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. 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 had three regional demo events in Boston, Bangkok and Shenzhen. 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.

Following the recently concluded Boston regional event, these 5 winners are now preparing to head to Singapore for the global finals in August.

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. For instance, the fintech giant Ant Group began releasing its ESG reports in 2017, setting a precedent by adopting ESG criteria when others were still centered on CSR. The e-commerce giant JD.com commenced its sustainability reporting in 2020, initially focusing on corporate social responsibility. By 2021, however, JD.com was positioning itself as an integral player in the ‘new real economy’, integrating its ESG efforts within a broader business and enterprise framework.

Many Chinese tech companies are also taking proactive roles within the industry and the broader Chinese business community to address climate change. For instance, in 2022, Alibaba, the e-commerce conglomerate, pledged to eliminate 1.5 gigatonnes of CO2 emissions across its business ecosystem by 2035. It set Scope 3 GHG (value chain) targets and vowed to use its digital platforms to champion a low-carbon approach across the group.

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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. Watson said that 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. Going forward, companies are expected to put a stronger focus on diversity, targeting expertise in specific areas crucial for leading today’s businesses – such as climate change and data security – and addressing other material issues on company risk registers.