Good Evening , This is Biju Oommen connected to this call from India !

Hi everyone, thank you for tuning in! Please rename yourself with your name and company and introduce yourself in the chat!

Joseph Kalai, Co-founder & CEO, Kaleidoscope, Singapore

Hi everyone. My name is Jehan Ara - I am the founder of The Nest I/O in Karachi Pakistan

Hi everyone! I’m Chai, I design program and lead the partnership at Kumpul, we’re based in Jakarta, Indonesia

hi everyone..this is Matt van Leeuwen, chief innovation officer @ Sunway

Hi all, Chris Insinger here from Gist Systems. A startup working on improving sales teams effectiveness.

Neelesh here | Co-Founder and CEO of Akadasia

hello everyone, this is Kay, Malaysia-based staff writer for The Ken Southeast Asia. :)

Hi Grace, Khim here, working in Clinical Research in Sydney Australia 😊

Ernest here Co-founder & CTO of Grain :)

Hi everyone! I’m Jac, Chief Product Officer of GSC Technologies

Hi everyone, this is Jimmy from Ascentis, Business Development Manager

Hi everyone! I’m Eva, Lead Accelerator & Independent Programs at Kumpul, Indonesia :) Looking forward to the event!

Please feel free to drop your questions for Paul and Bok in the chat to be addressed in the Q&A session.

Paul - you used the phrase “privileged corporate assets” - can you define that please?

Hello Paul, you mentioned there’s 3 types of corporate startup partnership…1) corp vc 2) corp working with venture builder 3) ?

Hi Chris. Assets that large corporates have that start-ups generally don’t. Things like well established brand equity, customer access / data, infrastructure (eg in field logistics), internal IP etc. Then the question is when we take the things start-ups do have: speed, focus, founder mentality, nimble experimentation mindset - can we couple these with Privileged corporate assets to create “scale-up” dynamics. In the Qantas example I gave, their privileged corporate asset was their Qantas loyalty program and points system. This gave the new businesses Qantas Assure and Money large advantages in scaling fast.

Hi Kay. On the 3rd, I’d include co-developing / prototyping with start-ups via open innovation challenges like this one.

got ya, thanks Paul!

What are the success factors that you have seen; for corporate spin off or start ups to scale from 0 to 150 million revenue?What are the challenges that may be faced as the start up makes this transition?Do you have a story to share; from your experience?

On the three corporate startup partnerships mentioned by Paul, which usually have the best success rates? Does partnering with venture studios like BCG DV help speed up the whole innovating process?

Thanks Paul!

Hi Ka Kay. When done right with a throughly structured process, we’ve seen an “inverse power law” of corporate venturing receiving up to 80% success rate, versus a angel venture fund portfolio approach which sees 80% failure rate. Nevertheless this depends a lot on being strict with what you’re investing in and ensure that they are truly advantaged by the corporate assets and that you have the right governance set-up. There is much more to this, but that is a short answer for now.

Hi Paul; what kind of governance model would ensure a higher rate of success in the corporate investment?

Hey Paul, Bok - Gary here. I work with Sage Capital in Ventures.Most start-ups run with limited capital and runway and may die off organically - how do you know when its time for one of these corporate ventures to 'close shop'

Hi Jasmine. Biggest sources of failure are based on: 1. Not having the right team 2. Not having the right corporate mandate/structure/independence and capital to scale. Conversely success comes down to really scaling fast when the product market fit has been cracked and having team that can manage hyper growth

thank you, Paul! :)

Visit the SEA Open Innovation Challenge page at https://bit.ly/370yawR for more details.

Hi Jasmine. On your governance question…In the Qantas example they established “Qantas Ventures” with separate capex budget to launch and scale new businesses etc. So generally important elements are: 1. Ability to establish New Cos 2. Ability to reward team with equity 3. Ability to unlock material funds via stage-gated investments 4. Ability to oversee ventures with their own boards, rather than sending all decisions back through corporate’s own board sign-off process. Again this is just a rough summary for chat purposes. Happy to follow-up via linked-in or via Grace and Ravel team.

Once a company has already received Startup SG Founders Grant, they are unable to receive another Startup SG grant, i.e. this $20K ?

Thank you Paul!

based on your experience for a corporate spin off; what kind of skillset/ team make up is required for success?

What is the general R&D timeline for a start up to create a solution (from voice of the customer; to MVP)?

How about startups from other countries . Allowed to participate in innagural SEAOIC ?

Hi Gary from Sage. Great question. I think that the venture lens on the board is required to agree on annual metrics that matter, and progress against those that justify further funding rounds. The balance is willingness to stop funding versus enough runway to allow fro pivots like in a pure VC structure. In short, I believe the investment boards need real VC experience like yours.

Even companies that already have traction can apply?

If you have any other questions, please reach out to hello@seaoic.com! :)

I find the open-ended nature of these challenges quite difficult to properly respond to. To what degree are the corporates looking for off-the-shelf vs co-design/develop?

Rahul from TurnKey Lender- Sunway - Why not have anything around Digital banking?VNG - Where can we view more info on the True ID and OCR tech. Is their a sandbox environment? and what is the business goal with Challenge statement #1

Thanks for this, Paul. Hope to hear more of your experiences on this in the future

Hi Joseph, just to clarify that the $20k Startup SG grant through SEA OIC can be layered on the Startup SG Founder Grant. I.e. being a current grant recipient doesn’t exclude you from participating. Hope this clarifies.

Can companies with traction apply as well? Do we still qualify for SG Startup Grant?

Thanks Clarice

:)

Thanks! And its Akad (as acad in academics), Asia :-)

Thank you for coming today. If you have any other questions, please reach out to hello@seaoic.com! :)

Happy CNY everyone!

Thanks, happy CNY!

Thanks all and thanks Matt

Thanks!