Meet Startup @TW

RISE.AI Completed Its Second Roadshow in Taipei, Bringing the Regional Tech Ecosystems Closer and Accelerating Faster than Ever

RISE.AI

RISE.AI is the most comprehensive corporate AI innovation program in Southeast Asia, using RISE’s global network and expertise to create an outcome-driven innovative platform that bridges the gap between innovative concepts and applicable practices in accelerating the development of AI technology. The program aims to gather best-in-class AI startups who specialize in artificial intelligence technology with initial market traction to jointly develop pilot projects with leading corporates in various sectors such as Finance & Banking, Insurance, Energy and Clean Technology, etc. The leading corporates in Thailand who have joined the program include PTT Exploration and Production Public Company Limited (PTTEP), AI & Robotics Ventures Co., Ltd. (ARV), Bank of AYUDHYA Public Co., Ltd. (Krungsri) and the Digital Economy Promotion Agency (DEPA). The startups selected to join the pilot project will also receive personalized mentorship from our AI experts (New York University Tandon Future Labs), to ensure deliverables within the timeframe of the program.

RISE.AI takes place in Bangkok during April – September 2019, and to better connect and engage with the tech ecosystem in Asia, it also has the plan to organize roadshow in 10 major cities across Asia, which include Beijing, Hangzhou, Shenzhen, Hong Kong, Taipei, Bangkok, Singapore, Ho Chi Minh City, Tokyo, and Seoul.

Taipei, Taiwan was the roadshow’s second destination. The city’s vibrant tech industry, coupled with Taiwan’s proximity to China, has made it one of the most exciting of Asian’s Burgeoning tech hubs and in the recent times has attracted the interests and investments of some of the biggest players in the global tech industry, including Microsoft, Google, Amazon.com, IBM, and Oath, Yahoo’s parent company. On the same note, the Taiwanese government has also pledged to invest up to $11.3 billion New Taiwan Dollar (approximately $350 million USD) into AI- and tech-related projects.

RISE.AI paid visit to the city’s key tech companies, startup hubs, and accelerators that play major roles in propelling the innovation ecosystem in Taipei forward, in order to observe their drives and learn immersively from these organizations and their people. RISE.AI checkpoints include: Taiwan Tech Arena, MOX Accelerator - SOSV, Spark Labs, IAPS (University-owned Accelerator), BE Accelerators, Taiwan Startup Institute, National Innovation and Entrepreneurship Association (NiEA), LINE Taiwan, and, last but not least, CDIB Capital Innovation Accelerator. Most importantly, for the purpose of the roadshow, RISE.AI also aimed to recruit best-in-class AI startups through its private pitching initiative, which was conducted in collaboration with SEA’s leading corporates and investors.

For the private pitching initiative, RISE.AI invited 10 promising startups to present their visions with its corporates and investors partners in order to win the chance to be the city’s winner, who will then get onto the fast track to the program’s 80-finalist round. Despite all the candidates’ projects showing clear merits, however, one startup in particular caught the attention of the judging panel: INSTO (https://ins.to/about). INSTO is a person-to-person payment platform whereby the users can schedule their payments over a period of time, rather than paying in one installment. In the word of Ms.Panunya Charoensawadpong, Head of Business Development of PTTEP and ARV., “INSTO is outstanding. Their solution is unique and can solve the pain point we kind of already ignore.” This simple, yet poignant insight has now rocketed INSTO forward, being amongst the first to join the rank of RISE.AI’s finalists.

Another highlight of the roadshow was the Networking Session, held at The Executive Centre, Taipei Nanshan Plaza and attended by more than 200 attendees ranging from Thai and Taiwanese corporates, Taiwan-based startups, investors, accelerators, and the medias, who all brought along their individual ideas and perspectives to make this session a must for any person or organization looking to establish connection and exchanging their thoughts. This, and the experience of RISE.AI in Taipei, compelled Dr. Kid Parchariyanon, CEO and Founder of RISE, to make the following remark regarding the vibrancy and originality of the tech ecosystem here: “Government is quite supportive in Taiwan. We met Taiwan Startup Stadium, Taiwan Startup Arena, and Taiwan Startup Institute and all work together hand-in-hand. As Taiwan is close to China, chance of funding from China is also higher. We think there are huge opportunities for Taiwan startups to tap into the SE Asia AI market as there is demand from large corporates here.”

The significance of Taipei’s, and Taiwan’s, tech industry to SE Asia simply cannot be overstated. As Ms. Charoensawadpong pointed out, “startups in Taipei can plug in right away due to their open mindedness culture and lifestyle. Also, Taipei has a very good connection with other SE Asia countries,” noticing that AI startups in Taiwan can quickly become business solutions for corporates in the region.

Reflecting on this event, Mr. Leroy Yau (CEO, Taiwan Startup Stadium) said, “It’s really important for Asia to come together to showcase our abilities to innovate in a collaborative manner,” and to this end, RISE.AI is proud to have played a part in driving the tech ecosystem in Taiwan forward, and to foster close relationships and cooperation between all the participant cities.

About RISE
RISE is the leading regional Corporate Innovation Powerhouse in Southeast Asia. With the mission to drive 1% of Thailand’s and Southeast Asia’s Gross Domestic Product (GDP) growth through corporate innovation, RISE works with corporates and governments across Asia to accelerate them to become more innovative and succeed in the faster future through our 4 corporate innovation pillars – RISE Accelerator, RISE Intrapreneur Academy, RISE Ventures, and RISE Experience. The company engages in promoting corporate innovation environment to business organization in Thailand and Southeast Asia with an aim to establish Southeast Asia as the global hub for corporate innovation. See our latest innovation ecosystem building activities at www.riseaccel.com.