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- Southeast Asia's burgeoning regional start-up economy and strong Internet penetration rate has made it crucial for universities to more effectively nurture digital-forward workforces.
- The ASEAN University Network – University Innovation and Enterprise Network notes the need for creating regional platforms for start-ups in the region to better access funding, mentorship, knowledge transfer and commercialisation support.
SINGAPORE, Dec. 16, 2024 /PRNewswire/ -- With Southeast Asia's start-up economy projected to reach a valuation of US$1 trillion next year, universities have a role working with each other and foster the growth of innovation and entrepreneurship in the digital space.
This is the thrust of a white paper developed by Singapore Management University (SMU) and Thailand's Chulalongkorn University, which outlines for the first time key trends in the region's innovation space, as well as the increasingly critical role of universities in building regional start-up networks and nurturing entrepreneurial talent.
Titled "Catalysing Growth: State of ASEAN University Innovation and Entrepreneurship Report 2024", the white paper was produced by SMU's Institute of Innovation and Entrepreneurship (IIE).
"Universities are naturally positioned to champion I&E in here in Southeast Asia, as the region is home to one of the world's youngest yet most rapidly urbanising consumer base, where almost 1 in every 2 people are estimated to be youths under age 30," said Professor Lim Sun Sun, Vice-President for Partnerships and Engagement at SMU. She is also Professor of Communication & Technology at SMU's College of Integrative Studies.
Dr Ronnakorn Vaiyavuth from Chulalongkorn School of Integrated Innovation added, "What universities bring to the table is its network of resources to facilitate knowledge exchanges and interdisciplinary collaborations: producing local, digitally proficient graduates with an international, digitally agile mindset."
Both SMU and Chulalongkorn University are co-leaders of the ASEAN University Network - University Innovation and Enterprise Network (AUN-UIE), a consortium of 30 higher education institutions spearheading initiatives to drive regional innovation and entrepreneurship (I&E). The white paper was first launched at the SMU Bangkok Overseas Centre in July 2024.
It noted that Southeast Asia, home to 726 million people, is driving a booming digital economy worth US$100 billion. With 70 million MSMEs employing 85% of the workforce, sectors like FinTech, set to reach $38 billion by 2025, thrive on the demands of this young, tech-savvy population. Universities must equip this demographic with the skills to fuel innovation and economic growth.
Producing I&E-forward graduates for long-term sustainable growth
Some of the most impactful start-up enterprises in Southeast Asia today were established shortly after their founders completed their tertiary education. These include Anthony Tan (Grab) of Singapore, Nadiem Makarim (Gojek) and Yada Piyajomkwan (Ajaib) of Indonesia.
As the region's workforce is projected to grow by 24 million by 2030, young workers must be better equipped to thrive in the start-up ecosystem.
The white paper noted that universities have also reported increased involvement in helping student leaders realise their start-up ideas, primarily through incubation programmes and collaborations between academic, government, and private sector partners. Some examples of how the region's universities nurture innovation and entrepreneurship include:
1. Mentorship and Industry Collaboration
- Mentorship Platforms: Dedicated mentor platforms at SMU, allow startups to connect with seasoned entrepreneurs for tailored guidance.
- Startup-Corporate Collaborations: Chulalongkorn University's Innovation Hub (CU iHub) boasts a robust incubation programme. It also manages student clubs spanning various tech and entrepreneurship fields. CU iHub hosts the CHULA Deep Tech Demo Day to spotlight promising DeepTech startups and foster investor connections.
2. Educational Programmes and Talent Development
- University Incubators: Institut Teknologi Bandung (ITB) in Indonesia has produced startups, connecting its students and researchers with technopreneurs for IP registration and management, apart from mentoring.
- Global Exposure Initiatives: SMU IIE has nurtured hundreds of start-ups through its Business Innovations Generator (BIG) incubation programme, and organises the biennial university start-up competition, the Lee Kuan Yew Global Business Plan Competition, which draws top university start-up talent from across the globe.
3. Funding and Technology Commercialisation
- Funding for Startups: Universitas Gadjah Mada's Innovative Academy collaborates with the Asian Development Bank to fund student and staff-led startups, while Chulalongkorn University's set up its Technology Center to commercialise university research.
- Commercialisation of Deep Tech: Universiti Malaya Centre of Innovation and Enterprise (UMCIE) has an accelerator programme that provides participating startups with mentorship, classes and grants.
Going forward, the AUN-UIE recognises that there is potential to build a regional university-led platform for nurturing entrepreneurs. These include having a centralised ASEAN Repository of Startup Data, a regional platform for tech commercialisation, funding, mentorship, knowledge transfer and commercialisation support.
Said Prof Lim, "In a region with a diversity of cultures, languages, and regulatory environments, regional networks such as AUN-UIE can drive efforts for entrepreneurs, investors, and stakeholders to come together, share insights, and catalyse innovation."
Enclosure:
- The white paper "Catalysing Growth: State of ASEAN University Innovation and Entrepreneurship Report 2024" can be downloaded here.
About Singapore Management University (SMU)
Established in 2000, Singapore Management University (SMU) is recognised for its disciplinary and multi-disciplinary research that address issues of global relevance, impacting business, government, and society. Its distinctive education, incorporating innovative experiential learning, aims to nurture global citizens, entrepreneurs and change agents. With more than 13,000 students, SMU offers a wide range of bachelors, masters and PhD degree programmes in the disciplinary areas associated with six of its eight schools - Accountancy, Business, Economics, Computing, Law and Social Sciences. Its seventh school, the SMU College of Integrative Studies, offers a bachelor's degree programme in deep, integrative interdisciplinary education. The College of Graduate Research Studies, SMU's eight school, enhances integration and interdisciplinarity across the various SMU postgraduate research programmes that will enable our students to gain a holistic learning experience and well-grounded approach to their research. SMU also offers a growing number of executive development and continuing education programmes. Through its city campus, SMU focuses on making meaningful impact on Singapore and beyond through its partnerships with industry, policymakers and academic institutions. https://www.smu.edu.sg/
About SMU Institute of Innovation and Entrepreneurship
Established in 2009, the Singapore Management University's Institute of Innovation and Entrepreneurship (IIE) is a practice-oriented institution dedicated to nurturing changemakers and founders. IIE focuses on customising training programmes to develop a cohesive I&E community, especially through activities such as its marquee event: the Lee Kuan Yew Global Business Plan Competition. With its unique student venture capital fund and strong industry connections, SMU IIE stands at the forefront of innovation in Asia. To learn more about SMU and IIE, please visit www.iie.smu.edu.sg.
About ASEAN University Network - University Innovation and Enterprise Network AUN-UIE
The ASEAN University Network (AUN) was initially established in 1995 to strengthen and expand cooperation among leading universities within the ASEAN region. One of its thematic networks, formed to facilitate specialised areas of academic cooperation, is the AUN - University Innovation and Enterprise Network (AUN-UIE) that works to enhance the capacity of universities to produce graduates who embody and pursue innovation. AUN-UIE is co-led by Singapore Management University and Thailand's Chulalongkorn University. For more information on AUN's transformative work in the digitalisation of youth, please visit www.aunsec.org.
