A panel discussion at Echelon 2022, Resorts World Sentosa, Singapore
One of the most notable things about unicorn tech companies in Southeast Asia (SEA) is that their number grew rapidly during the COVID-19 pandemic.
Take a look at Indonesia. As reported by Channel News Asia, while the country’s first generation of unicorns appeared before 2020, their number expanded rapidly at the height of the pandemic in mid-2020 and early 2021. Despite challenges here and there, leading tech companies in Indonesia and the rest of the region continued to raise funding, with more companies inching closer towards securing a unicorn status –proudly claiming the label ‘soonicorn‘.
But these soonicorns are facing a different challenge than their predecessors. While funding continues to stream down to SEA, various global crises have caused investors to be more cautious in allocating their investments. There is also a higher expectation for businesses to perform well in generating revenue. In this new era, they are no longer expected to implement the “growth at all cost” mindset, as they take more deliberate but impactful steps to grow the business. Cash burning is no longer the rule of this game. Together with different players in the regional startup ecosystem, the soonicorns are marching into a different tune in achieving their version of success.
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So, how exactly can soonicorns get there? What are the alternatives for these hopeful, fresh-faced players? More importantly, what can we do to support them in becoming more sustainable?
To respond to this arising need in the ecosystem, e27 is bringing back Echelon in 2023.
After a successful comeback in October 2022, we are set to return to Singapore next year. This time, we put the spotlight on soonicorns and their journey to become a strong, sustainable business. We aim to identify and highlight relevant companies, creating a conversation on this topic in public and private settings.
We will also look at how different ecosystem players can work together to achieve greater growth in 2023 and beyond. In addition, this event will be a chance to understand up-and-coming trends such as climate tech and Web3 and how to best tap opportunities in these exciting sectors.
As a member of the regional tech startup ecosystem, we believe that you would like to be part of this conversation. Your organisation can be part of the effort to achieve greater heights for these soonicorns, bringing home the glory for the companies and your organisation.
Please reach out to Justin Chin at engage@e27.co to see how you can be part of this movement –and how we can build a stronger, more sustainable startup ecosystem, together.
The post On the way to greatness: A call to support SEA soonicorns on their growth journey appeared first on e27.