According to the Chief Executive Officer of Malaysian Digital Economy Corporation (MDEC), this year will be a year where Malaysian firms will be encouraged to crow about their successes.
Talking to representatives from Malaysia’s leading tech companies, including participants in MDEC’s Global Acceleration and Innovation Network (GAIN) programme, the CEO stated that this year going forward, MDEC will be upping its agenda as far as internationalization is concerned.
Building a robust digital economy requires developing the right talent, having businesses that are digitally empowered and encouraging more digital investments. This means that everybody adopting digital, and people investing in digital.
Despite having 65 companies in the GAIN programme generating RM4.1 billion worth of exports since 2015, the exposure of this success could still be better.
Malaysia competing for customers, competing for investors and competing for media attention, the CEO reminded the audience. Therefore, it’s important to always be celebrating success.
Labelling Malaysia as “the heart of digital ASEAN”, the CEO said that Asia as a whole is now recognised by the world as the most promising area of growth and that Malaysia should not miss its opportunity with the interest generated.
In line with this need to raise awareness, the CEO pointed MDEC’s recent partnership with Startup Genome, to better assess and publicise the nation’s start-up ecosystem.
Leaders have been scouring Malaysian digital hubs for exciting new start-ups. These are amazing companies (and) the teams in charge of scouting them see some good products coming out of these hubs.
The aim is to start amplifying this; to take these good companies, show them to the bigger companies to see if they want to partner with them, or to invest in them or whether they want to grow them.
This is in line with the government’s clear policy in encouraging local companies to go digital, including the recent budget that allocated more than RM1 billion worth of incentives in the form of matching grants.
If the nation’s brick-and-mortar companies and consumers, don’t know how to use digital things won’t move. The CEO clarified that the budget incentives are to encourage Malaysian corporations to accelerate their digital adoption which in turn will open up business opportunities for Malaysian tech companies to assist them.
MDEC working to upskill digital workforce
Towards the goal of enabling more Malaysians to take contribute to and benefit from the digital economy, MDEC announced a collaboration with a private education organization which will establish operations in Kuala Lumpur, it’s second in Southeast Asia.
The signing event was officiated by Minister of Communications and Multimedia, who highlighted that the government will share the responsibility of the growth of the economy with industry players and the public.
All parties must do their part to equip fellow Malaysians with the skills and knowledge needed to succeed as a productive member of an innovation-driven and knowledge-powered nation.
The hope is that, eventually, Malaysia’s digital and tech professionals will be able to grow and become the very best within the global digital industry.
The institute will provide customised training for life-long learning in today’s rapidly evolving digital economy; specifically, for Malaysia’s digital and tech talents.
This includes offering critical and in-demand upskilling content and processes that match current and next-gen digital capabilities; introducing radical reskilling for those who need to pick up new digital roles; and creating a new talent pipeline that operates as an on-demand service.
All three are the core focuses for the institute as it aims to transform careers by augmenting them with in-demand specialised skills.
The training can be provided through a series of classes, hands-on immersion workshops, or customised development. Ultimately, this talent development platform wants to help businesses develop progressive yet sustainable pipelines for the digital and technology sector.
The Infocomm Media Development Authority (IMDA) announced the launch of a S$5 million Virtual Production Innovation Fund to support the local media industry in developing the capabilities needed to harness virtual production technology to maintain the local media industry’s competitiveness as the international partner of choice to create premium IP.
To enable the camera to capture actors and visual effects in real time, virtual production technology uses LED panels to produce realistic background landscapes for television or movie sequences driven by video game engines. The site, road closures, location costs, permits, weather, set construction, and space rental will no longer be necessary for production.
With the help of technology, Singapore has a rare chance to get over some of its physical constraints, like the lack of suitable locations for on-location filming and room for large sets.
The ability of the storytellers to reproduce historical sites or any other environment will allow them to generate content that was previously impossible. This will revolutionise the creative process of storytelling.
The adoption of virtual production by the media sector is further encouraged by the strong signals emanating from international media giants that this technology will be widely employed in the creation of movies and television shows and will become the standard in the next years.
To strengthen capabilities in virtual production and ensure that the media companies and talent can keep up with international production methods to remain competitive, IMDA will pursue a two-pronged strategy to prepare the media sector for the future.
The National Film and Television School (NFTS) in the UK has collaborated with IMDA to adapt the school’s Certificate in Virtual Production course to the requirements of the sector to train media professionals to use this technology.
From December 2022 to April 2023, fifteen professors, trainers, and media professionals from Singapore will participate in virtual lectures and undergo hands-on training at NFTS’s virtual production facilities.
Over the course of the following 12 months, several masterclasses and workshops given by professionals from the business will be offered. A Singapore-based firm that specialises in developing immersive experiences, held a display to exhibit how virtual production can enhance imaginative storytelling.
Hands-on demonstrations will be given by guest speakers from virtual production leaders. They will discuss and explore best practices in the workflow to inventive ways to use different technology in storytelling.
Local businesses can also test out virtual production to realise their creative ideas for brief pieces of content, such as music videos, short films, and brand advertisements, among others. Companies can submit their suggested content concepts from now until February 15, 2023.
The capacity to best utilise virtual production technologies to realise a project’s creative vision will be taken into consideration while evaluating proposals.
Additionally, IMDA is working to organise an industry challenge with an internationally renowned gaming company. This challenge will encourage organisations to experiment with and use the cutting-edge real-time 3D creation tool developed by this gaming company. Currently, the aforementioned tool powers globally popular video games.
Teams whose concepts are shortlisted will receive personalised coaching and training from the gaming company. In addition, they will receive prize money from IMDA to assist with content creation.
Since virtual production technology has advanced in recent years, the country is now able to produce visual effects in real-time without building actual sets, thereby overcoming the constraints of scale, complexity, and space.
China Provincial Development and Reform Commission announced the list of the second batch of digital transformation promotion centres in Liaoning Province. There are 13 additional provincial-level digital transformation promotion centres to help small and medium-sized enterprises improve transformation capabilities, reduce transformation costs, and shorten transformation cycles. There are currently 29 digital transformation promotion centres in the province, in addition to the previously announced first batch of lists.
The centres will assist the government in promoting digital construction in Liaoning and cultivating a digital transformation ecology. The programme is under the construction of the second batch of digital transformation promotion centres in Liaoning Province according to the Provincial Development and Reform Commission. The listed enterprises in this programme are based on self-declaration and recommendations from provincial and municipal departments. Experts then review the voluntary requests before being finalised and publicised.
According to the Provincial Development and Reform Commission, the digital transformation promotion centre should fully integrate resources to assist small and medium-sized enterprises.
The province government will provide transformation tools, products, technologies, and customised solutions to support business digital transformation and development. The centre promotes traditional businesses, internet platform enterprises, industry platform enterprises and financial institutions.
The government also promotes collaborative innovation in industries, education, medical care, employment, elderly care, and other fields. Companies participating in the programme will use the projects as a starting point to develop digital technology application scenarios. Participants in the programme are also permitted to complete personnel training with universities and colleges and vocational training and education.
The Provincial Development and Reform Commission will regularly evaluate provincial-level digital transformation promotion centres. The results will be used to recommend applicants for national-level digital transformation promotion centres.
China is currently driving the country’s digital economy. In early November, the General Office of the Ministry of Industry and Information Technology issued the “Guidelines for the Digital Transformation of SMEs.” The regulation aims to fully implement the Party Central Committee’s and State Council’s decision-making deployment to encourage SMEs to improve their overall strength and core competitiveness through digital transformation.
The General Secretary of the Communist Party of China, Xi Jinping, stated that “small and medium-sized enterprises can do great things.” He also emphasised the importance of grasping the direction of digitisation, networking, and intelligence. Moreover, promoting the digitisation of manufacturing, service industries, agriculture, and other industries is also necessary.
The guidelines aim to implement Party Central Committee and State Council decision-making and deployment, strengthen policy coordination, strengthen scientific guidance, deepen transformation awareness, and gather work synergy. The report also needed to promote high-quality economic development through the digital transformation of small and medium-sized businesses. The effort also had to be consistent with the overall economic and social digital transformation trend.
Furthermore, China will use the guidance to increase specialisation and new development of small and medium-sized businesses. The government intends to expand the use of digital technology in various sectors, including research, production, supply, marketing, and clothing. They plan to empower and refine products, increase value, plus accelerate technological innovation and new development in small and medium-sized businesses.
Another role of guidance is strengthening the digital transformation system and the comprehensive path of small and medium-sized businesses. Digital transformation is a multifaceted, cross-cutting project. The guidelines thus aid transformation from the demand side, the supply side, and local governments at all levels. All interested parties can use the guidelines to clarify their positioning and path and strengthen the collective force of transformation.
The National Development Council (NDC) Deputy Minister, Kao Shien-quey, discussed the idea of tightening cooperation with the Europe Union (EU) when attending the presentation meeting of the European Chamber of Commerce Taiwan (ECCT) 2023 Position Papers.
According to Kao, the government is actively promoting the “Six Core Strategic Industries” as part of the 5+2 Industrial Innovation Plan. It has designated several vital industries to take precedence in the programme, including semiconductors, finance, manufacturing, and service, among others.
The Executive Yuan has proposed an amendment to Article 10-2 of the Industrial Innovation Statute requiring the semiconductor industry to consolidate its competitive advantage. Moreover, the Taiwan government will use cutting-edge technology such as artificial intelligence (AI) and 5G to drive digital transformation in finance, traditional manufacturing, service, and other industries.
Each ministry actively promotes issues such as talent recruitment, bilingual policy, and other ECCT-related concerns. For example, the NDC has established the Employment “Gold Card Office” to increase the quality of professional talent recruitment. The certificate provides integrated services from work to life to international talent. Currently, nearly 6,200 Employment Gold Cards are valid.
Furthermore, Taiwan is focusing on intensifying its work on energy transformation. Kao stated that, in the face of the new post-pandemic global situation, the government is actively promoting the dual shifts of “net-zero” and “digital,” as well as building resilient global supply chains with the EU and other allies.
The government’s most crucial task in net zero is energy transformation. Accordingly, Taiwan officially announced “Taiwan’s Pathway to Net-Zero Emissions in 2050” in March this year. The initiative sets stage milestones and will present the concrete execution plan of the 12 Key Strategies, which cover issues of concern to ECCT. Some critical problems are wind power, photovoltaic power, and other renewable energy, as well as energy storage, power systems, and vehicle electrification, by the end of the year.
Kao stated that the government has allocated a net-zero related budget of NT$ 68.2 billion (US$ 2.2 billion) for next year and the 10-year “Construction Plan for Strengthening Grid Resilience.” She thanked European firms for their involvement in renewable energy in Taiwan. She urged them to continue participating in Taiwan’s energy-related construction to capitalise on Taiwan’s green transformation business opportunities.
Regarding supply chain resilience, Kao echoed the ECCT’s Position Papers, stating that many countries are restructuring supply chains. The restructuring happens in response to the current situation’s challenges, and Taiwan has advantages in semiconductors and International Trade Commission (ITC). Moreover, she shared the ideas of democracy and the rule of law with the EU, making Taiwan and the EU each other’s most trustworthy partners in supply chain restructuring.
Taiwan and Europe have enormous potential for future collaboration in new strategic industries. The best example is ASML’s announcement that it will make its most significant investment in Taiwan next year to collaborate on building a more secure and resilient global supply chain.
Kao also thanked the ECCT for its long-term efforts to promote bilateral relations. She said that Taiwan values the European Parliament’s support during this period of increased geopolitical risk. Kao thanked ECCT for its long-term involvement in Taiwan and expressed hope that ECCT can continue to support Taiwan and seize opportunities for transformation together in the new post-pandemic world.
Previously, President Tsai announced the plan to strengthen ties with Europe in her New Year’s Day speech this year. The administration has proposed a US$ 1.2 billion Eastern Europe Investment and Finance Fund. The budget indicates that Taiwan-Europe trade and economic relations are approaching a new high point.
AI and other digital technologies could help solve some of the world’s most important social problems, like climate change, biodiversity loss, food insecurity and risks to public health, among others. Harnessing digital capabilities to promote a transformative system could be a game-changer for a sustainable and equitable global future.
Today’s consumers expect more than great products and services, and businesses are well aware of this. Clients want to feel like they are investing in a reputable, responsible brand. Consequently, the most market-dominant businesses are not merely profitable and have good products but those that have multiple alternate bottom lines – social, environmental and sustainable.
More than 90% of business executives agree that sustainability is crucial to their success. As consumer groups continue to publish reports on the increased desire for more environmentally friendly corporate practices, it is simple to see why green marketing strategies are gaining such importance.
The environment and sustainability are vital components in the strategy and operations of enterprises looking to be more conscientious. Organisations have been taking proactive steps to develop a greener future with their consumers, partners, stakeholders and workers. These efforts include environmental initiatives, community outreach efforts and business practices.
Advancing Environmental Sustainability and Resilience
“Everyone is becoming aware of the necessity for action to attain sustainability,” says Vivek. “There is a growing interest in corporate sustainability and how corporations can strive for it to meet the needs of stakeholders for social, economic, and environmental implications.”
Most businesses are considering ways to contribute significantly, which will need robust investment and efforts. “We see businesses quickening their momentum and considering effective climate innovations. A case in point is how electric mobility companies can be affected by the huge reductions in costs for climate technology.”
Vivek believes it is possible to adapt a company’s digital strategy to mitigate and deal with extreme climate change. Companies must include digitalisation and decarbonisation in their strategy, as industry 4.0 technologies will play a crucial role in meeting the emissions reduction goal.
Digital technologies can increase energy efficiency and decrease fuel consumption across multiple industries and sectors. Digitalisation has the potential to revolutionise the way people and technology interact by helping to analyse and calibrate necessary interventions.
By utilising digitalisation, businesses can identify the emissions sources, whether at the product level, manufacturing unit level, or equipment level. They can then determine the necessary interventions to reduce emissions, such as a change in the manufacturing or personnel settings, and then monitor whether the identified interventions are being implemented.
“Here is where I believe digitalisation and decarbonisation must go hand-in-hand, as this will ensure that industries undergo structural changes and reach their objective,” says Vivek.
Businesses need to be more conscious of the need to be prepared for the energy shift, and he has five relevant steps for how businesses should approach this:
- Develop an understanding of how energy shifts will affect your company;
- Think about a bold and ambitious target, such as considering how big of a carbon footprint reduction they intend to achieve with this energy transition;
- Consider various situations and their effects;
- Create a comprehensive plan that will serve as an overall strategy with well-defined and cascading targets;
- Think about implementation, where companies strike a balance between all the goals, e.g., carbon footprint and profitability
Right now, society is more conscious of sustainability and is calling for companies to shift their carbon footprint and be more conscious about emissions. This is causing profound changes in the corporate and government landscape.
Organisations can work toward more sustainable practices with the aid of corporate sustainability’s economic, social and environmental pillars. Businesses must alter their mindset from just profitability at the expense of the environment to a sustainable and profitable paradigm. There must be interdependence and a greater emphasis on operations and eco-innovation.
Adopting sustainable practices benefits the environment, but businesses have also demonstrated that these programmes can boost productivity, lower costs, make shareholders happy, and a host of other advantages.
“Corporate entities must take the initiative in determining pertinent technologies. Companies must implement technologies to decrease their carbon footprint. They are the ones that will bring about change. Governments can decide the legislation, but unless companies change, it will be difficult to achieve net zero,” Vivek firmly believes.
A green economy is the practice of sustainable development supported by public and private investment in creating an infrastructure that promotes social and environmental sustainability. A green economy refers to an economy in which individuals are increasingly aware of their carbon emissions and are taking steps to reduce them.
A carbon footprint is the total amount of greenhouse gases, including carbon dioxide and methane, that corporations and individuals generate.
There are numerous practical and effective approaches to implementing sustainable technologies at the national level. “I believe that each country will deploy different technologies; the mix of technologies, the adoption rate, and the deployment cost will all be very different. However, each country will need to consider what sustainable technologies are relevant to them, consider implementing them, and consider the reasons for doing so.”
According to Vivek, decarbonisation entails significant economic transformation. When new business opportunities arise in Asia, companies must contemplate how they will be the first to take advantage. To do this, they must seriously consider the technologies and industries they want to innovate in or implement and the various business models they should use to take these opportunities.
There will be an acceleration of the energy transitions if individuals in the nation change their behaviour, the government considers how the empowering regulations should be made, or how businesses decide how they will operate.
Vivek has led several large-scale transformations and new business builds across the region, such as for an energy conglomerate in Indonesia. From this experience, he is convinced that a fundamentally different way of thinking about any business problem is required.
It requires thinking about what the unique value proposition is going to be and thinking about getting new talent to build a business from the ground up. Some of his most memorable moments on this journey include realising the value of having the right talent.
Another thing he learned is that customer preferences change at very different levels. So, thinking about the organisation’s unique value propositions and how customers perceive them becomes very important. For incumbents, choosing different business models can also be essential.
Both private and public organisations are aware that change needs to occur quickly. Resources are becoming harder to come by while demand is rising, necessitating a balance to build a sustainable future. “Green technologies will help the world achieve sustainable levels and make the environment cleaner and safer for everyone.”
Urban Ideas and Solutions Through LKYGBPC
Vivek is on the International Judging Panel (IJP) of the Lee Kuan Yew Global Business Plan Competition (LKYGBPC), a biennial global university start-up challenge held in Singapore.
As a member of the judging panel charged with driving, developing, and upholding the entrepreneurial spirit of the LKYGBPC participants, Vivek is focused on the innovativeness of the solutions, such as how effectively the technology solves the problem.
He also believes that feasibility and how the different technologies are correctly implemented can significantly change the world. “These two parameters will be quite useful in considering how we are selecting, or how I would select various technologies.”
He acknowledges that innovative entrepreneurship talent can be cultivated wider in the broader community through such competitions. These serve as an illustration of how they are fostering innovation and entrepreneurship across society.
The competition is also one example of instilling a culture where the next generation is thinking about how things can be done differently. Competitors explore creative ideas and have a forum where they can share their thoughts, which can be a great example of nurturing innovation.
The competition, which is run by the Institute of Innovation and Entrepreneurship at Singapore Management University (SMU), is centred on urban ideas and solutions developed by student founders and early-stage start-ups. It is positioned as a campus innovation movement that seeks to establish a global startup ecosystem with financial backers, including venture capitalists, corporate oligopolies, and governmental organisations.
“I believe many of our leading schools are doing a great job of instilling a culture where children are thinking about how things can be done differently and what are creative ideas,” Vivek opines.
There are numerous instances throughout the world where the technologies or solutions used by youth or larger communities have truly made a meaningful difference. “But it does take some significant effort to raise awareness and establish a forum where people can discuss their concerns, share their ideas, and obtain the resources needed to solve them,” Vivek concludes.
Indonesia has great ambitions for its digital economy and has deployed strategies to achieve its ambitions with a goal to reach USD315 billion by 2030. The 2021-2024 Indonesia Digital Roadmap is set on 4 pillars, namely digital infrastructure, digital government, digital economy and digital society.
As part of its strategy, the government is promoting four important digital skills to accelerate its digital economy. The government believes that the future demand for digital skills will be focused on four areas Artificial Intelligence, Bitcoin, Cloud Computing, and Data Analytics (ABCD). The ABCD skills are projected to help the national economy hit its US$315 billion by 2030 target.
Therefore, the Indonesian government is encouraging young people to start businesses through a variety of free programs such as Beta School, 1,000 Startup Movement, Startup Studio, HUB.ID and IGDX.
“Aside from university disciplines, the ABCD is becoming increasingly important for everyone. I believe that all young people require ABCD,” stated Dedy Permadi, Expert Staff of the Minister of Communication and Informatics, in a discussion forum.
Mastering ABCD technical hard skills apart, Indonesian digital talents are also expected to be proficient in non-technical or soft skills known as the 4C’s, which are Complex Problem Solving, Critical Thinking, Creativity and Communication.
The Director of SDPPI Kominfo, Ismail, expressed his hope that the young generation in Indonesia would capture the golden opportunity for digitalisation. Digitalisation will transform Indonesia from a consumer country to a prominent player in the new normal.
The government recognises the importance of good infrastructure support in boosting the digital economy. As a result, the government is working to ensure an equitable distribution of internet connection networks across Indonesia, particularly in frontier, remote, and underdeveloped (3T) areas.
According to Ismail, the development of ICT infrastructure must meet three criteria: broad coverage, the deployment of a fibre-optic cable network on the backbone, and affordability, which means that the price is reasonable for the community.
Private operators focus on developing infrastructure in high-demand urban areas and, as a result, the digital divide between cities and towns has grown wider. Consequently, the government is beginning to develop 3T telecommunications in rural, underserved areas.
“We cannot rely solely on private-sector investment. To speed up and accelerate digital transformation, the government must invest in infrastructure,” Ismail said emphatically.
The Ministry of Communication and Information Agency and Telecommunications and Information Accessibility (BAKTI) have also worked to improve and expand internet access for public services throughout Indonesia. BAKTI is working with telecommunications companies to build Base Transceiver Stations (BTS) in remote areas of Indonesia.
“We hope to finish building BTS in all remote areas by 2023 and connect them to the 4G network,” Deddy stated.
Indonesia is a vast archipelagic country. So, relying solely on fibre optic cable networks will make it difficult to provide connectivity. As a result, the government is combining the fibre optic cable network constructed with the 150 Gbps SATRIA 1 satellite.
This multifunctional satellite can provide internet access to 150,000 public service locations in Indonesia, including educational institutions, local governments, defence and security administration, and health facilities. This satellite is scheduled to launch in 2023.
The government has begun construction of the first National Data Centre in the Delta Mas Region, GIIC, Cikarang District, Bekasi Regency, West Java Province, in connection with its digital strategy. It will then gradually expand data centres in Nongsa Digital Park in Batam, Riau Archipelago, the new National Capital City (IKN) in Balikpapan, East Kalimantan, and Labuan Bajo, East Nusa Tenggara.
The creation of this government data centre is intended to promote efficiency, effectiveness, state data sovereignty, and national data consolidation as part of the One Data Indonesia initiative. “This (data centre) is critical because government data management is critical to developing society’s transformation into a digital society,” Deddy said.
The National Single Window System (NSWS) currently accepts applications for 248 government-to-business (G3B) clearances from 26 central ministries and departments, in addition to state-level clearances in 16 states and union territories.
The portal is rapidly gaining traction among the investor community and as of date has over 370,000 unique visitors. Since its launch last year, more than 44,000 approvals have been facilitated on the portal and over 28,000 approvals are currently under process. Over time, the portal will onboard more approvals and licenses, based on user and industry feedback. According to a press release, the government is committed to reforming the system, making it a more conducive environment for business and investment.
In 2021, NSWS was soft-launched to all stakeholders and the public by the Union Minister of Commerce and Industry, Piyush Goyal. NSWS was created by the Department for Promotion of Industry and Internal Trade (DPIIT), following the government’s decision to create an Investment Clearance Cell (ICC). NSWS is a single platform that allows investors, entrepreneurs, and businesses to identify, apply for, track, and obtain approvals and clearances.
The system aims to reduce duplicities in information submission and compliance burden and promote sector-specific reforms and schemes. It reduces the gestation period of projects and strives to promote the ease of starting and doing business.
The release informed that the Know Your Approvals (KYA) service is live on NSWS with 544 approvals across 32 central ministries and departments and 2,895 approvals across 30 states and union territories. A total of 3,439 approvals are listed. A total of 132,510 investors have used the KYA module to find out the type of approvals they need for their businesses. 26 ministries and departments were onboarded with 248 approvals live. The 16 states and union territories onboarded on the platform are Andhra Pradesh, Bihar, Goa, Gujarat, Himachal Pradesh, Jammu and Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Nagaland, Odisha, Punjab, Tamil Nadu, Telangana, Uttar Pradesh and Uttarakhand.
The teams are working to integrate five more states by 15 December, namely Haryana, Andaman Nicobar, Tripura, Jharkhand, and Arunachal Pradesh. To date, a total of 71,000 approvals have been applied on the portal. The system has recorded visitors from 157 countries, including the United States, the United Kingdom, and the United Arab Emirates. The release said that the remaining eight ministries and departments will be onboarded by the end of the year.
A review of the progress and status of NSWS is set to happen on 5 December with ministries, states, union territories, and industry representatives. In this regard, preparatory meetings have been held to discuss the integration status of various regions and departments. These meetings have witnessed active participation from the stakeholders, the release noted. DPIIT and Invest India have been proactively holding regular reviews with the ministries, states, and industry associations in the process of setting up the NSWS to ensure an inclusive approach to evolving the national portal. Over 150 participants from states and ministries have participated in the review meetings.
The Hong Kong Science and Technology Parks Corporation (HKSTP) affirmed its strategic co-incubation partnership with a Canada-focused venture capital firm to identify promising international start-ups seeking to expand their innovation journey to Hong Kong, into the GBA and beyond.
With a proven track record in life science start-ups, the VC firm will work with HKSTP to build an inbound stream of early and mid-stage ventures. The co-incubation programme aims to bring several strong-performing ventures to Hong Kong with a focus on biotech, but also on other deep-tech areas such as ESG, advanced materials, edutech and AI.
To date, as Hong Kong’s largest technological ecosystem, HKSTP has helped accelerate growth for hundreds of outstanding start-ups, raising over HK$80.2 billion in total funding in the past five years. During the 2021-2022 fiscal year, the total valuation of HKSTP’s acceleration programme start-ups grew over 250% while total investment funds raised have also doubled.
The partnership with the VC firm is the most recent of HKSTP’s series of strategic co-incubation programmes with global market leaders in the industry, investment, R&D and academia, which further elevate Hong Kong’s innovation and technology (I&T) ecosystem strength as a global springboard to success.
Riding on Hong Kong’s thriving biotech market and the city’s status as the world’s second-largest biotech fundraising hub, the co-incubation partnership also recognises HKSTP’s impact and success in building a vibrant biotech ecosystem in Hong Kong.
The Head of Incubation and Acceleration Programmes at HKSTP stated that the co-incubation partnership with an international player like the partnering firm validates Hong Kong’s unique and growing status as a global I&T hub helping international start-ups go beyond borders in their global growth journey.
She noted that with a pipeline of seed stage and series A start-up’s already in place, this proves the strength of the HKSTP innovation ecosystem and confirms that Hong Kong is open again for global business and an ideal launchpad for high-growth tech ventures seeking GBA, regional and global expansion.
The Managing Partner of the VC firm stated that the signing of this co-incubation agreement will allow the two parties to incubate and introduce promising global start-ups to scale their businesses in Asia. The firm will continue to leverage its unique cross-pacific networks and investment niches in transformative life science technologies to enrich Hong Kong’s innovation ecosystem with more ground-breaking technologies from North American start-ups.
The programme features co-incubation activities ranging from business development, consulting and training to mentoring sessions for qualified overseas start-ups. Participating entrepreneurs will also create proofs-of-concept and pilot initiatives.
The start-ups will tap into the investment and international business network reach of the firm while also formally joining the HKSTP innovation ecosystem to access product validation, commercialisation and go-to-market expertise from HKSTP and its wider network of partners.
Specialising in investing globally in science and technology-based start-ups, the VC firm has been active in Hong Kong and Asia with its specific focus on nurturing start-ups that aspire to expand to China and Asia. In 2019 it facilitated eight Canadian start-ups from prestigious start-up programmes to come to Hong Kong to gain deeper insights into strategic landing tactics and expansion into the Asian markets. This latest partnership with HKSTP has forged a new level of commitment to the Hong Kong I&T ecosystem.