Indonesia’s solar energy awakening: Overcoming coal dependence through strategic climate Investing

  • Target 19- 21 % alternative energy by 2030, aided by US$ 20 bil climate finance package
  • AC Ventures sees potential in neglected renewable electricity market, backing companies

An Indonesian open mining site.

For years, Indonesia’s power landscape has been dominated by fuel, a fossil fuel that now accounts for a staggering 60 % of the nation’s electricity mixture. However, a change is on the sky, driven by the need to address climate change and the enormous potential of solar energy in the largest archipelagogue in the world. In November 2022, the Just Energy Transition Partnership ( JETP ) was launched at the G20 Leaders ‘ Summit in Bali, mobilizing an initial US$ 20 billion in public and private financing to decarbonize Indonesia’s energy sector. The nation has revised its ambitious goals to achieve 19 % to 21 % of renewable energy by 2030, a significant improvement over its current dependency on fossil fuels.

One of the main problems is the distant landscape of Indonesia’s off- network areas, with about 40 % scattered across islands beyond Java. It’s unlikely that the national grid will soon achieve most of these locations, which will put pressure on infrastructure development and highlight the need to harness the region’s vast renewable resources. &nbsp,

The promise of renewable energy, a nearly untapped resource in Indonesia, is at the center of this move. The country is a part of a region with staggering technical potential of 17 gigawatts of solar energy, more than 20 occasions the power needed to meet the net-zero emissions destination in 2050, despite having less than 1 % of its power from solar.

” The necessity to do something about culture shift is distinct, mainly in Southeast Asia”, says Helen Wong, Managing Partner at AC Ventures. Part of the issue, in particular, is that there has generally been an overinvestment in fuel, which has resulted in a glut of cheap electricity, “looking at Indonesia.”

Overcoming obstacles

Nevertheless, realizing Indonesia’s renewable electricity potential is not without its problems. Solar energy is still battling it out with subsidies that are still greatly favored by fuel, which is a distorted regulatory framework toward fossil fuels. Also, the state- owned utility company PLN, which manages the grid and serves as the sole off- taker for renewable energy, has been afraid to raise its purchases from renewable sources.

The early retirement of Indonesia’s coal plants, which account for a staggering 60 % of the local energy mix, is a crucial component of the JETP plan. An aggressive ramp-up in renewable investments is required to bridge the unbridled production gap, with a target generation of 36 gigawatts from solar photovoltaics alone, a sevenfold increase from investments in 2018 and 2021.

“PLN is not too keen to actually purchase more solar energy”, explains Wong. ” The grid needs to be upgraded to accommodate more sporadic sources of energy, such as solar, which will require significant investments.”

Despite these obstacles, investors like AC Ventures see immense potential in Indonesia’s solar energy market. Wong notes that the firm often encounters new ventures in three distinct categories: utility- scale projects, which require substantial capital expenditure, commercial and industrial subsectors, where companies can build or lease on- site renewable power plants for self- consumption, and residential projects, which are currently harder to scale.

Commercial and industrial space, according to Wong, is the most promising subsector in Indonesia’s solar energy market right now. Xurya, AC Ventures ‘ portfolio company and the largest player in this sector, is currently providing clean power to multinational corporations with a capacity of around 200 megawatts.

AC Ventures emphasizes important metric when evaluating solar energy projects, such as the internal rate of return and payback periods. Wong points out that subsidies can be beneficial, but that the decline in solar energy costs have resulted in less need for market-different subsidies.

Backing the winners

AC Ventures is optimistic about the potential for creative financing strategies to boost the solar energy sector, such as blended financing models with guarantees from organizations like the World Bank. The company wants to support the companies that succeed in this field by utilizing cutting-edge tools like solar yield optimization technology, trackers, and software to assess rooftop suitability.

” Increased grid connectivity between the nation’s main islands, likely achievable by 2028 at the earliest, is crucial for accelerating broad solar implementation across Indonesia”, Wong notes, emphasizing the over US$ 300 billion needed for renewable energy distribution and transmission upgrades.

We at ACV are eager to support the companies that succeed in this field and contribute to Southeast Asia’s looming energy transition as a whole as investors.

The road ahead

Indonesia’s enormous solar energy potential is an increasingly compelling solution as the country struggles to deal with the urgent need to address climate change and reduce its dependence on coal. With the right investments, regulatory support, and grid upgrades, solar energy could play a pivotal role in Indonesia’s energy transition, helping the country achieve its ambitious renewable energy targets.

For climate investors like AC Ventures, this transition is both a chance to promote sustainable change and a promising investment landscape with potential. By backing the winners in Indonesia’s solar energy market, firms like AC Ventures are positioning themselves at the forefront of a revolution, one that could unlock a brighter, more sustainable future for the nation and the region.

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Deepfakes? In India vote, AI positive for democracy – Asia Times

With over 640 million seats counted on June 5, 2024, spectators in India’s largest vote, which marked the end of the process, as well as what lessons can be learned for the rest of the world.

The efforts made extensive use of AI, including algorithmic imitations of candidates, celebrities and dying politicians. By some quotes, thousands of American citizens viewed deepfakes.

But, despite worries of common propaganda, for the most part the promotions, candidates and activists used AI positively in the vote. They used AI for normal political activities, including politicking, but generally to better interact with citizens.

Deepfakes without the fraud

Democratic parties in India spent an estimated US$ 50 million on authorized AI-generated material for precise connection with their constituencies this election period. And it was generally effective.

American political strategists have used Artificial to boost their communication because they have long understood the influence of character and emotion on their constituents. Young and future Artificial companies like The Indian Deepfaker, which began out serving the pleasure sector, immediately responded to this growing need for AI-generated promotion material.

In January, Muthuvel Karunanidhi, who was chief minister of the southwestern state of Tamil Nadu for two years, appeared via video at his party’s children aircraft event. He wore his signature yellow robe, white sweater, dark glasses and had his familiar attitude – nose slightly bent backward. Karunanidhi passed away in 2018, though. His party authorized the deepfake. A dead politician was introduced into the Indian election campaign by fake technology.

In February, the All- India Anna Dravidian Progressive Federation party’s official X account posted an audio clip of Jayaram Jayalalithaa, the iconic superstar of Tamil politics colloquially called” Amma” or” Mother”. Jayalalithaa passed away in 2016

Meanwhile, local representatives called voters to discuss local issues, but the voice on the other end of the phone was an AI impersonator. Shakti Singh Rathore, a member of the Bhhartiya Janta Party ( BJP), has been a frequenter of AI startups, sending personalized videos to specific voters about the government benefits they received and asking for their support over WhatsApp.

Multilingual boost

AI was present in the Indian elections in other ways than just deepfakes. Indian Prime Minister Narendra Modi addressed a crowd of a large number of people eager to celebrate the connections between the state of Tamil Nadu in the south of India and Varanasi in Uttar Pradesh’s northern state. As his Hindi speech was actually translated into Tamil, Modi proudly announced the launch of his “new AI technology” by requiring his audience to wear earphones.

The BJP used AI tools to make Modi’s personality accessible to voters in areas where Hindi is difficult to understand in a nation with 22 official languages and almost 780 unofficially recorded languages. Since 2022, Modi and his BJP have been using the AI- powered tool Bhashini, embedded in the NaMo mobile app, to translate Modi’s speeches with voiceovers in Telugu, Tamil, Malayalam, Kannada, Odia, Bengali, Marathi and Punjabi.

Some AI companies distributed their own viral versions of Modi’s well-known monthly radio show” Mann Ki Baat,” loosely translated” From the Heart,” which they voice-cloned to regional languages as part of their demos.

Adversarial uses

Indian political parties used AI to bolster their ongoing meme battles, and they doubled down on online trolling. The Indian National Congress uploaded a short clip to its 6 million Instagram followers early in the election season, using the song’s title from a brand-new Hindi music album called” Chor” ( thief ). Modi’s voice was copied by the video, which placed his digital likeness on the lead singer and reworked his lyrics to criticize his close ties to Indian business tycoons.

On its 7 million-follower Instagram account, the BJP launched a counter-retaliation video featuring a supercut of Modi campaigning on the streets, mixed with supporters ‘ clips, and played to unique music. It was a well-known singer Mahendra Kapoor‘s old patriotic Hindi song that was sung by him but was revived using artificial voice cloning. Kapoor passed away in 2008 and is now 84.

A common meme that alters footage of rapper Lil Yachty on stage, Modi himself tweeted an AI-created video of him dancing. Such inventiveness in the peak poll season is truly a delight, he said.

In some cases, generative AI tools were used to convey the violent rhetoric used in Modi’s campaign, which put Muslims at risk and stoked violence. However, the harm can be attributed to the offensive rhetoric itself, not necessarily the AI tools used to spread it.

The Indian experience

India is a first-time adopter, and its experiments with artificial intelligence serve as an example of what the rest of the world can anticipate from upcoming elections. Making it harder to tell the truth from fiction is made more accessible by technology’s ability to produce nonconsensual deepfakes of anyone, but its consensual applications are likely to increase that sameness.

The use of AI in participatory democracy that began with entertainment, political meme wars, emotional appeals to people, resurrected politicians, and persuasion through personalized phone calls to voters has opened a door for the role of AI in participatory democracy.

The BJP’s failure to win the anticipated parliamentary majority and India’s return to a highly competitive political system, among other things, highlights the potential for AI to play a positive role in deliberative democracy and representative governance.

Lessons for the world’s democracies

Any political party or candidate wants to have more specific conversations with their constituents, which is a priority in a democracy. In an unprecedented attempt to make their messages more accessible, especially to rural, low-income voters, by using AI for more individualized communication across linguistic and ethnically diverse constituencies.

Voters can communicate their demands and experiences directly with their representatives, and this could be done through AI and the development of participatory democracy, which would enable personalized communication as well as dialogue.

India can serve as an example of extending AI-aided party-to-people communications beyond politics with its recent proficiency. These platforms are already being used by the government to offer citizens in their native tongues government services.

This technology could provide a new era of representative governance, especially given the demands and experiences of rural residents.

Vandinika Shukla is a fellow at the Harvard Kennedy School’s Practicing Democracy Project, and Bruce Schneier is a visiting adjunct professor of public policy at the Harvard Kennedy School.

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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MYStartup Pre-Accelerator seeks startups to join Cohort 4

  • Call for prior- plant, earlier stage startups, applications opened until 23 June
  • The June to September program will be delivered by Watchtower and Friends throttle.

The winners from Cohort 3 are pursuing their dreams now as MYStartup seeks submissions for Cohort 4.

Programs are now available for the fourth incarnation of MYStartup Pre- Accelerator program, which is a collaboration with the Malay business accelerator Watchtower and Friends ( WTF). Applications are available until June 23 for early-stage and pre-seed startups from different sectors with a focus on technology-driven solutions.

The selected startups may be subject to a customized package designed to accelerate development and scale growth during the pre-accelerator program, which will run from June through September. Startup founders may gain access to a wealth of resources, including globe- group coaching and outcome- based curriculum. The top 5 startups will also be eligible for an extensive funding accelerator program, giving them the support they need to achieve beyond the pre-award program.

The Cohort 4 Programme has been properly developed to provide a complete learning experience for early-stage startups over the course of four months. With three lessons per year, each lasting three time, the program covers the following topics:

  • Year 1: Members ‘ Foundations- Aligning inc- leader goals, crafting mission and vision statements, and using Goals.
  • Month 2: Business Model Canvas- Building business models, client profiling, and market analysis.
  • Month 3: Minimum Viable Product ( Application )- Building Teams, resource requirements, and start roadmaps.
  • Week 4: Industry Validation- Pursuing validation study, gathering user comments, and iterating MVPs.
  • Week 5: Earlier- level Fundamentals- Exploring valuations, financing, legal documents, and pitching techniques.
  • Week 6: ESG for Startups- Understanding Sustainable Development Goals ( SDGs ), governance, and aligning startups with SDGs.
  • Participants in this planned program are given the necessary tools and knowledge to create and level successful startups.

MYStartup Pre-Accelerator seeks startups to join Cohort 4

The pre-accelerators program, which is a project of the Ministry of Science, Technology and Innovation ( MOSTI ) and spearheaded by MYStartup, is crucial to the Malaysian startup economy by bridging the gap between innovative ideas and viable businesses to foster a culture of entrepreneurship and innovation.

Companies like Deepsight were successful in launching their product on Google Play and the App Store, and they also signed strategic partnerships, which is a result of the successes of the preceding group. Additionally, startups like Rabt, PropMoth, and PyceHub are in talks to securing potential investments with an estimated value of US$ 318, 000 ( RM1.5 million ), cumulatively.

Applications for the MYStartup Pre- Accelerator Cohort 4 are then invited from companies. Do n’t miss out on the chance to participate in a program that can help your startup reach new heights.

The deadline to use is 23 June 2024. Try here.

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PM: Chiang Mai could be digital hub

PM: Chiang Mai could be digital hub
Srettha Thavisin, the prime minister, delivers a statement at the beginning of a commerce festival on Saturday during his visit to Chiang Mai. ( Photo: Thai Khu Fah Facebook )

Prime Minister Srettha Thavisin said during his attend to the northwestern province on Saturday that Chiang Mai has the ability to become a modern business hub in Southeast Asia and that the government will help the state in that endeavor.

Mr. Srettha described Chiang Mai area as a well-established digital nomad sanctuary and one of the best creative cities in the world.

” Late last month, Tim Cook, CEO of Apple Inc, told me that Thailand was home to more than 300, 000 software developers from all over the earth, which made it the second largest in Southeast Asia”, said Mr Srettha.

Chiang Mai state is also among the nation’s top 10 sites for online nomads, with 5, 000 of these specialists in the country doing business it, he said.

Mr. Srettha said the state is committed to enhancing the modern skills and knowledge of the country’s labor, but he would like to see an Apple designer club established in Chiang Mai.

The PM stated that the government is committed to enhancing the ecosystem in order to promote the development of modern startups, granting funding for both new and existing startups, changing laws to facilitate their development, and organizing events like hackathons.

However, Mr. Srettha instructed the Ministry of Tourism and Sports to hold discussions regarding how to resurrect the Baan Tawai craft arts center and make it one of the province’s best-known tourist attractions once more.

The Covid- 19 crisis caused pain to the center, but it has not yet recovered.

The center has requested funding from the PM to find new potential customers for their artwork and to raise money to make the environment better.

Mr. Srettha promised to hold events for hospitality promotion in Chiang Mai in the third quarter of this year to draw in more foreign and Vietnamese tourists.

In other news, Mr Srettha kicked off the government’s new commerce advertising strategy for 55 more cities in the country touted as “ideal sites”.

Earlier places were Bangkok, Chiang Mai, Phuket and Pattaya.

Tourists can prolong their stay if they want to visit Lamphun, Lampang, and Phrae while they are in Thailand, he said.

The longer they sit here, the more they will spend, he said.

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High potential startups unveiled at the MyStartup Pre-Accelerator Cohort 3 Demo Day 

  • 5 companies were selected as best winners&nbsp,
  • The third group included 26 businesses from a variety of industries.

Winners from the MyStartup Pre-Accelerator Cohort 3

After more than 16 days of intensive mentoring and consultations, the MyStartup Pre-Ameriator Cohort 3 and Growth Charger celebrated development and growth at its leading Demo Day. The program also recognized the cohort’s high-potential companies after they successfully completed proof-of-concept patterns while developing and verifying concepts and business models.

A total of 26 startups spanning various industries of green tech, bright life, kindness, and digitalisation were selected to participate in the programme’s second cohort spearheaded by Cradle and MyStartup. At the Demo Day, twelve champion companies pitched their business tips to an audience of fellow entrepreneurs, instructors, potential investors, and the greater Malaysia business community, including a screen of ten judges comprising business leaders such as Cradle, Maybank, Cyberview Sdn Bhd, Dana Impak, Tuas Capital Partners and The Hive Southeast Asia, Jewel Digital Ventures, MBI Selangor, Orbit Malaysia, Origgin Ventures, and SBI Ventures Malaysia.

As the event concluded, five startups were selected as the top winners. The companies include:

1. ScancerAI: A company that utilises advanced AI for early lung cancer detection through chest X- ray analysis, aiming to revolutionise diagnostics. This approach was aided in part by Universiti Kebangsaan Malaysia’s expertise.

2. Practistica: A startup that streamlines assignment creation, grading, and analysis for teachers. It features a large database of high- quality questions where teachers can drag- and- drop to create assignments, grade objective and subjective questions, and use analytics to focus on each student’s weaknesses.

3. Stay WokeProperty: A marketplace for long- term property rentals. It has a unique value proposition that focuses on assisting property owners in renting out quickly and avoiding the hassle of rental collection and maintenance.

4. FinDoc: An AI- driven online credit screening and advisory platform. FinDoc offers personalized advice to improve credit health and address financing needs for borrowers and recommends the best financial products. For agents and banks, it acts as a lead generator.

5. Beseek: A quick-to-use tool for analyzing content that includes qualitative analysis, such as identifying key highlights and analyzing gaps between private data and public knowledge.

Norman Matthieu Vanhaecke, group CEO of Cradle Fund Sdn Bhd, reiterated the crucial roles startups play in the ecosystem and the agency’s commitment to developing a high- performing, inclusive, and sustainable startup ecosystem in the country. We launched the first cohort in 2022 to help guide and coach early-stage startups and increase their growth potential. More than 100 Malaysian startups have benefited from the programme, with most startups expanding their market and adopting technology- led solutions such as advanced AI to revolutionise diagnostics, blockchain, and online interactive web platforms. For this cohort, we are proud to support all 26 participating startups, each utilising unique technology, data, and intelligence to develop viable proofs of concept that meet market needs and bridge existing gaps”.

” We would like to congratulate the winning teams, finalists, and all participating startups. We hope to equip these innovators with a solid foundation, and we look forward to their continued impact in their respective industries”, he added.

Additionally, Syed Haizam Jamalullail, managing partner of Tuas Capital Partners and The Hive Southeast Asia, who is also one of the judges, expressed admiration for the talent and innovation that can be found at the MyStartup Pre- Accelerator Demo Day. All 12 startup founders displayed exceptional quality, blending creativity, strategic vision, and entrepreneurial spirit. These startups are clearly growth-driven and ready to launch their ventures despite being in their early stages.

We at The Hive Southeast Asia look forward to seeing how successful these talented entrepreneurs will be in the future, he continued.

Shamsuddin Salleh, founder of ScancerAI and one of the top five startups, described the programme as instrumental in realising his innovative ideas, preparing the business for market entry, and opening doors for future collaborations”. Building a startup is a challenging but incredibly rewarding journey. Apart from embracing feedback and being open to pivoting your approach, a supportive network of mentors, peers, and advisors is critical. The program’s extensive mentorship, networking opportunities, and access to industry experts were essential in advancing ScancerAI to the next level.

Through the pitch clinic sessions, which have helped us refine our business model and strategies,” we have gained valuable insights into various aspects of startup development from the workshops and coaching sessions,” he continued.

In addition to taking home US$ 1600 ( RM7, 500 ) each and gaining recognition, the top five startups will join the MyStartup Market Access Programme. They can establish connections and communicate with key ecosystem players and potential partners around the world through this program. GrowthCharger will also continue to support these startups after the program by facilitating strategic ecosystem connections and granting access to foreign investors.

Startups selected for this cohort have benefited from individualized mentorship and one-on-one guidance from experienced entrepreneurs, which each cohort member has received over the course of four months. They also have benefited from using MyStartup and Growth Charger’s resources and global network.

Since the onboarding session, which was held last March, these innovators have been given multiple opportunities and perks, including exclusive networking events with global mentors and partners, invitations and group visits to innovation hubs, market research access, and channels to funding opportunities.

More than ten experts who served as mentors for the third cohort of the program come from a variety of backgrounds and have special expertise in various fields of expertise, but all come together with a shared commitment to positively shaping the next wave of entrepreneurs.

An initiative by the Ministry of Science, Technology &amp, Innovation, powered by Cradle, the MyStartup Pre- Accelerator aims to propel early- stage and pre- seed startups through a flexible yet comprehensive programme. This third iteration of the program, which is in line with the Malaysia Startup Ecosystem Roadmap 2021- 2030 to bring together every important player in the community to create a scalable, sustainable, and inclusive startup ecosystem, continues to be a beacon of opportunity for aspiring entrepreneurs looking to accelerate their business growth.

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India investor appeal to survive Modi vote setback – Asia Times

Narendra Modi’s Bharatiya Janata Party ( BJP), which has held a commanding presence in the Indian parliament, has lost its outright majority. This social upheaval caused the financial markets to experience fast turbulence.

The BJP will need to rely on smaller allies to form a partnership as a result of the shock result, which is a significant change from the BJP’s past two elections, which saw absolute majority support for itself. &nbsp,

Mumbai’s share prices plummeted, with the Nifty 50 index closing 6 % down after soaring to record highs the previous day, buoyed by exit polls that had erroneously predicted a comfortable victory for Modi and his party – which would have meant” the status quo”, or certainty, which markets appreciate.

For volatility may come as evidence of declining trust in India’s prospects for growth and balance. &nbsp,

However, this perception fails to account for the strong main elements that continue to make India a popular choice for foreign buyers.

Despite the social difficulties, the economic elements remain strong.

A burgeoning middle class and growing urbanization are the two main drivers of the country’s huge and expanding customer market. India’s statistical edge, with a fresh and powerful workforce, underpins its potential for sustained economic expansion. &nbsp,

This demographic dividend is a vital component for global buyers looking for long-term returns because it guarantees a constant supply of labor and an expanding customer base.

New Delhi has also been engaged in major economic reforms that aim to enhance the working environment. Activities like the goods and services tax have simplified the system, making it simpler for businesses to operate across the nation. &nbsp,

The government’s goes towards digitisation and improvements in facilities have even enhanced India’s charm as an investment destination. Startup India, for example, aims to build a solid habitat for nurturing creativity and businesses.

Entry and procedure in the American market are now more appealing to international investors because of the liberalization of foreign direct investment, which has also improved substantially across sectors like defense, railways, aviation, and financial.

Another significant initiative is the production-linked incentive ( PLI ) scheme, which was introduced in 2020 and offers financial incentives to businesses to promote domestic manufacturing and entice significant investments in important industries like electronics, pharmaceuticals, and textiles. The system strengthens manufacturing capabilities and draws foreign investment by fusing incentives with production output.

Regardless of the parliament’s social structure, these policies are likely to continue because there is general consensus on the need for financial modernization and development.

India’s charm is further strengthened by particular industries that provide significant opportunities for purchase. &nbsp,

Bangalore and Hyderabad are emerging as international tech hubs that are drawing significant foreign direct investments from technology giants like Google and Facebook, making India’s software and business ecology one of the fastest-growing in the world.

The country is home to a lively business society, supported by a strong network of startups, startups and venture capital funding. International investors who are looking for high-growth opportunities are drawn to this innovation-driven environment.

Also, the renewable energy sector in India presents considerable expense possible, with the president’s ambitious targets for efficient power capacity.

We anticipate that India will continue to be able to attract foreign buyers while maintaining its status as a formidable rival to China. &nbsp,

In light of the growing global trade tensions between the US and China, which have made many businesses consider India as a replacement hub for manufacturing and services, the Make in India effort has been instrumental in creating a manufacturing ecosystem that can compete with its closest main competitor. &nbsp,

The shock election results ‘ sudden increase in market volatility does not overshadow the fundamental factors that appear to provide global buyers with beautiful returns and sustained progress, I’m comfortable. &nbsp,

Indeed, given the persistent trade tensions between the US and China, the appeal is likely to grow significantly throughout 2024.

Nigel Green is the founder and CEO of deVere Group.

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DisruptInvest 2024: Gobind Singh talks digital, true investments and Madani but can he be bold?

  • Set off the same old and dated justifications for why it is impossible and believe in yourself.
  • work with other officials to improve the nation’s reputation as a modern citizen.

Gobind Singh, Minister of Digital (7th from right) with Ben Lim, founder and CEo of Nexea Ventures, which organised DisruptInvest 2024, with speakers and partipants.
GobidMalaysia’s Minister of Digital, Gobind Singh, spoke at the 5th DisruptInvest Summit on 23 May where he highlighted the administration’s dedication to support and help develop a strong business ecology through various initiatives, with the release of the annual KL20 summit in April designed to help light Malaysia’s business ecosystem to foreign VCs, as the latest signal of this intent. The government emphasized its goal of making Kuala Lumpur the Top 20 World Startup Ecosystem, thus KL20, by 2030.

In six and a half years, leapfroging 50 spots is a significant challenge that will require strong actions and strong government support, especially since KL is already in the 70th spot.

One such bold move, and yet low hanging fruit, will be to get authorities, the largest consumer of software companies in the country, to have its various departments and agencies move a small percentage, say 10 %, of their IT spend to businesses and homegrown software companies that have built their own solutions.

This concept has been repeatedly pushed aside and is not novel. I once asked Malaysian Prime Minister Mahathir Mohamad about the legality of requiring a small portion of government IT spending to be distributed to Malaysian tech companies in a press conference in 2002 in order to demonstrate the viability of their solutions. The question was not taken seriously.

But two decades later, the question must be taken seriously. Because, today, just as back then, the government aspires for Malaysian tech companies and its startups to be regional if not, global players. Stop aspiring for such bold goals if, as some have crossed RM400 million in revenue, we still do n’t show confidence in our own homegrown tech founders and their businesses today, because actions reveal true intent.

Here, Gobind can lead by example, be bold. The Digital Ministry should be the most digital in terms of its processes and engagement with the public and business because it is a new ministry and has no long-established relationships with IT vendors. Gobind must put aside the same old and dated justifications for why it is impossible and give favor to local tech startups.

The knowledge he acquires can then be applied to Minister Rafizi Ramli, a former minister himself, to the Economy Ministry. And so on to another ministry and so on.

Let’s see if Gobind, whose appointment as minister was well greeted by the tech ecosystem, leads the way.

Importance of capital

Gobind who also spoke at KL20, described capital as a catalyst to fuel KL20’s ambition, empowering innovators to push boundaries, challenge the status quo. The investments of today will be what will make the world of tomorrow,” he declared. The CEO of Vertex Holdings, Chua Kee Lock, who emphasized during his keynote that funding is a key factor in startup success, also made reference to the importance of capital.

This is also the reason the government is coordinating the two main public startup funding organizations, Mavcap Bhd and Penjana Kapital Sdn Bhd, into one entity that is governed by Khazanah Nasional Bhd, a sovereign wealth fund. Consolidation will give the government better visibility into the performance of its startup investments because both operate as fund of funds.

Gobind has a broad scope of responsibility as the digital minister, which is the first time such a ministry has been established in Malaysia. The National ICT Association, Pikom, anticipates that the Digital Economy will contribute to Malaysia’s economy by this year, as measured by GDP. As such, when he speaks of investment, Gobind does not just refer to startup funding.

For instance, he noted the 279 % jump in digital economy investments ( mainly in data centres ) the country enjoyed in the first half of 2023, translating to RM28.4 billion. And, without giving the time frame, he shared that almost 70 % of Malaysia’s RM225 billion approved investments are in the digital economy.

]Ed: Approved investments are not the same as realized investments with the latter always falling short of the former due to factors such as changes in company’s leadership/direction, macroeconomy shifts, and where investors and the government are unable to agree on actual details/benefits. ]

He also shared that Malaysia Digital Economy Corporation ( MDEC ), one of the agencies under his portfolio, had facilitated 262 funding deals for local tech companies, worth US$ 402 million between 2020 and 2023.

Gobind’s responsibility, as Digital Minister, is to collaborate with other ministers to make the country shine as a digital nation and a digital economy with a highly digital savvy population. Take care of that, and startups will make investments that are digitally skewed, either for automation of manufacturing, or to increase business efficiency through the use of 5G technology.

One international collaboration Gobind mentioned is with the world’s leading pre-advisor, Draper University, which announced in March that it would establish its first campus outside of Silicon Valley. Such a move is crucial for advancing and leading the VC pipeline and startups looking to expand in Malaysia, according to Gobind.

Does not see need to stamp mark by creating new blue prints/masterplans

With less than 280 bureaucrats ( note that this is separate from the headcount of the various agencies that report to the ministry ), Gobind’s leadership of the Digital Ministry is interesting because he is carrying out the role by working within already established initiatives to support the digital economy rather than launching any big bang blueprints or road maps himself.

His argument was that the execution of the current roadmaps and blueprints is essential for success. Changes needed, based on ecosystem feedback, can be done without tearing up existing plans and starting over. He does n’t feel the need to use big initiatives to stamp his own mark, according to an executive who is aware of his mindset. Gobind believes he is applying the lessons he learned from his first two years as minister, from May 2018 to February 2020.

He also advocates for the welfare of consumers and businesses. When given information on the activities of the organizations and businesses that report to him, including MDEC, MyDigital Corp, CyberSecurity Malaysia ( CSM), and Digital Nasional Bhd ( DNB), Gobind tries to understand how the target market can profit. He has made it abundantly clear that he does not want initiatives to be run or new ones to be developed solely for the sake of reporting, according to the executive.

Seeking inclusive, sustainable growth via Madani framework

Gobind emphasized that” true investment is not only about allocating capital,” with the Madani Economic Framework serving as the government’s guiding principle for the government’s leadership and development agenda. By investing in the advancement of humanity and the advancement of society, it aims to foster a legacy of prosperity and progress.

He claimed that this serves as” the moral compass for initiatives like the KL20 Summit, with action plans geared toward ensuring sustainable economic growth and social justice.”

And Gobind emphasized that his government is committed to creating a conducive digital ecosystem for the nation and the region with Malaysia taking over the ASEAN chair next year. ” This cannot be done without ethical investment”.

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Digital Penang’s 2024 Hardtech Incubator launches to make Penang a hub for hardtech and deeptech firms

  • Seeks to promote popularization of hardtech &amp, deeptech options
  • Project features 8 Penang- based businesses &amp, academy research projects

Representatives from the eight participating startups for the Hardtech Incubator Programme

Digital Penang, a authorities- linked organization of the Penang State Government, has unveiled the resumption of the Hardtech Incubator Programme. This program, which is inspired by Penang2030’s perspective, aims to move hardtech and deeptech technical solutions, especially those that are transitioning from Technology Readiness Levels five to eight, more quickly.

The Hardtech Incubator Programme, according to Digital Penang, is meant to bridge the commercialization space, ensuring that revolutionary solutions can be brought to the business more effectively and efficiently. The initiative is structured into two main aspects: Incubation and Acceleration.

The Incubation stage focuses on preparing companies with essential business planning, evidence- of- concept ( POC ) development, and business verification strategies.

Participants will receive coaching and resources to use their POCs in the real world, participate in market confirmation activities, and work to gain market traction for their hardware-based solutions during the acceleration phase. Also, startups will be prepared for buyer engagement through seminars on funding strategies and sound presentations.

Eight Penang-based startups and college study projects are featured in this year’s program. Beyond Medicare Sdn Bhd, Bitranger Sdn Bhd, Nexada Technology Sdn Bhd, Wysetime Solutions Sdn Bhd, Wysetime Solutions Sdn Bhd, Zero Technologies Global, Redo Smart Enterprise, and research initiatives from Tunku Abdul Rahman University of Management and Technology, including Automation Warehouse System and Smart Forklift System, are the participating companies.

These speakers discuss solutions like a hardware-based device for monitoring system communications, full HD wireless Augmented Reality spectacles, innovative video analytics for improving urban traffic and financial experiences, and a SaaS IoT hub for several IoT gateways and devices.

The program, which is led by 1337 Ventures, collaborates with Universiti Sains Malaysia, Collaborative Microelectronic Design Excellence Centre, and local services companion Projet Technology Sdn Bhd. Also, Gobi Partners and the Malaysian Business Angel Network have been approved as opportunity capital and funding partners.

According to Chow Kon Yeow, deputy secretary of Penang,” This program is a testament to the Penang State Government’s devotion to transforming the state into the fresh market, in line with the Penang2030 perspective. Through Digital Penang, we are committing to creating a strong technology-focused ecosystem that fosters startup founders and promotes the triple-helix collaboration design between the authorities, industry, and academic institutions.

According to him,” Criticly, this places Penang at the forefront of innovative technology waves and guarantees a prosperous future for our native talents in the emerging technologies grounds.”

The Penang State Government, through Digital Penang, is constantly promoting a strong digital business and industrial development. Through various activities, Digital Penang aims to foster an ecosystem suitable to innovation and entrepreneurship by supporting businesses with money, equipment, and networking opportunities.

Also, the company encourages partnerships between education, industry, and authorities bodies to travel research and development. The Hardtech Incubator Programme supports these goals by providing a clear path for businesses and college projects to market their technologies, helping to advance Penang’s modern economy.

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Google’s AI is losing all touch with reality – Asia Times

Google has made its most recent empirical search function available to hundreds of millions of customers across Chrome, Firefox, and the Google software browser.

By using conceptual AI, the same technology that power foe product ChatGPT,” AI Overviews” saves you clicking on links by providing descriptions of the research results. Ask the question “how to keep fruits clean for more,” and it uses AI to generate a useful description of advice, such as storing them in a cool, dark location and apart from other fruit like apples.

But beg it a left- industry question and the results may be disastrous, or yet dangerous. Google is now working to address these issues incrementally, but it’s a PR crisis for the research giant and a difficult game of whack-a-mole.

Screenshots of Google AI Overviews recommending eating rocks and putting glue on pizza.
Google’s AI Overviews may harm the tech giant’s reputation for providing reliable findings. Google / The Talk

Use a hammer to strike moles that roll up at random for details, according to AI Overviews, which is a classic arcade game. The game was created in Japan in 1975 by TOGO as Mogura Taiji or Mogura Tataki.

However, AI Overviews also mentions that “astronauts have played with cats on the moon, provided attention, and met them there.” More troublingly, it also recommends “you may eat at least one small stone per time” as “rocks are a vital source of minerals and vitamins”, and suggests putting epoxy in pizza topping.

Why is this happening?

One important issue is that relational AI tools are unsure of what is true or what is widely used. For instance, there are n’t many articles on the internet about eating rocks because it’s so obviously a bad idea.

There is, nevertheless, a properly- read humorous content from The Onion about eating stones. And so Google’s AI based its summary on what was popular, not what was true.

Screenshots of results recommending putting gasoline in pasta and saying parachutes are ineffective.
Some AI Overview results appear to have misplaced jokes and parodies for factual information. Google / The Conversation

Another issue is that generative AI tools do n’t understand our values. They’re trained on a large chunk of the web.

And while sophisticated methods ( such as “reinforcement learning from human feedback” or “RLHF” ) are employed to eliminate the worst, it is surprising that they reflect some of the biases, conspiracy theories, and worse that can be found online. Indeed, I am always amazed how polite and well- behaved AI chatbots are, given what they’re trained on.

Is this the future of search?

If this is really the future of search, then we’re in for a bumpy ride. Google is, of course, playing catch- up with OpenAI and Microsoft.

The financial incentives are sizable for AI race leadership. Google is therefore less cautious than it was in the past when releasing the technology into the hands of users.

In 2023, Google chief executive Sundar Pichai said:

We’ve been cautious. In some cases, we’ve made a decision not to be the first to release a product. We’ve built strong institutions around responsible AI. You will continue to observe us wasting our time.

As Google responds to criticisms, it no longer seems to be as effective as it once was as a major and depressing competitor.

It’s a risky strategy for Google. It runs the risk of destroying the confidence that users have in Google as the source for ( correct ) answers to queries.

Google runs the risk of undermining its own billion-dollar business model, though. How does Google continue to make money if we no longer click on links but instead read their summary?

Google is not the only company at risk. I’m concerned that using artificial intelligence will harm society in general. Truth is already a somewhat contested and ineffective concept. Untruths from AI are most likely to worsen this.

We might consider the golden age of the web in ten years, when the majority of it was high-quality human-generated content before the bots took control and flooded the web with artificial and decreasingly high-quality AI-generated content.

Has AI started breathing its own exhaust?

Some of the outputs from the first generation are likely to be used to train the second generation of large language models unintentionally. Additionally, numerous AI startups are promoting the advantages of training with artificial, AI-generated data.

However, using current AI models ‘ exhaust fumes could lead to even slight bias and error training. In the same way that breathing in exhaust fumes is harmful for humans, it is also harmful for AI.

These issues fit into a much bigger picture. Globally, more than US$ 400 million is being invested in AI every day. Given the torrent of investment, governments are only now starting to understand that we might need guardrails and regulations to ensure that AI is used responsibly.

Pharmaceutical companies are prohibited from releasing harmful drugs. Nor are car companies. However, tech companies have largely been given the freedom to do whatever they want so far.

Toby Walsh, Professor of AI, Research Group Leader, UNSW Sydney

The Conversation has republished this article under a Creative Commons license. Read the original article.

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MOF’s KMP invests in Malaysian computer vision startup, Evlos

  • Unknown investment amount to scale the group and R& D to help growth
  • Evlos provides solutions for various industries ‘ AI-based quality assessment needs.

Shankar Ramanathan, founder and CEO of Evlos (top row, 2nd from left) with his team.

Kumpulan Modal Perdana ( KMP), a tech-focused venture capital owned by the Minister of Finance ( Inc ), announced last week that it had invested in Evlos, a provider of end-to-end computer vision solutions for automated quality inspections. KMP has joined Evlos as its most recent investment, and the money will be used to strengthen its workforce to support its development trajectory.

Evlos, a company founded and developed in Malaysia, has a core goal: to enable companies to fully automate and simplify their excellent control (QC ) inspection process. Through their cutting-edge zero-code computer vision software and automation equipment, the company has a key focus. By lowering labor costs and improving accuracy and reliability, Evas ‘ advanced options can significantly help businesses that still rely on manual labor for QC monitoring of their products and materials.

Shankar Ramanathan, CEO of Evlos, shared, “KMP’s money as well as its experience and extensive system in Malaysia, it serves as a bible to KMP’s faith in our possible, validating our difficult work. We are dedicated to promoting proper business growth and providing high-quality computer vision and robotics technology to help Malaysia’s manufacturing sector improve their quality control. We even look forward to providing more Business with our powerful solutions so they can grow their businesses without sacrificing quality. We are appreciative of KMP’s help, and we hope that additional money will help us advance.

Cedar Technologies Sdn Bhd was established in 2019 as Cedar Technologies Sdn Bhd, and it just received an Evlos Sdn Bhd rebrand in 2022.

Evlos creates its end-to-end solutions in-house, from designing to manufacturing to software using the Evlos Vision software, which is integrated with real-time analytics to investigate precise detection during the production of complex products. Evlos stands out in the market by providing top-of-the-line solutions without sacrificing value, along with its distinctive 24/7 sales support.

KMP is “excited to be supporting such an innovative business &nbsp, and to be a part of an organization leading the development of complete solutions for quality assessment technology across fields,” said Yarham Yunus, CEO of KMP. We are the only company in the market to provide a fully integrated in-house remedy for high-quality examination automation at a reasonable price, which is where we think Evlos has the potential to expand. Our goal is to enable the Evlos staff to grow alongside their company in the upcoming times.

With the global fault detection business projected to grow by 6.6 % Rate by 2027, Evlos says businesses are beginning to realize how defect detection can help reduce manufactured goods ‘ defects, resulting in a decrease in both costs and resources.

Evlos provides no-code, AI-powered system vision solutions with a large, comprehensive collection of tools for a variety of use cases appropriate for all industries.

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