The
World Islamic Economic Forum (WIEF) Young Leaders Network (WYN) has concluded the third edition of
WIEF IdeaLab 2017. This two-day conference aims to strengthen the ASEAN startup ecosystem and attracted close to 400 participants from 35 countries.
“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.
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.
“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.
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Source: WIEF IdeaLab. Source: WIEF IdeaLab. Ebrahim Patel (centre) with the top 10 startups and participating global venture capitalists after the final IdeaLab pitch.
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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.
The
WIEF Foundation, a not-for-profit organisation based in Kuala Lumpur, Malaysia, organises the annual
WIEF,
a business platform showcasing business opportunities in the Muslim
world, and runs programmes of the various initiatives of the foundation
that strengthen people partnership and knowledge exchange between Muslim
and non-Muslim communities across the globe.
The 13th
WIEF consists of panel discussions, masterclasses, an
Initiative Room,
exhibition, business exchange and the
IdeaPad, a platform for innovative ideas and businesses, in addition to smaller
complementary programmes. The
Initiative Room
consists of group sessions with the aim of
getting
participants involved actively in the outcomes of the forum. With the aid of a professional facilitator, participants think of innovative solutions that can
become actionable initiatives.
The
WIEF has previously held forums in Malaysia, Kazakhstan, Indonesia, Kuwait, Pakistan, the UK and UAE.
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:
Disruptive science, technology and innovation
Disruptive technological advancements are increasingly transforming our
daily lives, creating new opportunities and reshaping traditional industries. Disruptive
changes in the form of artificial intelligence (AI), Blockchain, the Internet of Things (IoT)
and other medical and manufacturing technologies, continue to radically alter how
we do things, how leadership is perceived, how businesses are run and how
manpower is organised.
The challenge
for businesses lies in
developing
concrete and sustainable
innovation and technology collaboration opportunities to help bridge this gap, and to
enable countries at all levels of development to take advantage of available
technologies and develop a robust culture of innovation.
Robust market opportunities exist in Asia. For example, the Asian fintech accounted for US$4.5 billion in investments in 2016*, and AI is to create economic value between US$1.8
trillion
and US$3
trillion
a year by 2030 in
Asia**.
Halal consumables and services
According to the
WIEF organisers we are
witnessing a gradual shift towards halal products and services
–
be it fashion,
fragrance, cosmetics, personal care products or travel, tourism and hospitality.
The
increasing demand for ethical, sustainable, environmentally
-
and socially
-
responsible goods and services is also a driving factor for the growth of the halal
market and one of the main reasons for its growing acceptance by non-Muslim
consumers*.
The sector
is growing at
8%
year-on-year , with an estimated value of
US$2.3 trillion, higher than the
GDP of more than 200 countries in the world. The halal food and beverage (F&B) industry is worth US$1.4 trillion***.
Islamic finance and law
Since the 2008 financial crisis, income inequality across the globe has risen
sharply, with the global economy moving significantly from asset-based economic
transactions to an increasingly speculative financial one, resulting in weaker
domestic economies and a fragile financial system. Alternative paradigms of finance
and law are currently being explored as opportunities areas.
The Islamic finance industry will
continue to expand this year, but lose some
momentum in 2018*****. The industry's assets reached
US$2 trillion at end-2016 on the acceleration
of sukuk issuance.
The sector is
driven by an expanding, young Muslim population, which is
expected to
reach 2.2 billion in 2030, up from 1.7 billion in 2014******.
Entrepreneurship
and emerging spaces
Small and medium-sized enterprises (SMEs) have played a vital role in Asia's
development.
Indeed, SMEs in more developed Asian economies have continued to
take advantage of technological progress to grow and become the mainstay of the
manufacturing sector.
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*******.
Arts, culture and design
The
arts, culture and design sector
(heritage, arts, media, and functional
creations)
makes
a vital contribution to jobs and the economy
as creativity generates higher value and
is more resistant to automation.
The sector generated US$2.25 billion in revenue (3% of global GDP)
with the highest earners being television (US$477 billion), newspapers and
magazines (US$354 billion) and visual arts (US$391 billion)******** and generated 29.5 million jobs
(about 1% of the world’s active
population).
Potential growth drivers for the sector in ASEAN
include:
- ASEAN integration
- High youth population
- High technology penetration
- High cultural diversity
*It should be noted that non-Muslim consumers are not seeking out halal products per se but are seeking products which happen to be in agreement with various tenets of halal requirements, such as products that are not tested on animals.
*Fintech growth accelerates in Asia with record $4.5 billion investments
**How artificial intelligence will transform Asia,
Shifting Asia: Artificial intelligence,
UBS
Asia, April 2017
***Global halal industry grows 8pc to hit $2.3 trillion
****Doing Business in the Halal Market (PDF)
*****Islamic finance sector set to lose growth momentum in 2018
******State of the Global Islamic Economy Report 2016-17
(PDF)
*******Malaysia’s SME GDP contribution to exceed 40%
********The First Global Map of Cultural and Creative Industries
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