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Prominent Features of Asia’s Tech Startup Ecosystem

Asia’s remarkable ascent in the fiercely competitive global innovation arena has turned heads everywhere. In the past four years, the Asian IT sector has advanced considerably. A number of Asia’s startups have found success owing to high demand acceptance in the local marketplaces, and they're trying to figure out how to maintain that success. Many business startup now have their eyes on the neighbouring markets just next door, which offers both possibilities and difficulties for growth.

Prominent features of the Asian Tech Startup's growing ecosystem:

Here are the most prominent features of the growing ecosystem of Sri Lankan tech startups:

1.     Speedy Growing Infrastructure:

The infrastructure and space requirements by tech companies are increasing leaps and bounds in Asia as they recruit promising talent across the region. In recent years, a noticeable rise in infrastructure and space development by Asian IT companies has been observed.

2.     Unbelievable relief and incentives:

To encourage investment in the ICT industry, Asian governments are progressively considering various policies and incentives such as tax cuts, infrastructure development to boost ICT exports, and free internet access for all citizens. In addition to it, according to research by a French travel agency, the cost of living, average internet speed, level of safety, availability of natural areas and wellness places also increasing the charm to set up a business in emerging Asian economies like Sri Lanka

3.     An Untouched Marketplace:

The Asian marketplace in emerging markets remains largely untapped, and many of their aspects are also neglected. Many of the companies in these nations are still in their infancy, making them more appealing to first-time company owners. Such local companies also have a better opportunity for innovation and marketing strategies for startups in this climate since they may demonstrate profitability more rapidly in smaller test markets before expanding globally.

Conclusion:

The prospective investors' inquiries regarding this growing industry have increased as the typical Asian tech startup becomes more focused with increased participation in local startup accelerator programs paving the way for their explosive growth.

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Most Popular Startups in Asia

There was a time when there were not enough startups in the Asian Startup Ecosystem, and due to this, the ecosystem suffered. Only one or two companies that an investor may identify as very promising, but this wasn't enough for a well-rounded investment portfolio.

Things have changed today!

Now, Asia is home to a booming startup ecosystem with almost everything that can be possibly required. In recent times, Asia has transformed into fertile land for investors and entrepreneurs to establish their setup. The government and private sector have joined hands to increase the number of Sri Lankan startup business initiatives. As a result of this network of support structures, new startups can develop and prosper while fueling the collaborative culture and community that every startup and innovation culture needs to succeed. Here are few popular startups in Asia that are gaining popularity due to new technology inventions:

1.     BYJU'S:

BYJU'S is an Indian multinational educational technology company, headquartered in Bangalore. It was founded in 2011 by Byju Raveendran and Divya Gokulnath. As of December 2021, BYJU'S is valued at US$21 billion and has over 115 million registered students.

2.     TikTok:

TikTok, known in China as Douyin, is a video-focused social networking service owned by Chinese company ByteDance Ltd. Tech media hosts a variety of short-form user videos, from genres like pranks, stunts, tricks, jokes, dance, and entertainment with durations from 15 seconds to three minutes.

3.     Grab:

Grab, is a Southeast Asian technology company headquartered in Singapore and Indonesia. In addition to transportation, the company offers food delivery and digital payments services via a mobile app. It operates in the Southeast Asian countries of Singapore, Malaysia, Cambodia, Indonesia, Myanmar, Philippines, Thailand and Vietnam. It is Southeast Asia's first "decacorn" and the biggest technology startup in the region.

4.     Shopee:

Shopee is a Singaporean multinational technology company which focuses mainly on e-commerce.  As of 2021, it is widely considered as the largest e-commerce platform in Southeast Asia with 343 million monthly visitors, and the company also serves consumers and sellers throughout several countries across the Americas and Europe who wish to purchase and sell their goods online.

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Future of Startups in Asia

Asia is becoming the next hottest startup hub in the world.

According to the latest technology news during the last 10 years, Asia's startup ecosystem has seen tremendous growth largely due to the region’s rapidly expanding technology landscape and the brain gain of skilled ICT workers coming home.

innovation newsan impactful startup and innovation ecosystem. To help innovators, investors, and business mentors, the government develops accessible startup and innovation programmes. They are digitizing the old analogue way of starting a company, making it simple and streamlined. All these efforts work in tandem to create a culture and community that is dynamic, transparent, and accessible, allowing for the exchange of ideas and information to flourish.

However, startups in emerging Asian countries like Sri Lanka struggle with gaining such levels of support. From building a prototype to taking their product to market, top entrepreneurs in these emerging Asian economies face many challenges in getting the resources they need.

Now that Sri Lanka has a variety of newly established supporting organizations and events, finding out the "How to" portion is not that tough if you have the guts to fantasize about your startup idea, commit to weeks of sleepless nights, and are ready to be burnt and rise from the ashes.

Initiatives to support startups are a real game-changer:

Startup Sri Lanka was established by the Ministry of Digital Infrastructure and Information Technology and is currently administered by ICTA, which is a ministry-affiliated organization. This initiative was to inspire Sri Lankans to innovate and start businesses. Such initiatives between the government and private sector assist the IT community and help Asian businesses to flourish. Robust local startup ecosystems are essential for future employment and income creation across Asia.

Future of startups ecosystem Asia:

According to all the latest Technologies news in Asia, it is evident that an IT offshore site continues to grow because of:

Continuous development of Asia’s startup innovation ideas and remote-friendly infrastructure

Constant supply of highly qualified graduates entering the workforce

Trust in the region’s potential as a startup centre

Asian governments and business communities are working to improve the overall picture for startups. In addition to enhancing the regulatory environment, they are raising public awareness of the impact of tech startups across the region. Asia is moving towards setting a region model where startups, investors, and other stakeholders collaborate to build successful startup ecosystems.

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