In the wake of the COVID-19 pandemic, shifts in consumer behavior have driven lasting changes in economies worldwide.
The Asia-Pacific region boasts a cohort of resilient companies which are evolving to capitalise on evolving consumer preferences. Despite a decline in VC funding, certain businesses continue to thrive, leveraging pandemic-driven growth and strategic adaptations.
Funding constraints, particularly acute in Asia, have led to a rise in down rounds, but companies with robust cash reserves enjoy a competitive advantage. In South Korea, sanitary product manufacturer Aseado has expanded into other sectors post-pandemic; and Singapore's MaNaDr maintains competitiveness by placing the focus on user experience. Both companies have incorporated emerging technologies like AI into their manufacturing processes and services.
Singapore has emerged as a vibrant startup hub within the continent, second only to Beijing; and India and the greater Southeast Asia region are also becoming highly attractive. Despite headwinds, sustained investor interest in Asia and a smaller pool of viable companies bode well for those positioned for growth.
Article by June Yoon for FT. Read more here or in the PDF below.