Digital Transformation: When Imagination meets Reality

 2020-09-07 By: InnoVEX Team

Joint Taiwanese-Hungarian Hybrid Webinar Offers Insights into Digital Transformation

Taipei, Sept. 7, 2020—The Covid-19 pandemic has led to a surge in the trend toward digital transformation as businesses have had to pursue new and innovative strategies to keep operations running smoothly during lockdowns. Nowhere was this made clearer than at the Digital Transformation: When Imagination Meets Reality seminar held in Taipei on September 9.

The hybrid webinar was co-organized by the Asia Silicon Valley Development Agency and the Hungarian Trade Office Taipei with partners Start-up Island, InnoVEX, COMPUTUEX TAIPEI, the Taipei Computer Association, and Digital Success Nonprofit, LTD. Led off by keynote speakers from both countries, the event featured a mix of local and remote presentations by eleven Taiwanese and Hungarian startups and scale-ups that explored the opportunities offered by digital transformation.

The event offered insights into digital transformation, explored ways in which tech startups and scale-ups use new technologies to transform ideas into reality, and provided business collaboration opportunities to ICT professionals, venture capitalists, and industry professionals.

Cheng-mount Cheng, Deputy Minister of National Development Council and CEO of ASVDA, and Hungarian Trade Office Deputy Representative Lili Siklós gave the opening remarks. Deputy Minister Cheng noted that with 4.4% of the global market share of IoT production, Taiwan is a major player in digital transformation worldwide. According to this year’s IDC Spending Guide, global spending on digital transformation will grow by 10.4% to 1.3 trillion USD this year, and digital transformation will add 2.6-3.1 trillion USD to Asia Pacific GDP by 2024. Taiwan, as a capital-rich country with a strong and responsive supply chain that offers quick turnaround, thrives in this kind of market, making it a great place for start-ups to engage in fundraising and for businesses to set up facilities. Deputy Representative Siklós stressed the importance of collaborating with global partners. She also noted that Hungary has been instrumental in helping to set up several digital innovation hubs in Europe specializing in fintech, medical technology, etc., which function as centers where startups can find investors or enter into joint collaborations and pool resources bring their ideas to fruition.

Keynote speakers at the event included Jobbágy László, managing director of Digital Success Nonprofit, LTD, and Steven Ho, managing director of institutional banking group DBS. László addressed his remarks remotely, noting that the world has already changed in ways that could not have been imagined even a decade ago, and that traditional brick and mortar businesses that didn’t invest in an online presence then are falling behind, particularly since the advent of the Covid-19 pandemic. László pointed out that the future belongs to those who can adapt to and take advantage of digital transformation, and that, as small, resource-poor countries, Hungary and Taiwan share similarities in relying on technology development to survive. László was followed in his keynote address by DBS managing director Stephen Ho, who during his 30 years in banking has experienced the digital transformation process first-hand in the banking companies he worked in. Ho, who has volunteered at incubator Garage + since 2016, noted that new companies have the advantage of already being digital, and that older companies that have survived the disruptions caused by digital transformation are those that invested in an online presence early and then kept innovating.

Following the keynote addresses, representatives of five Hungarian startups and six Taiwanese startups presented online or in-person pitches along with booth displays that offered insights into their products for those interested in partnering with or investing in their businesses.

The first presenter was Consolidity , a Hungarian startup that has developed a framework for digital administration. The company tailors their software for each client by recreating their work patterns in the digital space. Consolidity was followed by Hungarian firm Heatventors , which has developed a phase-change modular thermal energy system that helps businesses decrease energy costs by 20-50% and offers a 3-5 year return on investment. The remaining Hungarian businesses were WM System House , which develops smart water- and heat- monitoring and metering solutions, Kuube Hungary , which produces modular outdoor seating and cabanas with features that allow users to charge their devices and stay cool even outdoors, and Webkey App , which produces remote control software for Android systems that allows users to access, control, launch, or track smart phones, smart watches, set-top boxes and smart TVs, or POS devices remotely just by downloading the small client app.

The Taiwanese startups at the event offered pitches that should attract the interest of potential partners and investors alike. Among these startups is QT Medical , a telemedicine and home cardiac care innovator that has developed a hospital grade, 12-lead, resting ECG for home use. The device relies on a card with pre-positioned and pre-connected electrodes that a patient can use on their own, and the super compact size of the recorder means that doctors can order a kit to be mailed to the patient’s home, eliminating the need for costly and time-consuming hospital visits. The device is already on the market in the US, and the company expects to receive TFDA approval by the end of 2020. Another local scale-up is iStaging , a platform which makes it easy for clients to develop 3D object and spatial renders to turn any space into an immersive, interactive experience at a low cost and with minimal learning effort. The app enables users to connect with clients in real time to guide them through the space no matter where they are in the world. It is especially useful in the real estate and retail sectors, and can be used to create virtual exhibitions that are open to visitors from around the globe. The pet market was represented by Poop-out , a user-friendly, easy clean pet poop pad that removes waste hygienically and odorlessly, with no dust and no secondary contamination, eliminating the need for scrubbing and cleaning. The company is planning on moving into the long-term care and medical industries and is presently seeking venture capitalists and distributors for the world market. Rounding out the Taiwanese presenters were AgilePoint , a local company that supports startups and other companies by offering a low- to no-code application development platform that seamlessly integrates all processes into a single system, Taiwan New Garden , an IoT company whose connectivity and encryption technology allows users to set up up to 50 IoT devices in 5 minutes, and Allxon, a complete equipment management ecosystem that offers 24/7 remote service that helps businesses resolve issues with their IoT devices, saving them up to 30% of operating costs.

Have You Heard of Startup Island TAIWAN

So what is it? Startup Island TAIWAN is an initiative that bonds both the startup community and government tightly, aiming to forge a national startup brand and overall image for the startups based in Taiwan. This sound initiative was formulated by consulting over 100 members of startup communities and collecting opinions from the Ministry of Science and Technology and the Ministry of Economic Affairs respectively.

The logo symbolizes a journey from a startup island to the international arena. It stands for Diverse Culture, Daring Innovation, Leading-Edge Technology, and Endless Creativity, and demonstrates to the world the strong ambition and capabilities of Taiwan startups as well as their intention and ability to contribute to other startup ecosystems across the global platform.

Aligning with the mission, InnoVEX team under Taipei Computer Association (TCA) is proud to partner with Startup Island TAIWAN! You may expect more great contents regarding tech-startups, investments, technology and hot trends here!

InnoVEX Online Now Available!

InnoVEX Online is available to global startups, extending beyond the traditional exhibitors' list function, it will provide online presence globally by means of integrating with related communities via effective channels for those who are unable to participate physically, InnoVEX Online also makes it possible for our partners to showcase products or press releases on the web page to gain market exposure and discover new business opportunities!