I’ve worked in Taipei, London and Bangkok: Here’s what Europe still doesn’t understand about Asian entrepreneurship

Having lived and worked in European business environments for two decades, the author now finds themselves back in Asia, bringing a unique dual perspective to the table. In many Asian countries, starting a business is not seen as a glamorous Silicon Valley lifestyle choice, but rather as a common and expected way of life. Unlike Europe, where businesses often rely on state support and safety nets, Asian markets lean heavily on personal savings and individual enterprise.

This mentality is evident in street-level commerce, where empty storefronts are rare; within weeks, a new business often takes its place. The author's own grandmother ran a successful small business until her death at the age of 86, a testament to the long-standing tradition of entrepreneurship in the region. Even in Malaysia, where the author has also worked, business and money are everyday topics, not just the domain of a select few.

In stark contrast to the challenges faced by businesses in high-cost cities like London, such as high business rates, inflation, and national insurance costs, the daily economic life in Taipei and Kuala Lumpur appears more stable and vibrant. However, the author notes that these similarities are not solely a product of circumstance.

A survey of founders across the Asia-Pacific region reveals that 56% of them work exclusively on their startups, demonstrating a level of commitment unmatched anywhere else in the research. Moreover, 70% of these founders are over 45, indicating that experience and industry knowledge play a crucial role in their success.

Interestingly, 39% of these founders aim for a billion-dollar valuation, showing that age does not diminish ambition. They are also remarkably ambitious in their investment strategies, seeking a mix of local and international investors rather than limiting themselves to domestic sources. This global outlook is not limited to Asia; 72% of the surveyed founders want a combination of local and international funding, while 27% are focused exclusively on international backers.

This desire for global connections reflects a cultural tendency to look outward, rooted in a history of emigration and the pursuit of better opportunities abroad.

Singapore, in particular, stands out as a model for fostering entrepreneurship. The government has implemented several initiatives, such as Startup SG, the Startup SG Founder grant, and the EntrePass visa, which provide mentorship, relocation opportunities, and access to talent, respectively. These policies have created a nurturing environment for startups, contributing to Singapore's status as the largest Asian network for founders.

However, the author cautions that while this ecosystem is still relatively young, it still has rough edges. A notable 25% of founders conduct minimal due diligence on their investors, which can be detrimental given the high priority of cash flow in these markets.

The author concludes by emphasizing the importance of investors matching the global scale of ambition demonstrated by Asian founders. While Europe and the UK have their own strengths, particularly in research, AI, and deep tech, the author argues that the entrepreneurial mindset in Asia is already there. What is needed now is for investors to think and operate on the same global scale.

This perspective highlights the contrasting approaches to entrepreneurship between Asia and Europe, and the potential benefits of bridging these cultural gaps.