PropertyGuru announces leadership transition and a new board

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  • In March 2025, Lewis Ng may assume the position of CEO of the company.
  • Hari Krishnan may move down as CEO to do new hobbies.

PropertyGuru announces leadership transition and a new board

PropertyGuru Group, Southeast Asia’s leading property technology ( proptech ) company, has announced the change of CEO and the appointment of a new board of directors.

After a century of strong leadership and notable accomplishments, Hari V. Krishnan has made the decision to step down as party CEO and seek new pursuits. He has played a significant role in the transformation of PropertyGuru from a company to the leading proptech organization in Southeast Asia.

Hari has played a key role in achieving significant accomplishments, including establishing a recognizable place as the market leader in Southeast Asia. He oversaw PropertyGuru as it created new businesses and answers that addressed the overall consumer trip. He oversaw numerous financing rounds, including the New York Stock Exchange’s public listing, and led the business until EQT Private Capital Asia successfully acquired it.

Hari will continue to be strongly involved with PropertyGuru as the new CEO’s senior advisor to the table once the new CEO is in place.

In March 2025, Lewis Ng ( pic ) will step down as PropertyGuru’s CEO. A trained head with over two decades of experience across Asia and the tech sector, Lewis has held leadership responsibilities at global companies like Apple, TripAdvisor, and Southeast Asia’s rainbows Carousell and PropertyGuru.

Ng led the group’s progress and helped create a customer-centric tradition while serving as the group’s managing director of Singapore and key business officer from 2014 to 2019. Most recently, as chief operating officer at Seek Asia, he transformed the country’s leading work industry into a best-in-class job system. Additionally, he serves as a board chairman at Zhaopin, a well-known career platform in China.

With knowledge stretching sales, customer services, method, and operations, Ng has scaled businesses from the ground up, transformed start-ups into unicorns, and driven effective, robust growth in well-established companies. Ng is uniquely positioned to guide the company into its upcoming growth and innovation, in addition to his prior work at PropertyGuru.

In contrast, Trevor Mather has assumed the role of chairman of the board of directors. He has extensive experience scaling market businesses, having formerly served as the CEO of Auto Trader, where he successfully transformed the company into a completely digital platform and made it a head in the UK automotive market. Matthew is already the president of Baltic Classifieds Group, which further demonstrates his experience in leading and expanding market businesses.

PropertyGuru board of directors include:

  • Janice Leow, head of EQT Private Capital Southeast Asia and a member of the expert team for EQT Private Capital Asia
  • Ed Williams, creator and ex-CEO of UK’s leading house marketplace- Rightmove, president of Trade Me in New Zealand, and ex-chairman of Auto Trader

Hari explained his decision, saying,” After a remarkable decade, I’ve decided that it’s time for me to pursue new interests and change the business to new leadership. I’ve had the honor of working with incredible teams to accomplish some major milestones while creating a culture that promotes participation and innovation, which I consider to be our competitive differentiation.

” I have known Ng for more than ten years and had the honor of working with him for more than three times. I have faith that he will take a new perspective to our company while remaining profoundly in tune with our values and perception. I look forward to guiding him and the staff through this and subsequent move.

Ng said,” I am thrilled to return to PropertyGuru, a business that has always held a special place in my heart. During my previous time around, I experienced personally the amazing culture of collaboration, technology, and customer-centricity that sets PropertyGuru off. I’m excited to build on Hari’s solid foundation as we look to the future because the company’s growth over the past ten years has been outstanding. I’m honored to be the leader of PropertyGuru’s upcoming chapter and to collaborate with our brilliant teams to maintain fostering development and delivering value to our customers in Southeast Asia.

” PropertyGuru is a powerful and innovative company that has firmly established itself as Southeast Asia’s top proptech system, with a proven track record of delivering benefit and fostering progress,” Mather continued. I’m thrilled to work alongside the table and the brilliant management team to keep developing on this speed and looking for fresh opportunities for the party. I want to acknowledge Hari’s contributions over the past ten years, which have laid a solid foundation for upcoming success. I’m confident that PropertyGuru will achieve even greater milestones in the years to come with Ng’s resumption as CEO, who will bring his vast experience and enthusiasm for the company.

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Dragon’s Den, Shark Tank are TV knockoffs of a Japanese original – Asia Times

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Before Dragons ‘ Den in the UK became a global hit and America’s Shark Tank turned startup pitches into mainstream entertainment, there was Manē no Tora ( Tiger of Money or Money Tigers ). This innovative television program, which was first broadcast in Japan in 2001 by Nippon Television and Sony Pictures Television, introduced the firm pitching file to an angel investor section.

Little did anyone know that Money Tigers may start a global pattern that may affect how high-growth entrepreneurship was viewed and admired all over the world. The initial sponsors announced the release of the franchise’s 50th edition in Bangladesh in February 2024. The BBC broadcast the 22nd year of Dragons ‘ Den on January 2. And US ABC-TV’s Shark Tank is in its 16th time.

Cash Tigers wasn’t really about creating thrilling television. Its development was a result of a wider effort by the government and society to enhance Japan’s economic tradition. Against the landscape of a typically risk-averse community and an economy dominated by big corporations, Money Tigers aimed to adjust and actually glamorize innovation.

A wider range of government efforts were put in place to encourage innovation, increase innovative activity, and establish Japan as a world leader in technology and startups. The show was a result of what my partner Ramon Pacheco Pardo and I refer to as” business capitalism,” an era in which businesses have been key players in market economies ‘ ability to compete.

The origins of Money Tigers

In the late 1990s and early 2000s, Japan was at an economical juncture. The early 1990s boom had caused a protracted period of prolonged economic stagnation known as the” Lost Decade.”

Politicians recognised the need to expand the economy, create work, and encourage creativity. Startups, with their potential for dexterity and imagination, as well as their ability to create work for talented younger persons, became a focal point of this change. As Chinese companies competed in world markets, startups also had the ability to infuse creative concepts and talent into their operations.

Policy initiatives including tax incentives for company investments, a shift to regulations that allowed “pension account accessibility” and an entry of American-style employee stock options were among efforts to help entrepreneurs.

However, it was impossible to change a culture that stifled risk-taking and a regulatory setting that punished job mobility immediately. SoftBank’s Masayoshi Son was becoming associated with this innovative type of loud, risky business. And, while a warrior to some, Masa ( as he is now internationally known ) was controversial. He challenged Japan’s economic society and the way enterprise was conducted.

How could people coverage encourage a new generation of risk-takers who are willing to accept the unknowns of starting a business? And how could starting a business get someone a major Asian student may discuss with their families without getting criticized?

Provide Money Tigers. The show, which was a bold experiment, aimed to provide business meetings and conversations between family and friends across Japan.

Its structure was straightforward but strong: aspiring businesspeople presented their business tips to a section of rich angel investors, or “tigers,” who had the authority to finance these thoughts in exchange for equity. The drama of negotiation, the tension of rejection, and the triumph of securing an investment made for compelling viewing.

Money Tigers ‘ unique ability to humanize the entrepreneurial journey was its strength. Viewers witnessed ordinary people making daring decisions to realize their aspirations. The tigers, seated on the other side of a table, represented a mix of skepticism, curiosity and mentorship. Their enlightening inquiries and honest comments not only added drama, but they also provided information on what makes a business viable.

Money Tigers was the first instance of pitching for investment, according to many Japanese viewers. Terms like “equity”, “valuation” and “return on investment” entered mainstream conversation. Building a business with ambitious growth plans, which was once criticized as being too focused on making money, was done in a more endearing manner.

The show began to remove the stigma associated with failure and the ambitious founder by showcasing both the successes and failures of entrepreneurs. Entrepreneurs who left with nothing were frequently praised for their bravery, a message that was especially relevant to younger generations.

The show complemented policy initiatives. Between 1997 and 2001, the Japanese government launched a litany of policy initiatives, including tax incentives for angel investors and the establishment of the startup-friendly stock exchanges. Money Tigers addressed the more difficult cultural context, which was where these government policies created the framework for startups to flourish.

Innovative entrepreneurship has become more prevalent in Japan, despite being still modest in comparison to the size of the Japanese economy. Some of the world’s most well-known venture capital firms have established outposts in Japan, and the nation currently has several startups worth more than US$ 1 billion (unicorns ).

The global legacy

Money Tigers had only a few seasons in Japan ( it stopped running in 2003 ), but its impact was significant. The format was later changed to Shark Tank in the US and then Dragons ‘ Den in the UK in 2005. As of February 2024, “almost US$ 1 billion in investments has been agreed in Dens and Tanks across the globe since the format started,” according to Nippon TV and Sony.

Being an island rather than a leader, the early 2000s were a time of flimsy government initiatives to prevent Japan’s technological advancements from becoming a” Galapagos Syndrome,” which was remarkable but distinct. There was a sense that Japan was developing state-of-the-art technologies, but global consumer markets were not necessarily picking up the innovations.

Ironically, Japan was developing an export that would be a huge hit abroad without being widely known as the same time it was pushing for normalization of entrepreneurship and equity investment through a endearing TV program for its Japanese audience.

Audiences in the UK and US assumed that Dragons ‘ Den and Shark Tank were natural products of their entrepreneur-rich ecosystems. However, they were an adaptation of a state-supported, purposeful effort to change Japanese culture rather than a natural product of their markets.

Robyn Klingler-Vidra is King’s College London’s associate dean for global engagement and associate professor of entrepreneurship and sustainability.

This article was republished from The Conversation under a Creative Commons license. Read the original article.

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South Korea poised to crash and burn in 2025 – Asia Times

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It’s difficult to imagine any Eastern country more appreciative of South Korea’s accomplishments in 2024.

President Yoon Suk Yeol declared martial law just the last fortnight, reversed six hours later, was impeached in parliament amid large street protests, and is now facing a historic arrest permit.

As if that weren’t enough conflict and woe, Korea experienced its worst local aircraft disaster in more than 20 years, killing over 181 people and invoking grave fresh concerns about the safety of Asian skies. &nbsp,

Korea’s really nasty December deepened what was already anything of a midlife crisis time for Asia’s fourth-biggest business. This may be as good as it gets as a madly uncertain 2025: Seoul’s very destructive elections are about to meet with the Trumpian wind to occur.

Even if, best-case scenario, “increased US protectionist measures imply lower&nbsp, taxes on&nbsp, Korean&nbsp, imports than on various trading lovers”, says analyst Brian Coulton at Fitch Ratings, “declining demand from China and the US, which&nbsp, collectively accounted for around 40 % of&nbsp, Korean&nbsp, commodities exports in&nbsp, 2023, may adversely affect exports”.

Korea will be directly at the heart of the potential weaker Chinese demand-related collateral damage, despite the president-elect’s threats of 60 % tariffs against China. Japan, too, but then Tokyo isn’t embroiled in a political imbroglio the likes of which Seoul hasn’t seen in decades.

Something that Japan and Korea have in common, though, is being snubbed by Trump. Trump has rebuffed repeated requests from Yoon and Japanese Prime Minister Shigeru Ishiba for a Mar-a-Lago tee time since his re-election on November 5.

Both Yoon and Ishiba have watched as Trump met with a parade of world leaders, including Canada’s Justin Trudeau, France’s Emmanuel Macron, Ukraine’s Volodymyr Zelensky, Hungary’s Viktor Orban, Argentina’s Javier Milei and even the UK’s Prince William. But so far, he’s had no time for Washington’s top North Asian allies.

Anyone’s guesses whether Trump intends to impose tariffs on Seoul and Tokyo. Or that Trump’s hopes of a “grand bargain” trade deal with China take precedence.

Seoul’s distracted legislators won’t be doing much to improve Korea’s competitive game as Yoon awaits a possible arrest and his fate in the courts in the months to come.

Even before Yoon’s bizarre martial law decree on December 3, his People Power Party wasn’t getting much done to level economic playing fields, address near-record household debt, increase productivity, empower women or improve corporate governance.

Yoon’s first 966 days in office were anything but a reformist whirlwind. In other words, his party has a slim chance of coming up with a solid policy response to the Trump 2.0 shock.

The Bank of Korea will become even more dependent on that. The BOK has taken the lead in managing one of the world’s most open major economies since Yoon took office in May 2022. Governor Rhee Chang-yong is now in the hot seat as never before due to the political vacuum in Seoul.

Before Yoon’s short-lived martial law stunt, Seoul was planning to shore up key sectors as headwinds from Washington intensify. A package of support measures is included for the crucial semiconductor industry.

Korea, which is home to the world’s leading memory chip manufacturers Samsung Electronics and SK Hynix, is more unsure than most other nations about Trump’s tariff plans. Finance Minister Choi Sang-mok stated on December 2 that” the next six months will be the golden time that will decide the fate of our industries.”

Choi continued,” The role of the government must shift from a supporter to a player working alongside businesses, given the current challenges, including global economic shifts under the incoming US administration, competition from emerging countries, and the rapid reorganization of global supply chains.”

Since then, though, Choi has been elevated to acting president, the third to serve as president this month. ” So South Korea’s most bizarre and explosive political crisis in decades just got even weirder”, says Ian Bremmer, president of Eurasia Group.

That leaves his successor with the responsibility to spearhead support for semiconductor companies, from tax incentives to fiscal assistance, to advance the tech ecosystem. And to do so in the midst of growing political slurs.

These initiatives range from top-down initiatives to subsidizing the costs of burying transmission cables for semiconductor clusters in cities like Yongin and Pyeongtaek.

Already, Choi is doing his best to reassure the public. We are confident that our robust and resilient economic system will ensure quick stabilization, Choi said on December 27.” Although we are facing unexpected challenges once again, we are confident that we are facing unexpected challenges.”

Yet Choi inherits a 2025 budget that’s US$ 2.8 billion less than the government had hoped for. In addition, he now manages a second national crisis as a result of the Jeju Air jet‘s collision.

According to economist Gareth Leather of Capital Economics,” the crisis is already having an impact on the economy.” ” The crisis is unfolding against a backdrop of a struggling economy”, he says.

Gross domestic product, Leather notes, is expected to be just 2 % this year amid slowing global growth. ” Longer term, political polarization and resulting uncertainty could hold back investment in Korea”, Leather says, pointing to how Thailand’s turmoil since a 2014 coup undermined its economy.

Other economists are more optimistic. Yoon Suk Yeol is a side effect of the growth, according to economist Park Sang-in of Seoul National University, who spoke to AFP.” We have come from being one of the world’s most developed economies in very few years. Korea’s society was mature enough to refute his crazy deeds.

According to BMI Country Risk & Industry Research,” we anticipate only moderate effects on the economy and financial markets as the Ministry of Finance and the Bank of Korea have responded quickly by reassuring investors.”

Notably, according to BMI,” the central bank is committed to boosting short-term liquidity and implementing measures to stabilize the foreign exchange markets, which supports our position that the risks associated with the South Korean won should be kept under control for the time being.”

Krishna Guha, an economist at Evercore ISI brokerage, argues that” South Korea’s democratic institutions and culture have withstood the stress test. However, the fact that it took place at all is extraordinary and troubling.

However, the key is now, especially now that Yoon is facing an arrest warrant, when and how the political crisis ends. Its longevity is key to the Korean wo n’s outlook.

” If domestic political instability continues and external credibility in Korea decreases, the wo n’s price could fall further”, says economist Seo Jeong-hoon at Hana Bank.

According to economists at T Rowe Price, “political turmoil appeared to be continuing to weigh on investor sentiment in South Korea.”

Even before the blow-after-blow that hit Korea in December, Yoon’s presidency had been awash in challenges and controversies. Soon after Yoon took over, the Korean won fell into disrepute, North Korea launched a wave of provocations, and Seoul received heavy criticism for handling a 159-person crowdcrash that killed 159 people on Halloween 2022.

All too quickly, Yoon’s approval rating fell below 30 %, the danger zone for any leader in Seoul promising bold structural reform.

Yoon is the fourth leader of Korea to ascend to power since 2008, promising to produce more economic energy from the top rather than the bottom down. Broadly speaking, that meant taking on the” chaebol system” led by family-owned behemoths like Samsung that helped propel Korea into the ranks of the top 12 economies.

The reality is that Korea Inc. is aware that a lot of its business is being sold for profit. China and other rising Asian powers are now rivals in cars, electronics, robots, ships and popular entertainment. Taiwan is constantly upping its innovative game, while startups like Indonesia and Vietnam are boosting the competitiveness and dynamic of the race for tech “unicorn” startups.

The best way for Korea to maintain its high standard of living is to create innovations that increase the rate of economic growth. That’s why Yoon and the three leaders who preceded him pledged an innovative “big bang” to move Korea into higher-value sectors.

Between 2008 and 2013, Lee Myung-bak came and went without fundamental changes to the chaebol system. Then came Park Geun-hye, Korea’s first female president. In 2013, she took office with bold talk of devising a more” creative” economy.

Park vowed to expand tax breaks for startups, strengthen antitrust laws, and fine large corporations for stealing profits that could be used to bolster paychecks.

Park ended up going easy on the chaebols. Yet she did succeed in enlivening Korea’s startup economy. Her efforts to increase the cash flow to innovators helped make Korea one of the top 10 incubators for tech unicorns, or businesses with market capitalizations greater than US$ 1 billion.

Moon Jae-in, Park’s successor, expanded the program. The problem is that startups continue to be hogging the financial fuel they need to become major game-changers. That’s still Korea’s dilemma today.

It has loads of startups, but the conglomerates “don’t often allow space” for them to thrive and become medium-sized enterprises, notes Yukiko Fukagawa, an entrepreneurship expert at Waseda University.

Moon took power in 2017 with ambitious plans to pursue” trickle-up economics”. Moon, a more liberal leader than the previous two, aimed to stifle economic control from Korea’s rigid corporate structure to boost competition.

His signature strategy of enticing the middle class was essentially the opposite of the strategies that Trump, former Japanese Prime Minister Shinzo Abe, and Ronald Reagan championed decades earlier. Moon resigned and delegated his economic management responsibilities to the BOK once he realized how challenging the task was and how messy the political fallout would be.

So has Yoon these last 31-plus months. Now, as acting President Choi manages dueling crises, he faces a wildly uncertain 2025 – both domestically and internationally.

Despite the political unrest, Korea Inc. has a chance to up its game. According to Sohn Kyung-shik, chairman of the Korea Enterprises Federation,” companies must also make more proactive efforts to economic recovery and job creation during these difficult times.”

In top-down Korea, though, that might be easier said than done. Especially as the” Trump trade” approaches Korea, which causes utter chaos in domestic politics.

Follow William Pesek on X at @WilliamPesek

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South Korea poised to crash and burn in 2025 – Asia Times

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In: Asia

It’s difficult to imagine any Eastern country more appreciative of the 2024 era than South Korea.

President Yoon Suk Yeol declared martial law just the last month, reversed six hours later, was impeached in parliament amid large street protests, and is now facing a historic arrest permit.

As if that weren’t enough conflict and woe, Korea experienced its worst local aircraft disaster in more than 20 years, killing over 181 people and invoking grave fresh concerns about the safety of Asian skies. &nbsp,

Korea’s really nasty December deepened what was already anything of a midlife crisis time for Asia’s fourth-biggest business. This may be because good as it gets as a madly uncertain 2025: Seoul’s very destructive elections are about to meet with the upcoming Trumpian surprise.

Even if, best-case scenario, “increased US protectionist measures imply lower&nbsp, taxes on&nbsp, Korean&nbsp, imports than on various trading companions”, says analyst Brian Coulton at Fitch Ratings, “declining demand from China and the US, which&nbsp, collectively accounted for around 40 % of&nbsp, Korean&nbsp, commodities exports in&nbsp, 2023, may adversely affect exports”.

Korea will be directly at the heart of the collateral damage zone of potentially weaker Chinese demand, despite the US president-elect’s threats of 60 % tariffs directed at China. Japan, too, but then Tokyo isn’t embroiled in a political imbroglio the likes of which Seoul hasn’t seen in decades.

Something that Japan and Korea have in common, though, is being snubbed by Trump. Trump has been turned down by Yoon and Shigeru Ishiba for a Mar-a-Lago tee time since his re-election on November 5.

Both Yoon and Ishiba have watched as Trump met with a parade of world leaders, including Canada’s Justin Trudeau, France’s Emmanuel Macron, Ukraine’s Volodymyr Zelensky, Hungary’s Viktor Orban, Argentina’s Javier Milei and even the UK’s Prince William. But so far, he’s had no time for Washington’s top North Asian allies.

Anyone’s guesses whether Trump intends to impose tariffs on Seoul and Tokyo. Or that Trump’s hopes of a “grand bargain” trade deal with China take precedence.

Seoul’s distracted legislators won’t be doing much to improve Korea’s competitive game as Yoon awaits a possible arrest and his fate in the courts in the months to come.

Even before Yoon’s bizarre martial law decree on December 3, his People Power Party wasn’t getting much done to level economic playing fields, address near-record household debt, increase productivity, empower women or improve corporate governance.

Yoon’s first 966 days in office were anything but a reformist whirlwind. In this way, there are no guarantees that his party will be able to come up with a comprehensive policy plan in response to the Trump 2.0 shock.

The Bank of Korea will become even more dependent on that. The BOK has taken the lead in managing one of the world’s most open major economies since Yoon took office in May 2022. Governor Rhee Chang-yong is now in the hot seat as never before due to the political vacuum in Seoul.

Before Yoon’s short-lived martial law stunt, Seoul was planning to shore up key sectors as headwinds from Washington intensify. A package of support measures is included in the chief among them for the crucial semiconductor industry.

Korea, which is home to the world’s leading memory chip manufacturers Samsung Electronics and SK Hynix, is more unsure than most other nations about Trump’s tariff plans. Finance Minister Choi Sang-mok stated on December 2 that” the fate of our industries will be decided in the final six months.”

The government must change from a supporter to a partner working alongside businesses, Choi continued, “given the current challenges, including global economic shifts under the incoming US administration, competition from emerging countries, and the rapid reorganization of global supply chains.”

Since then, though, Choi has been elevated to acting president, the third to serve as president this month. ” So South Korea’s most bizarre and explosive political crisis in decades just got even weirder”, says Ian Bremmer, president of Eurasia Group.

That leaves his successor with the responsibility to spearhead support for semiconductor companies, from tax incentives to fiscal assistance, to advance the tech ecosystem. And to do so in the midst of growing political slurs.

These initiatives range from top-down initiatives to subsidizing the costs of burying transmission cables for semiconductor clusters in cities like Yongin and Pyeongtaek.

Already, Choi is doing his best to reassure the public. We are confident that our robust and resilient economic system will enable quick stabilization, Choi said on December 27.” We are facing unexpected challenges once more.

Yet Choi inherits a 2025 budget that’s US$ 2.8 billion less than the government had hoped for. In addition, he now manages a second national crisis as a result of the Jeju Air jet‘s collision.

According to economist Gareth Leather at Capital Economics,” There are already indicators that the crisis is having an impact on the economy.” ” The crisis is unfolding against a backdrop of a struggling economy”, he says.

Gross domestic product, Leather notes, is expected to be just 2 % this year amid slowing global growth. ” Longer term, political polarization and resulting uncertainty could hold back investment in Korea”, Leather says, pointing to how Thailand’s turmoil since a 2014 coup undermined its economy.

Other economists are more optimistic. Yoon Suk Yeol is a side effect of the growth, according to economist Park Sang-in at Seoul National University, and we have come from being an underdeveloped nation to one of the world’s most dynamic economies in a short period of time. His crazy actions were resisted by Korean society because it was mature enough.

According to BMI Country Risk & Industry Research,” we anticipate only moderate effects on the economy and financial markets as the Ministry of Finance and the Bank of Korea have responded quickly by reassuring investors.”

Notably, according to BMI,” the central bank committed to boosting short-term liquidity and enacting measures to stabilize the foreign exchange markets, which aligns with our view that risks around the South Korean won should remain contained for now.”

Krishna Guha, an economist at Evercore ISI brokerage, argues that” South Korea’s democratic institutions and culture have withstood the stress test. However, the fact that it even occurred is extraordinary and troubling.

However, now that Yoon is facing an arrest warrant, it is important to know when and how the political crisis ends. Its longevity is key to the Korean wo n’s outlook.

” If domestic political instability continues and external credibility in Korea decreases, the wo n’s price could fall further”, says economist Seo Jeong-hoon at Hana Bank.

According to economists at T Rowe Price, “political turmoil appeared to be continuing to weigh on investor sentiment in South Korea.”

Even before the blow-after-blow that hit Korea in December, Yoon’s presidency had been awash in challenges and controversies. Soon after Yoon’s rule, the Korean won, North Korea launched a wave of provocations, and Seoul received heavy criticism for handling the 159-person crowdcrash that killed 159 people on Halloween 2022.

All too quickly, Yoon’s approval rating fell below 30 %, the danger zone for any leader in Seoul promising bold structural reform.

Yoon is the fourth leader of Korea to ascend to power since 2008, promising to produce more economic energy from the top rather than the bottom down. Broadly speaking, that meant taking on the” chaebol system” led by family-owned behemoths like Samsung that helped propel Korea into the ranks of the top 12 economies.

The reality is that Korea Inc. is aware that a lot of what it does well has been commercialized. China and other rising Asian powers are now rivals in cars, electronics, robots, ships and popular entertainment. Taiwan is constantly upping its innovative game, while startups like Indonesia and Vietnam are boosting the competitiveness and dynamic of the race for tech “unicorn” startups.

The best way for Korea to maintain its high standard of living is to create innovations that increase the rate of economic growth. That’s why Yoon and the three leaders who preceded him pledged an innovative “big bang” to move Korea into higher-value sectors.

Between 2008 and 2013, Lee Myung-bak came and went without fundamental changes to the chaebol system. Then came Park Geun-hye, Korea’s first female president. In 2013, she took office with bold talk of devising a more” creative” economy.

Park vowed to expand tax breaks for startups, strengthen antitrust laws, and punish large corporations for stealing profits from employees who squander money.

Park ended up going easy on the chaebols. Yet she did succeed in enlivening Korea’s startup economy. Her efforts to increase the cash flow to innovators helped make Korea one of the top 10 incubators for tech unicorns, or businesses with market capitalizations greater than US$ 1 billion.

Moon Jae-in, Park’s successor, expanded the program. The issue is that startups continue to be sucked into the cash they need to become major game-changers. That’s still Korea’s dilemma today.

It has loads of startups, but the conglomerates “don’t often allow space” for them to thrive and become medium-sized enterprises, notes Yukiko Fukagawa, an entrepreneurship expert at Waseda University.

Moon took power in 2017 with ambitious plans to pursue” trickle-up economics”. Moon, a more liberal leader than the previous two, aimed to stifle economic control from Korea’s rigid corporate structure to boost competition.

His signature strategy of enticing the middle class was essentially the opposite of the strategies promoted by Trump, former Japanese Prime Minister Shinzo Abe, and Ronald Reagan decades earlier. However, when Moon realized the difficulty of the task and the wacky political consequences that would follow, he backed away and delegated economic management responsibilities to the BOK.

So has Yoon these last 31-plus months. Now, as acting President Choi manages dueling crises, he faces a wildly uncertain 2025 – both domestically and internationally.

In spite of the political unrest, Korea Inc. can raise its game. According to Sohn Kyung-shik, chairman of the Korea Enterprises Federation,” companies must also make more proactive efforts to economic recovery and job creation during these difficult times.”

In top-down Korea, though, that might be easier said than done. Particularly with domestic politics in complete chaos as Korea’s” Trump trade” approaches.

Follow William Pesek on X at @WilliamPesek

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From saunas to success: Lessons for Malaysia’s ecosystem from Finland’s startup & VC journey

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  • Govt-entity TEKES was big motivator to Scandinavian world’s success account
  • Malaysia on proper record, won’t take as long as Finland did to reach maturity

In the early 2000s, Finland lacked sufficient private venture capital and angel investment for early-stage startups. TEKES (since rebranded to Business Finland) provided crucial grants, loans, and investments, enabling startups to survive and grow.

From saunas to success: Lessons for Malaysia’s ecosystem from Finland's startup & VC journeyWhen my British university professor gave me a copy of” The Google Story,” twenty years ago, I began my entrepreneurial journey in Helsinki, Finland’s capital. I finished it in one sitting because I was thus captivated by it. I even wanted to own such a business. But people kept telling me:” You are not in Silicon Valley”.

They were correct when they said that Finland hardly had any private money to do high-risk, innovative businesses after the dot com bubbles burst a few years before. Additionally, there was the added problem of looking to global markets from day one because the Finnish business was so small ( only 5 million people ).

20 years after, Finland is now in the lead in terms of personal money in terms of GDP. We have seen rainbows such as Supercell, and Wolt, as well as a good network of Soonicorns quite as Iceye, Swappie. I’m pleased to discover Finland doing well, but since I’m now setting up my business in Malaysia, I can’t help but notice significant similarities between the business ecosystem there that is still developing and the one I saw 20 years earlier.
Looking back, if I was to point out a major catalyst to Finland’s success story of the last 20 years, I would not find any better example than a government-entity called TEKES ( now rebranded to Business Finland ) which would be akin to a modern day Khazanah, although not exactly a sovereign wealth fund.

TEKES, which was funded by Finnish taxpayers periodically, has previously had a significant impact on the development of the business ecosystem in Finland, contributing to a number of positive outcomes that might not have been realized without its existence.

What are some of the main efforts and effects?

1. Kickstarting the Scandinavian business ecology

Initial funding gaps filled: In the early 2000s, Finland lacked adequate private venture capital and angel funding for early-stage companies. TEKES provided critical offers, money, and purchases, enabling businesses to survive and grow.

Encouraging risk taking: By de-risking early-stage development through cash, TEKES encouraged companies to do ambitious jobs, fostering a culture of development and risk taking. Additionally, since 2010, Finland has annually observed the” National Day of Failure” on October 13 to honor the achievements of failed businesses and end the stigma that surrounds entrepreneurs who have previously failed. On this day, you’ll frequently see both recently failed and most successful groups converge on the level and treated to equal respect.

2. Enabling world victory reports

Startups like Rovio and Supercell: Companies such as Rovio ( Angry Birds ) and Supercell ( Clash of Clans ) received support from TEKES during their formative years. Without this money and assistance, their world success stories might not have been feasible.

Greater impact on industries: TEKES-supported startups helped placement Finland as a gateway for gambling and wireless technology innovation.

3. fostering a culture of innovation and individual capital

Support for education: Through funding initiatives like Aalto Entrepreneurship Society, which afterwards founded Slush, TEKES created a new era of tech-savvy business owners.

Innovative mindset: It encouraged Estonian citizens to view entrepreneurship as a practical and prominent career path when formerly working for a huge multinational was the preferred career path.

4. Development of supporting buildings

Startup Sauna and other accelerators and incubators: TEKES provided funding for the establishment of accelerators and incubators, which afterwards became crucial for connecting Scandinavian startups to international networks.

Ecosystem Growth: TEKES ‘ investments in local innovation ecosystems have had a direct and indirect impact on efforts like Slush, one of the largest startup activities ever held worldwide.

5. Attracting international funding

International attention: By nurturing companies with high-growth possible, TEKES made Finland attractive to foreign investors, bringing much-needed walk funds into the ecosystem.

Scaling internationally: TEKES’ programs like the Young Innovative Companies ( NIY ) helped Finnish startups expand globally, making Finland a recognized innovation hub.

Fun truth: my first business, Muxlim, was a member of the TEKES Young Innovative Businesses program, which eventually won the President of Finland’s nomination for internationalization. It enabled us to consider international from first on and lift our ambition&nbsp, to&nbsp, the&nbsp, potential.

6. societal impact and sustainability

Green technology command: TEKES invested considerably in green technologies, making Finland a chief in areas like bioeconomy and solar energy solutions. Malaysia needs to find the strengths-matching niches and work with them until they are powerful worldwide.

Advances with social effect: By supporting education and health technologies, TEKES promoted enhancements that improved the quality of life in Finland and worldwide. Akin to Khazanah’s Dana Impak.

There were so many beneficial outcomes that might not have been possible without TEKES.

Allow me list four of them.

Avoidance of Brain Drain: Without financing and habitat support, Scandinavian talent does had moved abroad in search of better opportunities. Our guest speaker there introduced his talk by saying,” I’m assuming you are all looking to relocate to Singapore eventually,” during a recent trip there with other Malaysian startups.

Gaming Industry Boom: TEKES ‘ funding provided a foundation for Finland’s thriving gaming sector.

Technology Transfer: Without TEKES ‘ assistance, collaborations between academia and industry might not have been as successful.

Innovation Culture: Finland’s transformation into an innovation-driven economy owes much to TEKES ‘ ability to fund high-risk, high-reward projects.

The strategic investments made by TEKES helped to cement Finland’s position as a leader in global innovation, demonstrating its worth as a pillar of the country’s entrepreneurial ecosystem.

Meanwhile, in Malaysia…

Looking back over the past few weeks in Malaysia, I believe there is a missing message in the national conversation. No one is discussing why every country needs to get ready for an innovation-driven future. The job market is about to be drastically disrupted by the advent of AI, automation, and robotics. There will be unheard challenges for people all over the world, not the least of which is the shrinking job market, combined with the overburdened public sector in many nations around the world and the threats of climate change.

Entrepreneurship is key to creating jobs and sustaining in the face of job insecurity, climate displacement, geopolitical tensions, and technological disruption.

Of course, private capital is the ideal driver for innovation. But, based on Securities Comission Malaysia data, early-stage investing has retreated in Malaysia between 2011-2021, while in Finland it grew from US$ 112 million in 2011 to US$ 1.2 billion by 2021.

Sometimes, private capital is too risk-averse, so the government or government linked investment funds need to fill the gap until the ecosystem is stabilized. Nascent ecosystems don’t play by the same rules as developed ecosystems, hence initiatives like Khazanah Dana Impak, Khazanah’s Jelawang Capital venture capital fund of funds initiatives as well as Kumpulan Wang Persaraan ( Diperbadankan ) ( KWAP )’s Dana Perintis ( RM500 million for venture capital funds and direct investments ) and Dana Pemacu ( RM6 billion for private equity ) are critical to provide badly needed growth funds for startups across various stages.

Yes, early-stage investing is risky, and there will be some failures. In light of the changes that our world and the world’s community are facing, the risk of not investing is even greater. So in times like this, we need to be armed with strong ambition, infectious positivity and resourceful execution. I can only say that I think Malaysia is on the right track and that it will take less time to mature than Finland.

Mohamed” Mo” Tarek El-Fatatry is the Soonicorn Collective’s founder, the host of the Soonicorn Nation Podcast, and the founder of ERTH.

Dr. V Sivapalan contributed to the article. He has a Ph. D in Venture Capital from University of Edinburgh, Scotland, is Co-Chairman of Soonicorn Collective and Adjunct Professor in the School of Science and Technology, Sunway University. He is the author of the book Supercharge Your Startup Valuation. Visit his website for more of his writings.

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Trump tariffs potential death knell for Japan automakers – Asia Times

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Somewhere in the world, probably Beirut, Carlos Ghosn is having a severe case of sadness.

The Nissan-Motor-CEO-turned-international-fugitive is seeing stock plunge 47 % during the recent CEO’s five-year career. Makoto Uchida also lost more than 100 percent details to Japan’s Topix score. He’s then Nissan’s worst-performing president since at least 1974.

But Nissan’s slip isn’t happening in a suction, as Japan’s another engine giants can speak.

In 2019, the business was still reeling from Ghos n’s arrest on financial misconduct charges and escape. Nissan and its Japanese competitors are now facing a worldwide market shakeup caused by the growth of China.

Or, as Michael Dunne, CEO of automobile industry advice ZoZoGo, calls it, the “great China vehicle blitzkrieg”. According to Dunne,” the unexpected flood of Chinese cars is upending years of steady market securities and profits.”

As Donald Trump enters the White House to start off trade war, China Inc. is becoming even more of a goal. Chinese manufacturers are under increasing pressure due to a precise explosion in competition from China, particularly in the field of energy vehicles.

The Volt manufacturing acceleration process has been at best slower. Has Japan Inc. CEOs ‘ pressure on the nation’s long-dominant hybrid car market shifted to EVs and loosened their hand?

” China may export a spectacular 6 million vehicles to more than one hundred countries this month, cementing its status as the country’s No 1 producer”, Dunne says.

The typical price of those made-in-China cars: US$ 19, 000. ” That’s less than half the regular price of a new vehicle in America and Europe”, Dunne adds. Customers in all time zones are switching to new Chery, MG, Changan, and BYD models instead of Chevys, VWs, and Hondas.

If not for Trump’s returning to the scene 48 time from now, Chinese EVs eating Japan’s meal would be problems much. The US president-elect has hit the ground running by enacting transfer taxes on both China and Canada.

Trump’s inclusion of neighbors in his price list is shocking Tokyo and Seoul. One big concern is Trump’s plan to impose 100 % levies on vehicles made in Mexico ( and, presumably, on Canada too ).

As Trump results to business, his “revenge” journey is sure to start in Asia. That has leaders at Toyota, Honda, Nissan, Hyundai, Kia and some bracing to levies of similar scale heading Asia’s manner. Auto-production-heavy markets like Thailand also may be in harm’s way as global supply chains go astray.

Tesla businessman Elon Musk has Trump’s hearing as the next trade war develops, thinning the story. Earlier this year, Musk warned that Chinese Vehicle areas are destined to have” important” achievement outside China.

Musk claimed in January that” the Chinese auto companies are the most competitive car companies in the world.” According to the statement,” I believe they will have a major achievement outside of China depending on the establishment of taxes or trade barriers.”

But, he added, “frankly, I think, if there are no industry restrictions established, they will very much dismantle most various companies in the world”.

In the months that followed, Musk has attempted to refute those sentiments. Apparently, someone in the Shanghai place reminded Musk of Tesla’s sprawling manufacturing presence there, where he built his first outside” Plant”.

Musk’s close relationship with Trump — including a position as authorities efficiency advisor— muddies the issue. How Musk manages to compromise his position in Trump World with an economy that Tesla heavily relies on, one that Tesla relies on.

Some argue that Musk’s level – and position in Trump World – may help Tesla engage in China via-a-vis contemporaries.

Tesla “has the scale and scope that are unmatched in the EV industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled with likely higher China tariffs that will continue to dethrone cheaper Chinese EV players ( BYD, Nio, etc. )” from flooding the U. S. business over the forthcoming times”, says Dan Ives, an analyst at Wedbush Securities.

There is nothing scientific about where all this leads, though, in Japan, where the country’s economy is still reeling from decades of excessive monetary easing.

Japanese Prime Minister Shigeru Ishiba has been frantically trying to meet with Trump since his shock victory on November 5. But to no cost. So much, Trump World has refused to grant Ishiba a Mar-a-Lago market.

Ishiba hopes that by forming a specific relationship with Trump, Japan Inc. will suffer less collateral harm. It’s what former Prime Minister Shinzo Abe did during Trump’s 2017-2021 president.

Abe became the first earth president to jump to Trump Tower in New York to love the ring in November 2016, just weeks after Trump’s victory in the election. But other than garnered worldwide headlines, the prank did little good.

Trump continued to withdraw from the Trans-Pacific Partnership, which was started by the US. Abe had pressed Trump to be on the TPP, which was the foundation of Tokyo’s efforts to encircle China.

Nor did Abe’s beauty offensive win Tokyo a slip on the Trump 1.0 taxes. Trump, however, palled around with Kim Jong Un in way that upheld North Korea’s brutal government at the cost of Japan’s national security. Trump humiliated Abe by revealing that the Chinese president had nominated him for the Nobel Peace Prize, adding insult to injury.

But there’s another reason Ishiba may perform Trump 2.0 quite carefully: the interpersonal US leader’s wish for a “grand bargain” with Xi.

Trump government takes, including Scott Bessent as US Treasury director, argue that this is the end game. Today’s risks of large tariffs, they argue, are only a negotiating strategy aimed at prodding Beijing to flex to US needs.

Japan’s issue is that it would be looking into any diplomatic Group of Two trade offer from the outside. Chinese EV industry would be the main beneficiaries of any such agreement.

That, of course, would be the same of President Joe Biden’s plan of shutting Chinese Vehicles out of the US business with 100 % fees.

Trump claimed on the campaign trail that “large companies are only being built across the border in Mexico” by China to make vehicles to offer in the US market. Our folks will man those flowers, and those plants will be constructed in the United States.

The vegetables Trump may employ to encourage China to construct US factories remain ambiguous. But the stick if China Inc doesn’t post could be 200 % tariffs, Trump has warned.

Where does this leave South Korea and Japan, in my opinion?

Now, it’s clear Foreign EV makers are on a break. By the time they were a month quick, BYD, Leapmotor, and Xiaomi already had their yearly delivery goals crossed. What’s more, BYD, Xpeng and Zeekr saw record quarterly sales in November.

BYD, for instance, delivered 504, 003 passenger cars in November and 500, 526 in October. Its full-year sales for passenger vehicles presently hit 3, 740, 930, exceeding the week’s 3.6 million goal.

Leapmotor, which is backed by Stellantis, saw 40, 169 deliveries in November, up 5.2 % from October and a whopping 117 % year on year. As competition in China heats up, Tesla has had to slash Model Y prices by 10, 000 yuan ( US$ 1, 371 ) to 239, 900 yuan ( US$ 32, 000 ).

At the moment, Chinese automakers are playing catch-up in the EV area and boosting purchases. That’s regardless of what becomes of Trump’s business conflict or his pledge to eliminate Biden’s$ 7, 500 return on EV payments.

Toyota, for instance, is building a great power shop in the US state of North Carolina”. We plan for the long term, but political considerations aren’t a factor in how we approach product creation or investment opportunities,” says David Christ, vice president of Toyota North America.

Yet Japan Inc. is bleeding global market share. A new analysis by Bloomberg economists found that Japanese automakers saw the biggest market share losses of any peers between 2019 and 2024 in China, Indonesia, Malaysia, Singapore and Thailand.

How China is gaining from those losses can be written in bold font between the lines. It’s likely they’ll strengthen that push,” says Bloomberg Intelligence senior auto analyst Tatsuo Yoshida of China’s ambitions.

Even the sales and output of the much-vaunted Toyota appears&nbsp, to have plateaued. All six of the main Japanese automakers that Bloomberg Intelligence has tracked have consistently ceded ground. In Thailand and in Singapore, where Japanese carmakers long enjoyed strong customer loyalty, market shares are down to 35 % from 50%-plus in 2019.

In 2023, China dethroned Japan to become the world’s top automaker. The devastating blow to Japan’s collective psyche was the worst since China overtook Japan in terms of GDP in 2011.

However, the ways that Chinese automakers managed to capture Japan’s nap continue to surprise economic historians. It’s not just autos. Efforts to generate more tech” unicorns,” for example, didn’t gain the traction Japan’s government expected. Even today, Japan trails Indonesia in the race to generate US$ 1 billion-plus valuation startups.

As the EV market expanded, Japan’s persistent obsession with hybrid vehicles reflects this same pattern. Granted, the slowdown in US demand for EVs has many auto analysts believing Japan’s dual-track approach has merit. At least temporarily.

Yet Toyota officials and their Japanese counterparts are in fact aware of their errors when they dismiss the EV future as being in view. Toyota is catching up on older models. Japan’s top automaker is tripling EV output as it chases China’s BYD, which in 2023 surpassed Musk’s Tesla.

The question, of course, is whether it may already be too late as Tesla, Detroit, Germany and China beat Toyota to the market”. No one,” says advisory ZoZoGo’s Dunne”, can match BYD on price. Period. Boardrooms in America, Europe, Korea and Japan are in a state of shock.”

Of course, Trump’s trade war could complicate the outlook considerably. This is especially important because no one is sure whether Trump will strike a deal with Xi’s China or instead impose tariffs.

For now, Cigdem Cerit, an analyst at Fitch Ratings, sees a” neutral outlook for the global automotive sector, “reflecting” our expectation of a stable production environment, with global light vehicle sales projected to increase by about 2 %.”

But Cerit adds”, the growth will be unevenly distributed across regions, as European and Chinese markets face macroeconomic challenges. We expect pricing to remain subdued due to escalating competition.”

For Japanese chieftains like Nissan’s Uchida to those at Toyota, the threat from China’s auto industry isn’t to be taken lightly. Nor does the upcoming US government work with China Inc. or support its replacement.

Follow William Pesek on X at @WilliamPesek

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Protectionist moves like iPhone 16 ban could help Indonesia gain investments, but risk backfiring: Analysts

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Overcome LOCAL BUSINESSES ‘ UNDERLYING PROBLEMS, EXPERTS SAY

In recent years, Indonesia has seen a sharp decrease in its middle-class people from the effects of the COVID-19 crisis, which left some businesses and factories shuttered. &nbsp,

According to experts, Mr. Prabowo has promised to build 19 million jobs, and the best way to do that is by attracting more foreign investment to revive its lagging manufacturing industry. &nbsp,

According to experts, the best course of action is to press companies to participate by putting up tariffs and trade bans.

ByteDance reportedly started cutting about 450 work at its Indonesian e-commerce shoulder starting in June after combining its TikTok Shop and Tokopedia. The decline makes up about 9 per share of the leg people, Bloomberg reported.

” To bring purchase, policy persistence is vital. According to Mr. Faisal of CORE, unfair treatment should not be used against both domestic and foreign investors regardless of the government’s coverage. &nbsp,

By creating infrastructure like ships and streets, he said, Indonesia needs to train its workforce, eliminate bureaucracy, and lower the cost of shipping goods across the great island.

It needs to address the core issues that prevent local goods from competing with cheap imported products and safeguard Indonesia’s MSMEs, who make up 97 % of the country’s gross domestic product and use 97 percent of the workplace. &nbsp,

According to Mr. Bhima of CELIOS,” the issues ( faced by ) SME business actors in Indonesia are not only opposition with imported goods but also large lending rates, a relative skill gap for SME people, low quality control, and weak shipping prices.” &nbsp,

” Rather than carrying out baseless protectionism, the government should solve ( these ) fundamental problems”.

High tech costs and limited economic support, according to the Asian Development Bank, have created a challenge for Indonesia’s small business operators. &nbsp,

There are options for Indonesia, according to Dr. Siwage from the ISEAS-Yusof Ishak Institute in adapting to the experiences of a global online marketplace where customers can purchase goods at competitive prices from overseas.

Dr. Siwage cited the success of native e-commerce systems Tokopedia and Bukalapak, both of which are now regarded as “unicorns” – start-ups valued at over US$ 1 billion. He said the nation could make a better environment for more nearby start-ups to develop. &nbsp,

“( Indonesia ) should design policies and incentives for foreign investors to collaborate with local investors”, he said, noting that Tokopedia’s merger with TikTok Shop could be a business model for other companies. &nbsp,

SOME CONSUMERS BURNT BY phone 16 Swindlers

Many people are currently looking for the products on the black market or abroad, which could result in millions of dollars in sales tax in Indonesia as a result of the restrictions on the phone 16 and Google Pixel telephones. &nbsp,

Indian economy ministry official Febri Hendri said that as of final quarter, 9, 000 phone 16 products have entered Indonesia. &nbsp,

The devices were purchased elsewhere, and they are currently being used solely by individuals. Mr. Febri stated that his office will work to ensure that the phones wo n’t be resold and will be sold on the Indonesian market. &nbsp,

The cheapest iPhone 16 is priced at about S$ 1, 299 ( US$ 994 ) in Singapore, according to Apple. If Indonesian customers want to buy the phone into their nation, they will have to pay an additional US$ 135 in import duties.

Soon after the restrictions on October 25, Indonesian e-commerce sites were flooded with customers claiming to be selling the new phone. &nbsp,

Mr. Febri claimed that the government had requested that these sites stop these offers, and many of them have accepted. &nbsp,

We advise consumers to avoid purchasing an iPhone 16 from illegal online retailers and marketplaces. We will act on any details regarding the sale and purchase of the phone 16,” Mr. Febri said in a statement on November 1. &nbsp,

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Haryana: India start-ups eye rural markets to drive next leg of growth

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Getty Images An Indian woman using a mobile phone outdoors in a rural settingGetty Images

The small towns of Haryana state in India’s remote north-western are now in an unlikely position in the spotlight.

Farmers ‘ homes in towns close to the industrial area of Rohtak are suddenly in demand and can now double as movie set.

Alongside the mooing of cows, it is n’t unusual to hear a director shouting “lights, camera, action” here.

A fresh start-up, called STAGE, has spawned a budding movie industry in this countryside.

” Batta”, a high-octane drama about power and injustice, is just the latest in half-a-dozen shows under production in the area, Vinay Singhal, founder of STAGE, told the BBC on the film’s models.

” Before we came in, there were just a few odd Haryanvi movies made in India’s story.” Since 2019, we’ve made more than 200″, says Mr Singhal.

STAGE makes information for generally under-served municipal audiences, keeping hyper-local tastes, philosophical quirks and the remote social grammar in mind.

There are 19 500 distinct languages in India, and STAGE has identified 18 that are spoken by a large enough population to justify their own independent movie industry.

Information is already available in Haryanvi and Rajasthani, respectively. It has three million paying clients and is planning to develop and include different languages like Maithili and Konkani, which are spoken in north-east and coastal-west India, both.

“We’re also on the verge of closing a funding round from an American venture capitalist firm to expand into these territories,” says Mr Singhal, who appeared along with his co-founders on the Indian version of Shark Tank, a business reality show, a year ago.

Saraskanth Lakh A regional movie scene being shot at a farmer's house in India's Haryana state. Saraskanth Lakh

One of the growing number of Indian start-ups is STAGE, which is betting heavily on the potential for growth in rural areas. People like DeHaat and Agrostar are among the people.

While a large of India’s 1.4 billion people still live in its 650, 000 villages, they’ve almost been a business for its flourishing software start-ups so much.

Asia’s third-largest economy has been a hotbed for innovation, birthing several dozen unicorns- or tech companies valued at over$ 1bn- but they’ve all largely built for the” top 10 %” of urban Indians, according to Anand Daniel, partner at Accel Ventures, which has funded some of the country’s most successful ventures, from Flipkart to Swiggy and Urban Company.

While there have been significant exceptions like online market Meesho, or a few land systems people, the start-up growth has mostly bypassed India’s villages.

As more owners succeed in reaching remote customers and receiving funding for their ideas, that is now changing.

” Investors do n’t show you the door anymore”, says Mr Singhal.

” Five years ago, I did n’t get any money at all. I had to genesis the business”.

Through its pre-seed accelerator program, Accel itself announced it will invest up to$ 1 million in rural start-ups, cutting more checks to entrepreneurs looking to solve problems for the rural market.

Unicorn India Ventures, another regional VC account, says 50 % of their assets are now in start-ups based in level 2 and tier 3 places. Suzuki, the auto industry’s biggest player, announced a$ 40 million India fund in July of this year to fund rural-market startups.

Saraskanth Lakh A woman showing her phone to a group of friends in India's Haryana stateSaraskanth Lakh

So what’s driving this move?

The untapped market opportunity is large, says Mr Daniel, and there’s a growing realisation among investors and founders that rural does n’t necessarily mean poor.

Two-thirds of India’s population live in the countryside and spend about$ 500bn annually. In reality, the top 20 % of this demographic spends more money than half of those that live in the cities, according to Accel’s individual quotes.

” As India adds$ 4tn to GDP over the next decade, at least 5 % of that will be online influenced, and coming from’ Bharat’ or remote India”, says Mr Daniel.

That’s a$ 200bn incremental opportunity.

The growing penetration of phones among middle-class remote communities is a contributing factor to this.

More than half of the population in the US currently uses one outside of its locations, or 450 million.

And for businesses looking to expand their offerings beyond the towns, the highly praised UPI program has changed the way they do business.

” Five or seven years ago, the ability to reach this goal group- get it online, economically or in terms of getting obligations- was n’t simple. However, the right time is also much better for this era of start-ups trying to enter this industry,” says Mr. Daniel.

In addition, a decade ago, the majority of development occurred in cities like Mumbai and Bengaluru, but a growing number of businesses are now emigrating from smaller towns, fueled by factors like lower operating costs, native talent presence, and state initiatives aimed at promoting innovation in less-metropolitan regions, according to a statement from Primus Ventures.

Being close to the ground may have also contributed to exposing members to the potential of the enormous non-metro business.

Saraskanth Lakh A group of women sitting together on the ground as one of them uses her phone in India's Haryana stateSaraskanth Lakh

But it’s simpler to crack remote India.

The little town customer is price-conscious and regionally dispersed. In any given location, there are much less addresses for buyers than in cities.

Infrastructure also continues to lag, so “distribution is n’t easy, and operating costs are high”, says Gautam Malik, chief revenue officer at Frontier Markets, a rural e-commerce start-up that does last-mile deliveries to villages with populations below 5, 000.

Besides, those using industrial designs and force-fitting them to the village environment may fail, says Mr Malik.

His business quickly realized why traditional e-commerce could n’t get to the very last mile. The customer in the village genuinely did n’t trust her money with a business that did n’t have a local presence.

To increase that level of trust, Mr. Malik and his team needed to collaborate with village-level women entrepreneurs to operate as their sales and distribution representatives.

Such diversity and a responsibility for the long haul will be important, he says, to winning rural India and cracking that iterative$ 200bn business prospect.

Follow BBC News India on Instagram, YouTube, Twitter and Facebook.

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Midwest Composites set to compete in Startup World Cup Grand Finale

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  • Midwest Composites may compete for the US$ 1 million royal prize.
  • Company will angle in front of international investors, network with leading VCs

(From left): Cradle Fund Group CEO, Norman Matthieu Vanhaecke; Midwest Composites CEO, Sethu Raaj; Growth Charger director, Iskandar Shafi’i and Pegasus Tech Ventures Investor, Yonathan Vincent Xavier.

The Malaysia Finals of Startup World Cup 2024 coincided with Malaysia’s Merdeka and Malaysia Day celebrations, reflecting the country’s aspirations to become a leader in the global startup ecosystem by 2030, as outlined in the Malaysia Startup Ecosystem Roadmap ( SUPER ) 2021-2030.

A total of ten high-potential startups, selected from a dynamic pool, presented their enterprise solutions across sectors such as learning technology, healthcare, clean energy, agriculture, and online platforms. These winners, chosen for their impressive techniques and market-ready options, impressed a panel of judges, including business leaders and owners from MDEC, The Hive Southeast Asia, Iris Capital Partners, Artem Ventures, Ignite Asia, MRANTI, and Sunway iLabs.

” Growth Charger is pleased to announce that Midwest Composites has won the Startup World Cup ( Malaysia ) 2024. Their success is a bible to the company ecosystem’s ability and creativity in Malaysia. As they head to Silicon Valley this October, we believe they will make a strong impact on the global stage and compete for a US$ 1 million ( RM4.35&nbsp, million ) investment. &nbsp, We are glad to Pegasus Tech Ventures, &nbsp, &nbsp, administrator of Startup World Cup 2024, and our colleagues for making this trip possible”, said Iskandar Shafi’i, producer and co-founder of Development Charger.

Sethu Raaj, CEO of Midwest Composites, said,” We are glad to have been selected as Malaysia’s official to the Startup World Cup in San Francisco. We look forward to demonstrating to the earth that Malay startups are world-class and have inventions that are comparable to those in any world ecosystem.

However, Norman Matthieu Vanhaecke, Group CEO of Cradle, said,” We are glad to help the skill and creativity demonstrated by our local companies at the Malaysia Finals of this year’s Startup World Cup. We at Cradle continue to look into ways and opportunities to display some of our top Malaysian businesses on the global stage, such as this Startup World Cup. These initiatives reflect our commitment to fostering and enabling these initiatives to realize their full potential both locally and globally, helping the nation achieve its goal of being one of the top 20 global company communities. Midwest Composites receives our sincere congratulations and wishes them the best of luck as they prepare to compete in San Francisco’s royal finals.

The event was supported by numerous key ecosystem players, including Cyberview and MDEC as strategic partners, WORQ and CloudMile as ecosystem partners, and supporting partners such as Invest Selangor, The Hive Southeast Asia, Gobi Partners, Iris Capital Partners, Curine Ventures, Kumpulan Modal Perdana ( KMP), Artem Ventures, Sunway iLabs, Ficus Capital, Ignite Asia, Indelible Ventures, TRIVE, Antler, International Medical University ( IMU), Endeavor, JomHack, NTT Group, NTT Startup Challenge, and Nestspace.

Shafinaz Salim, brain of Cyberview’s Tech Hub Development Division, said,” The Startup World Cup Championship is a testament to the amazing talent and vision of companies who are shaping Malaysia’s potential. We are thrilled to see Midwest Composites, a startup from our current Cyberview Living Lab® Accelerator ( CLLA ) cohort, emerge as the champion. We would also like to thank Vidanex and Faradays Energy, even from our present group, along with two of our students, Pandai and MengajiOnline, for making the list of winners. This success highlights their extraordinary skill and entrepreneurial spirit, underscoring the importance of supporting and nurturing them in their potential as Malaysia’s “next rainbows”

To promote a vibrant startup habitat in Malaysia,” CloudMile and Growth Charger work together.” With the goal of promoting the Malaysia business field, we provide the resources and tools they need to succeed. Madani Malaysia”! said Lester Leong, Country Manager of CloudMile Malaysia.

The Startup World Cup is a worldwide competition that connects company communities all over the world. The Malaysia Finals of the Startup World Cup 2024 represent a significant phase in Malaysia’s quest to become a global technology superstar because local championships are held abroad. &nbsp, Growth Charger, a company pedal and embryo, hosted the Malaysia Finals, with Cradle Fund Sdn Bhd as the Title Partner. The Asia School of Business ( ASB ) hosted the competition.

For more details about the Startup World Cup Malaysia Finals 2024, please visit: https ://www.growthcharger.com/startup-world-cup-malaysia-growth-charger-…

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MDEC’s FOX programme hits the spot for Respond.io and Juwai-IQI Holdings as they scale globally

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Standfirst: MDEC’s FOX initiative builds adaptable firms with strong elements

Gerardo Salandra of Respond.io (2nd from left) speaking on a Gen AI panel at the recent Endeavor Future Forum 2.0

Gerardo Salandra and Georg Chmiel have many similarities, most notably their involvement in the Malaysian Digital Economy Corporation’s ( MDEC ) Founders Centre of Excellence ( FOX ), a multifaceted initiative designed to promote the development of high-potential Malaysian tech companies.

The national strategic initiative of Malaysia Digital ( MD), which aims to promote and grow domestic tech companies to become unicorns by 2025, is a part of the FOX program. The Squirrel program assists these organizations by fostering a robust support system and providing targeted resources, as well as strengthening their business basics and proper capabilities.

Both Georg and Gerardo are Malaysian-born foreigners who are launching international firms in a quick manner. Despite being offered relocations by other nations, they decided to stay because they believed Malaysia offers everything they need to develop their startups, even before the Squirrel program was introduced in March 2023.

Gerardo, from El Salvador, started his Business-to-Business Software as a Service ( B2B SaaS ) company in Hong Kong and then, deciding that being in Hong Kong was not going to help him achieve his dream of building a global company, picked Malaysia as his base.

I met some MDEC people at a conference and learned about their amazing service, the Malaysian Tech Entrepreneurs Pass ( MTEP), which allowed me to obtain a five-year work visa for myself. I mean, five times? Nothing gives you a five-year immigration. That is enough time for me to develop a business”, he said. &nbsp, &nbsp, &nbsp,

In contrast to Gerardo, Georg was now well-versed in Malaysia when he assumed the position of Group Managing Director of iProperty in the middle of 2010. Georg is now aiming to build his subsequent home tech success as co-founder and executive president of Juwai IQI Holdings after successfully witnessing the price of iProperty to Australia’s REA Group, where he previously served as CFO.

Georg has seen a lot of government programs designed to promote business growth, but also he is impressed by the FOX program despite having over 25 years of experience in actual estate across Australia, Asia, and now Malaysia. ” To placed it clearly, this is like joining a top concierge service. Simply ask a topic and you get pointed in the right direction”, he says.

Juwai IQI's senior leadership team together with MDEC representatives at the recent launch of Juwai IQI’s global headquarters

Besides the concierge-like services that he feels is a striking feature of MDEC’s FOX program, Georg, who does a good bit of exploring, has noticed anything interesting about the effects of the programme.

When I say we were chosen to be a part of the program and explain how it works, he says, “people see us diversely.” The development of the FOX program, which aims to aid in the growth of its businesses, demonstrates Malaysia’s desire to contribute more to the world’s modern economy. ” This opportunities Malaysia as an impressive state, in the eye of outside shareholders. And that gains us”, he explains. &nbsp,

That perception shift that Respond .’s testimonials demonstrate. Malaysia’s reputation is improved by Juwai IQI and Juwai IQ. However, MDEC’s work via the FOX program has assisted high-growth businesses to expand into global companies, and possibly unicorns. More businesses outside Malaysia may acquire Malaysia as their base to expand into global businesses as a result of the businesses ‘ decision to stay there after they achieve great success.

If the passionate comments from Georg and Gerardo is any indication, the FOX project, in this early stage, seems to be pressing all the right keys for its businesses.

It appears that the program thoroughly selects the businesses it needs to be assisting most. It continues to expand its reach, overcoming first failures with a lot of messages and information until it managed to grab Gerardo’s attention and convince him to sign up for the program.

Gerardo reflects,” As a leader, I understand the need for regular self-improvement and development. But as a business leader, the emails, messages, names, and discussions never seem to stop. When I return to the office after this meeting, I’ll be greeted with a stack of things demanding my interest. But, when is there time to focus on specific growth”?

With some very proper partnerships with international outfits, MDEC appears to have captured the attention of founders and their top leadership teams, making this a fact that the Squirrel program has integrated. &nbsp,

One of these engagements, with Ernst &amp, Young Malaysia ( EY Malaysia ), even changed Gerardo’s perception of consultants. You have a tendency to think that professionals are pricey and unable to deal with business challenges, so I would never have paid for them.

However, Gerardo and his management staff have come to appreciate the value of consultants because of his work with EY and the EY 7 Motorists of Growth Framework dynamic research conducted. ” And today, we do pay for consultants” .&nbsp, &nbsp,

Being connected to members who have effectively built B2B SaaS businesses like his was an even greater benefit of Gerardo’s subjection to his FOX program. This face it, not many people in Malaysia or the surrounding area may pertain to the difficulty of expanding a B2B company like me. Who may I call to make a enable request?

Gerardo has greatly benefitted from MDEC’s tie-up with Initiative via the Malay office in this regard. He was connected to the C-suite executive of a B2B SaaS business with a European address thanks to the Squirrel program. In order to pursue his goal of entering the Middle East market himself, he also had the opportunity to speak with the leader of a significant Middle Eastern company. Gerardo himself is currently pursuing joining Endeavor Malaysia despite having meetings that are ongoing and how valuable they were.

The Squirrel program strengthens Malaysia’s position to expand internationally and lead technical innovation by fostering strategic partnerships and constant outreach.

For more information on MDEC and its schemes, choose visit www. mdec.com. my

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