Motivation for the study
The last decade has dramatically changed how businesses are started. As digital technology infrastructures were build and promoted digital adoption, startup culture grew, more talents were drawn to entrepreneurship, new ecosystems of entrepreneurship and innovation outside of Silicon Valley emerged and began to flourish.
Now in 2021, when all startups are virtually digital-native and have a relatively easy access to the opportunities provided by digital technologies, we want to understand how ASEAN start-up businesses actually leverage digital technologies. Specifically, how do startups use digital technologies to innovate their business models, speed up their growth, and incorporate sustainability goals?
Now in 2021, when all startups are virtually digital-native and have a relatively easy access to the opportunities provided by digital technologies, we want to understand how ASEAN start-up businesses actually leverage digital technologies. Specifically, how do startups use digital technologies to innovate their business models, speed up their growth, and incorporate sustainability goals?
Digitalization in Southeast Asia
The majority of the ASEAN consumer base of 650 million is getting digitized. Internet penetration in ASEAN region still varies a lot. Only three countries have over 80% Internet penetration, with Singapore leading the statistics, followed by Brunei and Malaysia. In countries like Indonesia, the most populous nation in the region, only 56%, with only 150 million of its 268 million population have access to the Internet. Thailand, Myanmar, and Vietnam also have less than 60% Internet penetration, with 57%, 39%, 38% respectively in 2019. |
The Rise of Southeast Asia Start-up Cultures
Enjoying economic growth above global average for a long sustained time has also contributed to the rise of start-up culture in Southeast Asia. More and more talent, more and more funding, and generally more favorable government policies made activity in the startup scene. According to Crunchbase, over 3,500 startups younger than 8 years received investment funding. The largest groups are based in Singapore, Malaysia and Indonesia. |
Growing interest in Sustainability
General interest in Sustainable Development is on the rise. Addressing issues of inequality and challenges to social inclusion, improving quality and access of education, reduction of pollution, promoting responsible consumption are broad and wicked problems to solve. Often solutions to suchlike problems cannot come from one party or one initiative, but require a coordinated approach and systematic change. What role do start-ups in ASEAN play in igniting a platform for change to more sustainable societies and circular economies in the ASEAN region? |