Taiwan companies secured orders worth NT$640 million (US$20.5 million) at Innovfest Unbound in Singapore, spotlighting the success of government efforts to promote emerging enterprises, the Ministry of Science and Technology said July 9.
Organized by Taiwan Tech Arena, the country's pavilion at Southeast Asia's largest innovation trade show spotlighted 28 new ventures in fields such as artificial intelligence, Internet of Things and health care.
According to the ministry, smart city solutions provider NADI System Corp. was the first local firm to seal a deal, securing a US$1 million order at the opening of the twoday event June 27. The Taipei Citybased company has developed software integrating 3D visualization and data management technology to enhance security systems in large venues such as airports and power plants.
Another enterprise to receive backing was mobility services outfit 3drens, which concluded three agreements worth over US$200,000. Their solutions for transportation businesses can provide users with analytics reports and fleet status updates.
Global industry heavyweights including Netherlandsheadquartered oil and gas company Royal Dutch Shell expressed interest in local businesses, paving the way for future collaborations in numerous fields, the MOST said.
Two Taiwan firms also shined in competitions at the event. Yallvend, a provider of mobile payment solutions for vending machines, was among the top 20 in a contest hosted by multinational conglomerate Unilever's startup collaboration platform. Luggage delivery service firm LuggAgent placed on the Unbound 50, a selection by festival organizers of the top emerging businesses worldwide.
Launched last year, TTA is a Taipeibased incubation hub supported by the MOST. It aims to foster hightech entrepreneurship in sectors like semiconductor manufacturing, mobile communications and software development, as well as connect Taiwan companies with overseas counterparts
Innovfest Unbound began in 2015 and is coorganized by National University of Singapore Enterprise and Londonheadquartered Unbound Innovations Ltd. This year's festival brought together more than 4,000 startups as well as small and medium enterprises from over 80 countries and territories.
Source: Taiwan Today