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Support For Startups: The First Ever Walkabout YGN By Global Entrepreneurship Network

11 August 2017

Aiming to support more technology related startup to grow further, the first ever walkabout YGN by Global Entrepreneurship network (GEN) held at UMG Idea Lab in Yangon on Friday.

UMG Idea Lab established in Yangon not only to develop and nurture new tech-related business startup within Myanmar  but also to enhance the life quality of the people.

According to the UMG idea lab, they already worked with twelve start ups from logistic, education, E-commerce, fintech (financial technology), Agtech (agriculture techonology), as well as health care industries. UMG Idea lab also stressed that most of the Myanmar start up entrepreneurs still weak in business knowledge.

Head of Tech Incubation, UMG IdeaLab, Arif Yuliannur said "... I don't think it is true if the sub term of the technical in Myanmar is lacked behind. There's so many a good programmers in Myanmar. The only problem is, there not much people who have strong business knowledge.... We are focusing at the tech start ups. ... Most of the people that comes here and pitch their ideas only focusing on the typical platform based startup, which is we want to build something like facebook, We want to build something like ZOMATO which is not having really actual a value proposition...."

UMG Idea Lab ensures their support for the promising local startups.

Head of Tech Incubation, UMG IdeaLab, Arif Yuliannur said "... Actually, we are looking for the new companies that fit really well what we are really doing, which is a lot. Mostly, in the education, in the agriculture, in the health care, we are not only see in the sense of business but how this will be transforming the society as well in Myanmar.... That is so many things that the UMG can help. Basically, we offered a sit funding ........."

Youth these days seem optimistic on such kind of support. 

Hlaing Phone Myint said “Me and our teams have an ideas to work on bee express delivery system, which is unlike other delivery, it is point to point system since 2016. Then, we met with UMG ideal lab and they assist us in all the necessary needs, including technical support. Despite many challenges remain, now our business covers most of the places in Yangon. So having this kind of ideal lab is really supportive for start up like us to realize our dreams into reality.”

Aye Sithu Aung said “I think a lot of youth these days, brave enough to expand their business ideas to start up business. But there are many challenges still tackle us, including financial as well as human resources and knowledge. So it's really great to have such kind of ideal lab to elaborate our ideas into real business.”

UMG Idea Lab based in Myanmar, Indonesia, Malaysia, and stressed they have plan to grow about 1000 promising local startups within years.