of startups in shaping the nation’s economic future.
Minister Chandrasekhar reflected on the dynamic shift in India’s semiconductor narrative, echoing the sentiments articulated by India’s Prime Minister at the Semicon India 2023 Summit. He underscored the evolving perspective from “why India” to “when in India” and “why not in India.”
This transformation signifies the growing confidence and capabilities within India’s tech ecosystem, a testament to the nation’s progress in diverse domains such as AI, semiconductors, electronics, Web 3, supercomputing, and high-performance computing.
“Pre-2014, India’s semiconductor story was a series of missed opportunities,” reflected Minister Chandrasekhar while tracing the trajectory of the semiconductor industry’s evolution.
Despite lacking a design legacy, Minister Chandrasekhar emphasised India’s strides in the semiconductor sector. Acknowledging the catch-up game after missed opportunities, he highlighted India’s leapfrogging approach, skipping a generation to explore novel opportunities for the next decade.
The focus on talent, design, packaging, and research has propelled India towards becoming a significant player in the global semiconductor ecosystem, marking a definitive trajectory of growth.
Minister Chandrasekhar reiterated India’s emphasis on harnessing AI’s transformative power resonates deeply with India’s commitment to leveraging cutting-edge technology for societal betterment and enhanced living standards across diverse segments of the population.
“We believe that AI when harnessed correctly, can transform healthcare, agriculture, governance and language translation”: MoS Rajeev Chandrasekhar
By integrating AI technologies into these sectors, the aim is to revolutionise service delivery, streamline operations, and democratise access to advanced services for all citizens. However, he also addressed the inherent risks posed by the potential misuse of AI by bad actors, stressing the need for legislative guardrails to ensure safety and trust in AI applications. Aligning with global sentiments, Chandrasekhar highlighted the necessity for regulatory frameworks to prevent misuse and foster ethical AI deployment.
“The world is now aligning with India’s view that we need guardrails of safety and trust for the Internet,” he said.
In an increasingly tech-dependant world, Mnster Chnadrashekhar believes that innovation and entrepreneurship are vital – startups are the pillars of India’s tech evolution. Elaborating on India’s startup landscape, Minister Chandrasekhar showcased the pivotal role played by startups since 2014, citing the emergence of 102 unicorns and a substantial influx of FDI.
He emphasised how startups are not just economic entities but integral components of India’s tech vision, contributing significantly to the digital economy’s $1 trillion goal. With a focus on nurturing the futureDESIGN DLI startups, Chandrasekhar envisaged their potential to become the unicorns of tomorrow, driving innovation across AI, semiconductors, and next-gen electronic systems.
Minister Chandrasekhar’s insights underscore India’s rapid tech evolution, emphasising the nation’s strides in semiconductors, the transformative impact of AI, and the pivotal role of startups. As India charts its course towards a $1 trillion digital economy, its vision encapsulates the imperative of regulatory frameworks, innovative strides, and collaborative efforts in harnessing technology for inclusive growth and global relevance.
OpenGov Asia reported that Minister Chandrasekhar, who spoke at two influential tech events: the Indian Express Digifraud & Safety Summit 2023 and YourStory Techsparks’23, expressed similar views on India’s technological advancements, regulatory policies, and the nation’s promising future in the global tech landscape.
At these tech summits, Minister Rajeev Chandrasekhar outlined India’s ambitious technological trajectory, reinforcing the government’s dedication to fostering innovation, ensuring a safe digital environment, and harnessing the transformative power of technology for the nation’s progress.
In emphasising the importance of inclusivity, technology must cater to individuals with physical impairments who face challenges in using traditional input devices like mice and keyboards, which often leads to their exclusion from technical professions.
To foster inclusive accessibility, multiple alternative methods should be actively identified and implemented to facilitate individuals with physical impairments to engage in coding activities. The evolution of these alternative input methods signifies a positive shift towards a more inclusive and accessible technological landscape.
In an initiative to encourage digital inclusion and technological education, a KidBright Workshop has targeted students and teachers from 10 schools catering to children with disabilities. This workshop showcased the power of the KidBright AI Platform in guiding participants to construct embedded system projects.
Dr Patchralita Chatwalitpong, The National Science and Technology Development Agency (NSTDA) Vice President for Science and Technology Human Resources Development, emphasised the significance of advancing science and technology education among disabled individuals. “Disabilities children also have the right to gain knowledge in this digital realm. Physically impairment is not merely the obstacle for it,” she addressed.
KidBright, a coding learning tool developed by NECTEC-NSTDA, emerged as a beacon of innovation. As an open-source embedded programming platform, KidBright enables children to learn coding through its embedded board and KidBright Integrated Development Environment programme (KidBright IDE). The platform’s accessibility and user-friendly interface empower young learners to delve into coding seamlessly.
The genesis of this impactful project traces back to 2018, when NSTDA initiated a pioneering effort to promote coding skills specifically tailored for children with disabilities. From 2018 to 2020, KidBright boards and UtuNoi STATION packages were distributed across these schools, accompanied by a series of workshops for both students and teachers. These workshops provided comprehensive training on programming KidBright boards and equipped participants with the skills to create embedded system projects.
The inclusion of data science knowledge in 2019 and 2020 further enriched the project, empowering educators and students to devise innovative solutions catering to the needs of people with disabilities. Notably, several of these inventive creations garnered accolades in innovation contests.
The project’s trajectory leapt in 2023 with a strategic expansion into artificial intelligence (AI). This follow-up session spotlighted the development of science projects utilising the KidBright AI Platform. Led by the adept Educational Technology Research Team and spearheaded by Dr Saowaluck Kaewkamnerd, this workshop aimed to deepen participants’ understanding of AI and encourage the creation of innovative projects with real-world applications.
This multifaceted project exemplifies the commitment to advancing education in emerging technologies and ensuring inclusivity in digital literacy. Integrating coding, embedded systems, data science, and AI into the curriculum empowers students, especially those with disabilities, to become adept in the digital landscape. The KidBright AI Platform catalyses nurturing creativity, problem-solving skills, and a passion for technology among the younger generation, transcending barriers and fostering a more inclusive and technologically literate society.
Further, the recognition of inclusivity has gained global attention, exemplified by its acknowledgement in the United States. The Alliance for Access, the Computing Career Centre from Washington University, outlined several approaches that can enhance programming accessibility for students with diverse disabilities. To illustrate:
- Clear Instructions and Examples: Providing clear instructions and relevant examples universally benefits all students, promoting a better understanding of programming concepts.
- Speech Input Software: Students who face challenges with conventional keyboards can leverage speech input software.
- Macro-Writing Programmes: Utilising a macro-writing programme for individuals with mobility impairments becomes invaluable. This programme facilitates the creation of shortcuts, simplifying the typing process.
- IDE Features: Integrated development environments (IDEs) may incorporate features specifically beneficial for students with disabilities.
- Word or Syntax Auto-Completion: Predictive typing assists users by anticipating their input.
- Syntax Highlighting: Color-coded representation of typed code enhances visual distinction.
- Variable Name Highlighting: Ensures consistent spelling of variable names.
- Inline Spell-Check: This feature can benefit some students, promoting accurate coding.
By highlighting and implementing this in the programming environment among disabled children in Thailand, educators can create a more inclusive and supportive learning experience for students with disabilities, not only enhancing the knowledge of students but also fostering inclusivity and equality.
Singapore’s Senior Minister of State for Defence, Heng Chee How, and Senior Minister of State for Communications and Information and Health, Dr Janil Puthucheary, recently visited the Critical Infrastructure Defence Exercise (CIDeX) 2023, underscoring the government’s commitment to fortifying national cybersecurity.
The exercise, held at the National University of Singapore School of Computing, witnessed over 200 participants engaging in operational technology (OT) critical infrastructure defence training.
Organised by the Digital and Intelligence Service (DIS) and the Cyber Security Agency of Singapore (CSA), with support from iTrust/SUTD and the National Cybersecurity R&D Laboratory (NCL), CIDeX 2023 marked a collaborative effort to enhance Whole-Of-Government (WoG) cyber capabilities. The exercise focused on detecting and countering cyber threats to both Information Technology (IT) and OT networks governing critical infrastructure sectors.
This year’s edition boasted participation from DIS, CSA, and 24 other national agencies across six Critical Information Infrastructure (CII) sectors. With an expanded digital infrastructure comprising six enterprise IT networks and three new OT testbeds, participants operated on six OT testbeds within key sectors—power, water, telecom, and aviation.
CIDeX 2023 featured Blue Teams, composed of national agency participants serving as cyber defenders, defending their digital infrastructure against simulated cyber-attacks launched by a composite Red Team comprising DIS, CSA, DSTA, and IMDA personnel. The exercises simulated attacks on both IT and OT networks, including scenarios such as overloading an airport substation, disrupting water distribution, and shutting down a gas plant.
The exercise provided a platform for participants to hone their technical competencies, enhance collaboration, and share expertise across agencies. Before CIDeX, participants underwent a five-day hands-on training programme at the Singapore Armed Forces (SAF)’s Cyber Defence Test and Evaluation Centre (CyTEC) at Stagmont Camp, ensuring readiness for cyber defence challenges.
On the sidelines of CIDeX 2023, the DIS solidified cyber collaboration by signing Memorandums of Understanding (MoUs) with key technology sector partners, expanding its partnerships beyond the earlier agreement with Microsoft earlier in the year.
Senior Minister Heng emphasised the importance of inter-agency cooperation, stating, “CIDeX is a platform where we bring together many agencies throughout the government to come together to learn how to defend together.” He highlighted the collective effort involving 26 agencies and over 200 participants, acknowledging the significance of unity in cybersecurity.
Dr Janil echoed this sentiment, emphasising CIDeX’s role in the Whole-of-Government (WoG) cyber defence effort. He remarked, “Defending Singapore’s cyberspace is not an easy task, and it is a team effort.”
He commended the strong partnership between the Cyber Security Agency of Singapore and the Digital and Intelligence Service, recognising the exercise as a crucial element in strengthening the nation’s digital resilience and national cybersecurity posture.
By leveraging collaboration, innovation, and a robust defence strategy, Singapore aims not just to protect its critical infrastructure but to set a global standard in cybersecurity practices.
CIDeX 2023 serves as a compelling embodiment of Singapore’s unwavering dedication to maintaining a leadership position in cybersecurity practices. This strategic exercise underscores the nation’s commitment to cultivating collaboration and fortifying its resilience against continually evolving cyber threats.
Beyond a training ground for sharpening the skills of cyber defenders, CIDeX 2023 encapsulates the government’s profound commitment to adopting a robust, collaborative, and forward-thinking approach to safeguarding the integrity and security of the nation’s critical infrastructure in the dynamic landscape of the digital age.
The Cyberport Entrepreneurship Programmes’ 20th Anniversary Celebration and Graduation Ceremony was a major event attended by notable personalities, distinguished guests and budding innovators.
Cyberport is Hong Kong’s digital technology flagship and incubator for entrepreneurship with over 2,000 members including over 900 onsite and close to 1,100 offsite start-ups and technology companies. It is managed by Hong Kong Cyberport Management Company Limited, wholly owned by the Hong Kong SAR Government.
With a vision to become Hong Kong’s digital technology hub and stimulate a fresh economic impetus, Cyberport is dedicated to cultivating a dynamic tech environment. This commitment involves nurturing talent, encouraging youth entrepreneurship, aiding startups, fostering industry growth through strategic partnerships with local and international entities, and driving digital transformation across public and private sectors, bridging new and traditional economies.
Professor Sun Dong, the Secretary for Innovation, Technology, and Industry, Hong Kong highlighted Cyberport’s incredible journey and the achievements of its vibrant community. Expressing his delight in commemorating Cyberport’s two-decade-long legacy, he emphasised the institution’s pivotal role as an ICT powerhouse in Hong Kong.
From its humble beginnings to its present stature, Cyberport has emerged as a catalyst for innovation, nurturing over 2,000 technology companies and startups and showcasing an exponential growth rate over the past five years.
Cyberport’s community has attracted a staggering US$38 billion of investment, marking its significance as an ICT flagship in Hong Kong. The establishment takes pride in its contribution to nurturing numerous innovative ideas and fostering dynamic business ventures, with seven notable unicorns in fintech, smart living, and digital entertainment sectors.
Cyberport excelled at the prestigious Hong Kong ICT Awards, with 25 startups securing 28 accolades, including the esteemed Award of the Year. This achievement showcased the institution’s exceptional calibre and innovation prowess nurtured within its ecosystem.
Acknowledging the pivotal role of startups in Cyberport’s success story, Professor Sun Dong shared how these young enterprises, often starting with a simple idea at a small table, grow in tandem with Cyberport’s support. The institution provides not just financial aid but also a nurturing environment where entrepreneurs can leverage extensive networks, collaborative spaces, and expert guidance to cultivate their ideas into commercial successes.
The graduation of more than 200 startups from the Entrepreneurship Programme stood as a testament to Cyberport’s commitment to fostering entrepreneurial talent. This initiative empowers startups to translate their ideas into tangible commercial solutions and market breakthroughs, laying the foundation for their future success.
Looking ahead, Professor Sun Dong outlined Cyberport’s exciting plans, including the upcoming expansion block slated for completion in two years, aimed at providing additional space for the community’s development. He also highlighted Cyberport’s initiative to establish the Artificial Intelligence Supercomputing Centre, a pioneering endeavour set to commence in 2024, envisioned to be a pioneering and substantial facility in Hong Kong.
Cyberport’s extraordinary journey showcases significant achievements while charting a promising future, embodying the core values of innovation, collaboration, and collective growth.
Professor Sun expressed gratitude on behalf of the Government, acknowledging their hard work and contributions to the tech ecosystem emphasising the importance of collective participation for a better future.
The vibrant success of events like the Cyberport Venture Capital Forum 2023 resonates with Cyberport’s commitment to fostering innovation and collaboration, further cementing its role as a catalyst for technological advancement and entrepreneurial growth in Hong Kong.
The Cyberport Venture Capital Forum (CVCF) 2023 saw a turnout of over 2,500 participants during its two-day hybrid event. Themed “Venture Forward: Game Changing through Innovation,” the forum convened 80 global visionary venture experts, entrepreneurial pioneers, and influential thinkers. With more than 120,000 page views and over 300 fundraising meetings facilitated, it solidified its position as a pivotal platform fostering networking and collaborative opportunities.
In a significant stride towards technological innovation and sustainable development, the Department of Scientific & Industrial Research (DSIR) and The Energy and Resources Institute (TERI) have joined forces to revolutionise India’s construction and wastewater treatment sectors.
This pioneering collaboration under the “Access to Knowledge for Technology Development and Dissemination (A2K+) Studies” Scheme of DSIR is aimed at aligning with India’s Smart Cities Mission and its ambitious commitment to achieving net-zero emissions by 2070.
DSIR’s allocation of two crucial research studies to TERI signifies a pivotal step in bridging the informational gap on advanced building materials, designs for energy efficiency, and the assessment of membrane-based sewage wastewater treatment systems for reuse and recycling.
A significant milestone in this partnership was marked by a high-profile Stakeholder Consultant Meeting held at the prestigious India Habitat Center in New Delhi. Attended by key decision-makers, esteemed experts from academia, industry leaders, and policymakers, this event became a platform for insightful discussions and collaborations.
Dr Sujata Chaklanobis, Scientist ‘G’ and Head of A2K+ Studies at DSIR, emphasised the importance of promoting industrial research for indigenous technology development, utilisation, and transfer in her address. Her words underscored the crucial role of research and innovation in fostering sustainable technological advancements.
Mr Sanjay Seth, Senior Director of TERI’s Sustainable Infrastructure Programme highlighted India’s commitment to carbon neutrality by 2070. He stressed the imperative integration of cutting-edge technologies and innovative designs in buildings to significantly reduce energy consumption, a key step towards a sustainable, low-carbon future.
The first session of the consultation centred on leveraging emerging technologies and innovative solutions for advanced building design to enhance energy efficiency. Experts from various domains provided insightful suggestions and information, fostering dialogue on energy-efficient building designs and sustainable construction practices.
The second session delved into the current status and prospects of membrane technologies in India for sewage treatment. Insights from academia, including professors from prestigious institutions, shed light on research gaps and opportunities for commercialisation in the domain of membrane-based technologies.
Industry experts also provided valuable perspectives on the current membrane market, innovations, and opportunities, creating a comprehensive understanding of the landscape and paving the way for future developments.
The amalgamation of insights from academia, industry, and end-users enriched the discussions, providing a roadmap for future innovation and development in these critical sectors. The event culminated with a commitment from both DSIR and TERI to embark on an innovation journey, heralding a sustainable and resilient future for India.
The DSIR-TERI collaborative consultation stands as a beacon of transformative progress in advancing sustainable building practices and sewage treatment technologies. It underscores the power of partnership in driving technological evolution for a more sustainable tomorrow.
India’s ambitions intertwine technological progress with a steadffast commitment to sustainability, envisioning a future where innovation not only drives economic growth but also champions environmental stewardship.
Through strategic initiatives and cooperation, India aims to leverage cutting-edge technologies to address pressing global challenges, ensuring a harmonious balance between technological advancement, environmental preservation, and societal well-being.
NITI Aayog, in collaboration with CSIRO, Australia’s national science agency, initiated the India Australia Rapid Innovation and Startup Expansion (RISE) Accelerator under the Atal Innovation Mission (AIM) to bolster circular economy startups from both countries, fostering innovation and entrepreneurship.
The Indian Institute of Technology Kanpur (IIT-Kanpur) and the African-Asian Rural Development Organisation (AARDO) jointly organised an international training programme, focused on exploring the application of nanotechnology in promoting plant growth and crop protection for sustainable agriculture.
According to an IIT-Kanpur statement, the programme served as a forum for experts from diverse fields to discuss and deliberate on solutions to meet the urgent global challenge of achieving food security and promoting sustainability in agriculture.
The Indonesian government actively strives to implement thematic Bureaucratic Reform (RB) directly addressing societal issues. Minister of State Apparatus Empowerment and Bureaucratic Reform (PANRB) Abdullah Azwar Anas emphasised that innovation is one way to realise impactful bureaucracy.
To create impactful bureaucracy through innovation, the PANRB Ministry, which oversees public services, encourages local governments to replicate innovations through the Public Service Innovation Replication Forum (FRIPP). This is done to expand the reach of inventions and make them an integral part of the Bureaucratic Reform effort. The PANRB Ministry, as the overseer of public services, pays special attention to the steps local governments take in implementing innovations in public service delivery.
The Public Service Innovation Replication Forum (FRIPP) is a platform for local governments to share and discuss their experiences adopting specific innovations. By sharing best practices and learnings, local governments can gain valuable insights to enhance the quality of public services at the local level.
Furthermore, Abdullah Azwar Anas emphasised that inter-government collaboration is critical to building an innovative and positively impactful bureaucracy. “Through FRIPP, we encourage local governments to inspire and adopt innovations that have proven to provide real benefits to the community,” said Minister Abdullah Azwar Anas.
As previously reported by OpenGov Asia, the PANRB Ministry, along with the Ministry of Home Affairs and the National Administrative Agency (LAN), successfully launched the National Public Service Innovation Network (JIPPNas) website as a knowledge management system and the national database for public service innovations.
JIPPNas represents a concrete step in building an innovation ecosystem at the national level. This platform allows local governments to share ideas, projects, and innovative solutions in delivering public services. With this platform, other local governments can easily access and adopt innovations, accelerating the spread of best practices.
“Therefore, the presence of JIPPNas is expected to be an effort to grow new public service models through collaboration to achieve the future government,” said Minister Abdullah Azwar Anas.
In the discourse of Future Government, Minister Abdullah Azwar Anas outlined four main focus areas of the Thematic Bureaucratic Reform, which serve as the foundation for ambitious goals: poverty alleviation, increased investment, digitisation of government administration, and accelerating the current President’s priorities. Emphasis on these areas is crucial to ensuring that the bureaucracy is an effective and efficient driving force in realising the government’s vision and mission.
Minister Anas stressed the importance of a prime bureaucratic condition as a foundation to achieve the desired goals. Like a machine that must be well-maintained, the bureaucracy is directed to be able to drive the “vehicle” of the government towards the desired direction. Thus, the success of implementing the Thematic Bureaucratic Reform involves not only structural transformation but also upholding the quality and readiness of the bureaucracy as the primary driver of development.
Addressing Future Governance or Governance 5.0, Minister Anas detailed a significant paradigm shift. The “government regulating society” transitions to “Government working together with society,” or more precisely, considering society as a partner. This concept marks an evolution in how the government interacts with society, creating closer and more inclusive collaboration.
The importance of support from strategic partners such as Indonesia Infrastructure Project Governance (IIPG) is also highlighted. As a supporter of public governance reform, IIPG significantly contributes to maintaining synergy and harmonisation of roles across multi-sectors, both from the private and public sectors. This synergy is crucial in maintaining optimal performance and achieving public governance reform goals.
In line with the paradigm shift and focus on reform, these steps mark the government’s severe efforts to build a foundation for an adaptive, responsive, and actively engaged Future Government. Thematic Bureaucratic Reform is not just about structural transformation but also an effort to create a governance ecosystem capable of meeting the challenges and demands of the times effectively and competitively.