We’re now perhaps in the golden age for start-ups in Asia Pacific (APAC). Just last year, the region saw US$165 billion in venture funding flowing in, according to Crunchbase. It also had almost 200 unicorns as of April 2021, second only to the United States (290).
At a media briefing earlier today, Michael Kim, head of Google for Startups in APAC, says that many of Asia’s leading start-ups are making a global impact —either by influencing new business models or by tackling entrenched social, financial and environmental challenges.
He went on to share that start-ups in the region, under the Google for Startups programme, are focusing on the following areas:
- Artificial intelligence (AI) for various applications
Specific to Singapore, local start-ups show a high interest in developing AI-powered solutions that can help improve customer experience or recommend products for retailers, says Thye Yeow Bok, head of Google Startup Ecosystem for Southeast Asia and South Asia, at the same media briefing. Another popular area, he adds, is optimising operations for logistic companies. - Decentralised finance (DeFi)
Southeast Asian DeFi start-ups raised US$1 billion in equity funding in 2021, six times the amount in 2020. These start-ups, like Korea’s DA:Ground, are making it easier for consumers to invest and access other financial services. - Financial technology (fintech) and e-commerce
According to Fitch Ratings, Southeast Asia is home to around 290 million unbanked and underserved people. Yet, 60 million people there have become ‘digital consumers’ since the pandemic began.
As such, many fintech solutions in the region aim to make finance more inclusive and deliver a better e-commerce experience. The Philippines’ Advance, for example, is making it easier for Filipino workers to access zero-interest credit through responsible partnerships with their employers. Meanwhile, in Singapore, Shoplinks helps retailers better engage their customers through chatbots and personalised emails. - Health technology
Driven by the pandemic, more start-ups are looking to fill the gaps in the current healthcare system. Some examples include India’s Zyla, which provides 24/7, personalised care through a mobile app, and CogSmart in Japan, which uses AI analysis of brain images to help prevent dementia early. - Sustainability
Given Asia’s vulnerability to the climate crisis, more start-ups are innovating sustainability solutions. Taiwan’s Lockists, for example, is a shared transportation platform that helps improve air quality by reducing car use.
To help start-ups in the region flourish, Google offers accelerator and academy programmes that will provide start-ups – be it early-stage or mature ones – with access to Google mentors, tailored resources, and technical support.
Google is also covering the first year of Google Cloud usage for investor-backed start-ups (through series A rounds) up to US$100,000. This will allow start-ups to build on Google Cloud and access Google Cloud’s capabilities in AI, machine learning, and analytics at no cost – enabling them to focus on innovation, growth, and customer acquisition.
See also: From AI beds to remote ICUs, start-ups are plugging India’s health gaps
In their second year of the Google for Startups Cloud Program, start-ups will have 20% of their Google Cloud usage costs covered, up to an additional US$100,000 in credits.
Photo: Andy Hermawan/ Unsplash
