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.
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
posted from Bloggeroid
“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
posted from Bloggeroid