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
2. Educational Programmes and Talent Development
3. Funding and Technology Commercialisation
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:
