Business growth is the goal of every entrepreneur, and the more adventurous ones may even want to move overseas. This type of move constitutes quite a bit of risk, and the thought of diving into uncharted territory can make some owners a bit hesitant to make the move.
That being said, planning your overseas expansion can grow your business exponentially—especially if you’re thinking of moving to Asia. Some of the fastest-growing economies are within the region, and the growing entrepreneur culture across Asian countries means that business owners can get lots of support from their peers.
Lots of funding pouring in
Investors from across the region are funneling in resources to fund Asian businesses, all with the goal to make Asia a competitive business force. Ride-hailing app Grab recently confirmed that it would invest over $500 million into Vietnam over the span of five years in order to boost the country’s fintech and logistics industries. This news follows hot on the heels of the company’s plan to invest over $2 billion in Indonesia for the same reasons.
Hyundai, Softbank Ventures Asia, and GGV Capital are some of the many companies setting their sights Eastward. It’s also worth noting that much of this funding is being invested in Southeast Asian countries, thus pointing to region-wide growth that is no longer relegated to Asia’s biggest economies.
The opportunity to work with local talent
Cultural differences can be huge when you’re moving to a new locale, but the pay off in skills, creativity, and (most importantly) diversity isn’t something to ignore.
“Operating in Hong Kong allows us to work with some of the most amazing talents in the world,”
“As we continue to empower visionaries to meet and surpass their goals, we’re able to grow and exceed our own expectations.”expresses Dean Chew, who manages the Asian office of digital marketing agency Ayima.
Japanese companies such as Fast Retailing (Uniqlo’s parent company) and Yahoo Japan are looking to offer larger starting salaries in order to attract top talent as a testament to Asia’s superb talent pool.
Asian millennials are also veering away from traditional white-collar jobs, opting instead to go for careers that interest them and that might provide a sense of fulfillment. South China Morning Post reports that more of South Korea’s youth are leaving their jobs in order to pursue careers as YouTube vloggers or chefs. Such growing sentiments are the perfect opportunity for businesses who want to innovate and who value work-life balance: these two factors can help attract the best talent the region has to offer.
Accessible travel at your fingertips
In today’s age of increasing mobility, more people are considering travel opportunities as a need rather than a want. Thankfully, Asia’s various locales mean that you can easily visit a new country over the weekend in order to recharge your batteries. Even staying put and exploring your new surroundings can allow you to see things in a new light.
The mix between East and Southeast Asian countries provides enough potential experiences to last a lifetime. Entrepreneurs in Silicon Bali credit the tropical location for inspiring them to have a more relaxed approach to both work and play. Tina May, for example, continues to post about Bali’s best spots in conjunction with her talk about starting a business.
Moving to Asia might be just what you need to revitalize your business. New locales mean new sources of inspiration, and adapting to a new setting might be the challenge you need to innovate your business processes. The rich culture of Asia, when married with the ongoing push towards modernity, means your business will be in the middle of exciting new ground.
Written for projectgetaway.com by Hanna Moore