Implication of Southeast Asia's startup fever for India to improve public services
In fact, Bengaluru in the Southern part of India, often termed as the Indian Silicon Valley, has even claimed the second place in the list of best locations for launching tech startups globally.
Now the thing is not in quantity but in quality in India. In spite of the snowballing increase in the number of Indian startups, not many young CEOs seem fascinated in jumping into the public sector.
Implication of Southeast Asia's startup fever for India to improve public services
Under this circumstance, the Indian government has also come up with a new initiative, 'Startup India', to foster startup ecosystems in the country since 2015. The purpose of Startup India is to generate startup-friendly environments for young entrepreneurs to unfold their unfettered business spirit in the ever-changing digital period.
Presence of as many as 22,000 startups in operation across the country has been partly attributed the government program backed by the latest strong economic growth.
Implication of Southeast Asia's startup fever for India to improve public services
The fact that India has made it to develop and discharge its own nuclear weapons and artificial satellites shows the state-of-the-art level of scientific achievements of the country.
Additionally, as widely known, some CEOs of top-tier multinational technology companies like Google, Microsoft and Nokia have been supplied from the vast pool of Indian IT talents.
Implication of Southeast Asia’s startup fever for India to improve public services
What has been undergoing in Southeast Asia can be observed in India as well. It is mainly because India is fairly conditioned with established resources needed for nurturing entrepreneurship in the wake of the digital era.
It is little doubt that India has been highly appreciated for its top-notch technology and IT manpower in an international stage.
Recent startup boom across Southeast Asia
However, venture capitals, symbols of adventurous money would remain indifferent unless they feel confident of more gains than losses by stepping into the digital frenzy in Southeast Asia.
In this sense, a rosy outlook on the startup fad in Southeast Asia is likely to be maintained for the time being.
Recent startup boom across Southeast Asia
There are yet pending issues to solve in startup fever in Southeast Asia. Poor IT infrastructures in non-urban areas, deficiency of high-skilled work forces and widespread financial illiteracy have chronically taken roots in most parts of Southeast Asia.
With the exception of Singapore, capital markets and legal and institutional systems for startups in the region aren’t well devised and developed as well.
Recent startup boom across Southeast Asia
There is further prediction that 480 million people almost nearing the entire population of the EU (European Union) will be accessed to internet in Southeast Asia by 2020.
This could explain why global investment experts have been paying closer attention to this area where youngsters covering around half of the overall population are climbing on the brand new era of the digital economy.
Recent startup boom across Southeast Asia
Why startup markets in Southeast Asia are much spotlighted? Hugh growth potential in the region would be singled out above all things. The number of internet users in key countries of Southeast Asia like Vietnam and the Philippines has been mounting the fastest on the planet.
A recent article from the Wall Street Journal rings another bell that whopping 120,000 online users are newly marked in the region on a daily basis.
Recent startup boom across Southeast Asia
To name a few, startups aiming for improving the productivity of aquaculture industries or producing eco-friendly shopping bags to offer publicly-customized solutions for Southeast Asia where primary industries still considerably counts are loomed large.
In addition, indigenous family conglomerates have joined the startup wave by setting up venture capitals and navigating business chances.
Recent startup boom across Southeast Asia
It is mainly young Southeast Asians equipped with experiences of studying in Western countries who initiated startup craze in the region. As more and more young generations across the region rush to kick off their own companies, business models of startups are getting shaped up in a various way.
For example, attempts to introduce mobile technology to region-specific circumstances have been drawing enormous attention.
Recent startup boom across Southeast Asia
Startup boom deserves to be named as one of the hot issues in Southeast Asia these days. Startup markets across Southeast Asia have been rapidly gaining momentums.
As a matter of fact, locally born leaders of the digital economy such as Grab in Malaysia which acquired the Southeast Asian business unit of Uber in early 2018 have been acclaimed for changing the conventional industrial map in the region. According to Tech in Asia, a Singapore-based online technology media, startups in Southeast Asia enjoyed as much as $7.9 billion in investment in 2017.
Spread of mobility service and Indonesian cashless society
As a result, financial environments without coins and bills have been realizing inch by inch. For instance, it is commonly observed that IT-savvy youngsters enjoy full benefits of a cashless society with Go-Jek or Grab on a daily basis. Of course, cashless society is still at its infant stage.
A life without cash may not ring a meaningful bell to those staying in less-developed parts of Indonesia. However, hopes are higher than ever that a cashless society primarily enabled by unprecedentedly fast expansion of mobility services will surely advance the national dream of digital Indonesia into reality.
