In recent years the rise of technology in Asia has exploded onto the scene. At the Rise Technology conference in Hong Kong hundreds of booths have been set up by start-ups coming from all other Asia. The one thing they are all vying for is an investor so they can turn into next big thing Asian tech company. Asia is the place to be for investors looking to find the next big thing. In the past year, over $30 billion has been injected into the sector, it went up by 45% from the year before according to report from auditing group KPMG.
Many youngsters want to become the next big app and are looking at the success of companies such as Facebook, Uber, Snapchat and Instagram. The digital market is becoming crowded but thats not stopping these young entrepreneurs from starting their own version of an app.
The Asian tech boom is spearheaded by a host of young entrepreneurs in Asia such as Pranoti Nagarkar. She started her company Rotimatic in 2012 with $20,000 and now she has raised $11 million from investors. Singapore based Rotimatic try to help people eat healthy and uses modern technology to make rotis or flatbread. Her start-up is just one of many companies attracting investors.
According to the BBC, analysts say there’s been a lot of money invested mainly from wealthy Asian investors who made their fortune on the Chinese stock market. But many are saying the sector is in for nasty shock. China’s stock market collapsed over the past few weeks. The biggest decline in nearly a decade was last Monday when it fell by 8.5%.
Despite the many people who are worried about the stock market, it hasn’t stopped young entrepreneurs who want to become the next Alibaba or Xiaomi and it looks as if it will carry on like this for a long time.