Last updated October 28th, 2018.
Everyone knows about the innovation coming out of Silicon Valley. But Asia startups have more untapped potential than anywhere else in the world.
Tech firms based in the region have access to billions of consumers nearby. Meanwhile, they benefit from far greater economic growth compared to western world.
Mobile spending is also becoming much bigger and some markets’ growth will rely on it in the future.
A report from Forrester expects online spending in China to reach US$1 trillion in four years through the growing use of mobile apps.
Practically every kind of industry, from tech to retail, benefits from a society where people use mobile devices with improved networks and increased application usage.
Asia Startups Target More Consumers
One major reason to invest in Asia startups is because of the region’s huge market size.
There’s over 4.4 billion people living in the Asia-Pacific area which represents 60% of the world’s total population.
More importantly, it entails a huge pool of customers and untapped talent too.
Population growth, along with easier access to an evolving tech industry, will inevitably help talent form in fields like engineering and design. Opportunities in Asia are immense because of this promising future talent pool.
Similarly. there’s still a lot of room for creativity and innovation in emerging markets like Vietnam and Thailand. Most of the region isn’t yet in a mature stage.
India Ranks Best Asian Country for Tech
Asia’s startup ecosystem is growing at an incredible speed making it a dynamic place to conduct business.
But India is the fastest growing startup ecosystem in the world according to a study by the National Association of Software and Service Companies.
India is now launching nearly 800 startups every single year. The nation’s startup sector is rising at a quick pace and should continue well into the future.
Likewise, most large Asian cities are equipped with advanced infrastructure that helps business creation and enables strong growth.
Even frontier market economies like Vietnam and Cambodia boast fast internet speeds and decent public transport.
Asia gets tons of investment in both economic and social infrastructure – something which has clearly paid off in many different ways.
There’s always risk when investing in startups and Asia certainly isn’t an exception. Just like elsewhere in the world, some firms have unrealistic valuations as more people jump on the “startup bandwagon”.
With that said, an increasing trend of liberalization, an untapped pool of consumers, great infrastructure, and a dynamic startup scene all bode well for Asia’s future.
Do you want to invest in Asia’s growing tech industry? Startups in Vietnam and Thailand are two of the best countries to get started.
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