Solving Problems With Blockchain: Tribe’s Journey To A Leading Global Accelerator

In Episode 20 of MING Labs’ podcast Lost In Transformation, we talk to Yi Ming Ng, Managing Partner of Tribe Accelerator, the first blockchain accelerator supported by the Singapore government. He’s recently been named as one of 30 under 30 by Forbes as well.

Tune into this episode for the full insights from Yi Ming on the success story of Tribe and his outlook on innovation in the blockchain space.

5 Main Takeaways From This Episode

01 Start with a problem-driven approach and see if blockchain can help solve the issue. Tribe brought on a network of corporates and leading mentors to interact with startups and help redefine what blockchain means in the enterprise landscape. Taking a problem-focused approach throughout their six months programs, startups can connect with companies of their interest, test out solutions, and start getting more investments and traction. (Listen from 02:54)

02 See beyond Blockchain as a buzzword. It has real applications beyond the FinTech industry. Taking an example from accelerated startup Mighty Jaxx, a shop for designer toys and collectibles, had difficulty enabling buyers to verify the authenticity of the art pieces when buying them second-hand. Tribe brought GovTech to collaborate on a blockchain-based certification tech similar to that of OpenCerts. Today, IoT chips are inserted into the toys, and customers can authenticate the product by scanning it with a mobile phone. (Listen from 05:32)

03 Understand the limitations of discovering startups in a problem-driven approach such as a hackathon. “Usually when a startup applies for a hackathon to bid for your problem statement, they are pivoting some form of their business model to tailor it to your problem statement…The best startups in the market usually will not bid for such problem statements because they have existing traction and business models (that work well).” (Listen from 9:39)

04 Look for the right fit between the startup and the corporate. Be open when you are looking for startups. Tribe’s method is to bring corporates to look at startups within the same broad verticals. Each innovation team here plays a key role in using their expertise in what’s going on in their company to identify a startup or two that match well. “If there is nothing in this batch that fits you…Maybe this batch is not the right fit, but there are other exciting startups.” Don’t aim for quantity-based expectation for collaboration, such as ‘I want to work with 2 out of 10 of these startups’, rather give room to assess the fit of the startup. (Listen from 15:14)

05 Upscale talented developers and engineers to help work on blockchain solutions. “How do we train more blockchain gen Z’s at scale to help defeat the demands of the next three to five years as we move forward with the entire blockchain industry itself?” Catering to this need, Tribe started their own blockchain academy as a scholarship program, working with different blockchain protocols to train developers and engineers in the market. (Listen from 17:45)

Jump and listen to each chapter from their timestamp here

Interested in more stories from Lost In Transformation? Follow us on Apple Podcasts, Spotify, Google Podcasts or Buzzsprout to not miss our upcoming episodes.

Related Reading: Outperforming Startups: What Corporate Ventures Are Getting Right

Sam Hall, CEO of Asia Pacific at Rainmaking, a corporate innovation and venture development firm, shares more on why the future of innovation is in corporate ventures, and his philosophy of career fulfillment.

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MING Labs

We are a leading digital business builder located in Munich, Berlin, Singapore, Shanghai, and Suzhou. For more information visit us at www.minglabs.com