Enterprise Explores

In this episode of Enterprise Explores, we dive into the World Summit Awards (WSA) and its Malaysian chapter — a platform that highlights digital innovations making a societal impact.

On the back of the WSA Malaysia finals, Renuka Sena, the National Expert for WSA Malaysia and CEO of Proficeo, joins us to explore the role of the WSA, how WSA Malaysia identifies and celebrates digital solutions that align with the United Nations Sustainable Development Goals, the competition process, and the selection of the 7 Malaysian winners.

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On 1 August 2024, the EU AI Act officially came into force, and it is deemed a notable moment in global AI regulation. The Act is the European Union's first comprehensive regulation designed to govern the development, deployment, and use of artificial intelligence, aiming to ensure that AI systems are safe, respect fundamental rights, and are transparent.

This legislation, however, doesn’t just affect companies within the EU, but also stretches far beyond Europe’s borders, so long as their AI systems are intended for the EU market, compelling AI developers around the world to reevaluate their practices.

With severe penalties for non-compliance and strict prohibitions on certain AI uses, understanding the Act is crucial for any business that aims to operate in the EU market. To help us understand further the nuances of manipulative AI, the challenges in biometric data handling, and explore what these new rules mean for AI-driven industries are Ong Johnson, Partner and Head of Technology Practice Group, and Lo Khai Yi, Partner and Co-Head of Technology Practice Group at Halim Hong & Quek.

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Social media has become very much a part of our daily life, but its impact on children has sparked global concern. Australia recently passed a law banning social media access for users under 16 without parental consent, addressing rising worries over mental health, online safety, and data privacy for minors. While Malaysia hasn’t introduced a similar law, the Malaysian Communications and Multimedia Commission (MCMC) is making strides to regulate social media for younger users, focusing on age verification for those under 13. These developments reflect a broader global trend of prioritising child safety in the digital space and raise important questions about how governments and platforms can effectively enforce such policies.

In this episode, we discuss these pressing issues with Jillian Chia, Partner and Head of Privacy and Data Protection Practice at Skrine. Together, we explore the implications of stricter age restrictions on social media, the challenges of ensuring compliance without infringing on privacy, and the potential ripple effects of such measures on international regulations. We also look into the delicate balance between safeguarding children and upholding digital rights, as well as the unintended consequences these restrictions might have on digital literacy and online behaviour.

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Southeast Asia’s startup ecosystem is growing, but is the Silicon Valley playbook holding it back? In this episode of Enterprise Explores, I speak with Dr. Sivapalan Vivekarajah, Co-Chair of the Soonicorn Collective and Senior Partner at ScaleUp Malaysia Accelerator, about the pitfalls of adapting Silicon Valley’s approach to Southeast Asia—especially in Malaysia.

We dive into the revenue-driven pressures faced by startups, question whether the $100 million revenue benchmark is realistic for the region, and explore how rethinking valuations could unlock Southeast Asia’s true entrepreneurial potential. Dr. Siva also unpacks why moving beyond the Silicon Valley mindset might be the key to building sustainable, high-margin ventures that thrive in this unique market.

Key areas of discussion include:

- Revenue Pressures: Why the $100 million target is unrealistic for Southeast Asian startups and the structural challenges it highlights.

- Market Size Dynamics: How VC priorities like market size and revenue multiples often overlook the realities of Southeast Asia’s industries.

- Rethinking Valuations and Mindsets: The need for alternative valuation methods that better reflect Southeast Asia’s market potential, with a focus on building profitable, high-margin businesses.

- VC Dynamics: The pressures on venture capitalists to deliver high returns and how that impacts funding strategies in Southeast Asia.

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In Malaysia, women entrepreneurs are carving a significant niche, accounting for around 20% of the more than 650,000 entrepreneurs in the small and medium enterprise (SME) sector. Despite their increasing influence on the economic landscape, these women often encounter distinct challenges, especially in accessing crucial funding and financial resources. This gap highlights the urgent need for targeted initiatives that support and empower female business leaders.

To address these obstacles, the community group On The Rise is hosting the Rise Summit, an event specifically focused on enhancing financial literacy, fostering connections with funding partners, and exploring growth strategies for female founders and leaders. The Summit aims to be a transformative platform, offering masterclasses, workshops, and opportunities for direct engagement with investors.

Kate Sarginson, the Founder of On The Rise, underscores the importance of the Rise Summit, emphasising its role in shaping the future of women entrepreneurship in Malaysia and beyond. This event not only aims to level the playing field but also strives to empower women entrepreneurs through education, networking, and direct support, making it an essential milestone for female empowerment in business.

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