Innovfest Unbound 2019 Demonstrated Singapore’s Collective Resolution for Innovation
- Innovfest Unbound, the “gov+university+corporate open innovation + startup” trade show started back in 2015 with 2500 attendees; got the number grow to 18K professionals from 100+ countries in 2019 under joint collaboration by NUS and Unbound Live
- The show, as pillar event of Smart Nation Week event led by Singaporean government, demonstrated the eagerness of public and private sector to drive innovation and entrepreneurship
- It’s a great market opportunities for companies to develop smart city, fintech, smart retail, etc. solutions focusing on ASEAN region
Crowds in trade shows aren’t always a good things to the startup exhibitors. There could be irrelevant people just want to have hobby to collect bags and swags, sales trying to promote services, or some guys collecting name cards and re-selling the contact information of the exhibitors somewhere.
The crowd in Innovfest Unound 2019 was mostly on the other side of the story. While I haven’t finished cleaning up the contact made during the show, in terms of “perceived” quality of people coming to Taiwan Tech Arena booth in terms of profiles and motivation to build collaboration, is one of the best experience I have. A few things I observed:
- Well communicated innovation target with an understandable platform from government
“SG” + something, the communication platform Singapore government deployed to drive innovation and transformation across different area, has been an easy-to-be-recognized, understandable tool. As example, “SG QR” is their push to get a unified digital payment platform on top of Apple Pay or Google Pay; SG D is about digital transformation across service, finance, real estate, etc. And most of the initiatives have direct collaboration programs with startups.
2. The support won from the corporate side
Key corporate participants including Huawei, Singapore Airline, Sintel, ST Engineering, JIL, Uniliver, etc. Most of the participating corporate provided the booth space for startups they recruited and worked with to showcase the solution, creating a strong message that the corporate are serious about collaborating with startups. What’s more, the corporate pavilion brings participants from that corporate as well as the industry chain of the corporate; thus driving more relevant professional attendees to the show.
3. Quest for more ideas as economic rising
The biggest plus for ASEAN market is that the economic is on the rising trend and the population is relatively young comparing with east Asian countries. And the push from the government, not only in Singapore but also in countries like Thailand, generates great ecosystem for new idea and technology adoption. NUS and other leading research-oriented universities would definitely have a strong position here to strengthen the industry liaison relationship; while also a good opportunity for Japan or Taiwan tech talents to build cross-border collaboration.
Few areas with a few big corporate be the platform for startups:
AI in video analysis: while there are so many startups out there, it’d be best if the startups have domain expertise or solid experience in handling video in scenario of airport, factories or warehouses, etc.
Fintech and cyber securities: that’s not only for the existing regional finance industry here, but also for the logistic business and sea cargo industries here.
Healthcare: not for pharma but mainly for making the medical service/pre-medical service more effective and more available so as to serve the rising middle class
Sustainability: following the global push by UN, opportunities could be like new food production method using less water, rising awareness from the new middle class to act more environmental friendly as in western world, etc. This is not only for B2C (new brand opportunity) but also in B2B (deep tech solution); or in combination.
And with the resolution, there’d definitely be more and more opportunities for entrepreneurs to bring new ideas and technologies to build a truly smart nation.
