Asia’s startup scene is on the rise, but Covid-19 may choke its growthThursday July 23rd, 2020
Asia Pacific’s startup economy is going through a “major transition” amid the increasing democratization of tech across the globe, a study from advisory and research firm Startup Genome and Global Entrepreneurship Network (GEN) suggests.
According to the 2020 Global Startup Ecosystem Report, access to the tech economy is at an all-time high, as seen in the rising number of tech unicorns – startups valued at US$1 billion or higher.
In 2013, when the term “unicorn” was popularized by Aileen Lee from CowboyVC, only four tech hubs worldwide produced firms with that valuation. Now, over 80 ecosystems have at least one startup that’s worth US$1 billion.
The report shows that Asia Pacific emerged as one of the major beneficiaries of this democratization, as the region has gone from having 20% of the world’s top startup ecosystems in 2012 to 30% this year.
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