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Finally, with open-source and off-the-shelf tech, anyone can have access to advanced technologies it is again unnecessary to be located near SV, Beijing or Shanghai to access it.” “In fact, the idea of an “ex-location” package is building up steam, that is asking and incentivising talent to move out of these eco-systems to lower cost locations. Most startups need more than 100 staff, which any city can provide it is unnecessary to be located in an “eco-system” to find talent. A typical VC in the Bay Area is only allocating 30-40% of their fund to startups in the area. In our startup pitch platform, which we run twice a year, we are seeing many entries coming from secondary cities,” said Yeoh Siew Hoon (left), founder of the WIT Startup Pitch within the WIT conference platform.Īdded another venture capitalist active in Asia, “Venture capitalists are already investing in startups in second and third-tier cities, globally. “Also, outside of the established ecosystems, costs are much lower and that is certainly attractive to startups. There is a growing notion that focusing on ecosystems may be pointless and indeed, the most daring of entrepreneurs go beyond the obvious. “This middle kingdom in Asia is rising and brings a lot of interest. Indeed, the growing prominence of secondary cities in Asia in the startup arena suggests there may be an unnecessary emphasis on the importance of being in a startup “ecosystem” in order to thrive. One could argue that it is too easy for foreigners to get too enamoured with Shanghai without considering the huge tiger in the south, Shenzen, which is seeing an incredible rate of innovation and invention but less talked about in foreign media circles. Some of these include Shenzhen (“very strong”), Kuala Lumpur (“emerging”), Jakarta (“especially in the last couple of years”) and Mumbai (“given time, will also develop”).Īnother venture capitalist in Asia, while wanting to be remain unnamed, concurred saying he was surprised Shenzhen did not make the list “in spite of attracting more venture capital investment than Shanghai for several years”. He said that although he wouldn’t “quarrel too much over the rankings”, he noted some of Asian cities of prominence in the start-up arena were missing.
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I would, for example, like to know if e ach criteria was given equal weightage when the rankings were calculated,” said Bill Liu (right), chairman and managing partner, Stream Global Pte Ltd, a Singapore-based venture capital and incubator for startups. “There is always some subjectivity in such surveys. Singapore came in 12 th, Sydney in 17 th and Bangalore in the final 20 th position. Its 2017 rankings, put together by Startup Genome in collaboration with Global Entrepreneurship Network (GEN) as its publication partner, place five of the top 20 startup ecosystems in in Asia, with China featuring two cities – Beijing in number four and Shanghai in number 8. The report, based on a survey of 10,000 startup founders across more than 100 cities, assessed the startup ecosystems in 50 countries based on overall performance, funding, market reach, talent and startup experience. The recently-released Global Startup Ecosystem Report and Ranking 2017 by Startup Genome stirs up debate over the necessity of startups to thrive and if the startup world at large is overlooking the less obvious opportunities in a rising Asia, that is, its secondary cities. WIT Special: Do startups really need to be an ecosystem to thrive? Hark the rise of the middle kingdom in Asia