The Next Big Thing? Asian Startup Scene May Well have a Hidden Talent
Success stories regarding Startups have been there for some time now. The conventional “Zero to Hero” inspirational tales are starting to become dull with the passage of time. Nevertheless, these stories still continue to be re-written.
Great ideas produced in the western world like Facebook, Paypal, Twitter and Pinterest have not only inspired many. Not only in the west of Africa but intriguing minds in Asian have also fallen for these opportunities in the commutating pool of technological advances. In fact, Asia is on its way to become the upcoming giant in the technology and all the statistics signify this claim.
There was a high level of investment from venture capitalists into India and South East Asia in 2015. The funding was almost equal to $10 billion.
The funding by venture capitalists in India was almost $ 7.5 billion in the first three quarters of 2015. Series A funding in India alone drew financing close to $542 million.
Visionaries like Dave McClure, a regarded name among Silicon Valley new companies, lauded the area for its fast tech learning while going by Singapore, Bangkok, Jakarta and Manila.
However the speedy growth in this region should not be too surprising.
Due to an ever growing population of about more than a billion and promising economy which is expected to become one of the most robust in the world, the consumer demand in India is a strong force by itself.
The incorporation of technology in business as well as daily life has been common in the developed world and consumers in India and the rest of Asia are striving to do the same.
People in the developed parts of the world have been more than welcoming in incorporating technology in their business and domestic dealings, but consumers in India and the rest of Asia still have a hunger for the same. This has given start-ups immense room to market ideas to an increasingly accommodating consumer base, and subsequently, to VC firms to find their next funding destination. This has given new businesses tremendous space to market thoughts to an inexorably pleasing customer base, and along these lines, to VC firms to locate their next funding destination.
In spite of the fact that India, with the size of its financing and customer base, has been the pioneer in pulling in VC firms, there remain prospects in the area that have begun to appear on the global funding radars.
Similarly Pakistan offers a great prospect for start-ups in its market. It is inviting the interest of International VC firms slowly but surely.
Compared to a meagre 4% in 2014, the start-ups have managed to get $23 million in 2015. Although the entities who secured the funding preferred not to disclose the amount of the pledges, still it can be deduced that the amount is a six digit increase in numbers.
Some of the companies which disclosed the amount and the name of the financers include job portal Rozee.pk securing $6.5 million and property portal Zameen.com $29 million.
The sum may seem negligible in size, yet the investment will surely demonstrate an impetus for both new businesses and financial speculators in the years to come. India has probably been a lucrative business sector, yet it has additionally turned into a competitive one in which players in the e-trade are finding it progressively harder to emerge among one another.
On the other hand, Pakistan is a market up for the task. The major chunk of the population is youthful and tech savvy. According to IPRIPAK, a recent survey showed that 60 % of the total population of the country is of youth which is (25 or below years of age). The usage of internet in Pakistan is also increasing, in fact the increment is the second largest in the SAARC countries standing at 16.8% behind Maldives at 23.8% with the introduction of broadband and cellular internet providers.
However, success stories like Rozee.pk, Zameen.com and Pakwheels.com have managed to capture the attention of hundreds of promising tech-preneurs. Asia is definitely a start-up heaven but Pakistan could be the dark horse of the region.