Third edition of WIEF IdeaLab aims to strengthen Asean entrepreneurship

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KUALA LUMPUR — The World Islamic Economic Forum (WIEF) Young Leaders Network has concluded the third edition of WIEF IdeaLab 2017 with a two-day boutique conference, which aims to strengthen the Asean startup ecosystem.

The event attracted close to 400 participants from 35 countries in Kuala Lumpur on Friday.

“As the rising center of the global economy, the Asean region boasts a myriad of opportunities; especially for startups and entrepreneurs.

“With innovation and entrepreneurship being a key agenda in many countries throughout the region including Malaysia, it is only inevitable that startups are increasingly looked to as key drivers of socio-economic and market transformation in the region,” said WIEF Young Leaders Network chairman Ebrahim Patel.

According to Patel, global venture capitalists continue to seek investment opportunities in the Asean startup ecosystem due to the talent pool and rapid growth potential.

“We bring together global venture capital firms and angel investors looking at investing in seed to post-seed stage companies.

“This also includes startups in the ideation stage across Asean. By doing so, WIEF IdeaLab 2017 is a prime example of the type of values that the WIEF Foundation and its associated programs bring to its various participants,” added Patel.

At the IdeaLab Pitch session this year, 31 Asean startups presented their ideas in efforts to receive investments from participating global venture capitalists; out of which 10 startups were shortlisted for the final pitch session. After the final deliberation, Moneybay, Zap Zap Math, CheQQme, Glueck, BolehCompare and Moovby received expression interest.

CSX who was also one of the finalists is currently a rising star in the area big data analytics.

WIEF IdeaLab 2017 is in line with one of the five industry growth vectors which will be discussed at the 13th WIEF this year — Entrepreneurship and Emerging Spaces. The other vectors are Disruptive Science, Technology and Innovation, Halal Consumables.