Startups Competes in Global Demo Event, Highlighting ESG Development in the Tech Sector
Fifteen startups gathered in Boston Thursday, each vying for spots in the next stage of a global competition.
This event, called Inspiration Challenge, was initiated by Chinese consumer electronics manufacturer OPPO, the 4th most popular brand by shipment globally. OPPO started this startup roadshow demo event in 2022 and said they aim to bolster the innovative ideas of entrepreneurs and technology experts from all corners of the world, transforming them into viable, real-world solutions.
The participating 15 startups span a broad range of industries, such as molecular data storage, eco-friendly IoT devices, AI-powered healthcare platforms, wearable technology, and more.
According to OPPO, they received 687 proposals from 66 countries and regions this year. The contest for 2023 is centered around two themes: Inspiration for People and Inspiration for the Planet.
Inspiration for People calls for innovative solutions for digital health and accessible technology, aiming to make technology accessible and beneficial to everyone; Inspiration for the Planet calls for environmental protection and low-carbon development solutions, such as renewable energy, sustainable materials, and recycling of electronic products.
The Challenge invited seven industry experts as judges. They assessed participating startups’ proposals based on four criteria: feasibility (35%), innovation and originality (25%), long-term potential (25%), and social values (15%).
The five winners for Boston regional demo are:
1.Eyelight, wearable device for visual impairment with auditory and tactile feedback
2.Ixana, Wi-R connectivity for wearabl technology with 100x lower energy consumption
3.Ommo Technologies, permanent magnet-based 3D tracking technology that serves as the GPS for a patient’s body
4.Smart Resilin, novel biomimetic materials with high elasticity and durability
5.Woola, surplus wool for protective packaging that replaces plastic bubble wrap
This year, Inspiration Challenge is set to host three regional demo events, with the final two scheduled to take place in Shenzhen, China on July 31, and in Bangkok, Thailand on Aug. 7.
The top 5 winners from each regional challenge will be invited to Singapore for the global final demo event. The final 5 victors will each receive a grand prize of $50,000 in grants, alongside the potential for other partnership opportunities. For example, Shenzhen Aibaowei Biotechnology, a 2022 winner and startup that provides digital therapeutic solutions for diabetes, was given the opportunity to integrate its services with the OPPO Watch 3 to make diabetes monitoring more convenient and widely accessible.
Following the recently concluded Boston regional event, these 5 winners are now preparing to head to Singapore for the global finals in August.
According to OPPO, they hope that the Inspiration Challenge will become a platform for the firm to speed up tech innovations globally. The platform serves three main functions, including talents attraction, corporate social responsibility, and empowering innovation to demonstrate the innovation capabilities of its global technology ecosystem and its commitment to being a socially responsible corporation.
As environmental, social, and governance (ESG) principles become increasingly central to global business strategies, China’s technology sector is making swift strides in these key areas, in line with trends observed among its listed businesses.
There is a clear evolution and maturation in sustainability reporting within Chinese tech companies. Recently, JD released its 2022 ESG report, emphasizing areas like supply chain enhancements, social equity, and green low-carbon solutions. Similarly, Tencent issued its 2022 ESG report, focusing on environmental protection, employee development, digital rights, and sustainable social value.
Many Chinese tech companies are also taking proactive roles within the industry and the broader Chinese business community to address climate change. For instance, OPPO has set the goal to achieve carbon neutrality across its global operations by 2050. For now, OPPO has taken measures to minimize carbon footprint and emissions through initiatives such as green products, green operations, and reducing carbon emissions in its own operations.
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Recently, JD released its 2022 ESG report, emphasizing areas like supply chain enhancements, social equity, and green low-carbon solutions. Similarly, Tencent issued its 2022 ESG report, focusing on environmental protection, employee development, digital rights, and sustainable social value.
“The innovative tech sector has the opportunity to assume a leading role in the ESG space, and it can potentially become a beacon for ESG in the Chinese mainland,” wrote Mark Watson, Head of ESG Advisory (APAC) at Teneo, a global advisory firm.
However, challenges remain. Board diversity remains an issue among Chinese mainland companies in general. Gender diversity is weak, with female directors still in the minority. Women in China still have low representation on corporate boards. In fact, only 11.8% of companies have 30% or more women on their boards, according to MSCI.
OPPO said they are also combating this issue as evidenced by the significant number of women-led startups participating in the Boston regional demo event for the Inspiration Challenge.
“In the future, we expect to see a greater focus on diversity of background, with a specific focus on directors with expertise in specific, required areas such as climate change, data security and other material issues on companies’ risk registers,” Watson wrote. “We see significant long-term growth opportunities in this all-important sector in China. Continued investment in technology to support environmental objectives will be critical in enabling the government to achieve its carbon neutrality targets.”
