An innovation hub and home to many emerging technologies, here are APAC’s rising startup trends of 2022 to watch.
The Asia-Pacific (APAC) region is on fire with new startups and emerging technologies, and more growth can only be expected as 2022 progresses. Any business is able to thrive in the right environment, but some trends are expected to take off this year.
If you are considering starting a business in the APAC region, or looking for emerging startups to invest in, take time to get to know current trends and why they might be a smart direction for your new company or investment. A recent report by Google highlighted 200 startups in APAC that are worth $1 billion or more- also known as unicorns. They are making a global impact even despite being made to be region-specific, particularly tech-based superapps such as Grab.
Check out the top startup trends of 2022 and gain some inspiration for your next business idea.
1. Creating Digital Solutions
We live in a digital world. The pandemic brought about many changes and intensified the push towards creating an online marketplace where people order, interact, and conduct business almost solely online.
Many people are online more frequently, so startups revolving around an app people can use daily are growing by leaps and bounds.
2. Embracing Green Initiatives
Eco-consciousness is not just a region-specific endeavor, but it is a smart move for startups to begin their journey with some environmentally friendly practices. For example, investing in electric fleet vehicles improves your company image and saves money on fuel and maintenance over time.
Many new startups serve more than just local customers, so you can also use your green image to attract business from other continents.
3. Solving Human Challenges
Biotechnology is expected to have a compound annual growth rate of 15.83% between 2021 and 2028. BioTech covers living organisms and the products related to them. The industry has gained more recognition for its function in solving a health crisis, such as the development of vaccines to fight the Covid-19 virus or other emerging illnesses.
One of Asia’s leading startups, CogSmart, is a Japan-based brand developing solutions to early-onset dementia. The HealthTech startup seeks to train people and find solutions for a healthy lifestyle leading to lifelong brain health.
Much of its work is research-based, for example, when CogSmart and Philips Japan teamed up to create an image analysis artificial intelligence software called “Brain Suite.” The programme studies and reports on dementia to develop a personalised prevention plan for individuals based on radio imaging technology and brain medicine research.
Expect to see more interdisciplinary technology developments, Artificial Intelligence (AI), medical research, and other solutions for some of today’s top health problems. Companies are working on treatments for cancer, diabetes, and many other diseases.
4. Outsourcing for Growth
The shift to remote work during the pandemic is likely here to stay. Australia’s Atlassian recently announced a permanent move away from working in an office, highlighting LinkedIn listings in key APAC markets, such as China, Malaysia, and India.
Globally, remote job postings increased around 2.28 times that of pre-Covid numbers. However, they are 3.53 times in Singapore, 4.12 times what they were in China, and 4.65 times in India, demonstrating how more companies are seeing the benefits of flexible working solutions.
5. Shifting Away From Traditional Financing
Decentralised finance (DeFi) is a big growth area worldwide as people shift away from traditional currencies to more digitised, global options. Southeast Asian DeFi startups raised over $1 billion in funding in 2021, six times as much as the previous year, so expect to see more startups in cryptocurrency models over 2022.
Riding the Next Startup Wave
APAC-based startups must recognise key trends to implement in their business models- no matter what type of brand you are building, you will benefit from integrating features such as more diverse currency models and embracing AI.