

- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The Monetary Authority of Singapore (MAS) and the National Bank of Cambodia (NBC) signed a Memorandum of Understanding (MOU) to strengthen cooperation in FinTech innovation between both countries in Chiang Rai, Thailand, yesterday – 4 April 2019.
Information sharing on trends and developments in FinTech
Under the MOU, both countries will share information on emerging market trends and developments in FinTech, as well as regulatory issues pertaining to innovation in financial services. The two authorities will work together to conduct joint training sessions to share expertise to foster cross-border cooperation.
H.E. Neav Chanthana, Deputy Governor, NBC, said, “The NBC and MAS have reached a new step of financial cooperation in the area of financial innovation through this MOU. This will also allow us to share experiences and information related to FinTech to better manage and reap the benefit from the new innovation in financial technology in order to enhance payment system and promote financial inclusion.”
Countries share common focus to harness FinTech to create opportunities
Ms Jacqueline Loh, Deputy Managing Director, MAS, said, “This MOU builds upon the long-standing relationship between the NBC and MAS, as well as our common focus to harness FinTech to create new opportunities that will benefit both individuals and businesses. This collaboration also provides a framework for promoting financial innovation not only in our two countries, but also in the broader ASEAN region.”
The signing of the MOU took place on the side-lines of the 5th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting.


- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The Land Transport Industry Transformation Map (ITM) 2025 was unveiled by Minister of Transport S Iswaran. Developed by the Land Transport Authority (LTA) in close collaboration with industry and union partners, the updated Land Transport ITM aims to create a sustainable and resilient land transport sector, a workforce that is future-ready, and a thriving ecosystem.
The Land Transport ITM 2025 will assist the industry in overcoming the immediate challenges of labour shortages and decarbonisation. It aims to accomplish three strategic outcomes, including A Future-Ready Workforce, A Sustainable and Resilient Land Transport Sector, and A Reliable and Cost-Effective Transport System through Innovation and Technology.
“Talent development and skills upgrading for workers remain key to the land transport sector’s transformation and resilience,” says Chee Hong Tat, Senior Minister of State, Ministry of Transport and Co-Chair of the Future Economy Council (FEC) Connectivity Cluster. The LTA is collaborating with public transportation operators and unions to prepare workers for new challenges, ensuring that the workforce remains productive and future-ready.
The land transport industry, a critical pillar in enabling connectivity that supports the economy, can only do so thanks to the efforts of its employees. With over 100,000 employees, the workers perform a variety of roles such as bus captains, bus mechanics, customer service officers, railway engineers, station managers, and point-to-point (P2P) drivers.
The nature of work will also change as technology and digitalisation advance. As a result, under the revised ITM, the LTA will collaborate with the National Transport Workers Union (NTWU) and public transportation operators to train rail workers to use new and emerging technologies such as data and statistical analytics, as well as condition monitoring, to increase efficiency and productivity.
Since 2020, the Rail Manpower Development Incentive has helped over 2,900 workers improve their skills. Faults, for example, can be detected and physical checks reduced using video monitoring and image analysis.
Additionally, they are gradually enhancing the skills of their bus captains and technicians to operate electric buses. To create appropriate training programmes on cleaner energy buses for the bus workforce, the Singapore Bus Academy (SGBA) has been collaborating with pertinent stakeholders, including bus suppliers, Institutes of Higher Learning, NTWU, and bus operators.
To prepare the workforce to support Singapore’s push for vehicle electrification, LTA will also keep up its close collaboration with partners in the private transportation sector, such as tertiary institutions. Also, LTA will keep urging commuters to use public transportation or active transportation options under Walk Cycle Ride. By enhancing the infrastructure for EV charging and fortifying the EV regulatory framework, LTA is also encouraging greater adoption of EVs.
To increase the effectiveness of the land transportation system, industry and academic partners will use an open innovation strategy to draw on outside ideas. This includes decentralising data and working with others to develop creative solutions that will improve operational procedures and promote environmental sustainability.
To simplify outreach to industry partners, the LTA introduced the Land Transport Innovation Portal in September 2022 as a one-stop shop for all innovation-related issues. To assist partners in better understanding LTA’s requirements and identifying opportunities for co-innovation and collaboration, the portal disseminates operational problem statements from LTA as well as details on upcoming innovation events.
Additionally, it points potential innovators to the LTA DataMall’s data resources, which include over 130 static and dynamic datasets as well as a newly expanded catalogue of “On-Request Datasets” in an effort to spur more original ideas that can meet the needs of the land transportation industry.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Nanyang Technological University, Singapore (NTU Singapore) has launched a new initiative to boost its innovation capabilities and accelerate research commercialisation to support Singapore’s drive toward an economy based on innovation and knowledge.
The University will ramp up its educational programmes to nurture entrepreneurs and create a more conducive environment for mentoring and supporting students, faculty, and alumni looking to turn their ideas into market-ready products through its NTU Innovation and Entrepreneurship (NTU I&E) initiative.
“Our vision is to create a vibrant innovation and entrepreneurship ecosystem covering the entire spectrum of activity, from cultivating an entrepreneurial mindset through holistic education and experiential learning to starting a business,” says Professor Louis Phee, Vice President for Innovation and Entrepreneurship and Dean of the College of Engineering.
Prof Louis, who leads the NTU I&E initiative, stated that they aspire to be a fertile breeding ground where innovative ideas, supported by a solid foundation in education and research, blossom into successful commercial entities that ultimately benefit Singapore’s economy. With digitalisation and sustainability at the forefront of new industries, NTU believes that the skills and knowledge students require to be successful are also evolving rapidly.
The North and South Spines of the University’s main campus will house the new NTU Innovation Port, a physical and digital one-stop shop for all things innovation-related. The centre will provide a forum for the NTU community and external partners to discuss start-up and innovation concepts, as well as assist industry partners seeking to collaborate or license technologies.
NTU I&E consists of both the revamped NTU Entrepreneurship Academy (NTUpreneur) and the University’s existing innovation and enterprise company NTUitive, which focuses on commercialising innovations and incubating start-ups.
The I&E initiative is part of the NTU 2025 Strategic Plan, an ambitious road map announced in 2021 that guides NTU toward becoming a global university founded on science and technology and that cultivates leaders capable of making a positive societal impact through interdisciplinary education and research.
The Overseas Entrepreneurship Programme is one of NTU’s most successful entrepreneurship plans. More than 320 students participated in the programme, travelling to the United States, Europe, China, Southeast Asia, and Australia to work with start-ups and accelerators. After graduating, 45 of these students have been inspired to start their own businesses or join a start-up.
The NTU I&E initiative aims to build on these achievements. Students from all disciplines will benefit from improved and easier access to mentorship, entrepreneurship modules and courses, and more internships through NTUpreneur.
Students will participate in experiential learning programmes such as innovation challenges, training boot camps, and workshops as part of their journey of exploration and discovery. In addition, the Overseas Entrepreneurship Programme will be expanded to include more countries such as Indonesia, Vietnam, Thailand, Sweden, and Finland. The number of available placements will also be increased.
Recently, over 40 NTU innovations and start-ups were showcased at the exhibition area of the I&E launch event to inspire students and faculty. Deep tech software powered by blockchain and artificial intelligence (AI) to robotics, food technology, and health and biomedical devices were among them.
NTU’s I&E efforts align with Singapore’s Research, Innovation, and Enterprise 2025 Plan and will contribute to the city-upcoming state’s Jurong Innovation District. Many of NTU’s start-ups and spin-offs are currently housed at the NTU Innovation Centre on the NTU Smart Campus and the nearby CleanTech Park, putting them at the epicentre of Singapore’s Industry 4.0 transformation.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Singapore’s Minister of State for Social and Family Development and Home Affairs, Sun Xueling, highlighted the nation’s partnership approach to women’s development during her participation in the 67th session of the United Nations Commission on the Status of Women (CSW).
Minister Sun emphasised the significance of women’s participation in innovation and technology for economic development and women’s advancement. She also acknowledged that there was genuine concern regarding the progress made by women over the years in terms of education, economic empowerment, and employment. Hence, the status of every country in society will be eroded if women are not involved in the innovation and technological change that is currently driving economies.
“I think we all know that healthcare, Medtech, biosciences and hybrid tech are the jobs of the future, and 90% of future jobs will require digital skills. It is not just about digital literacy; it is also about digital fluency,” says Minister Sun.
She stated that the global average of female tech professionals in STEM (Science, Technology, Engineering and Mathematics) is approximately 28%, and many countries who spoke at CSW emphasised how economic growth would not be sustainable if women were not involved in innovation and technology. Thus, many other countries, including Singapore, reaffirmed their commitment to increasing women’s participation in STEM and removing barriers that prevent women and girls from entering STEM.
Additionally, schools and Institutes of Higher Learning play an important role in nurturing young talents in STEM. To provide support for Infocomm technology and media-related studies at undergraduate and postgraduate levels, they have instituted the SG Digital Scholarship.
With this, Minister Sun reported an increase in the number of top female tech talent being awarded by the Infocomm Media Development Authority (IMDA) and enrolling in Cybersecurity, Information Technology, and STEM-related programmes.
Singapore is also ranked fourth in the world and first in Asia in the 2022 IMD World Digital Competitiveness Ranking. The country aims to provide the best opportunities for women in all sectors, particularly in high-growth areas like technology that will allow businesses to remain competitive and economies to prosper.
Minister Sun added that Singapore’s efforts to attract and support female talent in technology through collaboration with the community, academia, and industry, as well as measures to combat online harms, including those directed at women and girls.
The government of Singapore is taking numerous precautions to ensure that women’s careers and advancement are unimpeded and that they are well supported in the workplace. Employers are required by the Tripartite Guidelines on Fair Employment Practices to evaluate employees and job applicants based on their merit and ability to perform the job.
The country is also rapidly embracing the digital age and implementing artificial intelligence (AI) technologies. With this, the Minister believed that they must proactively include data on women in the decision-making process and have women in leadership positions to ensure that women are represented in a variety of fields and that products and services truly cater to women.
She also encouraged the CSW participants regarding the significance of mindset shifts. In addition to legislation and policies, mindset shifts are necessary to eliminate gender biases and traditional expectations of men’s and women’s roles. “To shift the narrative from “what is” to “what can be,” a partnership across all of society is required.”
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
The Innovation and Enterprise (I&E) Fellowship Programme (IFP) is administered jointly by the National Research Foundation (NRF) and Enterprise Singapore (ESG) and aims to increase the pool of deep tech talent in Singapore to drive innovation in the economy, support the commercialisation of deep tech research, and bring emerging technologies to market.
Via on-the-job training and attachments with designated IFP partners, the 12- to 18-month initiative equips mid-career professionals with technological monetisation capabilities. Fellows will build relevant skills in areas such as productisation, intellectual property (IP) management, technology screening, financial modelling, negotiation, and technical sales during the training.
A monthly stipend will be provided to fellows for the duration of their training with the partner. The amount of the honorarium varies by IFP partner and Fellows’ previous credentials.
Since the programme’s pilot started in 2020, over ninety Fellows have been accepted. After completing the programme, 85% of participants got placements in tech-related companies or took on tech and commercialisation-related roles.
Presently, qualifying Fellows get training from more than 50 private sector partners selected by Enterprise Singapore and SGInnovate, including deep-tech businesses, accelerators, and incubators.
The IFP will be expanded to accommodate more Fellows. The IFP will now include public sector partners, specifically the Diagnostics Development Hub (DxD Hub), the Experimental Drug Development Centre (EDDC), and the National Additive Manufacturing Innovation Cluster (NAMIC), all sponsored by the Agency for Science, Technology, and Research (A*STAR).
DxD Hub’s training is intended for graduates of higher education institutions, mid-career PMETs, and employees of other public sector organisations. The on-the-job training programme seeks to prepare deep tech talent with industry knowledge, such as standards and norms, and the ability to engage in end-to-end medical device productisation and commercialisation projects.
Fellows will be instructed in drug discovery, project management, business development, and commercialisation by the EDDC. The planned curriculum will consist of coursework, on-the-job training, and mentoring for PhD or equivalent graduates in life sciences or related subjects.
When suitable, potential Fellows will also support the coordination of the Target Translation Consortium (TTC) and can collaborate directly on co-development projects with EDDC’s industry partners, including local biotech firms.
On the other hand, NAMIC will train and develop Fellows into experienced experts in Additive Manufacturing (AM) project management to meet the growing workforce needs of enterprises entering the AM market. The proposed programme, aimed at PMETs or mid-career technical professionals, will include organised and on-the-job training through secondments to NAMIC-supported industry initiatives, as well as supporting programmes at NAMIC Hubs, startups, and SMEs. Fellows will be mentored by corporate executives and will have the chance to pursue relevant professional certification in AM subject areas or AM-related Innovation and Enterprise skills.
The expansion of the IFP is a significant step that demonstrates Singapore’s commitment to assisting enterprises in their efforts to innovate. The three National I&E Platforms will provide structured training programmes that will leverage the expertise and infrastructure relevant to their particular industry domains. Additional information will be provided once the training programmes are released.
Deep Tech is distinguished from other technological fields by its emphasis on cutting-edge driven by research and innovation. Examples include Quantum Computing, Artificial Intelligence (AI), and autonomous robotics, particularly those that have the potential to have a global or even global impact. Singapore’s Deep Tech sector is tagged as the “bright spot with a promising future” that will power future growth.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Sim Ann, Senior Minister of State (SMS), Ministry of Foreign Affairs and Ministry of National Development has reaffirmed Singapore’s commitment to assisting the Least Developed Countries (LDCs) in attaining the 2030 Agenda for Sustainable Development and urged the international community to assist the LDCs in reaching the Sustainable Development Goals (SDG).
The reaffirmation was conducted during the recently held Fifth United Nations Conference on the LDCs in Doha, Qatar. The Sustainable Development Goals discussed by SMS Sim include supporting climate resilience; bridging the finance gap; advancing digital transformation; and bolstering global alliances.
She also discussed the Singapore Cooperation Programme’s engagement with other developing nations to improve their capacity building. “When we adopted the 2030 Agenda for Sustainable Development in 2015, we made the fundamental commitment to ‘leave no one behind’. We have now reached the critical mid-point of our journey.”
According to her, it is of the utmost importance to reaffirm this fundamental commitment and intensify efforts to address the needs and objectives of the LDCs. Singapore desires to honour its commitment to the LDCs through collective and real action. SMS Sim identifies four areas where the country should concentrate its efforts.
First, climate resilience support. Least culpable for climate change, yet among the severely afflicted, are the LDCs. To help LDCs create long-term resilience against the effects of climate change, the international community must greatly increase its technical and financial support. In this regard, the country strongly supports the objective of providing 50% of climate financing for climate adaptation.
Second, addressing the funding deficit. The inability of LDCs to reduce poverty, respond to external shocks, invest in their people, and establish inclusive societies is hampered by rising fiscal deficits and debt loads. The global financial system must be reformed to deliver the size and reliability of finance required to accomplish the SDGs.
Accelerate digital transformation, third. The COVID-19 epidemic has expedited the global adoption of digital technology, but it has also exposed the vast digital divide between and within nations. In LDCs, just 25% of the population uses the Internet, compared to 80% in rich economies.
“If we are serious about closing the digital divide, we will need to step up efforts to promote universal connectivity, enhance digital skills and training, and invest in digital infrastructure,” says SMS Sim.
Fourth, developing international alliances. The global experience with COVID-19 has demonstrated that multilateral cooperation is the best course of action moving forward. Singapore heartily endorses the Doha Action Programme’s demand for a rebuilt and strengthened global partnership, with South-South cooperation as a key component. Since 1992, the platform for technical cooperation with developing nations has been the Singapore Cooperation Programme (SCP).
It began as a means for Singapore to share its development expertise and repay the aid it had received during its early years. The nation has collaborated with United Nations organisations to implement projects in Asia-Pacific and Africa.
The collaborations with Third Countries, such as Chile, Japan, Qatar, Thailand, Turkey, and the United States, have promoted North-South and South-South Cooperation. So far, they have hosted close to 150,000 government officials as part of the SCP programmes, with over 40% coming from LDCs.
This year, SMS Sim will begin a three-year Sustainability Action Package to help the capacity-building of all developing nations, with a focus on resilience-building strategies, green project management and financing, and carbon market development. She added that they will continue to work with their partners to pool resources and expertise to better meet the needs of LDCs.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
A team from the Massachusetts Institute of Technology (MIT) and Singapore’s research group has created the first nanosensors capable of detecting and differentiating gibberellins, a class of plant growth hormones (GAs). These sensors can potentially revolutionise the fields of agriculture and plant biotechnology by providing farmers with cutting-edge precision agriculture and crop management.
It is well established that GAs control many aspects of plant growth and development, including but not limited to seed germination, flowering, fruiting, and even responses to stress. The “green revolution” of the 1960s is often credited with preventing widespread starvation and saving countless lives worldwide; this is often attributed to the general use of GAs at the time.
The research is aimed at solving severe issues with food production. Discovering, monitoring, engineering, and ultimately translating plant biosynthetic pathways to meet global food and nutritional demand will be significantly different in the future. As a result, the potential uses and applications for novel sensors in the industry are vast.
“Our innovative GA nanosensors could be utilised in the field for early-stage plant stress monitoring,” said Daisuke Urano, lead investigator at Temasek Life Sciences Laboratory, adjunct assistant professor at the National University of Singapore (NUS), and co-corresponding author of the research.
Research describing a breakthrough for early-stage plant stress detection is detailed in a paper titled “Near-Infrared Fluorescent Carbon Nanotube Sensors for the Plant Hormone Family Gibberellins,” published in the journal Nano Letters. This work has the potential to advance plant biotechnology and agriculture significantly.
The study’s primary investigators, Professor Chua Nam Hai of Singapore and Professor Michael Strano of MIT, worked together on the study. Research into gibberellins can improve agricultural knowledge and, by extension, food safety.
Breakthrough nanosensors
Soil salinity increased due to saltwater contamination due to climate change, global warming, and rising sea levels. Conversely, excessive soil salinity suppresses GA production and boosts GA metabolism, reducing GA concentration in plants. The new nanosensors make it possible to analyse GA dynamics in real-time in plants under salinity stress, which could one day help farmers intervene sooner rather than later.
But current sensing technologies with mass spectrometry-based analysis are time-consuming, damaging, species-specific, and far less efficient. the resulting technology offers a quick, real-time, and in vivo method to monitor changes in GA levels in nearly any plant.
While previous methods were not sensitive enough to detect changes in GA levels across a wide variety of plant species, the new sensors created by the researchers are highly selective for the corresponding GAs and provide real-time, in vivo monitoring of such changes.
The new nanosensors, a near-infrared fluorescent carbon nanotube sensor, can detect and differentiate between two plant hormones, GA3 and GA4. This innovative sensor has been tried in living plants for early stress monitoring in plants.
GA3 and GA4 are diterpenoid phytohormones produced by plants and play a key role in influencing a wide variety of plant growth and development; they are members of the class of plant hormones known as gibberellins.
Scientists were able to use the reversible GA nanosensors to detect both higher levels of endogenous GA in mutant plants expressing more of the major enzyme in GA biosynthesis, GA20ox1, and lower levels of GA in plants subjected to salinity stress. Researchers also discovered that lettuce’s growth was substantially hindered when subjected to salt stress, an indication that was not seen until day 10. The GA nanosensors, in contrast, indicated reduced GA levels after only six hours, proving their usefulness as a far earlier signal of salinity stress.
“We have shown more than a technological advance in plant stress detection. Soon, our sensors will be able to be used with inexpensive electronics, portable optodes, or microneedle interfaces in industrial settings, potentially boosting growth and production by revolutionising how the food sector screens for and respond to plant stress,” Associate Scientific Director at DiSTAP and co-first author Mervin Chun-Yi Ang concluded.
- Like
- Digg
- Del
- Tumblr
- VKontakte
- Flattr
- Buffer
- Love This
- Odnoklassniki
- Meneame
- Blogger
- Amazon
- Yahoo Mail
- Gmail
- AOL
- Newsvine
- HackerNews
- Evernote
- MySpace
- Mail.ru
- Viadeo
- Line
- Comments
- Yummly
- SMS
- Viber
- Telegram
- Subscribe
- Skype
- Facebook Messenger
- Kakao
- LiveJournal
- Yammer
- Edgar
- Fintel
- Mix
- Instapaper
- Copy Link
Startups are constantly looking to address new needs and demands in a novel way or solve existing issues with cutting-edge tech. They are the embodiment of innovative and creative entrepreneurship. Startups are often the catalysts for economic progress and inclusive development.
Building a successful startup for exponential growth is, nevertheless, as tricky as any other development. And while the winners receive much attention, a vast number fail. Moreover, the clamour that a successful startup generates often covers the many floundering ones. This skewed response and partial information only reveal part of the story – approximately 90% of startups fail.
There is good news though. The startup ecosystem has expanded dramatically over the last decade to help reduce the failure rate, with the total post-money market value increasing by 239%. The current environment facilitates startups in obtaining resources, access to talent, financing, and customers. In addition, it offers valuable coaching, business networks and potential future financing assistance.
According to research, firms who ‘graduate’ from an accelerator programme have a 23% higher chance of initial survival. Business incubators or accelerators have also assisted in increasing startup five-year survival rates from 75% to 87% and have successfully launched some leading tech companies.
Prepare a sustainable business
In an interview with Mohit Sagar, CEO and Editor-in-Chief of OpenGov Asia, Nguyen Quang Huy, a faculty member at Foreign Trade University (Vietnam) and visiting faculty at the Swiss School of Management, said that a sustainable business should develop its products and services while considering the needs of its customers. This involves verifying that the product or service is desirable and meets the demands of the intended market.
“The team need to need to discover about the customer – what are they looking for? Try to involve the customer in the very beginning of starting up the business. Get the customer involved in co-creation of the value and always get feedback from the customer,” he believes.
He advocates mass customisation to tailor the product or service to meet the wants of the consumers. Mass customisation is a marketing and manufacturing approach that offers the flexibility and personalisation of custom-made products, while still keeping costs comparable to those of mass-produced items. It is also referred to as made-to-order or built-to-order.
This approach is particularly suited to companies whose customers require assistance in expressing their specific needs and may feel overwhelmed when presented with a range of options to choose from. By offering mass customisation, companies can gain a competitive advantage over those that only offer standardised or generic products or services.
A prime example of mass customisation is developing tailored products or experiences based on individual customer information. This method not only enables businesses to scale up operations but also provides added value to the customer. This approach is equally applicable whether a company is a tech startup or not.
Once a business has a comprehensive understanding of its customers and their requirements, they need to adopt an entrepreneurial mindset to identify and convert its customers’ challenges into opportunities and then organise them into a structured business plan.
Once a business plan is in place, securing capital is the next daunting task when building a startup. In fact, of the 90% of startups that fail, up to 38% are due to insufficient funds and a failure to raise additional capital.
Therefore, to increase the likelihood of securing funding for their idea, Nguyen recommends focusing on three critical factors.
- Innovation. The team need to be creative with the products or service.
- The team must determine if the products or the service have the potential to be developed and carried out and attract the customer.
- The team must consist of the right people, skills and knowledge. More importantly, they need to have an attitude about lobbying.
If a company fails to address these three factors, it increases the risk of going out of business. Firstly, if the product or service fails to meet the customers’ needs, it may only be viewed as an optional “add-on” rather than an essential solution, making it easier to replace with alternatives. It becomes an additional “vitamin”, not the main course.
Secondly, failing to accurately assess the market opportunities and potential demand can lead to limited growth prospects. This may result in a smaller market share and lower revenue, making it harder to sustain the business in the long run, and, in fact, may not be viable at all.
Startups today must exhibit greater tenacity in securing funding as investment rates have declined in recent times, particularly in Southeast Asia and other regions across the globe. The social and healthcare sectors seem to have bucked this trend and there has been an increase in investment in these.
Nguyen’s recommendations stem from his extensive experience in the startup industry. In addition to his role as a lecturer, he has coached student teams in Vietnam, helping them win international business competitions in countries like Thailand, Cambodia and Indonesia.
He is also the founder and advisor of the Vietnam Social Innovation Challenge. Over a decade ago, he was one of the pioneers of the competition when the concept of social entrepreneurship was still new to Vietnam. However, over time, the idea became increasingly popular and numerous universities in Vietnam began participating in the competition.
“Entrepreneurship has become a popular mindset among young people, and as students, they are increasingly concerned about creating products that can have a positive impact on society,” he observes.
The fundamental philosophy of a sustainable business model is to address social and environmental issues through a commercially viable solution. The goal is to create a business that is financially viable while also generating positive social and environmental outcomes. This approach not only makes the business more meaningful but also enhances the overall quality of life
Despite the profound influence of technology on our lives, work and business. Nguyen does not view sophisticated technologies like AI, ML, and blockchain as a threat. According to him, humans will always remain at the centre of any technological advancement.
Nguyen believes that rather than fearing technology, people should take charge of it and act as drivers and caretakers of its development. He believes that as the creators of technology, entrepreneurs possess the knowledge and capacity to manage and regulate its use
“We are often afraid of technology, but in my view, we must be the pilots. We are responsible for ourselves and our actions. We create the technology and we (should) know how to control the technology,” he emphasises.
Nguyen suggests that before people can fully leverage the benefits of technology, they need to shift their mindset towards collaborating with it. Ways in which competitive advantages can be gained must be identified.
By viewing technology as a tool for enhancement and improvement, entrepreneurs can use it to augment their business ideas and practices, thereby achieving greater success and creating a greater positive impact. This paradigm can also lead to the development of more sustainable and socially responsible business models that use technology to address important social and environmental challenges.
LKYGBPC as a platform for entrepreneur
Technology can indeed be a powerful tool for entrepreneurs to innovate and find practical solutions that improve people’s lives, Nguyen is convinced. By using technology to save time and money, businesses can help people have more fulfilling experiences and ultimately make a positive impact in their communities.
Ultimately technology is not an end in itself, but rather a means to an end, and that end should always be improving people’s lives. Nguyen feels that technology is meant to help everyone live a better life.
To foster an entrepreneurial spirit in young people, it is essential to create a supportive environment. If startups and entrepreneurs are to flourish, systems and infrastructure are crucial early on – encouraging the youth to think creatively and critically.
As such, he believes that education plays a vital role in instilling an entrepreneurial mindset in students from a young age, encouraging them to think creatively and critically.
Additionally, he stresses the importance of mentorship and support networks, providing aspiring entrepreneurs access to expertise and experts who can guide and advise them throughout the journey of starting and growing a business.
“We need to have a more entrepreneurial education in the university and the school,” he believes. “There must be an environment that encourages a strong relationship between the educational institute (school or university), experts and the industry. Young learners, entrepreneurs and startups can get knowledge from the institution, be coached by industry experts and get seed funding from incubators or accelerators.”
This aligns with Singapore Management University (SMU) ‘s vision through the Lee Kuan Yew Global Business Plan Competition (LKYGBPC). The competition aims to encourage and empower young entrepreneurs worldwide to create innovative and practical solutions to address real-world challenges.
The LKYGBPC offers a platform for startups to network with like-minded individuals, access mentorship and coaching, and potentially secure funding from venture capitalists and angel investors. The competition has a strong focus on sustainable and social impact startups, aligning with Nguyen’s belief in the importance of creating businesses with positive social and environmental impact.
To keep the competition relevant in the next five years, Nguyen proposes evolving LKYGBPC as a gamification in the class to make the competition a more engaging and interactive learning experience. By incorporating LKYGBPC into the educational programme, learners can have a better understanding of the practical application of their knowledge and skills. In addition, the competition can foster collaboration among learners, allowing them to learn from each other and work together to create innovative solutions.