The Future of Innovation and Why Asia Matters
Since the early Fall of 2015, I’ve had the opportunity to spend significant time on the ground in Asia where the future of innovation is being reimagined. Never have I been witness to such a region that is continually presenting new opportunities for local and foreign businesses. Today we see the beginnings of why Asia matter, and now is time to pay attention and act. Welcome to Asia’s century.
During the past 50+ years, the world has always looked to Silicon Valley for the latest in technology and innovation. At its heart, the Valley has been home to the world’s most innovative companies like Apple, Google, Facebook, Intel, PayPal, Oracle, Tesla, and more. Today, we’re seeing new innovative companies reaching the global stage at rates unlike any other time in history creating new competitive landscapes with Asia leading the charges.
In Asia, specifically China, the speed of doing business is measured in weeks, not months or years. For instance, in the city of Shenzhen, you’re able to design, prototype, build, and begin manufacturing a product in a matter of days or weeks. This speed completely changes the outcome and the path to market for any business looking to compete. Beyond speed to market, China is seeing the growth of companies valued at more than $1 billion at unexpected rates. Today there are 138 “unicorns” (Ant Financial, DJI, Meituan-Dianping, Ofo, UBtech Robotics) with a combined valuation of over $680 billion in China alone, with many reaching the status of 2016–2018. In comparison, the United States has just 132 unicorn companies per PitchBook’s 2017 Annual Unicorn Report. Expect this trend to continue for China and act as a spark for all of Asia.
It’s no secret that China has the largest consumer market in the world with almost 1.4 billion people and rising. In December 2016, China’s announced its Greater Bay Area initiative connecting 11 cities (Hong Kong, Macau, Guangzhou (the third largest city in China), Shenzhen, Zhuhai, Foshan, Zhongshan, Dongguan, Huizhou, Jiangmen, and Zhaoqing) with over 67 million people all within one hour of each other. Additionally, each city has a vertical or industry focus working to drive innovations for the region — creating the most diverse test market for products anywhere in the world.
Looking beyond China, Asia’s total consumer market will expand to over 3.5 billion people or 65% of the world’s population by 2030. As the population continues to grow at swelling rates so will the region’s demands, need for mobility, and internet users, specifically mobile
There’s no better time to get started in Asia than now. But if you’re still not convinced on why you need to be in Asia or if it’s right for you, join me on a trip around the region. We’ll spend 5-days in countries like China and Hong Kong meeting with the local government and community leaders, as well as corporations that can serve as strategic partners, and to talk with the founders and executives of the largest and most successful companies in each country.
For even more information, discussions, and tips on Asia tune into my podcast, Cross Border Kyle on Asia Tech Podcast, connect with me at ReadWrite Labs or reach out on Linkedin.
Original posted on Asia Matters Institute http://www.asiamattersinstitute.org
