High Time for Korean Startups to Ride on Digital Fever in Southeast Asia
For example, attempts to introduce mobile technology to region-specific circumstances have been drawing huge attention. To name a few, startups aiming for improving the productivity of aquaculture industries or producing eco-friendly shopping bags to provide 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. This is no exception to Korean investment firms.
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.
High Time for Korean Startups to Ride on Digital Fever 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.
High Time for Korean Startups to Ride on Digital Fever in Southeast Asia
Startup boom can be named as one of the hot issues in Southeast Asia this year. This may not sound familiar to most Koreans except for those involved in the IT industry or venture capital sectors. However, startup markets across Southeast Asia have been rapidly gaining momentums.
In fact, locally born leaders of digital economy such as Grab in Malaysia which recently acquired the Southeast Asian business unit of Uber have been acclaimed for changing the conventional industrial map in the region.
Spread of mobility service and Indonesian cashless society
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.
