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Minister Iswaran was recently speaking at the launch of the SmartLaw Guild, where he discussed digitisation in Singapore and the importance of adopting technology in the legal sector.
He said that the legal fraternity has an important role in the evolution of a regulatory architecture and the creation of legal solutions to deal with these challenges. Hence, as part of the effort to build the trusted ecosystem, the Government funded the establishment of a Centre for AI and Data Governance in the Singapore Management University’s School of Law.
Various legal stakeholders embracing digital transformation
He added that the Judiciary has a long history of leading the charge in court technology, such as the use of technology for filing of documents and managing of cases, and the use of video-conferencing for conducting certain hearings. More recently, the Judiciary has started exploring the use of AI.
At the Attorney-General’s Chambers (AGC), a Legal Technology and Innovation Office pilots and deploys technology solutions. AGC is taking significant strides forward by implementing advanced document and file management systems. In addition, the team is exploring the use of text analytics to improve knowledge management and enable more efficient review of large volumes of documentary evidence.
The Minister went on to say the impact of technology adoption by the legal sector also derives broader systemic benefits, as clients will stand to benefit from greater access to justice, a quicker resolution of disputes, and more consistent outcomes.
How Singapore law practices can respond to digitalisation
The vast majority of Singapore Law Practices are small and medium sized firms, and it is quite understandable that they may require some help to adopt technology. This is not unique to the legal community. He said that we have 200,000 firms in Singapore, over 90% of them are SMEs and Enterprise Singapore and IMDA have embarked on a major effort over the years to reach out to the broad base of SMEs, recognising that it is a challenge for them, but also recognising the essential need for that transformation to take place if these companies are to stay competitive.
According to the 2018 Legal Technology Survey, commissioned by LawSoc, more than 80 percent of SLPs agree that technology helps to improve the delivery of legal services and that it is also crucial to the future development of the legal profession and sector.
The Law Society and the Government recently launched Tech-celerate for Law, which is a step-up from Tech Start for Law. This name change reflects what they are hoping to do in the next phase of our programme. Previously, the focus of Tech Start for Law was to achieve mass adoption of baseline technology solutions by SLPs.
The Government wants to accelerate the adoption of technologies in two ways. The first is to broaden the use of technology within the legal sector, by having even more SLPs come on board to adopt a wider range of legal technology. Secondly, among the firms that have already started using technology solutions, they want to accelerate their adoption of advanced solutions, such as document review and automated client engagement solutions, so that they can realise even greater benefits.
Under Tech-celerate for Law, $3.68 million has been set aside to provide SLPs with up to 70% funding support for both baseline and advanced digital solutions, which are funded by the Productivity Solutions Grant and the Local Enterprise and Association Development fund respectively. These technology solutions will empower SLPs to enhance the delivery of legal services, strengthen their capabilities, and increase their competitiveness in the regional and global landscape.
How lawyers can respond to digitalisation
At the undergraduate level, IMDA has worked with SMU to introduce a joint law and computing degree. This will help create a new generation of lawyers who would be adept at bridging law and technology. But perhaps more generally, we are seeking to infuse digital technology knowledge and some basic modular understanding for all disciplines at our universities and polytechnics because this is an essential skill so that whatever domain we are in, we know how to ask the right question, and at least be in a position to evaluate at the fundamental level.
For practising lawyers, like those in many other vocations, they can benefit from the range of technical skills training that is available through IMDA’s Techskills Accelerator initiative, or TeSA.
Firstly, legal professionals can acquire knowledge and skillsets in emerging areas such as AI, Cyber Security and Data Analytics, through courses that are supported by TeSA’s Critical Infocomm Technology Resource Programme Plus, or CITREP+ for short. Secondly, TeSA is working with trade associations like the Singapore Computer Society to reach out to professionals in non-tech sectors to encourage them to pick up digital skills.
LawSoc has also been organising workshops and seminars, to provide its members with training on cybersecurity, legal technology solutions and technology adoption strategies. Over the last two years, over 1,000 law firm employees and lawyers have participated in LawSoc’s technology-related training sessions
The Minister said it is timely that we launch the SmartLaw Guild today. All SLPs that are certified under LawSoc’s SmartLaw Recognition Scheme, which recognises SLPs that have adopted technology to improve productivity and increase business capabilities, and or are beneficiaries of LawSoc’s technology support schemes, will be included in the SmartLaw Guild.This platform brings together like-minded SLPs who want to reinvent themselves and future-proof their legal practices.


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Singapore and Indonesia reaffirmed their strong and long-standing economic ties; and to explore opportunities in the development of Indonesia’s new capital city, Nusantara, both nations welcomed the Letters of Intent submitted by Singapore-based businesses from a variety of sectors, including construction, telecommunication and finance. This collaboration in renewable energy and the digital economy was expanded.
Singapore’s Senior Minister and Coordinating Minister for National Security Teo Chee Hean and Indonesia’s Coordinating Minister for Maritime Affairs and Investments Luhut Binsar Pandjaitan signed a Memorandum of Understanding (MOU) on Renewable Energy Cooperation.
Both countries will facilitate investments in the development of renewable energy manufacturing industries, such as solar photovoltaics (PV) and battery energy storage systems (BESS) in Indonesia, as well as cross-border electricity trading projects between Indonesia and Singapore, under the terms of the MOU.
Recognising the synergies shared by Singapore’s and Indonesia’s tech ecosystems, Singapore’s Minister for Trade and Industry Gan Kim Yong and Indonesia’s Coordinating Minister for Economic Affairs Airlangga Hartarto also signed the MOU on the Singapore-Indonesia Tech:X Programme.
The MOU will establish the Tech:X Programme, which enables young tech professionals from Singapore and Indonesia to work in each other’s countries, strengthens ties between the two nations’ tech ecosystems, and enables young tech professionals to pursue expanding opportunities in the digital economy.
“Through the Tech:X Program, we hope that young tech talent from both countries will be able to learn from one another, gain exposure, and expand the capabilities of both countries’ tech workforces,” Minister Gan says.
Ministers Gan and Airlangga also witnessed the signing of nine partnership documents between Singapore and Indonesia companies on 15 March 2023, in conjunction with the Leaders’ Retreat. In addition to health tech and ed-tech, the partnerships are in the digital economy.
The annual G2G platform, as well as the Singapore-Indonesia Six Bilateral Economic Working Groups (6WG), facilitate close economic collaboration between Singapore and Indonesia.
The 6WG platform addresses economic collaboration in the following areas: Batam, Bintan, Karimun, and other Special Economic Zones: Investments, Manpower, Agribusiness, Transportation, and Tourism.
Singapore and Indonesia have close commercial and investment ties. With bilateral trade totalling S$76.4 billion in 2022, Indonesia is Singapore’s sixth-largest trading partner. Since 2014, Singapore has been Indonesia’s top source of Foreign Direct Investment (FDI), with Singapore’s investments in Indonesia totalling US$17.5 billion by 2022.
OpenGov Asia earlier reported that Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo recently met at the Singapore-Indonesia Leaders’ Retreat. This was the sixth Leaders’ Retreat for Prime Minister Lee and President Joko Widodo and the first to be held in Singapore since the COVID-19 pandemic.
During President Joko Widodo’s two terms in office, the relationship between the two countries had significantly improved, according to both leaders. This laid the groundwork for them to collaborate in new ways that are profound, multifaceted, forward-looking, and beneficial to both countries.
The ratification of all three agreements under the Expanded Framework was celebrated by the Leaders. These included the Agreement on the Realignment of the Boundary between the Jakarta Flight Information Region (FIR) and the Singapore FIR, the Extradition Treaty, and the Defense Cooperation Agreement.
The Leaders anticipated the next step of obtaining International Civil Aviation Organisation approval for the new arrangements under the FIR Agreement so that both countries could implement all three agreements at a mutually agreed upon date. The resolution of these enduring issues demonstrates the maturity and resilience of bilateral relations.
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Director General of Resources and Equipment of Post and Information Technology (SDPPI) at the Ministry of Communication and Informatics, Ismail, revealed that Indonesia is optimising technology by ensuring sufficient digital connection and working in concert with the private sector and the community. For its citizens to make the most of this technology, the government of the Republic of Indonesia is investing heavily in its development.
According to Ismail, Indonesia has a well-balanced strategy of infrastructure development and radio frequency spectrum management in place, which would speed up the nationwide rollout of digital infrastructure. However, Indonesia needs to harness an IoT-based platform that uses the country’s digital infrastructure to speed up digital transformation and promote innovation in day-to-day living.
“The Indonesian government has invested much in expanding access to the internet throughout the country, particularly in rural and isolated areas. While this is happening, the Indonesian government is working to speed up the spread of ICT applications and services across many sectors,” Ismail mentioned in an online session for the World Summit on the Information Society (WSIS) Prizes 2023 titled “High-Level Policy Session 7: Ethical Dimensions of Information and Knowledge Societies/Bridging Digital Divides”.
The event attended by ministerial representatives from the European Union, Pakistan, Iran, Cambodia, India and the United Arab Emirates were in attendance. In addition, academics and representatives from foreign organisations were also in attendance.
Ismail points out that the government and the private sector need to collaborate with other actors as the infrastructure network expanded. As seen by the aftermath of the COVID-19 outbreak in Indonesia, the business sector was spurred to develop and implement several digitisation programmes in the education, healthcare, and SME support sectors.
“Such as student e-book libraries and e-chat programmes. The programme was designed to help educators and students in their academic pursuits. In addition, there is a database of digital web pages, including about 7,500 pieces of digital information. Using digital technology, they hope to create a more accessible education system for all members of our community, he explained.
Ismail said the programme has the potential to benefit over 40,000 educators and over 600 institutions this academic year through enhanced professional development opportunities. Over 20,000 educators and 16,000 pupils have benefited from private sector capacity development programmes.
The private sector in Indonesia has launched several programmes to aid the growth of SMEs. These programmes provide SMEs with resources, including startup funding, digital marketing courses, and more.
Several private sector personnel and over 16,000 partners began the programme to digitalise small and medium-sized businesses. From this, we can infer that the government is trying to promote the availability of digital services and apps,” he said.
Meanwhile, in the healthcare sector, the private sector helps to produce the PeduliLindungi health app during the recent Covid-19 outbreak. The collaboration from a local developer’s team, the Indonesian government’s Ministry of Health, and the Ministry of Communication and Informatics have sped up the development and improvement of the app.
During the pandemic “this application provides information about health and other relevant information,” the Director General of SDPPI of the Ministry of Communication and Informatics pointed out.
With over 100 million users, the software has been downloaded and is now used as an Indonesian Health Service Platform known as Satu Sehat Platform. The Platform is a unified health record system for locals. Director General Ismail cited that app as an example of one that is crucial to Indonesia’s healthcare system.
Indonesia’s government is constantly improving its public services to make them more effective and accessible to the people. Efforts to manage Indonesia’s National Public Service Innovation Network have officially commenced. (JIPPNas). The JIPPNas website has become a clearinghouse for innovative methods in public service throughout the country.
The website was created to compile all accessible statistics and information on the best public services and help Indonesia’s public and private sectors better understand how to develop innovation. The JIPPNas website is a hub for promoting innovation, especially in public services, thanks to the collaborative efforts of several different organisations.
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Drones are being used in a Thai farm to spread biochemicals. Preesarn Rakwatin, Executive Vice President, Digital Application Promotion Group Team Digital Economy Promotion Agency (depa) conducted an inspection of the project during a follow-up visit to Sujaritchai Farm.
The farm received funding from depa’s Digital Transformation Fund, which subsidises the use of digital technologies and new ideas in manufacturing. Biochemicals derived from pigs on the farm were employed to boost the nutritional content of rubber and palm trees.
This approach is based on the same research findings that guide agriculture in the areas surrounding Chiang Khan. Data will be taken from the follow-up visit and the depa will be updated on the project’s progress.
Farmers, the Agri-Industrial Business Operators Academy, and agricultural extension and support organisations may work together more effectively and optimise their operations using digital technology. The initiative will serve as a blueprint to improve the agricultural industry in the region.
Meanwhile, the Department of Experimental Science and Engineering (DES) has previously suggested that farmers in the Pin Fah Farm region of Pathum Thani Province, Thailand, use more drones as part of a new smart farm initiative. The Pinfah Farm in Thailand’s Pathum Thani Province is an innovative model farm designed with eco-tourism in mind.
Drones in Pin Fah farms are used to apply fertiliser, pesticides, and other chemicals to their fields to save money and boost farmer health. The Minister of Digital Economy and Society, Chaiwut Thanakmanusorn, visited the new farm and donated capital.
In recent years, the concept of “smart agriculture” has been gaining popularity worldwide. It increases productivity, solves problems unique to farms (such as meeting rising food demands), and connects and improves the intelligence of farms. Intelligent agricultural systems that utilise the Internet of Things (IoT) include precision farming; variable rate technology; smart irrigation; and intelligent greenhouses.
Thailand is devoted to digitalising agriculture and enhancing the quality and effectiveness of the state’s public digital services. The Cabinet of Thailand recently adopted the “Digital Government Development Plan 2023-2027.” The plan’s goals were to usher in a more responsive government that caters to its citizens’ wants and needs, lessen service gap disparities, boost the economy’s productive capacity and competitiveness, and improve the public’s understanding of how things work.
The plan’s goals also included creating a more transparent government and closing the digital divide across all departments. To reap the full benefits of data, the government organised a centralised system to ensure that all data is linked according to the same standards and analysed using the same technologies.
Over the next five years, this strategy will guide government agencies using digital technology to serve the public better and improve administration. Don Pramudwinai, the Thai government’s Deputy Prime Minister, said that the strategy “powered up” the government’s transition to a digital form of administration.
The Digital Government Agency (DGA) noted that the digital government development strategy included the following four critical methods:
- Promote the digital transformation of the public sector for flexible, agile administration and extend it to local government agencies;
- Create services that are convenient and easy to access;
- Create value and facilitate the business sector; and
- Encourage public participation and make publicly available the results of the project’s success as documented by the digital government strategy
The approach integrates information and communication channels to provide openness and accountability and improve access to justice. The Thai government hopes implementing this strategy will help the country move up the E-Government Development Index (EGDI) rankings to somewhere above the 40th position.
To better prepare its public servants for the digital age, Thailand introduced an e-Learning system and an electronic certificate. More than a million users are enrolled in 32 different classes on the DGA website. In addition to providing digital job skills relevant to today’s global setting, the website will provide easy access to fundamental data needed by each agency. Developing digital competence will bolster the confidence and preparedness to transition towards a fully digital administration.
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Venture Capital (VC) has played a significant role in driving innovation and economic growth by providing essential financing for startups and early-stage enterprises. With rising interest rates and complicated loan approval processes, many entrepreneurs are turning to VC financing opportunities to bridge the gap between funding sources for innovation and traditional, lower-cost forms of finance available to existing businesses.
To attract private equity funds and entice entrepreneurs with high-return ideas, the VC industry must offer a satisfactory return on capital, provide appealing returns for its members, and demonstrate promising upside potential. However, consistently outperforming investments in inherently risky business operations remains a significant challenge
Despite not being long-term ventures, the goal of VC investments is to provide financial support to a company’s balance sheet and infrastructure until it achieves a certain size and level of credibility that makes it attractive for acquisition by a corporation or provides the opportunity for liquidity in the institutional public equity markets.
Due to the saturation of the startup market and ongoing inflation concerns, many investors are opting for a more conservative approach. Venture capitalists today are adopting a more cautious, long-term strategy, departing from the previously prevalent aggressive, short-term investment approach.
Venture Capitalists Measure When Funding a Startup
“UTokyo IPC aims to accelerate innovation on a global scale that leveraged the University of Tokyo through three key activities: supporting entrepreneurs, facilitating corporate innovation, and investing in startups,” Kei reveals.
The company’s primary activity is Venture Capital (VC), which consists of meaningful investments and the exiting of those portfolios. A concurrent objective is to apply UTokyo’s research, intellectual assets and other resources to businesses.
While the ultimate goal is to make investments, Kei shared that they also conduct extensive research and academic work, that can be commercialised.
The company has invested in around 60 companies or portfolios that are primarily focused on various fields including biotech (drug discovery, medical devices, agriculture), robotics, aerospace, IT and AI (mainly enterprise solutions).
“It is pertinent that our company was established as a result of a political decision, indicating that the government is currently experiencing a period of uncertainty,” Kei explains. “Ministry of Economy, Trade and Industry (METI), and the Ministry of Education, Culture, Sports, Science and Technology (MEXT)made a joint decision to increase funding for startups emerging from universities, to explore ways to transform research into viable business ventures. This decision ultimately led to the creation of our company.”
Typically, national universities in Japan are not permitted to invest in companies, but an exception was made in this case. As a result, the VC firm is deeply invested in the growth of startups and takes a deep interest in their success.
Kei explained that the national budget was used to establish our funds. It is noteworthy that the funds comprise public and private sources, with a government disbursement allowing it to undertake investments with significantly greater risk.
He acknowledges that the company employs a matrix to evaluate the success of its investments. However, due to their focus on early-stage deep tech investments, it can be extremely challenging to conduct such measurements, particularly at an early stage. Nonetheless, his team closely monitors the progress of each investment and ensures that the milestones established for both business and technology are met.
The company operates an incubation and accelerator programme called “1st Round” (https://www.1stround.jp/) that serves as a bridge between academia and business. It is a programme co-hosted by 13 Top national and private universities from Japan. To participate in the initiative, start-ups are not required to be incorporated but must do so if chosen. If already incorporated, they must be under 3 years, and must not be funded by a VC at application timing.
He notes that they have numerous corporate sponsors, consisting of major Japanese corporations of a wide spectrum of industry fields. They strongly encourage partnerships between the startups and the sponsoring companies to conduct proof of concept (POC) projects together. This safe and close-knit community has resulted in many successful ventures between companies and startups.
The venture capitalist arm has a follow-on investment strategy aimed at providing support to the companies they invest in, particularly during challenging times. They take a hands-on approach by having members sit or observe boards meeting of portfolio companies to offer guidance and mentorship for business development, HR support (has own recruitment platform “Deep tech Dive” (https://www.utokyo-ipc.co.jp/dive/), and public relations. Also since their fund terms are 15 years, relatively longer than other VC funds, which helps deep tech startups to firmly bring technology to the market.
The VC strongly believes in the value of persistence and is committed to not giving up on its investments. They are determined to work tirelessly until the very end to revitalise the company, a trait they consider critical of a successful investor.
As a university subsidiary, they do not limit themselves to any particular investment areas and remain open to various types of startups. While there may be some sectors that are more attractive to non-tech venture capital, they generally favour startups that may be complex to comprehend but possess the potential to bring about transformative changes in the world.
They take a long-term investment approach and have transitioned from short-term rapid investment to supporting social impact and sustainability, particularly in healthcare startups. However, they also must balance this with the need for financial returns.
When making investments, financial returns are undoubtedly important, but they are not the sole factor that should be taken into account. The overall impact of the investment, including its social, environmental and ethical implications, should also be carefully considered.
Startups have several options for obtaining capital, such as crowdfunding, venture loans, and revenue-based finance. Each strategy has its own advantages and disadvantages, and therefore, entrepreneurs must have a deep understanding of these options.
Having multiple funding options can be advantageous, provided that entrepreneurs and shareholders are well-informed about the pros and cons of each. A thorough understanding of the funding options can help them make an informed decision that aligns with their business goals and objectives.
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.
According to Kei, as an entrepreneur, it is essential to have the appropriate capacity and seek guidance from knowledgeable individuals, particularly in the early stages of the business. As a university subsidiary, UTokyoIPC is well-equipped to assist entrepreneurs and help prevent them from making fatal mistakes out of ignorance.
The success of promoting entrepreneurship in culture depends on the ecosystem and environment that encourages and supports it. Singapore has a strong entrepreneurial environment, with universities such as SMU and NUS emphasising entrepreneurship. In contrast, Japan has a larger economy but tends to be more conservative.
The University of Tokyo has been actively fostering entrepreneurship by offering courses to students, which has led to the creation of numerous companies. The critical factor behind this success is the creation of an environment that supports entrepreneurship and motivates people to pursue it. Marketing and promoting the benefits of entrepreneurship are also vital to its success.
“The programme is expanding and involving many other universities beyond Singapore. This makes LKYGBPC an excellent platform for startups or the venture capital industry, as it is close to many countries in the region.” Kei believes.
Since joining the company in 2019, Kei has been actively involved in supporting startups, professors, and students through various initiatives. His passion is on deep tech startups or those with the potential to bring about positive changes in the world. He has invested in a diverse range of fields, including IT, robotics, AI and agritech.
Many successful entrepreneurs come from different backgrounds, such as business, engineering, finance, marketing and more. While having a technical background can be advantageous in some industries, it is not always necessary for achieving business success, Kei opines.
“Ultimately, having a strong business sense is more crucial than any specific technical background. What truly matters is possessing a good grasp of business and the necessary skills to succeed in it. This entails competencies such as strategic thinking, financial management, leadership, communication, and problem-solving,” Kei concludes.
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Pemodal ventura atau venture capital (VC) telah menjadi kekuatan vital dan katalis inovasi terkemuka selama beberapa dekade terakhir. Permodalan mereka telah menjadi sumber keuangan utama bagi sejumlah startup, sebab VC dikenal lebih ramah inovasi bagi pertumbuhan perusahaan pemula (startup).
Alih-alih meminjam modal dari bank yang memiliki suku bunga tinggi dan proses persetujuan pinjaman yang rumit, tidak heran jika banyak pengusaha lebih memilih alternatif pendanaan kepada pemodal ventura. Bagai gayung bersambut, investor pun mendukung upaya para pendiri startup dengan memasok modal yang mereka butuhkan.
VC menjadi jembatan untuk mengisi celah kebutuhan antara sumber modal inovatif dan tradisional. Pendanaan model ini menjadi alternatif sumber modal rendah biaya untuk mendanai bisnis. Untuk menyediakan dana besar bagi pegiat startup, bisnis pemodal ventura harus memberikan insentif yang menarik bagi para investor privat agar mereka mau menaruh uang mereka di perusahaan pemodal ventura.
Di sisi lain, besarnya ketersediaan sumber dana menjadi modal bagi VC untuk menarik potensi startup berkualitas yang berpotensi memberikan keuntungan tinggi. Secara singkat, tantangan pemodal ventura adalah mencari potensi untuk melipatgandakan investasi yang diberikan pada bisnis-bisnis dengan tingkat risiko tinggi.
Modal ventura bukanlah modal jangka panjang. VC bertujuan untuk berinvestasi hingga perusahaan mencapai ukuran dan kredibilitas yang bisa dijual ke korporasi lain atau bisa dijual sebagai likuiditas di pasar modal. Intinya, seorang pemodal ventura berinvestasi pada ide pengusaha, mengembangkannya dalam waktu singkat, kemudian mencari strategi untuk mendapat laba berlipat dengan menjual perusahaan atau melakukan penawaran saham perdana (Initial Public Offering/ IPO).
Namun, kiniada muncul tren baru dimana pemodal ventura beralih dari metode investasi jangka pendek yang agresif ke pendekatan jangka panjang yang lebih konservatif. Pasar startup yang sudah terlalu jenuh menjadi salah satu alasan transisi ini. Tren ini, dikombinasikan dengan kekhawatiran inflasi yang berkelanjutan, membuat banyak investor memainkan portofolio investasi mereka dengan lebih hati-hati.
Menyaring startup potensial
Pendirian pemodal ventura UTokyoIPC sendiri berawal dari inisiatif Menteri Ekonomi dan Menteri Pendidikan untuk memberikan pendanaan pada riset-riset yang dilakukan kampus. Mereka ingin agar riset-riset itu bisa dikomersialisasi dan dikembangkan menjadi bisnis. Lantas didirikanlah UTokyoIPC di bawah Universitas Tokyo yang mendapat sumber modal dari pemerintah dan swasta.
“Di portofolio kami, ada sekitar 50-60 perusahaan dan kebanyakan bergerak di biotech, seperti penemuan obat, peralatan medis, dan sebagian kecil bergerak di pertanian,” tutur Kei Furukawa, Partner, Investasi & Pengembang Bisnis UTokyoIPC, dalam wawancara khusus dengan Mohit Sagar, CEO dan Pemimpin Redaksi OpenGov Asia.
“Meski tak banyak pemodal ventura yang bergerak di area ini, namun kami melihat sektor ini sangat penting dan berdampak pada hidup banyak orang, sehingga kami memutuskan untuk berinvestasi di sini.”
Ia lantas membeberkan sejumlah hal yang menjadi pertimbangan perusahaan pemodal ventura untuk berinvestasi di sebuah startup. Kei mengaku penilaian yang mereka lakukan tak jauh beda dari penilaian yang dilakukan oleh pemodal ventura lain pada umumnya:
- Memiliki tim yang bagus,
- Mengusung teknologi yang menarik di waktu yang tepat,
- Ketersediaan pasar,
- Potensi ekspansi, untuk mengukur seberapa besar perusahaan bisa dikembangkan dan berapa banyak pasar yang bisa diraup.
Tidak terpenuhinya sejumlah syarat itu menjadi kesalahan startup ketika gagal menggaet pemodal. Ketersediaan pasar dan potensi kecepatan pertumbuhan perusahaan menjadi pertimbangan terbesar para pemberi modal.
Modal jangka panjang
Sebagai pemodal ventura untuk startup yang bergerak dibidang bio-tech, UTokyoIPC menyadari bahwa mengembangkan inovasi teknologi medis memang membutuhkan waktu lama. Sebab, industri ini berkaitan dengan kesehatan dan nyawa manusia sehingga perlu riset mendalam untuk memastikan keamanan dan keakuratan produk yang dihasilkan.
“Di tahun pertama, kami mengelola startup agar mereka berkomitmen menjaga pertumbuhan perusahaan. Kami tidak mengejar-ngejar mereka agar lekas besar. Sebab, pengembangan deep tech memang perlu waktu, sehingga kami tidak perlu terburu-buru.”
Selain itu, skema pendanaan campuran antara publik dan privat membuat model pendanaan yang diberikan UTokyoIPC bisa lebih menerima pendanaan model ini. Mereka bisa lebih leluasa mengambil risiko ketika berinvestasi.
Untuk memberi pendanaan, UTokyoIPC biasanya memulai dengan melakukan konsultasi dengan berbagai riset yang ada di kampus-kampus. Mereka mencari riset yang berpotensi untuk diubah menjadi bisnis. Riset yang dianggap potensial akan diajak untuk mengikuti pitching sebagai bagian dari proses seleksi sebelum pemberian modal.
Setelah itu, mereka memberikan program bimbingan tahap awal. Perusahaan yang terpilih masuk ke program ini akan mendapat pendanaan dengan nilai maksimum US$100 ribu sebagai dana hibah. Mereka mendapat bimbingan selama enam bulan agar dana hibah yang diberikan bisa dipakai untuk mengembangkan perusahaan.
“Mereka tak tahu banyak soal bisnis, sehingga kami memberikan saran dan dukungan uang sebanyak mungkin agar mereka tidak terjegal di fase awal mereka. Tujuan kami agar startup bisa berhasil melewati pendanaan tahap awal (seed round funding) dan mencapai valuasi terbaik.”
UTokyoIPC memberikan pendanaan di tahap awal perusahaan mulai dari seed funding hingga seri kedua (second round funding). Sebagai investor tahap awal, Kei menuturkan sulit untuk mengukur tingkat kesuksesan investasi yang dilakukan. Sehingga, mereka berpatokan pada target-target yang telah ditetapkan bersama. Jika startup berhasil mencapai tiap target yang sudah disepakati, hal tersebut menjadi indikasi perusahaan telah berjalan dengan baik. Jika yang terjadi sebaliknya, maka perlu dilakukan peninjauan ulang untuk mengubah haluan.
Sukses di pemodal ventura
Sebagai seseorang yang tidak memiliki latar belakang investasi dan bisnis, Kei merasa beruntung bisa terjun ke bisnis pemodal ventura UTokyoIPC. Awal ketertarikan Kei terhadap bisnis modal ventura sendiri berawal sejak ia menjajal Pendidikan MBA di Singapura.
Merasa tak punya cukup mental untuk menjadi seorang pengusaha, Kei banting setir untuk mempelajari sistem pendukung bisnis yaitu pemodal ventura. Sehingga, ia pun banyak mengambil kursus pemodal ventura kala itu.
Meski demikian, jalan tak selalu mulus. Lantaran tak punya pengalaman kerja di bidang itu, ia tak langsung terjun ke industri pemodal ventura. Setelah melanglangbuana ke sejumlah perusahaan swasta, suatu hari ia berkesempatan berkarir di UTokyoIPC yang merupakan pemodal ventura.
Menurutnya, agar berhasil di bisnis pemodal ventura, seseorang mesti memiliki kemampuan berelasi yang baik. Sebab, bisnis ini selalu berhubungan dengan orang lain, baik dengan investor maupun startup.
“Karena Anda akan berhubungan dengan banyak orang, berbicara dengan mereka dan memahami siapa mereka. Sebab, ini akan menjadi aspek penting ketika melakukan investasi.”
Selain kepiawaian dalam menangani orang lain, catatan lain sebagai seorang pemodal ventura adalah semangat pantang menyerah. Pemodal mesti berjuang bersama tim startup hingga titik darah penghabisan. Optimisme dan kemampuan untuk terus mencoba strategi baru sangat diperlukan. Sebab selalu akan ada momen di mana rasa putus asa dan keinginan untuk menyerah muncul karena tidak melihat jalan keluar menuju keberhasilan.
“Tapi, saya tekankan untuk jangan menyerah. Anda harus mendorong diri Anda hingga hari terakhir, hingga berhasil.”
Selain itu, seorang investor juga perlu memiliki kesabaran untuk memberi waktu dan kesempatan bagi orang lain. Sebab, dalam investasi deep tech, banyak pekerjaan laboratorium yang tak segera terlihat hasilnya.
“Saya berbicara dengan berbagai tim ketika mereka bekerja di laboratorium dan berpikir bahwa sebagian besar waktu yang digunakan tidak segera menjadi uang atau menjadi produk, namun kami tetap memberi keleluasaan waktu. Kami melihat kesempatan apa yang bisa kita manfaatkan dari hasil penelitian mereka. Sehingga persoalannya, “Apakah Anda ingin memberikan waktu bagi startup yang dimodali? Yang kemungkinan dalam tiga atau lima tahun ke depan akan menjadi bisnis yang besar? Saya kira ini penting.”
LKYGBPC sosialisasikan minat kewirausahaan
Menurut Kei, Singapura memiliki kultur entrepreneurship yang kuat ketimbang Jepang. Hal ini mengejutkannya dan membuatnya tertarik untuk menggali lebih jauh ketika mendapat pelajaran entrepreneurship dalam proses mengambil gelar master di negara itu.
“Meski Jepang memiliki skala ekonomi yang lebih besar, namun warga di sini lebih konservatif ketimbang Singapura yang sangat agresif dengan entrepreneurship.”
Lewat kompetisi kewirausahaan seperti Lee Kuan Yew Global Business Plan Competition (LKYGBPC) menurut Kei berguna untuk terus memupuk jiwa kewirausahaan anak muda di Singapura dan berbagai belahan dunia. Selain itu, LKYGBPC juga memberi pengaruh ke berbagai universitas lain di dalam dan luar Singapura untuk ikut terlibat dalam pengembangan kewirausahaan.
Kompetisi ini juga menjadi sarana yang baik untuk mempertemukan startup dengan pemodal ventura. Sehingga, ia berharap program kompetisi ini bisa menjadi platform untuk melebarkan semangat entrepreneurship.
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At the third edition of ‘My Digital Bootcamp,’ 1,500 students from low-income families in the Central Singapore District will learn new digital skills. The districtwide programme will help to level the playing field for children from low-income families who may not have access to extracurricular activities.
This is part of the Central Singapore Community Development Council’s (CDC) SkillsFuture Junior programme, which seeks to support its young residents with digital and soft skills to prepare them for a better future.
Students will go through four modular skills-based workshops at each two-day Bootcamp held from March to December 2023 to learn advanced digital-making skills in a fun and engaging manner such as programming, robotics, mobile app development, and game design.
A time traveller visiting ancient civilisations or an Earth hero resolving a climate crisis are the two new immersive narratives that participants can select from. They will also be exposed to complementary soft skills such as logical reasoning, pattern recognition, algorithm design, relationship management, and communication skills, among others, during the Bootcamp.
‘My Digital Bootcamp’ will provide structured learning support to the young participants in order to encourage learning beyond the workshops. Each child will receive a special home-based learning (HBL) digital-making kit, which includes a micro: bit pocket-sized computer, a KittenBot expansion board, an ultrasonic sensor, and other resource materials, as well as a learning management system, to allow them to continue learning and practising what they have learned at the Bootcamp.
At the end of this season, a brand-new Hackathon component will be held in which young learners will be empowered to solve real-life scenario-based challenges in friendly competitions that will underpin holistic learning. There will be 300 people at the Hackathon. Some will be students from the Bootcamps, and some will be new students.
Participants in the two-day Hackathon challenge will participate in digital-making skill workshops or refreshers, preparatory workshops, competitions, and presentations. They will investigate skillsets and develop competencies in soft skills other than those taught in the Bootcamp, such as idea pitching, design thinking, and ideation, which will help them build a strong foundation for the future economy.
The long-standing partnership between Central Singapore CDC and a multinational banking corporation made ‘My Digital Bootcamp’ possible. Since its inception in September 2019, the programme has benefited over 2,000 children from 34 schools and community organisations in Central Singapore. Over 30 employee volunteers also befriended the students, distributed participation kits and meals, and assisted in guiding the students’ learning.
In addition, the Infocomm Media Development Authority’s (IMDA) Digital for Life (DfL) Movement has been named Champion Project at the prestigious World Summit on Information Society (WSIS) Prize Ceremony 2023, which is organised by the International Telecommunication Union (ITU) under the auspices of the United Nations (UN).
The DfL movement was named a WSIS Prizes 2023 Champion in the category “the role of governments and all stakeholders in promoting ICTs for development.” This award came after WSIS received nominations for 900 projects from around the world in 18 categories, reviewed them with experts, and received over 1.5 million online votes.
The World Summit on the Information Society (WSIS) Prizes recognise projects that use information and communication technologies (ICT) to advance the UN’s Sustainable Development Goals.
To date, the DfL movement has more than 130 partners and 140 projects, benefiting over 270,000 Singaporeans from various segments such as youths, seniors, low-income families, women, and people with disabilities.
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The government in Indonesia continue to develop its public service to enhance efficiency and provide easy access for people who need them. The Indonesian government have begun working on running the National Public Service Innovation Network (JIPPNas). The website for JIPPNas has evolved into a central repository for new approaches to public service around the country.
The website compiled all available data and information about the finest public services to facilitate a shared understanding of how to advance innovation in Indonesia’s public sector. Having several agencies work together to maintain the JIPPNas website is a central hub for fostering innovation, particularly in public services.
“This partnership is a good leap in managing innovation in government agencies,” PANRB Minister Abdullah Azwar Anas mentioned at the signing of the JIPPNas Site Management Cooperation Agreement and JIPP Hub Commitment in South Jakarta.
According to Diah Natalisa, Deputy for Public Services in the Ministry of PANRB, the JIPPNas website evolved from a national public service innovation information portal into a platform for disseminating the Best Public Service Innovations resulting from the Public Service Innovation Competition’s implementation (KIPP). The Ministry of Home Affairs’ Innovative Government Award (IGA) and LAN’s Innoland have been included in JIPPNas.
As required by PermenPANRB No. 89/2020 concerning the implementation of JIPP, the JIPPNas website is the government’s endeavour to encourage innovation in the public service sector. The Joint Innovation Programme for Public-Private Partnerships in the Americas (JIPPNas) is an approach to ensuring that the most effective ideas in the public sector are produced, transferred, and disseminated to other units and organisations. The duplicated innovations may be readily institutionalised and sustained and can be reported immediately on the JIPPNas website.
“With this combined management, it is believed that JIPPNas can strengthen the innovation process for issue solving, sharing information and open cooperation, and generating ideas to support sustainable innovation activities,” Diah remarked.
Merita Gidarjati, representing USAID at ERAT, recently discussed the organisation’s ambitions for collaborative administration of the JIPPNas site. She explained that the goal of this partnership is to serve as a national innovation centre, which would serve as a storehouse for cutting-edge ideas and a platform from which they could be shared with the rest of the country.
“This cross-agency collaboration has a big multiplier impact on the motto of outstanding service and may also become a new tradition in fostering innovation,” she added.
In this activity, a workshop was also held under the theme Progress of Implementation of Assistance and Development of Innovation Nodes at the Provincial Level and continued with a discussion of the Culture of Sustainable Innovation.
The State Administration Agency (LAN), the Ministry of Home Affairs, and the Ministry of Administrative Reform and Bureaucratic Reform (PANRB) signed a collaboration agreement to commemorate the event.
Seven provinces (Jambi, Lampung, West Java, DI Yogyakarta, East Kalimantan, West Nusa Tenggara, and North Maluku) also inked agreements to create innovation clusters. As a result, Indonesia now has 22 provinces with established innovation clusters, up from 15 regions just a few years ago.
In addition, to provide an integrated website to promote local government innovation and digitalisation, Indonesia supervised the Public Service Coordination Forum (FKPP). The forum’s hoped-for advantages extended from creating policies and delivering public services at the national, institutional, and regional levels.
At the event, speakers from various backgrounds present in two sessions to provide insights on how best to structure public services. The speech’s leading figure, East Java’s Deputy Governor Emil Elestianto Dardak, claimed that his party hosted an event named Kovablik to promote regional creativity (Public Service Competition).