4 ways in which YCH Group and KPMG are developing Singapore’s logistics start-up ecosystem
YCH Group’s venture arm, known as Supply Chain Angels (SCAngels) has signed a Memorandum of Understanding (MoU) with KPMG in Singapore’s Digital Village, a symbiotic ecosystem that matches, fosters and forges innovation ventures between companies and startups.
Under the MoU, both companies will work to build a startup ecosystem with strong networks so that startups will be equipped to succeed.
Both companies will collaborate on the following areas:
1. Working together
SCAngels and KPMG Digital Village will support the growth of each other’s ecosystem through the collaboration of resources
KPMG Digital Village will support SCAngels’ mentorship program through the provision of experienced mentors to catalyse the growth of start-ups in the program
3. Problem solving
KPMG Digital Village and SCAngels will work together to solve industry problems, with SCAngels leveraging YCH’s industry knowledge and experience in supply chain management and logistics to provide problem statements as well as real life solutioning capabilities to test bed ideas
4. Closer ties
SCAngels and KPMG will set up a satellite office within KPMG Digital Village and Supply Chain City respectively. Supply Chain City is YCH Group’s upcoming flagship facility and headquarters.
James Ong, Partner and Invest Committee Member from SCAngels, said, “We are delighted to work with KPMG on this initiative. Driving innovation within Singapore’s supply chain management and logistics industries is one of SCAngels’ key objectives. Through this collaboration, we will mentor startups and offer them access to key knowledge and expertise, so that they are well-placed to succeed.”
Beyond mentorship and access to expertise, KPMG and SCAngels will adopt an approach that looks at addressing specific business challenges. This aims to help startups build solutions with a strong value proposition that is contextualized to the client’s business needs.
Lyon Poh, Head of Digital Innovation, KPMG in Singapore said, “Logistics Technology (LogTech) is one of the sectors identified as part of Singapore’s long-term smart nation vision. It is also one of the key sectorial focus areas for the KPMG Digital Village.We believe that our approach of helping logistics companies to address their unique challenges, coupled with knowledge of industry trends and business issues, will be a good complement to YCH’s depth of supply chain management experience.
"This will help local LogTech startups to focus the potential of their innovation on the specific needs of logistics companies.”
Seo JungJin: Who is EY’s World Entrepreneur of 2021?
Seo JungJin, founder of biopharma firm Celltrion, which most recently developed an antibody treatment for COVID-19, has been named the EY World Entrepreneur of the Year 2021, becoming the first South Korean in the award’s 21-year history.
Regarded as one of the world’s most prestigious business awards program for entrepreneurs, the EY Entrepreneur of the Year celebrates visionary and innovative leaders from across 60 countries who are transforming the world and fostering growth.
JungJin, who is now honoroary chairman of Celltrion Group, was up against a worthy cast of entrepreneurial competitors, taking the crown from among 45 award winners across 38 countries and territories.
Speaking during the virtual event, JungJin described his own interpretation of entrepreneurship as something that brings together “a group of people toward a common vision, embracing challenges as opportunities and committing oneself to contribute to the greater good”.
Why was JungJin crowned King Entrepreneur?
A South Korean native and now 63 years of age, JungJin founded biopharmaceutical firm Celltrion in 2003. In the nearly two decades since its founding, Celltrion has lived up to its goal of advancing health and welfare for all by developing ground-breaking drugs to treat autoimmune disease, various forms of cancer and, most recently, COVID-19.
The company, which JungJin started with just US$45,000 and five of his colleagues, has since growth to more than 2,1000 employees with sales permits in more than 90 countries and revenues exceeding US$1.69bn.
According to the panel, JungJin’s story is a shining example of the power of an unstoppable entrepreneur to change the world with the pandel moved by both his incredible story and his purpose-driven leadership, innovative mindset and entrepreneurial spirit.
Described by the chair of the EY judging panel Rosaleen Blair as “representing everything an unstoppable should be” from taking on the world’s biggest health care challenges to consistently creating long-term value for his company, JungJin’s story is one of incredible tenacity and perseverance that the judging panel felt most represented the entrepreneurial spirit.
“He’s taken breathtaking risks, both personal and professional, to found Celltrion and grow it into one of the world’s leading biopharmaceutical companies,” says Stasia Mitchell, EY Global Entrepreneurship Leader. “His passion for creating affordable, life-saving health care and flair for tackling global problems has led to many treatments that have helped millions of people worldwide and was especially evident this past year through the creation of a COVID-19 antibody treatment.”
How did JungJin get there?
JungJin's entrepreneurial journey started at an early age when he worked as a taxi driver to get himself through Konkuk University in Seoul, South Korea. After studying industrial engineering, he rose through the ranks of Daewoo Motor Co. before losing his job amid the carmaker’s financial troubles following the 1997 Asian economic crisis.
Following this, JungJin started collaborating with colleagues to explore business opportunities in different industries, though none delivered lasting success. The turning point came after he attended a talk hosted by renowned scholars, which inspired him to focus on the biopharmaceutical sector.
And so he founded Celltrion with just US$45,000 of his savings. The launch of Remsima, credited with being the world's first antibody biosimilar, quickly moved Celltrion up the ranks of the country's fairly underdeveloped pharmaceutical sector. Celltrion followed this success with the launch of drugs for breast cancer and lymphoma that today are being used worldwide.
With ambitions to be the world’s first in different areas, Celltrion has pioneered numerous uncharted areas to great success over the past two decades, most recently responding to the global pandemic by successfully developing an antibody treatment for COVID-19 and working to ensure a timely supply of the safe and effective treatment.
“When I first started, my vision was to help patients gain access to safe, effective and affordable medicines and thereby enhance the quality of people’s lives,” explains JungJin. “The success of Celltrion has enabled me to expand on this while finding new ways to fuel my entrepreneurial drive.”