Although startups have been predominately associated with the U.S. and other Western countries, more recently, APAC region has begun to build the reputation as being home to a number of powerful and successful startups. As such, the Asian business ownership rate has been increasing progressively, strengthening the region’s position within the startup market.
APAC countries have started their business style with an increasing number of successful new businesses. In Southeast Asian countries, new organizations are being founded on a daily basis. However, it is not the country itself but rather the demand on the market and the business environment that determines whether a startup can be successful. While the product demand is market driven, various criteria can be used to compare the business environment internationally. Among all the APAC countries, Singapore has always ranked highly of the ASEAN states.
China, on the other hand, continues to remain APAC’s innovation powerhouse but regional startup success is not a zero-sum game. As other regional economies continue to scale their startup ecosystems, the future prospects for startup innovation remain promising. Moving forward, opportunities for cross-border venture capital investments will not only multiply but also draw attention from other investors seeking to capitalize on Southeast Asian entrepreneurship. Alongside, as Southeast Asian startups begin to seek new customers outside of their borders, such internalization, coupled with growing regional startup expertise, will benefit both consumers and companies seeking talent.
However, the startup situation in the APAC region has been greatly impacted by the outbreak of the coronavirus. Many businesses have reported job cuts and revenue losses due to the crisis which the outbreak has caused on the economy. If the startup industry is to recover from the effects of the COVID-19 pandemic, it is then likely that the region will emerge stronger in the startup industry, due to its increased digitization throughout recent years.
At this juncture, there is a wide variety of startups entering the industry with a set of advanced solutions and service offerings. To help companies navigate through the enterprise startups, APAC CIO Outlook has compiled a list of leading enterprise startup companies that are at the top of their game. The enlisted organizations are transforming the business operations and processes at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.
We present to you APAC CIO Outlook’s “Top 20 Enterprise Startups – 2020.”