These are the Best Asian Cities to Nurture Startups
Asia is now home to very innovative and valuable technology start-ups as several investors pour capital into Asian cities with entrepreneurs actively involved in the organization. The strong economics, low cost business, healthy and competitive environment and highly educated population enable maximum revenue gain and profits, without possible disputes.
Asian cities are popular for hi-tech start-ups, in the vibrant Asian markets due to initiatives and government support. To succeed in the Asian market or to expand your business, select any of these Asian cities in tune with your business needs.
The South Korean government designed several programs to make Seoul a major hub for start-ups with the highest government backing for startups. In 2017, a venture fund with a budget of US$9 billion (public and private capital) was created to support start-ups and major international companies, like Google and SparkLabs Global Ventures, have set up facilities in Seoul.
Being, China’s capital has a 30 year technology hub, Zhongguancun founded to ‘learn and replicate from Silicon Valley.’ It has 9,000 hi-tech technology companies in a 488-square-kilometer zone in Haidian district, such as online search giant Baidu, e-commerce services provider JD.com, and personal computer maker Lenovo Group besides great research institutes and universities enabling access to talent. With State Council support, the hub offers funding, tax breaks, and other incentives assisted many unicorns (start-ups valued in excess of US$1 billion).
Hangzhou is the next favorite Asian city hosting China’s biggest e-commerce company, ‘Alibaba Group Holding’ and has New York-listed companies with a vast ecosystem of hi-tech operations, partners, and suppliers and helped 18 unicorns succeed. Hangzhou hosts Alipay operator Ant Financial Services and Canaan Creative, a crypto-currency mining rig maker. The Hangzhou administration assists foreign start-ups with subsidies up to 100 million yuan.
Singapore attracts many entrepreneurs and is a major innovation hub for Southeast Asia for establishing regional headquarters of large global enterprises. Major tech start-ups have been attracted by generous grants and tax incentives. Singapore’s EntryPass Scheme enables foreign entrepreneurs a two-year window to start a new business in the city, besides waiving the minimum paid-up funding of US$35,800 for a start-up. Singapore hosts 40 trade associations and chambers to upgrade overseas operations and a great choice for Asian operations.
Shanghai, a famous city-port invested 43 billion yuan in venture capital funding for start-ups. 42 unicorns were developed in Shanghai in 2018. Shanghai attracts numerous entrepreneurs by compensating 60% of investor’s initial capital funding, depending on the size of the venture and number of employees. The city’s stock exchange established a new Technology Innovation Board for start-ups to raise huge funds like bike-sharing services provider Hellobike and Liulishuo operating an AI-powered English-learning app, and e-commerce companies Pinduoduo and Red.
Greater Bay Area
The Greater Bay Area has a population of 70 million and an economy exceeding US$1.5 billion, with 11 integrated cities like Hong Kong, Macau and nine others in neighboring Guangdong province. It eased customs and immigration procedures and is building an innovation corridor linking Macau, Guangzhou, Hong Kong, and Shenzhen. Hong Kong has set aside US$3.6 billion for R and D support in universities and re-industrialization for innovative technologies. Hong Kong captures business opportunities by harnessing local talents and regional resources, in manufacturing, trading, and services.
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