ASIAN STARTUPS MAKING A GLOBAL IMPACT BY SURPASSING THE USE OF TECHNOLOGY
Where will all these technologies be created? Much of this future technology is likely to come from entrepreneurs building startups.
BY: Phianne Jzhana C. Sia
In April 2021, there were almost 200 unicorns (startups valued at $1 billion or more, second only to the United States (290), and their gradual evolution is to augment artificial intelligence, Decentralized finance, Financial technology (fintech) and e-commerce, and sustainability-related solutions.
“There’s never been a more exciting time to be building a startup in the Asia Pacific. Across the region, a diverse, talented, and energetic group of founders is on the rise.” Said Kim – Head of Google for Startups. Considering, the effect of COVID-19 has generated greater demand for new digital services that startups are suited to form.
A good deal of skilled founders is growing across the region, and the support of startups may help out digital economies to grow. A lot of Asia startups want development on social, financial, and environmental challenges; thus, they are exploring the (AI) field, and the possible advances in technology that needs to be further established.
As for (Defi), an additional area where Southeast Asian startups raised $1 billion in equity funding in 2021, six times the amount compared last 2020. As Korea’s DA: Ground case illustrates to people in the region to invest and access other financial services.
In the case of Fintech and e-commerce which booms in Asia, where lots of founders are working to gain on making finance more inclusive and to make user experiences more convenient by aiming to be like Philippines’ Advance and Singapore’s Shop links as examples.
Some founders are more focused on sustainability, given Asia’s vulnerability to the climate crisis. Startups play a part to respond in Indonesia’s Duitin, which is overseeing 2,000 waste administration locales across Indonesia, and Taiwan’s Lockists, a common transportation stage that further develops air quality by decreasing vehicle use. Also, Healthtech startups such as Zyla in India, which offers 24/7 personalized care via mobile apps, are gaining momentum.
“At this moment of possibility for Asian startups, we want to make sure founders across the region have all the opportunities they need to grow, thrive and shape technology for the region and the world,” said Kim. And so, this year, they will be running the Google for Startups Accelerator program in India, Korea, Japan, and Southeast Asia to support and mentor growth-stage startups as their goal is to work with everyone in the startup community—including founders, VCs, and governments—to help move the entire ecosystem forward.