InnovFest 2024: Asia’s premier start-up showcase sets new records

InnovFest 2024: Asia's premier start-up showcase sets new records

NUS Enterprise, the entrepreneurial arm of NUS, successfully hosted Asia's largest university start-up showcase, InnovFest x Elevating Founders 2024, from 29 to 31 May 2024. Organised in partnership with Informa Tech, InnovFest is the official start-up event of Asia Tech x Singapore (ATxSG).

This year marked the biggest and most global edition to date, with 5,500 attendees. About 200 start-ups from across Asia showcased their groundbreaking innovations in Generative AI, Sustainability, Industry 5.0, Food Tech, Health Tech, Edu Tech and Future of Work. With participants from 10 countries and 17 Institutes of Higher Learning, the diversity and breadth of innovation on display were unparalleled. The inclusive and diverse line-up of speakers also featured around 65 local and international speakers, with a 50 percent representation of female visionaries.

Driving entrepreneurship through global collaboration

"InnovFest is more than a gathering of conversations. Through partnerships with universities and industry leaders, pitching sessions and networking opportunities, we are empowering start-ups to succeed with the right tools, resources and connections," said NUS President Professor Tan Eng Chye in his welcome address.

Prof Tan also emphasised NUS' dedication to supporting start-ups and entrepreneurs through diverse programmes and initiatives, all made possible through collaborations with partners across Asia. In today's interconnected world, such partnerships are essential for driving innovation and nurturing entrepreneurial talent.

Reinforcing this commitment, NUS inked several partnerships during the event. Among them were:

• Partnerships with Singapore Red Cross Society, STACS ESGpedia and World Wide Fund for Nature (Singapore) to nurture changemakers of tomorrow: These partnerships will enable students from selected NUS Overseas Colleges(NOC) to intern with organisations including World Wide Fund for Nature, the Singapore Red Cross, City Developments Limited, STACS ESGpedia and Angels of Impact, to gain first-hand insights into addressing some of the most pressing global issues such as nature conservation, the delivery of humanitarian aid, and sustainability. As part of the Discoverer Programme,the students will also benefit from the mentorship provided by the community of the Philip Yeo Initiative.
• Partnerships with Institut Teknologi Bandung and Universitas Indonesia to nurture entrepreneurial talents and support the growth of Indonesia's start-ups: With these partnerships, aspiring entrepreneurs enrolled in the two universities will be able to tap on scholarships to join the NUS Enterprise Summer Programme in Entrepreneurship. NUS has also been organising a Winter Programme in Entrepreneurship that brings in more Indonesian universities and other partners to broaden impact. Additionally, BLOCK71 Indonesia and Universitas Indonesia will create a structured acceleration programme to incubate start-ups in Indonesia.
• Partnerships with Innovation Factory and Universitas Gadjah Mada (UGM) to strengthen Indonesia's innovation ecosystem: BLOCK71 Indonesia will extend its partnership with Innovation Factory, the innovation arm of Salim Group, to strengthen Indonesia's innovation ecosystem. BLOCK71 Yogyakarta will also relocate to UGM's new student and innovation hub, Gelanggang Inovasi dan Kreativitas, bringing resources closer to student entrepreneurs.

• InnovFest 2024-6

  To nurture the changemakers of tomorrow NUS partnered impact-driven companies which have experience in addressing some of the most pressing global issues.
• InnovFest 2024-7

  NUS also formalised partnerships with several Indonesian universities and companies to support the growth of Indonesian start-ups and strengthen Indonesia's innovation ecosystem.
• InnovFest 2024-6

  To nurture the changemakers of tomorrow NUS partnered impact-driven companies which have experience in addressing some of the most pressing global issues.
• InnovFest 2024-7

  NUS also formalised partnerships with several Indonesian universities and companies to support the growth of Indonesian start-ups and strengthen Indonesia's innovation ecosystem.
• InnovFest 2024-6

  To nurture the changemakers of tomorrow NUS partnered impact-driven companies which have experience in addressing some of the most pressing global issues.
• InnovFest 2024-7

  NUS also formalised partnerships with several Indonesian universities and companies to support the growth of Indonesian start-ups and strengthen Indonesia's innovation ecosystem.
• InnovFest 2024-6

  To nurture the changemakers of tomorrow NUS partnered impact-driven companies which have experience in addressing some of the most pressing global issues.
• InnovFest 2024-7

  NUS also formalised partnerships with several Indonesian universities and companies to support the growth of Indonesian start-ups and strengthen Indonesia's innovation ecosystem.

Singapore and Asia: emerging hubs for technology and innovation

At the event opening, Guest-of-Honour Mr Tan Kiat How, Senior Minister of State, Ministry of Communications and Information, highlighted how Singapore and Asia have become vibrant hubs for technology and innovation, making a significant impact on the global start-up scene.

"This year, InnovFest aims to boost innovation and support talent development to make a big impact in Asia, especially in AI and sustainability. This focus comes at the right time, as Singapore has long recognised how important innovation and entrepreneurship are for driving economic growth, advancing society, and achieving sustainable development," said Mr Tan in his speech.

He further affirmed the Singapore government's commitment to investing in people, supporting the start-up community and creating an empowering environment.

Professor Chee Yeow Meng, Chair of the InnovFest Organising Committee and NUS Vice President (Innovation and Enterprise) added, "As Asia's biggest showcase for university start-ups, InnovFest 2024 brought together promising ventures and entrepreneurs from across the region. This year's event is indeed the biggest, most global and most inclusive iteration. The event not only supported participating start-ups but also strengthened Singapore's start-up ecosystem and empowered the larger entrepreneurial community across Asia."

Unlocking new frontiers in AI

A key theme for this year's InnovFest was Artificial Intelligence (AI) and Digitisation. Setting the stage with his keynote on 'Harnessing AI for Global Good', Professor Mohan Kankanhalli, Director of the NUS AI Institute, discussed the transformative power of AI in sectors such as healthcare, education and materials discovery. In the healthcare space, for example, he spoke about how AI is harnessed to enhance primary care for common diseases such as high cholesterol, high blood pressure and diabetes, ultimately helping to slow disease progression.

During a panel discussion titled "Protecting Your Innovations in an AI-Enabled World", experts discussed how AI is transforming the field of intellectual property, such as the latest trends and strategies for safeguarding data privacy while keeping digital solutions accessible and safe for all.

Ms Guan Dian, Co-founder of PatSnap, an NUS-supported unicorn, highlighted the trade-offs between data privacy and convenience from a consumer perspective. She said, "If we want absolute privacy, we would not be able to enjoy the conveniences of e-commerce or targeted video recommendations on YouTube. However, as a business, it's our responsibility to let users, who are the producers of the data, have a say on how they want their data to be used."

Associate Professor Bryan Low from the Department of Computer Scienceat the NUS School of Computing, who is also Director of AI Research at AI Singapore, delved into how data privacy can be improved with technology. He discussed the use of machine learning to "unlearn" inaccurate or sensitive data that should not be retained in models, noting that this approach may involve certain costs.

A highlight of InnovFest was the NUS-Microsoft Generative AIDemo Day, where attendees viewed innovations from ten pioneering, early-stage Generative AI start-ups in the region. These included Addlly AI, ARA App, ConnectingDNA, FollowTrade, HealthBridge.AI, Ledgerowl, Librarian, Lingosnap, Pebblely and Raijin.AI. They are part of the Generative AI Accelerate Programme offered by NUS Enterprise through its flagship global start-up development platform BLOCK71, in collaboration with industry leader Microsoft, to champion the advancement of early-stage Generative AI start-ups in Asia.

Harnessing technological innovations in the maritime sector

Turning to the maritime industry, NUS Enterprise and the Maritime and Port Authority of Singapore (MPA) launched the Smart Port Challenge (SPC) 2024. The event, graced by Dr Amy Khor, Senior Minister of State for the Ministry of Transport and the Ministry of Sustainability and the Environment, marked the expansion of this annual innovation competition organised by PIER71™. SPC now reaches beyond Singapore, inviting technology start-ups worldwide to address key issues in areas such as Maritime Green Technologies, Smart Shipping, Next Generation Ports, and Digitalisation.

In her speech, Dr Khor said, "We are committed to supporting the growth of the maritime ecosystem, and welcome global startups and partners to work with us. By collaborating and spurring innovation, we can solve the complex and cross-cutting challenges the maritime industry faces and chart its future course."

During a panel discussion that followed, titled "Navigating Innovation: Global Collaboration and Maritime Opportunities", Dr Hanson Lee, CEO and Co-founder of Green COP, shared his experiences with sustainable biofuel production from biowaste. Dr Lee, whose start-up participated in the SPC and NUS Graduate Research Innovation Programme, highlighted that while there is an abundance of biowaste, there are technological barriers that might slow down progress. He also discussed how combining biofuels with other types of green energy could lead to new sustainable solutions.

By NUS Enterprise