Software Outsourcing: Why You Should Start Technology Business In Southeast Asia?
The startup ecosystem in Southeast Asia is growing. Some call it the “golden age” of startups here. Despite the pandemic, investors are clearly optimistic about the region's massive growth potential and market opportunities, with Southeast Asian tech startups raising $8.2 billion last year alone. In fact, Jungle Ventures - one of the largest independent venture capital firms based in Singapore estimates that the combined valuation of Southeast Asian tech startups will more than triple in just five years, from $340 billion to $1 trillion by 2025.
Waiting for the perfect time to start a business means waiting forever and there is no better time than now to start your organization. This does not mean that you will not take up the challenges; entrepreneurship is not an easy endeavour. However, it is still an exciting endeavour that promises a lot.
Focus on consumers first
As the US market becomes more expensive and less tied to fundamental valuations, domestic venture capitalists are actively seeking new markets for growth. Many look at the countries of Southeast Asia. It is a diverse but very strong market with a focus on Vietnam, Thailand, Indonesia, Malaysia, Singapore and the Philippines.
The digital and technology industry in this region has enjoyed a huge boom in recent years. According to Jungle Ventures, Southeast Asian tech start-ups were valued at a total of $ 340 billion in 2020 and expect to triple by 2025.
However, companies cannot count on their inventories. While attracting venture capitalists can often be a necessary step, it is not the only foundation for an organization to grow- nor is it the best one. Consumers are your best resource. Look at the requirements and needs of your potential customer base, and refer to their needs, instead of looking only at the needs of investors. Personalization and personalization are the keys; consumers want to see the company that focuses on them first.
Set achievable goals.
What you do in the early stages of starting a business will affect the entire course of your business as this is where you prove that you have the business first. Achievements at work and in life are the result of setting and achieving goals. Setting the right goals and establishing and implementing the best course of action is one of the most difficult things in business. They answer two important questions: what to do and how to do it. If you do something wrong, the wrong way, you risk wasting your resources by focusing on wasted efforts.
Startups want to scale quickly - sometimes beyond their means. While it may seem attractive at first, if you grow up too fast without a solid foundation, it will all fall apart. Southeast Asian startups need to seek multiple funding sources (including their own) and scale based on what they have. This usually means slower growth, but growth needs to be concentrated and sustainable in the long run.
Embrace a remote mindset.
According to Buffer State of remote work 2019, 99% of their respondents said that they would like to work remotely for at least some time for the rest of their careers.
If you want to start a global software development company, relying on local talent is simply not feasible. Thinking “remote first” is key to finding global talent, motivating employees, and making meaningful connections with potential consumers and business partners. There are thousands of incredible talents around the world that could be a good choice, so why not?
Utilize regional talent
Technology start-ups have already begun to take advantage of this diverse talent pool market. For many startups and technology organizations, it has been a challenge to create an entity in the regions where they want to hire.
One of the top priorities of your organization can certainly be building a talent pool that will help you gain a competitive advantage. And one of the world's largest concentrations of dynamic and talented people is located in Southeast Asia. Too often, entrepreneurs ignore workers who are readily available to them and people who have invested years in their technical education - instead of believing that to compete with the best companies in the United States. The fact is that talent in the region can not only be more profitable, but it can also be the best talent available.
Solve problems
Nothing is more important to building a successful tech startup than making sure you solve your customers' problems. Potential startup founders are always finding ideas to implement when they should be looking for problems to solve. Customers pay for solutions, but there is no market for ideas.
Every successful entrepreneur I know has found a niche by carefully researching the needs of the market and figuring out what's missing. This requires thorough market research. Even if you have a brilliant idea, you need to see if it really has legs to stand on in the real world. Conduct extensive user testing and create plans and proposals; this can help you attract potential users and investors.
Think digital transformation first
The digital transformation of South and Southeast Asia opens up a number of opportunities for its citizens, especially the younger generations. Many Asian countries are even pioneers in certain areas of digitization. The Philippines and Malaysia have become the top two countries in terms of e-commerce retail sales growth, growing by 25% and 23% per year, respectively. The Covid-19 pandemic and its noise made it impossible for Southeast Asian companies to survive without digital acceleration, and many have coped.
Digital transformation can lay the groundwork for your survival in a competitive environment. It means growth, opportunity and a way to achieve your goals.
However, be sure to consider factors other than the technical talents themselves. In addition to technical skills, it is important to maintain and use soft skills. You don't just launch a tech startup; They build the brand, reputation and traffic.
