“As the rising centre of the global economy, the ASEAN region boasts myriad opportunities; especially for startups and entrepreneurs. With innovation and entrepreneurship being a key agenda in many countries throughout the region including Malaysia, it is only inevitable that startups are increasingly looked to as key drivers of socioeconomic and market transformation in the region,” said Ebrahim Patel, Chairman of the WIEF Young Leaders Network.
According to Patel, global venture capitalists continue to seek investment opportunities in the ASEAN startup ecosystem due to the available talent pool and rapid growth potential.
“We bring together global venture capital firms and angel investors looking at investing in seed to post-seed stage companies. This also includes startups in the ideation stage across ASEAN. By doing so, WIEF IdeaLab 2017 is a prime example of the type of values that the WIEF Foundation and its associated programmes bring to its various participants,” said Patel.
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| Source: WIEF IdeaLab. Ebrahim Patel (centre) with the top 10 startups and participating global venture capitalists after the final IdeaLab pitch. |
At the IdeaLab Pitch session this year, 31 ASEAN startups presented their ideas to global venture capitalists; after which 10 startups were shortlisted for the final pitch session. Moneybay, Zap Zap Math, CheQQme, Glueck, BolehCompare and Moovby received expressions of interest.
WIEF IdeaLab 2017 featured signature events including;
Ideation Stage, where topics relevant to the startup scene in ASEAN were discussed by industry leaders;
Networking Pods, an online to offline platform in designated areas for setting up casual conversations between participants during the event;
IdeaClinic, where startups received real-time advice on matters such as legal, public relations, and marketing;
Business Anonymous, breakout rooms where ASEAN startups are given the opportunity to share their experiences living the startup life;
Startup Ecosystem Fair, showcasing the offerings of major players in the Malaysian startup ecosystem as well as startups from other parts of the region; and
The IdeaLab Pitch where startups and corporations pitch their ideas, either to seek investments or industry solutions.
WIEF IdeaLab 2017 is in line with one of the five industry growth vectors which will be discussed at the 13th WIEF this year - entrepreneurship and emerging spaces. The other vectors are disruptive science, technology and innovation, halal consumables and services, Islamic finance and law, and arts, culture and design.
According to the WIEF Foundation, small and medium-sized enterprises (SMEs) have played a vital role in Asia's development. Micro SMEs (MSMEs) represent around 90% of global economic activity as well as 45% of total employment; the sector contribution to Malaysia’s GDP is expected to exceed 40% and on track to achieve the target of 41% of the GDP*.
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| Source: WIEF IdeaLab. A startup explains its unique selling proposition to (from left) Dato’ Yasmin Mahmood, CEO, Malaysia Digital Economy Corporation (MDEC), Malaysia; Tan Sri Fuzi and Ebrahim Patel during the WIEF IdeaLab 2017 Startup Ecosystem Fair. |
“With the ASEAN Economic Community (AEC) quickly approaching its 2025 milestone, there is now an accelerated focus on e-commerce and digital economy – potentially worth up to US$200 billion over the next 10 years in the region. The WIEF IdeaLab as a platform corresponds with the Entrepreneurship and emerging Spaces industry growth vector. This represents the ideals that we at the WIEF stand for,” said Tan Sri Fuzi, Secretary-General of the WIEF Foundation.
The WIEF IdeaLab 2017 is one of a series of key events organised in the lead-up to the 13th WIEF, which will be held from 21-23 November at the Borneo Convention Centre, in Kuching, Sarawak, Malaysia. Leading with the theme Disruptive Change: Impact and Challenges, this event also focuses on startups.
*Malaysia’s SME GDP contribution to exceed 40%
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