High Time for Korean Startups to Ride on Digital Fever in Southeast Asia(3)

High Time for Korean Startups to Ride on Digital Fever in Southeast Asia

Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are presentable cases. 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 huge attention.

High Time for Korean Startups to Ride on Digital Fever in Southeast Asia(8)

High Time for Korean Startups to Ride on Digital Fever in Southeast Asia

This also holds true to Korean startups and venture capitals gearing up to carve out the Southeast Asian market. Local startup founders have made unanimous voices that success stories of mainland Chinese startups have inspired them a lot. 

It is a shame that Korean startups are rarely mentioned for role models of Southeast Asian young entrepreneurs. Beginning with promising industries including fintech, education and mobile games, now is the right time for Korean startups to hit the digital road hard in Southeast Asia.

Expansion of Mobility Services and Its Impact on the Development of a Cashless Society in Indonesia(9)

Spread of mobility service and Indonesian cashless society

In tandem with the e-commerce, fintech and online travel areas, mobility service has been often acclaimed as the leading trailblazer of the Indonesian digital economy. 

It is due to the rapid development of the mobility industry mainly triggered by ever-intensifying rivalry between Go-Jek and Grab, two and only decacons in Southeast Asia. 

 

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(11)

Implication of Southeast Asia’s startup fever for India to improve public services

In spite of the snowballing increase in the number of Indian startups, not many young CEOs seem fascinated in jumping into the public sector. Most local startups have been allegedly involved in the apparently growing and thus lucrative business fields such as e-commerce, accommodation and transportation industries. 

Of course, this is no exception to their peers in Southeast Asia. However, continuous efforts to tackle long distorted public services have been reported from Southeast Asia.

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(2)

Recent startup boom across Southeast Asia

This figure is more than tripled than the total startup investment of $2.5 billion in 2016. This is far startling because investment in Southeast Asian startups failed to reach even $1 billion in 2013. 

Consequently, unicorn startups, privately held startup companies valued at over $1 billion, has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are well-known cases.

Startup fever in Southeast Asia and its implication for India(3)

Recent startup boom across Southeast Asia

Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are well-known cases. 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. 

Global eyes on startup fever in Indonesia(2)

Global eyes on startup fever in Indonesia

As the world’s biggest archipelago with 17,000 or so islands, Indonesia has little choices but to rely upon online or mobile platforms to have more people advantaged from the convenience and efficiency of the digital economy. 

Beginning from the e-commerce field followed by sectors like the mobility and the fintech  services, young startups have been playing crucial roles in taking initiatives to bring digital technology nationwide.

Global eyes on startup fever in Indonesia(2)

Global eyes on startup fever in Indonesia

As the world’s biggest archipelago with 17,000 or so islands, Indonesia has little choices but to rely upon online or mobile platforms to have more people advantaged from the convenience and efficiency of the digital economy. 

Beginning from the e-commerce field followed by sectors like the mobility and the fintech  services, young startups have been playing crucial roles in taking initiatives to bring digital technology nationwide.

Spread of mobility service and Indonesian cashless society(1)

Spread of mobility service and Indonesian cashless society

In tandem with the e-commerce, fintech and online travel areas, mobility service has been often acclaimed as the leading trailblazer of the Indonesian digital economy. It is due to the rapid development of the mobility industry mainly triggered by ever-intensifying rivalry between Go-Jek and Grab, two and only decacons in Southeast Asia. 

Beginning from the desperate idea of improving chronic traffic congestion in urban districts, both Go-Jek and Grab have risen to their fame as supper applications inevitable for daily lives of the Indonesian people, young generation in particular.

Global eyes on startup fever in Indonesia(4)

Global eyes on startup fever in Indonesia

In this regard, it is no wonder that Indonesia has been through hottest startup craze in Southeast Asia over the last decade. Starting from the e-commerce field followed by sectors like the co-working space, the mobility and the fintech services, young and ambitious startups have been playing crucial roles in taking initiatives to bring digital technology into designing customized solutions in a local context. 

As Bari Arijono  stressed throughout his book, 'Indonesia Digital Nation', digital transformation has been widely undergoing all over major industries in Indonesia.

Expansion of mobility services and Indonesian cashless society(4)

Expansion of mobility services and Indonesian cashless society

As the world’s biggest archipelago with 17,000 or so islands, Indonesia has little choices but to rely upon online or mobile platforms to have more people advantaged from the convenience and efficiency of the digital economy. 

Beginning from the e-commerce field followed by sectors like the mobility  and the fintech  services, young startups have been playing crucial roles in taking initiatives to bring digital technology nationwide.

Startup fever in Southeast Asia and its implication for India(12)

Startup fever in Southeast Asia and its implication for India to improve indispensable public services 

In spite of the snowballing increase in the number of Indian startups, not many young CEOs seem fascinated in jumping into the public sector. Most local startups have been allegedly involved in the apparently growing and thus lucrative business fields such as e-commerce, accommodation and transportation industries. 

Of course, this is no exception to their peers in Southeast Asia. However, continuous efforts to tackle long distorted public services have been reported from Southeast Asia.

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(11)

Startup fever in Southeast Asia and its implication for India to improve indispensable public services

In spite of the snowballing increase in the number of Indian startups, not many young CEOs seem fascinated in jumping into the public sector. Most local startups have been allegedly involved in the apparently growing and thus lucrative business fields such as e-commerce, accommodation and transportation industries. 

Of course, this is no exception to their peers in Southeast Asia. However, continuous efforts to tackle long distorted public services have been reported from Southeast Asia.

High Time for Korean Startups to Ride on Digital Boom in Southeast Asia(2)

High Time for Korean Startups to Ride on Digital Boom in Southeast Asia

According to Tech in Asia, a Singapore-based online technology media, startups in Southeast Asia received as much as $7.9 billion in investment in 2017. This figure is more than tripled than the total startup investment of $2.5 billion in 2016. This is far alarming because investment in Southeast Asian startups failed to reach even $1 billion in 2013.

Consequently, unicorn startups, privately held startup companies valued at over $1 billion has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are presentable cases.

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(8)

Startup fever in Southeast Asia and its implication for India to improve indispensable public services

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. Most local startups have been allegedly involved in the apparently growing and thus lucrative business fields such as e-commerce, accommodation and transportation industries. 

Of course, this is no exception to their peers in Southeast Asia. However, continuous efforts to tackle long distorted public services have been reported from Southeast Asia. For instance, Halodoc, an Indonesian health tech startup, has been providing tele-consultations with doctors, pharmacy delivery, and at-home lab services through its mobile application with reasonable price options to remedy the underprivileged public access to the medical service.

Startup fever in Southeast Asia and its implication for India to improve indispensable public services(2)

Startup fever in Southeast Asia and its implication for India to improve indispensable public services

Consequently, unicorn startups, privately held startup companies valued at over $1 billion, has been emerging one by one. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are well-known cases. 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.