Key highlights for Malaysian entrepreneurs and startups – Wired PR Lifestyle Story
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[This is a sponsored post with Sidec.]
November 19-21, Selangor Smart City and the Digital Economy Agreement (SDEC) was held as a hybrid event this year, and organized Selangor Information Technology and Digital Economy Corporation (Sidec).
It lasted 3 days, the event started with 2 day panels of 45 famous speakers and ended with Pitch @ Selangor 5: Selangor Super League.
This year’s main topics for the panels were discussions on fintech, agricultural technology, travel technology, digital marketing and the digitalisation of SMEs, all of which have been selected as they become increasingly important as the global economy heals from COVID-19.
Meanwhile, the Selangor Super League had 20 startups selected from Selangor’s top 3 accelerators: Selangor Accelerator Program, Sunway iLabs Super Accelerator, and ScaleUp Malaysia.
It was certainly an event full of expert knowledge and expertise, and these were the highlights of SDEC 2021.
Day 1
1. Perspectives on the digitalisation of SMEs in Malaysia and the disruption of fintech
The first panel began with an engaging discussion of Malaysian digitalization trends, and along with the current fintech landscape.
Speakers like TNG Digital’s Danny Chua, Boost Biz’s Eric Chong, Dropee’s Aizat Rahim, etc. made appearances to share their ideas.
From them we learned that although Malaysia is improving the digitalization rate of its businesses, we still have many more SMEs in the 21st century.
Some methods to do this are to make it easier for SMEs to access online platforms and to reduce barriers to access.
Contrary to popular belief that having too many players spoils the market, having more players would speed up digitization. They point out that digital payments are only the first step in the digitalization journey; it is just one solution, among many problems to be faced.
These are the gaps that can be filled by private sector actors that gaps cannot be filled by institutions, such as the provision of microcredit.
2. Understand how the Malaysian travel and tourism sector is recovering
On the subject of travel and tourism, Roslan Sulaiman, Deputy Chief IT Director of Tourism Malaysia and Rickson Goh, Founder and CEO of Tourplus, rose to prominence.
In short, the world’s population is in a time of revenge spending. After being locked up for so long, it’s no surprise that we’re willing to exchange hard-earned money for experiences that matter to us.
But as international borders are not yet fully open, the focus is on domestic tourism. In fact, it could be said that domestic tourism has become a savior of the industry, after falling by 83% of international visitors in 2020 compared to 2019.
Agencies and companies such as the Malaysian Inbound Chinese Association (MICA) identified special sales proposals (USPs) for each Malaysian state and began marketing them online.
An example would be Selangor’s Sky Mirror, the background of thousands of shots worth Insta. He thus took advantage of the digitalisation industry to deal with the pandemic, but Azrul Shah Mohamad, CEO of Selangor Tourism, also acknowledged that government agencies still have a lot to learn in this space.
As they are not necessarily the most skilled at digitizing the travel and tourism industry, it is important to harness and leverage the strength of private sector actors to accelerate the learning process.
3. Learn about the barriers to agricultural technology and the opportunities it offers
What is usually assumed to be a traditional sector is actually progressing rapidly. But a long-standing problem is that they think it’s “sexy” to work in the agricultural sector, which is why the children of farmers decide not to pursue the business.
This Agritech could be a potential solution, as it eliminates the need for labor and the high risks of traditional agriculture.
Some of the key areas the government is focusing on to grow agricultural technology in Malaysia are: farmer advice, peer-to-peer lending, traceability, digital markets and mechanization platforms.
In the future, more attention should also be paid to impact investments, sustainable agriculture and development processes, renewable energy, and so on.
Day 2
4. Expert advice to stay competitive in the world of e-commerce
We’ve heard it over and over again: the pandemic has accelerated the digitalization of businesses, and with it, the growth of e-commerce.
So how can they ensure that traders are still seen in the red ocean?
First, a panel of expert speakers made up of leaders from Lazada, JDMAas and PG Mall shared that traders need to know the tools available to them and actually use those tools.
And just because you’re an online business, doesn’t mean you can slow down customer service.
In fact, it’s much easier to be unforgettable when you’re a network-only business, so making your customers feel truly cared for is even more important when it comes to creating lasting relationships in e-commerce.
Ongoing discounts and offers don’t guarantee a permanent fan base, so being able to have data available and know how to tell a great brand story will help you be memorable.
5. Explain how subscriptions and rentals are new property models
At Vulcan Post, we’ve seen an increase in subscription models for all types of businesses and products, from bird nests to children’s equipment.
It’s part of the sharing economy and could be a more sustainable way to ensure everyone owns a specific product.
These models have also entered the energy and healthcare industry, as in the case of Plus Xnergy and DOC2US.
Subscriptions and rental models are attractive because they reduce the immediate financial burden on customers and reduce barriers to accessing product ownership. In short, it makes it possible and more accessible for Malaysians of all income groups to benefit from a product or service.
With the effects of the pandemic on people’s financial situation, it is likely to be the sector in which we will continue to grow.
Day 3
6. Innovative startups struggling in the Selangor Super League
After an attractive and important 2-day long panel, the expected Selangor Super League began.
In total, 20 startups took to the stage to post their ideas and solutions, but only 5 would make it to the finals. To qualify, participants needed to ensure that they had a meaningful and meaningful contribution that could help them in their efforts to revitalize the nation.
The 5 were in the end:
- Champion – eMLab, a biotechnology company that provides laboratory services,
- 2nd place – MEANING, car services and breakdown support app,
- 3rd place – GFI Fintech, a provider of solutions for the financial industry,
- 4th place – NexMind AI, a software-as-a-service (SaaS) cloud-based AI company,
- 5th place – JOAN REGISTRO, a smart cold chain logistics platform.
These startups won cash prizes of different amounts of RM30,000. At the same time, Top 3 startups would have the opportunity to present themselves to international investors on a sponsored trip to Dubai World Expo 2020.
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Although many of us were only able to go home from SDEC 2021 on laptops, it didn’t detract from the learning experience.
It was interesting to hear from experts on the current barriers to overcoming our nation, recovery strategies, potential opportunities in the sectors, and so on.
The only thing he could improve on would be to be online, but maybe that will be more achievable when our nation is better protected against COVID-19.
Featured Image Credit: Sidec
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