Compared to Silicon Valley, Asia-Pacific’s tech industry is still relatively nascent, but the region boasts a number of very successful companies who have made their mark even in the West. China’s Ant Group, for example, held a record US$37 billion IPO, though it ran into problems with regulators soon after. Over in Southeast Asia, unicorns like Grab and GoTo are rapidly expanding, with much IPO chatter around them.
However, Japan only has about ten unicorns so far, largely because its risk-averse culture encourages investments into companies that have been tried and tested, such as those who are already listed.
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With the pandemic, these challenges have been heightened. Many companies have had to reduce their headcount or scale back once the pandemic hit, and startups, which were often already operating at a loss, became even more greatly impacted.
Almost all economies have tanked as a result of the outbreak resulting in unemployment and revenue losses. Even with recent optimism, the economic outlook remains bleak, which does not bode well for startup ecosystems.
What startups need to survive
With the unpredictability of markets and the ever-changing trends, startups that are not agile and resilient enough to adapt will eventually get left behind.
Moreover, startups should also not be content with simply staying afloat. They also have to rise above challenges and realise their business goals in order to achieve long-term business sustainability and ultimately break barriers in the industry.
For this to happen, startups need access to several important components.
Helping startups establish support networks with ASCENSION 2021
One of the important components that can become a key driver for startup success is “ASCENSION 2021” held by Fukuoka City, Japan. For startups seeking to build resilience and weather against future challenges, ASCENSION 2021 is a useful platform, regardless of whether the company is in the early-, mid-, or late-stage of its lifespan.
ASCENSION 2021 is a yearly online international exchange event that leverages a startup support network. This network comprises 15 bases across 11 countries and regions. This year, the theme is “Challenge”, involving sessions with keynote speakers. It will happen on 23 October, 4:10 pm to 4:45 pm (JST).
In today’s increasingly challenging business climate, ASCENSION 2021 provides a channel for startups to strengthen their resilience against future uncertainties and break boundaries. The event is uniquely tailored for startups who are keen to become more resilient and sustainable, especially in the face of the pandemic and other similar uncertainties.
The event comes with a slew of perks that could help boost startups. Participants will get the opportunity to hear from Fukuoka Mayor Soichiro Takashima, Notion Labs’ C-suite executives, and hear the speakers share key insights and their personal experiences with issues like growing a company, past and upcoming challenges, and how they will overcome these hurdles.
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ASCENSION 2020 was held with the theme, “Beyond Coronavirus”. The session involved a Livestream dialogue between Mayor Takashima and Taiwan’s digital minister Audrey Tang. Participants also got access to useful information via dialogues between startups, VCs, and startup supporters.
Like last year’s event, this year’s iteration of ASCENSION spreads the startup city of Fukuoka to the world. ASCENSION 2021 instead focuses on sessions that encourage perseverance amidst global challenges, aptly launched under the theme of “Challenge.
Fukuoka City — a budding startup ecosystem
In 2012, the city declared itself as “Startup City Fukuoka” and started to direct much attention towards nurturing a strong startup ecosystem.
For example, measures such as the Startup Visa and Tax Reduction for Startups are implemented, which make it easier for startups to operate and expand. Furthermore, the city has taken active steps to collaborate with other bases via MoUs to mutually support startups.
Fukuoka City is also home to a “Global Startup Center”, which matches overseas startups with companies in Fukuoka.
Fukuoka City provides various startup support centred through Fukuoka Growth Next (FGN), a public-private joint establishment support facility. For example, it facilitates startup growth in the seed to early stages through the provision of acceleration programs that work together with global accelerators and leading companies, funding opportunities through matching with VCs, etc.
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“In this way, we believe that the role of Fukuoka City is to foster a movement, deregulate and implement support measures using special zones, and to become a hub for startups and their stakeholders around the world,” says Tetsuaki Miura, Director of Startup under the planning and coordination department of Fukuoka City.
All these initiatives make Fukuoka a special and crucial component in ushering a more resilient future for global startups. For more information about the upcoming iteration of ASCENSION 2021, visit the landing page or register here.
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This article is produced by the e27 team, sponsored by B Dash Ventures
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