Tech startups in Southeast Asia continue to emerge as regulations improve and the ecosystem for new companies evolves and flourishes. The region boasts an ever-growing list of businesses that have attained unicorn status (valued at over USD 1 billion), such as Grab and The CrownX. In 2022, Southeast Asia was home to 52 unicorns, with the region looking to grow its startup ecosystem.
To thrive in this world of deals, partnerships, and stakeholders, a tech entrepreneur must have a particular skill set or seek to develop it quickly.
The difference between tech and regular startups is the focus on technology as the core of their operations. Other businesses may rely on manual labour and activities, but technology-related companies deploy their tools, software, and systems in many aspects of their processes, products, and services.
A tech company benefits the local, regional, and global economies. It provides jobs, innovates, helps with research and development (R&D), and attracts public and private investment. Moreover, it creates a platform for sharing ideas, training, and mentorship and often partners with its government to benefit the communities.
In addition, it can operate online seamlessly without needing office space. It uses global digital infrastructure, for example, to set up a website or online store. The downside is that a lack of internet connectivity, poor communications and logistics infrastructure, and government regulations hostile to new companies can limit it.
Fast-growing economies like the Association of Southeast Asian Nations (ASEAN) also generate a lot of electronic waste (eWaste) and cause pollution. Thus, emerging tech startups must endeavour to deliver eco-friendly goods and services.
Top skills for tech workers in ASEAN
Tech workers require an additional set of skills than regular workers. They may need specialised training with tools and programs they have never used before to start their tasks.
Here is a list of the five different skill sets tech entrepreneurs specifically need:
Proficiency in emerging technologies
Entrepreneurs must be able to use nascent innovative technologies like blockchain and learn how to integrate them into their work. This skill includes understanding the functionality of artificial intelligence, virtual and mixed reality solutions, and more.
They must also be comfortable creating content suitable for online audiences, understand online communication etiquette, and know how to use tools like Zoom and Slack to meet and collaborate.
Agile development and effective product management practices
Founders must be flexible in adjusting to unexpected challenges. They must also plan long-term to stay agile and ahead of the industry's competition. To do so, they can adopt sustainable business policies and incorporate ESG (Environmental, Social, and Governance) into their operations.
Furthermore, they should create eco-friendly products using renewable raw materials. However, they must first research their product to ensure it fits their market.
Data literacy and analytical skills
A startup entrepreneur should know how to collect, categorise, analyse, and use data to solve problems. Data can help identify what is missing in the industry and what needs doing to fill that gap. Regardless, a founder should understand ethical issues will arise as tech advances, and they should anticipate them and use their data to make the best decision.
Cybersecurity awareness
Since more people started moving online during the COVID-19 pandemic, cybercriminals have become very active in trying to scam their way into riches or acquire personal data. Thus, a tech entrepreneur should understand cybersecurity threats like phishing scams, ransomware, and supply chain attacks.
Adaptability and continuous learning mindset
Technology is advancing quickly, and founders must keep up-to-date with it. For example, the market now has IoT (the Internet of Things), 5G, and blockchain. Leaders and their employers must be eager to learn and invest in upskilling to know the latest tech developments.
Innovation and collaboration are the future
With ASEAN economies declining somewhat due to global economic headwinds, tech founders had to be flexible to guide their companies through high interest rates, interrupted supply chains, funding winters, and more.
Tech startups in Southeast Asia are embracing more innovation and collaborating with stakeholders to ensure that future entrepreneurs flourish. Succeeding as a tech entrepreneur requires passion, perseverance when things go wrong, and an effective business plan. One must be prepared to bootstrap to overcome cash flow challenges in the beginning while waiting for investors.
There is a better pathway now for startups than before, thanks to increasing regional government support, cross-border ecosystem development, improving regulations, and funding from both public and private institutions. Founders must also know how to deploy supportive solutions like social media, which works well for branding, marketing, and sales.
Finally, a business can only survive if the entrepreneur has the ideal qualities of a corporate leader and desires to improve every day. They must be patient in building trust with customers and maintaining networks to grow in the industry. When all the factors above combine with a market-ready product, there is a high probability that the company will thrive.
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