Kwek, a leading Southeast Asian crowdfunding expert, best summarises the spirit across Asia:
“We recognise the need for perseverance and a shifting mindset as we continue to believe Crowdfunding Asia will be a strong source to support startup and innovators who dare to live their dream. It is immensely rewarding to see that countries across the entire ASEAN region stepping in to support… believing in my work to in turn support their vision to groom their startup, innovator and entrepreneur communities.”
Political leaders from all over Asia expressed their nation’s ambitions to pave the way for a flourishing crowdfunding ecosystem.
Singapore is aiming to establish itself as a “Self-Sustaining Start-up Ecosystem” by the year 2025. The challenge will hope to inspire generations of innovative talent and enterprises, increase a sustainable level of productivity for critical industries, and to establish itself as a leading technological competitor. As a result, Singapore will provide improved living conditions and higher quality and sustainable growth.
Though Singapore set the highest goals at the summit, nearby nations won’t be far behind. Cambodia is said to “leverage crowdfunding to boost their entrepreneurial class and grow their economy,” as intended by Mr. Kan Channmata, Cambodian Secretary of State.
The main concern for the area is that there is not enough awareness among the population. Indonesia, Thailand, and the Philippines have expressed a keen interest in raising awareness, and therefore, the local and national governments will be working with a crowdfunding organization to help promote and raise awareness, especially in larger cities. Mrs. Kwek states, “to have crowdfunding as a common option that anyone may turn to for funding support.” Building awareness is a first curial step towards integrating crowdfunding as part of a nation’s financial system. The next major challenge will be to build a high level of trust between the government and the masses in order for crowdfunding to be sustained, which is definitely not an easy task.
Singapore taking the lead in the region and aiding neighbouring countries is a positive step towards economic recovery and supporting entrepreneurship.
Awareness is definitely a good starting point for Southeast Asia, but the region still has a long way to go to catch up.
Alois, JD. (2014). Crowdfunding Asia Conference is an impressive success. http://bit.ly/2014/08/47027-crowdfunding-asia-conference-impressive-success/
Minisrty of Communications and Information. (2014). Infocomm Media Masterplan. http://bit.ly/content/mci_corp/web/mci/infocomm_media_masterplan.html
Photo Credit: Terrence Jones: https://flic.kr/p/dfVxiv
Jasmien is currently studying a bachelors in Business Studies from Cass Business School in London while interning at Crowd Valley. Originally from Belgium, she grew up in Switzerland, Ethiopia, USA, and Japan.
She is very passionate about the start-ups, entrepreneurship, technology, and travelling; she aspires to one day become an entrepreneur.