Southeast Asia is home to countries like Singapore, Malaysia, Indonesia, and Philippines, which are globally acclaimed for their approach towards new innovations. From technology products to startups, the overall region has managed to attract a large number of entrepreneurs and investors, with the success of the former. But, the question is how did Southeast Asia pick up this traction on a global scale? Here are some key points to answer that prolonged question:-
Startup exposure and Technological requirement
For instance, Singapore offer one of the finest ease of doing business environments in the world for budding startups. That combined with the acceptance of experimentation with technology serves as a major attraction for entrepreneurs. The Indian touch to this opportunity comes with the inherent education spectrum, fair exposure, and command over English.
Government of Singapore has introduced various technological reforms in the island-city that range from better citizen interaction to enhanced security via facial recognition and video analytics and they are planning to collaborate with private players. The idea is to identify ideas with potential so that they can be utilized for improving the lives of people. In addition, startups that pick up traction in Singapore are more likely to setup their branches in bigger markets of Philippines and Indonesia.
Startups are initially formed with the idea of their service or product and its associated technology. However, as the business picks up investment and idea gains traction, other aspects like strategy, law, resource management, employee performance management, human resources, hiring, etc, get attached with the venture. In such a scenario, consultancy services play an important role in assisting the startups through multiple transition.
Home grown global IT solution providers like Bhavyam Infotech, Singapore, offer a comprehensive solution for new-age startups. With services like system integration, re-engineering, IT Infrastructure, customized software development, etc, the company helps startups transform into an organization. Furthermore, Bhavyam Infotech helps companies allocate their resources towards their technological requirements and keep the hassle of other departments away from the senior management.
With such an environment for Indian entrepreneurs, the competitive market brings out the best in the players and thus, offers a wide range of technological products. Consequently, global investors keep a keen eye on the development spectrum of Southeast Asia in terms of path breaking products and new services.
Frequent participation in seed funding, bridge funding, and venture capital rounds has been observed from global investors. With Indian entrepreneurs setting up major players of various industries in the past that cover local and international operations, there’s a little to newcomers from the same land.
Accepting consumer market
Arguably the finest part about places like Indonesia and Singapore is that the people are curious and excited about what next technology can bring to the table. Wearables, security system, home appliances automation, and other products in the past have been tried, criticized, and accepted by the citizens. This helps the futuristic technology based ventures improve their experiments via enhanced customer base understanding.
All that said, if you’re an Indian entrepreneur with an idea based on machine learning, artificial intelligence, or similar technologies, and are looking to enter the main market of the respective domain, Southeast Asia is truly the best choice.