With a boom in innovative technology, it’s no surprise that startups that are more inclined to technology keep arising all over the globe. The Asian continent has not been left behind though.
In recent years, Asia has seen tremendous growth in terms of tech startups. This is in line with its cultural values, resources, and the continent’s unique artistic features. You can know more about Asia here.
In fact, a vast majority of world-renowned tech specialists are shifting their focus to Asia for the first time. Due to this, Asian countries have become a favorite destination for young and ambitious business professionals looking to build their careers in a subtle and fast-growing environment. For most parts, technology plays a crucial role in giving the individuals a good boost.
Though the startup scene in the whole of Asia is taking baby steps, its effects are increasingly being felt in tech industries all over the world. Different individuals and investors alike are quickly shifting their attention and investment strategies to these startups as well as receiving massive components and success.
What Contributes to the Success of Asia’s Tech Startup Scene?
While it might be quite difficult to determine the forces behind the success of an industry, this is not the case though with Asia’s startup industry. Unlike other scenes, Asia’s startup scene can be characterized as vigorous and versatile. This is despite the fact that the scene is still going and still adapting to different forms of innovations and technologies.
According to recent statistics, Asia plays host to about 119 of 331 startups in the world. This amounts for one-third of all the startups with a value of $1billion. In terms of distribution, China plays home to 91 of these startups, while India comes second with 13 unicorn companies. Thereafter, South Korea has 6 companies and 4 in Indonesia.
China Startup Market
China plays an integral part of Asia’s overall tech startup success. In the past decades, the Chinas tech business market has been on an uphill climb. This is mostly attributed to a robust and dynamic attitude in terms of technological innovations as well as a consistent growth in technology.
Today, China plays only second to the USA when it comes to startup investment since early 2014. Due to this, China has played a vital role in the global economy by providing close to 20% of the globe’s venture capital.
Due to its abilities, innovations, and resources, it wouldn’t be wrong to say that China is a force to reckon with in the international tech market. This fact makes China not only an advantageous but strategic location to set up your startup business.
So far, some of the biggest names in the tech world to have set up shop in China include Baidu, Tencent, and Alibaba. Due to their presence in China, these companies have not only succeeded in the business but have also seen tremendous growth over the years.
Singapore Startup Market
Singapore is another Asian country that is leading in the tech startup market. The booming market is mostly attributed to a supportive government that channels a substantial amount of resources to its ecosystem.
Apart from this, the friendly government policies on tech investment make Singapore a friendly environment for tech startup investment. In fact, the government has gone even further to create companies such as the Economic Development Board (EDB) to ensure that there are consistent innovation and productivity at the highest standards possible.
India Start-up Market
India has not been left behind in shaping Asia’s tech startup scene. Just like Singapore, the Indian government is spearheading the revolution of the tech startup market in the country by enrolling more than 1.2 billion people in the country’s biometric digital system. With the system, the Indian government has been able to not only give its people a digital identity but a chance to access government services with ease as well.
Apart from enrolling its citizens, India has also developed ample digital platform.s as well as friendly tax laws. Due to this, the country has seen a surge in the number of both local and international investors in crucial tech startups. In a nutshell, these policies and platforms put in place by the Indian government have spiraled the country’s process of digitalization and tech start-up as well.