On August 19, a party was held to celebrate the successful conclusion of the “Ocean of Opportunities Challenge” (O3 Challenge), a worldwide contest aimed at creating new value through open innovation in the maritime industry. This was the second consecutive year for the challenge, which is planned and conducted by NYK Group companies Symphony Creative Solutions Pte. Ltd. (SCS)* and Ocean Network Express Pte. Ltd. (ONE),** together with NUS Enterprise.***
The contest began in February with ONE issuing six challenges related to its work processes. Over 50 startups from 14 countries subsequently submitted solution proposals, and the top-three were selected on June 27 at Innovfest Unbound,**** Southeast Asia’s largest innovation festival, held at Singapore’s Marina Bay Sands. Under the support of SCS and ONE, trials for developing solutions to suite actual business operations are currently being conducted.
Partners and related parties, including the three O3 Challenge winners, attended the closing party in August, and after speeches from special guests that included the chief executive of the Maritime and Port Authority of Singapore (MPA), and a representative of the Singapore Shipping Association, the solutions crafted by the three O3 Challenge winners were introduced.
In accordance with its medium-term management plan “Staying Ahead 2022 with Digitalization and Green,” the NYK Group seeks to create new value by making use of the latest digital technology for innovation in the shipping industry.
* Symphony Creative Solutions Pte. Ltd.
Jointly established in Singapore in March 2016 by the NYK Group, Weathernews Inc., and Kozo Keikaku Engineering Inc. to develop and market next-generation solutions in the shipping and logistics fields.
** Ocean Network Express Pte. Ltd.
A Singapore-based global container shipping company formed by integrating the container businesses of Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines Ltd., and Nippon Yusen Kabushiki Kaisha.
*** NUS Enterprise
The entrepreneurial arm of the National University of Singapore (NUS) plays a pivotal role in advancing innovation and entrepreneurship at NUS and beyond. It actively promotes entrepreneurship and cultivates global mindsets and talents through the synergies of experiential entrepreneurial education, active industry partnerships, holistic entrepreneurship support, and catalytic entrepreneurship outreach. Its initiatives and global connections support a range of entrepreneurial journeys and foster ecosystem building in new markets.
**** Innovfest Unbound
Organized by NUS Enterprise and Unbound, the two-day event featured over 15,000 entrepreneurs, brands, corporates, investors, and tech startups from 100+ countries.
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