At the thematic discussion session, delegates listened to the opening speech on the topic of "Innovation and Entrepreneurship" by Irish MP, Chairman of the IPU Working Group on Science and Technology Denis Naughten; Founder and CEO of Sky Mavis Nguyen Thanh Trung; Director of HICOOL Tingyu Yuan; civil society and youth expert, Peacebuilding and Governance Group, United Nations Development Programme (UNDP) Beniam Gebrezghi.
Overview of the discussion session
The discussion session focused on improving institutions and policies to promote innovation and entrepreneurship (including youth entrepreneurship) as a driving force for inclusive and sustainable development, including in the field of food technology (foodtech); Sharing experiences of parliaments in legislation, supervision and the role of young parliamentarians to promote innovation and entrepreneurship; Exchanging and discussing the development of artificial intelligence to contribute to the process of achieving SDGs; Proposing to parliaments policies and solutions on building and improving institutions and policies to minimize risks related to artificial intelligence.
At the discussion session, emphasizing that investing in creative startups is investing in the future, delegates exchanged national experiences showing that to promote innovation and startups, some countries build strategies, specific action programs or establish funds to meet capital needs for young entrepreneurs; experience to increase access to technology, expand opportunities for all parties.
Founder and CEO of Sky Mavis Nguyen Thanh Trung
Sharing the difficulties that companies operating in the field of innovative startups face, Founder and CEO of Sky Mavis Nguyen Thanh Trung emphasized that not only Vietnam, but the world is also struggling to issue institutions and policies related to new technologies. Digital transformation today is no longer a choice but a necessity. It will be a long process with many challenges, forcing governments, businesses and consumers to change to integrate. Faced with this great opportunity, each individual and organization needs to break out of their comfort zone, reinvent themselves and compete in the new normal led by advanced technologies.
Sky Mavis CEO believes that the startup ecosystem is a community of symbiotic entities that share and complement each other, creating a favorable environment to promote the formation of innovative and growing startups.
Not only startups, a complete ecosystem will include interconnected and interacting components, from the banking system, investors, investment funds, to related agencies such as state agencies, or startup support service providers...
According to Sky Mavis CEO, initial support and backing play a huge role in the success of startups. Businesses operating in the technology sector need a clear legal corridor more than ever. A legal corridor, whether it can be open or strict, but once clear, will greatly help in guiding the development of businesses.
Civil Society and Youth Expert, Government Management and Peacebuilding Group at the United Nations Development Programme (UNDP) Beniam Gebrezghi said that UNDP currently has the largest youth entrepreneurship program in the Asia-Pacific region with 202 partners. Before this project, UNDP realized that there were many initiatives being implemented but there was no regional channel to have a centralized "incubator" for youth innovation and entrepreneurship. Based on this reality, Mr. Beniam Gebrezghi said that this forum is a good opportunity for young parliamentarians to focus on discussing the leadership role of youth and solutions to encourage youth to participate in entrepreneurship and innovation.
Delegate representing the Kuwait Young Parliamentarians Delegation speaks
The representative of the Kuwaiti Youth Parliamentarians’ Delegation stated that startups play an important role in the economy today, and supporting startups can help businesses follow current growth trends. Therefore, there is a need for an appropriate legal framework, with special attention to small and micro enterprises to encourage sustainable business development, along with creating more jobs for young people.
Emphasizing the improvement of legal regulations, the Kuwaiti delegate said that small and medium-sized enterprises, or micro-enterprises, have been greatly affected by the recent COVID-19 pandemic, so it is necessary to create conditions for these enterprises to develop more sustainably in the future and have better resilience to economic crises.
The Kuwaiti delegate also shared the successful experience that the country has used the Kuwait National Fund to finance small and medium enterprises. Therefore, he wanted to share this experience at the Conference, ready to provide more information to other countries. Therefore, the Government needs to have strong support for start-up businesses to facilitate their development and reach out to the world.
HICOOL Director Tingyu Yuan believes that the key factor to promote innovation and creativity is attracting young people. Based on her practical experience in her work, she believes that young parliamentarians should interact more with young businesses to better understand the startup ecosystem and thereby better meet practical development needs.
UNDP Expert Beniam Gebrezghi
In his closing remarks at the panel discussion, UNDP expert Beniam Gebrezghi once again emphasized that to “nurture” startups, there needs to be a startup ecosystem that includes all aspects and support in terms of finance, human resources, technology, market access, etc. The issue is to converge all the advantages, along with that, countries can coordinate and go further together, achieving good results. UNDP expert believes that countries need to cooperate together, collective efforts to nurture startups.
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