Everyone knows about the innovation coming from 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. At the same time, they benefit from greater economic growth than in the western world.
Mobile spending is also becoming 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.
All types of industries, from tech to retail, benefit from a society where people use mobile devices with improved networks and increased application usage.
Asia Startups Can Access More Consumers, Grow Faster
One major reason to invest in Asia startups is because of a huge market size. There’s over 4.4 billion people living in the Asia-Pacific region which represents 60% of the world’s total population. More importantly, it entails a huge pool of both potential customers and untapped talent which hasn’t been discovered yet.
A growing population, along with easier access to an evolving tech industry, will help talent form in fields like engineering and design. Opportunities in Asia are immense because of this promising future talent pool.
There’s still a lot of room for creativity and innovation in emerging markets like Vietnam and Thailand. Most of the region is not yet in a mature stage. As such, Asia’s startup ecosystem is growing at an incredible speed making it a dynamic place to conduct business.
India Ranks Best Asian Country for Tech
India is the fastest growing startup ecosystem in the world according to a study by the National Association of Software and Service Companies. The country is launching nearly 800 startups per year at a quick pace which should continue into the future.
Most large Asian cities are equipped with advanced infrastructure which helps business creation and enables strong growth. Asia gets lots of investment both in both economic and social infrastructure – something which has clearly paid off.
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, a growing trend of economic liberalization, an untapped pool of consumers, great infrastructure, and a rapidly growing startup community all bode well for Asia in the 21st century.
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