Right Time for Korean Startups to Ride on Digital Fever in Southeast Asia
High 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 increasing the fastest in the world. According to an article from the Wall Street Journal, whopping 120,000 online users are newly reported in the region on a daily basis.
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 close attention to this area where youngsters covering around half of the overall population are jumping on the brand new era of digital economy.
Right Time for Korean Startups to Ride on Digital Fever in Southeast Asia
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.
As centered on Indonesia and Vietnam, two countries in the region respectively representing the maritime and the continental Southeast Asia, news of Korean venture capitals eagerly exploring lucrative investment opportunities are heard now and then. Why startup markets in Southeast Asia are much spotlighted?
Right Time for Korean Startups to Ride on Digital Fever in 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 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.
Right 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. Lazada, an e-commerce platform in Singapore and Gojek, an Indonesian app-based ride-hailing service provider are presentable cases.
Right 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.
