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CUHK Business School Research Examines the Pivotal Role of Entrepreneurial Experience for Entrepreneurs Launching New Start-ups

HONG KONG SAR – Media OutReach – 25 February 2021 – How important is experience in entrepreneurial success? If you take a look at the world’s most successful businesspeople, the anecdotal evidence would point to the negative. Consider that Bill Gates didn’t have any experience running a business before Microsoft, and neither did Steve Jobs before co-founding Apple. Fast forward to more recently, and we had Mark Zuckerberg launching Facebook from his dorm room at Harvard.

Success stories like these seem to suggest that experience is not a requirement to making it big as an entrepreneur. In reality, about 90 percent of new start-ups fail in the U.S., and only a handful of companies can make it to the long run. A top reason for this low success rate? Many budding entrepreneurs are highly creative but they fail to study their market sufficiently (a business skill), and as a result launched highly innovative products that nobody really needed. It is against this backdrop that a recent research study has found experience allows entrepreneurs to better balance their creative and business roles to avoid potential pitfalls on the road to entrepreneurial success.

The research examines how previous entrepreneurial experience could influence entrepreneurs when they have to juggle multiple roles when starting up their businesses. It found that entrepreneurs with no prior experience tend to concentrate too much on one role, such as being the product developer and lose sight of other important things. On the other hand, experienced entrepreneurs tend to do a more balanced job.

“Being an entrepreneur is a balancing act. Although entrepreneurs should seek to produce products which are both unique and useful as well as being commercially viable, doing so can be difficult. For example, an entrepreneur may channel their inner inventor to create highly unique products, but that’s no good if they don’t consider market demand. It is essential for entrepreneurs to achieve both goals simultaneously to succeed,” says Ying-yi Hong, Choh-Ming Li Professor of Management and Principal Investigator of the Culture Lab at The Chinese University of Hong Kong (CUHK) Business School.

Missing the Forest for the Trees

Her study “Missing the Forest for the Trees: Prior Entrepreneurial Experience, Role Identity, and Entrepreneurial Creativity” was co-conducted with Prof. Siran Zhan at the University of New South Wales College and Prof. Marilyn Ang Uy at Nanyang Technological University. Some existing research literature on entrepreneurship focus on the journey or personal qualities of successful entrepreneurs, while others studied the mindset and behaviours of these entrepreneurs. Prof. Hong and her co-authors combined the two factors and tackled the topic from a “person-by-situation” interaction approach.

This approach assumes entrepreneurs take on different roles, such as that of an inventor or businessperson, and these are triggered by different situations. For example, an entrepreneur would play the role of a salesman during a pitch meeting, but the same person would wear the inventor hat when dealing with product design in the lab. When the entrepreneur plays the role of a salesperson, their attention would be more focused on the profitability of the product and less on the product design, and vice versa. When too much attention is given to the tasks related to one role, entrepreneurs might overlook other equally important aspects, creating the so-called “missing the forest for the trees” effect.

“We expect experienced entrepreneurs to have developed a more holistic knowledge structure in which their inventor and businessperson roles are integrated. In contrast, novice entrepreneurs who lack prior entrepreneurial experience may see their two role identities as separate and disjointed,” Prof. Hong comments. “Thus, experienced entrepreneurs tend to be capable of processing a greater amount of information in a given instance and see the big picture, which novices tend to neglect.”

To test their theory, the researchers recruited 108 entrepreneurs who were in the process of starting a new venture to participate in an experiment. Among the participants, 40 were experienced entrepreneurs who had started businesses before. The participants were first asked to recall and write about their experience as an inventor or a businessperson. They were then told to submit ideas for a product or service to sell to university students. Their ideas were then evaluated in terms of how novel or commercially viable they were by experts with substantial experience in entrepreneurship.

The study found that entrepreneurs with less experience tend to produce fewer ideas that were deemed novel when asked to assume the role of a businessperson, whereas experienced entrepreneurs were able to maintain their ability to generate creative ideas even when they were in salesman mode. On the other hand, inexperienced entrepreneurs produced fewer ideas that were deemed by experts to be commercially viable when they assume the role of an inventor while experienced entrepreneurs did not display any reduction in performance.

The effect is even more pronounced when the entrepreneur is forced by circumstances to take up a specific role. For example, an entrepreneur under pressure to raise funds for their project must fulfil the role of a businessperson and put their inventor self aside. Prof. Hong says such a tension-ridden situation would likely to result in reducing creativity, especially among inexperienced entrepreneurs. The study results confirmed this conjecture, with the business ideas of experienced entrepreneurs being 12.7 percent more creative and 7.7 percent more profitable than inexperienced entrepreneurs when they were placed in that situation.

Interestingly, experienced entrepreneurs were 9.4 percent less innovative than inexperienced entrepreneurs when there was no tension between the two roles. The study explained that new entrepreneurs might be better at learning at being an inventor and thus were able to produce more innovative ideas. However, overall experienced entrepreneurs were able to perform more consistently regardless of the situation.

How Does Experience Help?

So why does being able to integrate the disparate creative and business roles into their entrepreneurial identity prevent experienced entrepreneurs from falling into blind spots? Prof. Hong and her co-authors sought to explain this from a cognitive perspective. The brain can form networks of associated ideas through learning and experience. For example, the word “fire engine” is likely to be associated with the colour “red” and the image of “vehicle” in our minds because we have learned it in the past.

They reason that experienced entrepreneurs would in the past have encountered numerous situations which required skills from both their creative and business sides. These situations would have stimulated them to reconcile their different demands and as a result they become better able to distribute their attention to the related tasks evenly. In doing so, experienced entrepreneurs develop a close association between their creative and business mindsets, such that the activation of one role would trigger the activation of the other. Therefore, an experienced entrepreneur can be an inventor and a salesperson at the same time in different situations.

Commenting on practical implications, Prof. Hong suggests inexperienced entrepreneurs to team up with business partners who have prior entrepreneurial experience or consider getting an experienced mentor. “An experienced entrepreneur or mentor can maintain the ‘big picture’ for the team and help the novice entrepreneur avoid the inherent blind spot,” says Prof. Hong.

Reference:

Zhan, S., Marilyn A Uy and Ying-Yi Hong. “Missing the Forest for the Trees: Prior Entrepreneurial Experience, Role Identity, and Entrepreneurial Creativity.Entrepreneurship Theory and Practice (2020): 104225872095229.

This article was first published in the China Business Knowledge (CBK) website by CUHK Business School: https://bit.ly/3sJMJOG.

About CUHK Business School

CUHK Business School comprises two schools — Accountancy and Hotel and Tourism Management — and four departments — Decision Sciences and Managerial Economics, Finance, Management and Marketing. Established in Hong Kong in 1963, it is the first business school to offer BBA, MBA and Executive MBA programmes in the region. Today, the School offers 10 undergraduate programmes and 18 graduate programmes including MBA, EMBA, Master, MSc, MPhil and Ph.D.

In the Financial Times Global MBA Ranking 2021, CUHK MBA is ranked 48th. In FT‘s 2020 Executive MBA ranking, CUHK EMBA is ranked 15th in the world. CUHK Business School has the largest number of business alumni (40,000+) among universities/business schools in Hong Kong — many of whom are key business leaders. The School currently has more than 4,800 undergraduate and postgraduate students and Professor Lin Zhou is the Dean of CUHK Business School.

More information is available at http://www.bschool.cuhk.edu.hk or by connecting with CUHK Business School on:

Facebook: www.facebook.com/cuhkbschool

Instagram: www.instagram.com/cuhkbusinessschool

LinkedIn: http://www.linkedin.com/school/cuhkbusinessschool

WeChat: CUHKBusinessSchool

Taste the World with 7-Eleven’s Latest Additions to its Very Own 7-SELECT Ready-to-Eat Range. First Stop, Southeast Asia!

Launching island-wide on 3 March – you’ll be spoilt for choice as we introduce our exclusive Southeast Asian inspired noodle dishes and many more quick and easy meals that’ll hit the spot.

 

SINGAPORE – Media OutReach – 24 February 2021 – We all know how it feels for hunger to strike anytime and anywhere! To combat those cravings, 7-Eleven has developed and expanded on its innovative 7-SELECT own brand range of meal and snack solutions. Let 7-Eleven take you on a journey around the region with its latest additions to its ready-to-eat menu, inspired by some Southeast Asian classics. Check out these new culinary creations (halal-certified too!) available at 7-Eleven stores island-wide from 3 March. You now know where to go if hunger hits at midnight!

#7ElevenSG #7Eleven #OwnBrand #7SELECT #NewProductLaunch

Seriously Sedap: Southeast Asian delights to tickle your taste buds

Here’s a delicious duo that will be sure to cure any noodle cravings, day or night. First up, a signature dish from Malaysia – 7-SELECT Sarawak Style Kolo Mee. We’ve reinvented this classic, using chicken instead of pork, to come up with this halal certified version. The dish boasts tender, yet firm springy egg noodles coated in fragrant shallot oil, a generous serving of minced chicken and chicken char siew marinated in a special in-house blend of herbs and spices to give you that authentic sweet and smoky flavour. All of this is topped off with crispy fried shallots, choy sum and chilli for a spicy kick.

Our second exciting addition to our grab-and-go menu is our 7-SELECT Indonesian Style Noodles with Fried Chicken. Perfectly cooked noodles accompany fried chicken cubes in a balado sauce, a spicy sambal made using chillies, garlic and onion. This delicious dish also comes with an assortment of vegetables including choy sum, cabbage and carrots on the side.

Both items are launching in 7-Eleven on 3 March. From 3– 30 March 2021, get these items at just $3.60 (U.P. $3.90)!

Brand-new additions to the 7-SELECT RTE menu perfect for those on-the-go!

We’re rolling out two more quick, easy and mouth-watering snack options. Try our new 7-SELECT Chicken Gyoza with juicy minced chicken on the inside yet crispy golden brown on the outside. These pan-fried dumplings make for the ideal snack or side dish and are available at just $3 (U.P. $3.20) from 3 — 30 March.

Sometimes, a simple sandwich just hits the spot. Our brand-new 7-SELECT Ham and Omelette Sandwich launching on 10 March is made using tender chicken ham and fluffy egg omelette. We’ve also added extra vegetables including onion, bell peppers and lettuce to give some added crunch, making it the perfect breakfast bite or tea-time snack. Enjoy one for just $2.90 (U.P. $3.20) from 10 — 30 March!

More promotions and updates can always be found on the 7-Eleven Singapore Facebook page so stay tuned! Find your nearest 7-Eleven Store here.

About 7-Eleven

Established in Singapore in 1983, 7-Eleven has since expanded to more than 400 stores island wide to become the leading 24-hour convenience chain store. We take pride in serving the Singapore community 24 hours a day, 365 days a year. 7-Eleven emphasises convenience and value by offering a wide array of quality products, food and services to satisfy the needs of its customers. Think 7-Eleven and what comes to mind are the refreshing Slurpee, 7Café as well as a wide range of quality Ready Meals and sandwiches under 7-SELECT. 7-Eleven is also a 24/7 one-stop destination for customers who need to access bill payment services in their own time. Our services cover payment of utilities, courier services, and even cash withdrawal.

For more information, visit www.7-eleven.com.sg

Kyoto University will hold an online showcase event to deliver state-of-art innovations of startups rooted from premier Japanese academic institutes to U.S. investors and venture capitals

KYOTO, JAPAN – Media OutReach – 24 February 2021 – Kyoto University, one of the highest research and educational institutes of Japan, has successfully achieved breakthrough innovations in science and technology. In order to accelerate the conversion from science to society, Kyoto University has been committed to supporting entrepreneurs to start businesses with cutting-edge technologies and inventions that they have discovered. One of the initiatives that Kyoto University launched is an on-site laboratory on the campus of UC San Diego in 2019, which provides the university researchers with the resources that can be utilized to start business in the US.

Kyoto University has also launched an initiative to hold a showcase event titled “2nd Kyoto University Life Science Showcase @ UCSD 2021 (Online)” on March 2, 2021. This showcase was made possible by the collaborations with the Japan External Trade Organization (JETRO) and the Foundation for Biomedical Research and Innovation at Kobe (FBRI). The purpose of this showcase is to help scientists develop their technologies and launch their businesses internationally. This online event will introduce cutting-edge technologies and seeds in the life-sciences fields including pharmaceuticals, regenerative medicine, medical devices, diagnostics, and other categories.

Kyoto University has also decided to share this opportunity with other top ranked academic institutes in Japan. Therefore, startups rooted from other Japanese universities, resulting in 18 teams in total, will present their technologies and business plans in this showcase. Presentations will cover novel small molecules, antibodies and siRNA with novel mechanisms of action, cell therapies as novel therapeutics for oncology, Alzheimer’s disease, and other diseases with unmet medical needs. Novel technologies with iPS cells for respiratory diseases associated with COVID-19 and its novel diagnostic testing will also be presented in this showcase.

Prof. Masatoshi Hagiwara (Graduate School of Medicine, Kyoto University), who leads the initiative, says “We will bring innovative technologies invented in diverse universities in Japan. This will be an excellent opportunity for US investors, venture capitals or technology recruiters from pharmaceutical companies to discover promising startups. I hope we will have productive discussions and interactions between participants.”

2nd Kyoto University Life Science Showcase @ UCSD 2021 (Online)”

Date: March 2. 2021, 1:00pm- 5:00pm [PST] / 4:00pm – 8:00pm [EST] / March 3. 2021, 6:00am – 10:00am [JST]

Venue: Online via Remo

Registration: Click below to reserve your Remo link by March 2 (Mon), 2021. No fee required.

https://sites.google.com/kuhp.kyoto-u.ac.jp/kuls2021-in-english/home

About Kyoto University

In 1897, Kyoto University was established in Japan’s ancient capital of Kyoto as the country’s second national university. Ever since its founding in this historical and cultural center, the university has worked towards the realization of a peaceful and harmonious international community while taking a dialogue-based free academic style as its foundation. Today, it boasts eighteen graduate schools, ten faculties, and thirteen research institutes. They span from the humanities and social sciences to science, engineering, life science, medicine, and pharmaceutical science. Kyoto University is one of the top research universities in Japan, as well as the alma mater of many scholars and researchers active on the international stage, including ten Nobel Laureates, several Fields Medalists, and a Gauss Prize Winner. Visit our website at https://www.kyoto-u.ac.jp/en/.

VinBrain reaches final round of global competition “COVID-19 Pandemic Response Challenge”

The VinBrain team in the US has reached the final round of the Pandemic Response Challenge held by XPRIZE and Cognizant.


This competition, which has prize money of $500,000, aims to harness the power of data and artificial intelligence to predict COVID-19 infection rates, and propose Intervention Plans for governments, communities and regional institutions to control COVID-19 Pandemic when reopening the economy.


HANOI, VIETNAM – Media OutReach – 24 February 2021 – The Pandemic Response Challenge co-organised by XPRIZE and Cognizant was launched in November 2020. Participating teams will develop models based on artificial intelligence to make recommendations to achieve the goal of reopening society safely and limit negative impacts on the economy while minimising the SARS-CoV-2 virus outbreak.

Based on the jury’s independent assessment of the AI prediction of the COVID-19 trend and the infection patterns of the participating teams, the jury selected 48 teams from 17 countries for the final round out of a total of 104 teams from 28 countries in the semi-finals.

Thanks to the guidance by Mr. Mudit Jain — the Deputy General Director of VinBrain Product Development in the United States, the Vinteam team has developed a solution applying artificial intelligence to the accurate diagnosis of COVID-19 infections and provides intervention options.

The infection patterns vary by country and territory. As a result, interventions may work in one country or territory but be less effective in another.

Members of VinBrain in the US have come up with an extensive solution to this problem by developing the region-specific AI models to predict the COVID-19 infection time series in those regions. The Vinteam developed this solution based on a classical epidemic model called the SEIR model, which was then expanded to integrate with artificial intelligence to turn it into a dynamic model. In order to train its AI models, the team uses available features/data such as demographics, medical infrastructure, and economic indicators. A special feature used by Vinteam is Google Maps mobile metrics collected from worldwide Android phones in an anonymous and secure way, measuring the movements of people in public areas such as parks, hospitals, workplaces, grocery stores, stations, airports, etc. Another unique feature used by Vinteam is Google’s COVID-19 infection trend data which is aggregated anonymously and contains popular COVID-19 Symptom-Related Google Searches.

The jury selected Vinteam for the final round based on the accuracy of the AI ​​models and its ability to easily interpret the predictions of the solution. In addition, this approach can be used for any future pandemic response model.

Mr. Amir Banifatemi, General Manager for Innovation and Growth, said: “We aim to maximise the power of collaboration, competition and innovation to accelerate possible solutions for COVID-19 and future pandemics. The competition has shown encouraging results in a very short time, reflecting the application of artificial intelligence to the society.”

The Pandemic Response Challenge is sponsored by XPRIZE, which designs and operates incentive competitions to solve humanity’s grand challenges, in partnership with Cognizant, which is considered one of 15 iconic companies in the US, operating extensively in the field of information technology, developing business processes and consulting cooperation for some of the most successful units worldwide. The organisers also hope the competition will promote the use of artificial intelligence and data in tackling other humanitarian challenges. The competition’s results will be announced at the end of February 2021.

About VinBrain

VinBrain is an AI-focused company funded by VinGroup and its mission is to infuse AI and IoT to medicine. VinBrain aims to provide access to the best healthcare solutions, knowledge, and services. VinBrain is made up of a team of talented AI professionals with world-class experience. Their expertise are in the fields of computer vision, machine learning, language processing and large scale products and services. VinBrain’s AI experts work in teams despite living in many different countries including Việt Nam, Australia, South Korea and the United States.

About XPRIZE

XPRIZE is a non-profit organization, the global leader in designing and launching incentive competitions to solve humanity’s grand challenges. Active competitions include the $20 Million NRG COSIA Carbon XPRIZE, $10 Million XPRIZE Rainforest, $10 Million ANA Avatar XPRIZE, the $5 Million IBM Watson AI XPRIZE, $5 Million XPRIZE Rapid Reskilling, and $500K Pandemic Response Challenge.

Kyoto University will hold an online showcase event to deliver state-of-art innovations of startups rooted from premier Japanese academic institutes to U.S. investors and venture capitals on March 2

KYOTO, JAPAN – Media OutReach – 24 February 2021 – Kyoto University, one of the highest research and educational institutes of Japan, has successfully achieved breakthrough innovations in science and technology. In order to accelerate the conversion from science to society, Kyoto University has been committed to supporting entrepreneurs to start businesses with cutting-edge technologies and inventions that they have discovered. One of the initiatives that Kyoto University launched is an on-site laboratory on the campus of UC San Diego in 2019, which provides the university researchers with the resources that can be utilized to start business in the US.

Kyoto University has also launched an initiative to hold a showcase event titled “2nd Kyoto University Life Science Showcase @ UCSD 2021 (Online)” on March 2, 2021. This showcase was made possible by the collaborations with the Japan External Trade Organization (JETRO) and the Foundation for Biomedical Research and Innovation at Kobe (FBRI). The purpose of this showcase is to help scientists develop their technologies and launch their businesses internationally. This online event will introduce cutting-edge technologies and seeds in the life-sciences fields including pharmaceuticals, regenerative medicine, medical devices, diagnostics, and other categories.

Kyoto University has also decided to share this opportunity with other top ranked academic institutes in Japan. Therefore, startups rooted from other Japanese universities, resulting in 18 teams in total, will present their technologies and business plans in this showcase. Presentations will cover novel small molecules, antibodies and siRNA with novel mechanisms of action, cell therapies as novel therapeutics for oncology, Alzheimer’s disease, and other diseases with unmet medical needs. Novel technologies with iPS cells for respiratory diseases associated with COVID-19 and its novel diagnostic testing will also be presented in this showcase.

Prof. Masatoshi Hagiwara (Graduate School of Medicine, Kyoto University), who leads the initiative, says “We will bring innovative technologies invented in diverse universities in Japan. This will be an excellent opportunity for US investors, venture capitals or technology recruiters from pharmaceutical companies to discover promising startups. I hope we will have productive discussions and interactions between participants.”

2nd Kyoto University Life Science Showcase @ UCSD 2021 (Online)”

Date: March 2. 2021, 1:00pm- 5:00pm [PST] / 4:00pm – 8:00pm [EST] / March 3. 2021, 6:00am – 10:00am [JST]

Venue: Online via Remo

Registration: Click below to reserve your Remo link by March 2 (Mon), 2021. No fee required.

https://sites.google.com/kuhp.kyoto-u.ac.jp/kuls2021-in-english/home

About Kyoto University

In 1897, Kyoto University was established in Japan’s ancient capital of Kyoto as the country’s second national university. Ever since its founding in this historical and cultural center, the university has worked towards the realization of a peaceful and harmonious international community while taking a dialogue-based free academic style as its foundation. Today, it boasts eighteen graduate schools, ten faculties, and thirteen research institutes. They span from the humanities and social sciences to science, engineering, life science, medicine, and pharmaceutical science. Kyoto University is one of the top research universities in Japan, as well as the alma mater of many scholars and researchers active on the international stage, including ten Nobel Laureates, several Fields Medalists, and a Gauss Prize Winner. Visit our website at https://www.kyoto-u.ac.jp/en/.

Hong Kong Design Centre Supports the Injection of An Additional $1 Billion into CreateSmart Initiative to Promote the Creative Industries in 2021-22 Budget Address

HONG KONG SAR – Media OutReach – 24 February 2021 – Hong Kong Design Centre (HKDC), a non-governmental organisation founded in 2001 serving as the Hong Kong SAR Government’s strategic partner in establishing Hong Kong as a hub of design excellence, fully supports the injection of an additional $1 billion into the CreateSmart Initiative, which would be used to “continuously drive the development of the creative industries”. This was mentioned in the 2021-22 Budget Address delivered by the Financial Secretary, Mr. Paul Chan, today.

HKDC Chairman, Prof. Eric Yim, remarked, “The ensuing global pandemic has greatly accelerated the trends of digitalisation as well as innovation across all industries, which need to be backed by human-centred design to help us all thrive under the new normal. We fully support the government’s commitment to advancing the creative industries, as a thriving design culture is important for Hong Kong to take advantage of the new innovation opportunities arising from the pandemic.”

Amid the Government’s continual support for the development of the cultural and creative industries (which design is one of the creative industries), HKDC would strongly urge the Government to recognise the strategic value of design for creating economic value and enhancing societal well-being.

The strategic use of design and design thinking, accompanied by R&D and innovation and technology development, would enable enterprises — particularly SMEs and start-ups — to compete and grow in the digital economy. There are also ample opportunities for design to contribute to Hong Kong’s innovation and technology development, STEM education, the growth of multi-industry start-ups and local tourism, and enriching the quality of life for its citizens.

HKDC welcomes the injection of an additional HK$1 billion funding to the CreateSmart Initiative. It will continue to advance its design and innovation public mission to help create economic value and societal wellbeing.

About Hong Kong Design Centre

Hong Kong Design Centre (HKDC) is a non-governmental organisation, and was founded in 2001 as a strategic partner of the HKSAR Government in establishing Hong Kong as an international centre of design excellence in Asia. Our public mission is to promote wider and strategic use of design and design thinking to create business value and improve societal well-being. Learn more about us at www.hkdesigncentre.org

Lao National Single Window, a unique system to ease imports, exports at all borders

Lao National Single Window (LNSW) – The Ministry of Finance has issued an official notification of the use of the computerised platform of the LNSW system at all international borders and airports in Laos to simplify and make the import-export and movement of goods and cargo more efficient. The notification states that the system will be used from 23 February, 2021 onwards.

Using the system will increase the source of income for Laos and improve the processes. It is also to ensure that there is transparency of merchandise trade.

Training for the LNSW system will be held at the LNSW Office, free of charge, from Monday to Friday.

The main tasks of the system are:

  • To facilitate for requests and issue Import Permits,
  • To track the movement of the goods by manifest reference ID,
  • To collect the tax and relevant fees for treasury by once payment record.

The reasons to use the LNSW system are:

  • To simplify and more streamlined and efficient import processes,
  • To reduce paper burden as documents are standardised and only need to be submitted once,
  • To decrease cost of doing business as border crossings become more efficient through quicker validation and inspection,
  • To increase transparency between public and private sector,
  • To use the human resource more rational and reasonable.

LNSW activities covers:

  • Electronic Permits (permit requests and validation process),
  • Electronic Manifests (to track the merchandise and interfaces),
  • Single Point of Invoicing & Billing,
  • Statistics and Report.

In its notification, the finance ministry announced to implement the LNSW platform to manage the import of all goods at the bridge including all goods under exemption or suspension of customs duties and other obligations.

All the economic operators and shipping agents in Laos, which do business on import, export and transit, are encouraged to come to LNSW office to be trained to enable them to effectively use the system.

Those traders who are not registered to use the system, need to urgently register and have their user accounts issued.

Importers and exporters for all goods are assigned to pay customs and duties and other obligation fees as well as fees and service fees of other relevant agencies in one single point via service units or electronic system of BCEL and LDB, which include BCEL i- Banking, BCEL One, LDB Corporate Banking, cash, money transfer and cheque based on the relevant regulations.

LNSW Co.,Ltd is assigned to collect service fee for using such a system at the rate of 120,000 Kip for each transaction, which excludes customs and duties, tax, fees and other service fees of relevant agencies.

The LNSW is a Joint Venture between Laos represented by the Ministry of Finance and BIVAC Lao Co, Ltd, to implement the LNSW and operate for all international cross-border ‘s activities across the country.

For more details, please do not hesitate to come to visit LNSW office is at Ban Naxay, Saysetha District. H 429, Unit 41 3rd floor, Vientiane Capital, or please contact one of this phone numbers / WhatsApp 020 5489 1405 or 020 9861 7780 or 020 5554 4640 to register.

Email: helpdesk@laonsw.net

Website: www.laonsw.net

ripple2wave Incubator launches Digital Water Hackathon: $250,000 R&D funds for startups with solutions to tackle Singapore water issues

SINGAPORE – Media OutReach – 24 February 2021 Ripple2wave (R2WI), together with the Singapore University of Social Sciences (SUSS), is organizing its first Digital Water Hackathon to grow and nurture high potential startups in the area of water technology. Winners will receive prizes including S$50,000 Startup SG Founder Grant*, S$250,000 potential R&D funding, and up to S$6,000 Alibaba Cloud credits. Winning solutions will also have guidance to expand globally and get further exposure into the ecosystem. Registration at https://digitalwaterhackathon.com closes on 28 February 2021.

Singapore has set its sights on being self-sufficient in water by 2060, while water demand is expected to double in the same time frame. With current technical solutions, such as NEWater and desalination, only 85% of the demand would be met. Infrastructure investments, increasing operational costs required to maintain water systems, manpower constraints, and the impact of climate change are some of the related challenges Singapore’s water ecosystem is facing.

Given this situation, Singapore has invested heavily in becoming a Global HydroHub, continuously evaluating and embracing fresh ideas and perspectives to meet the future’s challenges.1

“The Digital Water Hackathon will contribute to these efforts (a) by raising awareness to the importance and challenges of water management and (b) by attracting talent developing digitally based ideas and solutions,” said Dr. Helge Daebel, Managing Director at ripple2wave, and added: “The digital space has proven to deliver solutions giving answer to the complexities of the water space. Singapore can leverage its reputation, collaborative ecosystem and talent to become a leader in the digital water space. We look forward to deploying our skills by creating, nurturing, and growing related startups.”

The Digital Water Hackathon will run from 6 March 2021 — 24 June 2021. Participants are provided with six problem statements from PUB, Singapore’s National Water Agency, Optiqua, ZWEEC Analytics and other major water players in the Singapore Ecosystem.

*Subject to Fulfilment of Startup SG Founder Eligibility Criteria


1 https://www.pub.gov.sg/watersupply/singaporewaterstory

About the Digital Water Hackathon

The Digital Water Hackathon runs from 6 March 2021 — 24 June 2021. It provides participants with six problem statements from PUB, Singapore’s National Water Agency, Optiqua, ZWEEC Analytics and other major water player in the Singapore ecosystem.

Participants will be able to enter the hackathon under two main categories:

(1) Entry: first-time entrepreneurs looking to solve problems in the digital water sector whose solutions are at the conceptual stage and

(2) Advanced: local or international teams with existing solutions ready to be deployed.

The programme will include a one-week Bootcamp and a 3-month long deep mentoring sessions by experts and business mentors. Participants will get the opportunity to present their solutions at the Singapore International Water Week 2021 in June this year.

More information and details about the problem statements can be found at https://digitalwaterhackathon.com.

About ripple2wave

Ripple2wave (R2WI) is a Singapore based incubator building emerging water technology leaders to serve global markets.

R2WI is a joint venture between VFT Ventures(Singapore) and Emerald Technology Ventures, a globally recognized Cleantech Investor with a twenty-year investment history. Part of this history has been a unique traction in the water space including successful exits to major industry players (SUEZ, XYLEM and BASF). Meanwhile, VFT successfully commercialised technologies from A*STAR through ZWEEC Analytics.

R2WI is supported by Enterprise Singapore and PUB, Singapore’s National Water Agency to create a unique ecosystem for emerging water technology startups.

www.r2wi.com