亚太地区初创企业行业市场前景及投资研究报告-培训课件外文版2024.6

DIGITAL

&

TRENDSStartupsintheAsia-PacificregionCHAPTER

01OverviewDistributionofVC-fundedstartupsworldwidein2022,byindustryanddealcountDistributionofstartupsworldwide2022,byindustryAdtech2.3%DigitalMedia1.2%Blueeconomy0.8%Agtech&NewFood3.5%Gaming3.6%Edtech4.5%ArtificialIntelligence&BigData28.6%Cybersecurity5.1%Cleantech5.6%Blockchain8.0%Fintech16.0%Advancedmanufacturingandrobotics8.7%Lifesciencesandhealthcare11.7%3Description:Intermsofdealsoverthepastfiveyears,artificialintelligenceandbigdatawasthelargestVC-fundedstartupindustryin2022,accountingforcloseto30percentoftheglobaldeals.Meanwhile,fintechaccountedfor16percentofthedeals,withlifesciencesandhealthcarebehindwith12percent.Blueeconomyanddigitalmediamediawerethesmallestindustrieswithonlyonepercenteach.However,theblueeconomysawitsfundingdealsalmostdoublingoverthepastfiveyears.

ReadmoreNote(s):Worldwide;2022Source(s):StartupGenomeNumberofunicornsworldwideasofApril2023,byregionNumberofglobalunicornsinApril2023,byregion80069770060050040030020010004631652484NorthAmericaAsiaEuropeSouthAmericaOceaniaAfrica4Description:AsofApril2023,approcimatelyhalfofunicornsworldwidewereheadquarteredinNorthAmerica.ThetworegionsthathostedthefewestunicornswereOceania,andAfrica,with8and4unicornsbasedineachoftheseregions.Additionally,mostofthehighestvaluedunicornsgloballywerebasedinNorthAmericaorAsia.ReadmoreNote(s):Worldwide;April2023Source(s):HurunResearchInstituteLeadingcountriesforstartupsworldwidein2023,bytotalscoreLeadingcountriesforstartupsworldwide2023,bytotalscoreTotalscore020406080100120140160180200220UnitedStatesUnitedKingdomIsrael198.0851.2246.57Canada34.49Sweden27.0726.5725.94SingaporeGermanyFrance22.9221.5AustraliaNetherlandsSwitzerlandChina21.4221.1320.4918.37Finland5Description:TheUnitedStateswasbyfarthebestcountryforstartupsin2023,accordingtodataprovidedbyStartupBlink.Withatotalscoreof198.08,theU.S.hadalmostmorethanfourtimesasmanypointsasthesecondrankedUnitedKingdom,withascoreof51.22.Israelfollowedinthird.ReadmoreNote(s):Worldwide;2023Source(s):StartupBlinkLeadingcitiesforstartupsworldwidein2023,bytotalscoreLeadingcitiesforstartupsworldwide2023,bytotalscoreTotalscore0100200300400500600SanFranciscoNewYorkLondonLosAngelesBoston546.43223.41127.43116.94103.3499.02BeijingShanghaiBangaloreParis67.5764.2357.4856.7748.36TelAviv-YafoBerlinSeattleNewDelhi48.1944.566Description:SanFranciscowasbyfarthecityofferingthebestconditionsforstartupsworldwidein2023,accordingtodataprovidedbyStartupBlink.ThetotalscoreofSanFrancisco,amountingto546.43,wasmorethandoublethescoreofNewYork,whichwasrankedsecondthatyear.Londonfollowedinthird.ReadmoreNote(s):Worldwide;2023Source(s):StartupBlinkNumberofunicornsinselectedcountriesintheAsia-Pacificregionasof2022NumberofunicornsinAsia-Pacificasof2022,bycountryNumberofunicorns150050100200250300350ChinaIndia31668SouthKoreaSingaporeIndonesiaJapan18957AustraliaVietnam84Philippines37Description:Asof2022,therewereover300unicornsheadquarteredinChina,whichaccountedfortwothirdsofallunicornsinAsia-Pacific.ThesecondcountryintherankingwasIndia,whichwashometo68unicorns.ReadmoreNote(s):APAC;2022Source(s):HurunResearchInstituteLeadingunicorncompaniesintheAsia-Pacificregionin2023,byvaluation(inbillionU.S.dollars)LeadingunicorncompaniesAPAC2023,byvaluationValuationinbillionU.S.dollars100050150200250ByteDance(China)AntGroup(China)Shein(China)20012065WeBank(China)Cainiao(China)Oppo(China)Vivo(China)Byju's(India)Canva(Australia)JDT(China)33272423222119181515DJI(China)Didi(China)J&TExpress(Indonesia)8Description:In2023,China'sByteDancewasthelargestunicornintheAsia-Pacificregion,valuedataround200billionU.S.dollars.Thecompanyrunstheshort-formvideoplatformTikTokaswellasitsChinesecounterpartDouyin.India'sonlineeducationplatformByju'swasthelargestAPACunicornoutsideofChinathatyear,atavaluationof22billiondollars.ReadmoreNote(s):Australia,Asia,China,India,Indonesia,SouthKorea,Vietnam,APAC;2023;start-upsfoundedinthe2000s;notyetlistedonapublicexchangeSource(s):HurunResearchInstituteCHAPTER

02EntrepreneurialactivityEntrepreneurialFrameworkConditions(EFCs)indexinselectedcountriesinAsiain2023,byconditionEntrepreneurialFramworkConditionsindexAsia2023,bycountryChina5India6.56.36.66.26.76.36.66.46.46.86.57Japan4.54.25.14.54.12.24.34South

KoreaThailand4.1Entrepreneurialfinance5.15.26.46.16.44.55.45.35.37.55EaseofaccesstoentrepreneurialfinanceGovernmentpolicy:supportandrelevanceGovernmentpolicy:taxesandbureaucracyGovernmententrepreneurialprogramsEntrepreneurialeducationatschoolEntrepreneurialeducationpost-schoolResearchanddevelopmenttransfersCommercialandprofessionalinfrastructureEaseofentry:marketdynamics4.66.56.45.44.15.14.74.96.93.973.73.34.43.22.64.13.34.16.54.16.74.65.6Easeofentry:burdensandregulationPhysicalinfrastructure3.77.37.310Description:In2023,expertsinSouthKorearatedthenationalmarketdynamicsforentrepreneurialactivityhighly,allocatingascoreof7.5outof10.Incontrast,nationalexpertsinJapanratedlocalentrepreneurialeducationatschoolwithascoreof2.2.

ReadmoreNote(s):Asia,China,India,Japan,SouthKorea,Thailand;2023;basedonexpertratingsSource(s):GEMPercentageofpopulationinvolvedinbusinessstart-upsinAsiain2023,bycountryEarly-stageentrepreneurialactivityrateinAsiabycountry2023Percentageofpopulation10%0%5%15%20%25%23.6%ThailandIndia12%SouthKoreaIndonesia*China10.2%8.1%6.8%Japan*6.4%Taiwan5.6%11Description:Thisstatisticshowsthetotalearly-stageentrepreneurialactivity(TEA)rateinAsiancountriesin2021.Aneconomy`stotalearly-stageentrepreneurialactivity(TEA)rateisdefinedastheprevalencerateofindividualsintheworkingagepopulationwhoareactivelyinvolvedinbusinessstartups,eitherinthephaseinadvanceofthebirthofthefirm,orthephasespanning42monthsafterthebirthofthefirm.In2021,theearly-stageentrepreneurialactivity(TEA)rateinSouthKoreawas13.4percent.

ReadmoreNote(s):Asia;2023;18-64years;dataiscomposedoftheAdultPopulationSurveyandtheNationalExpertSurvey;*2022/2023reportdata.

ReadmoreSource(s):GEMPercentageofpopulationinvolvedinbusinessstart-upsinAsiain2023,byselectedcountryorterritoryandgenderGenderdistributionofearly-stageentrepreneursAsia2023,bycountryPercentageofadultpopulationMaleFemale25%0%5%10%22.8%15%20%30%35%40%45%50%ThailandIndia24.5%14.6%12.7%9.3%SouthKoreaIndonesia*China7.7%7%9.2%6.3%7.3%3.6%Japan*9.1%6.9%Taiwan*4.3%12Description:Accordingtosurveysconductedin2023,womeninvolvedinearly-stageentrepreneurialactivityinThailandaccountedfor24.5percentoftheadultpopulation.Incomparison,Indiahadahigherproportionofthemalepopulationinvolvedinearly-stageentrepreneurialactivity,wheremenaccountedfor14.6percentandfemalesfor9.3percentofthetotaladultpopulationasof2023.ReadmoreNote(s):Asia,APAC;2023;about2,000percountry;18-64years;datawascomposedoftheAdultPopulationSurveyandtheNationalExpertSurvey;*Taiwan,Indonesia,andJapandataasof2022.Early-stageentrepreneursweredefinedasthe[...]

ReadmoreSource(s):GEMEstablishedbusinessownershiprateinAsiain2023,byselectedcountryorterritoryEstablishedbusinessownershiprateAsia2023,bycountryEstablishedbusinessownershiprate8%

10%

12%0%2%4%6%14%16%18%20%22%SouthKoreaIndia19.7%12.4%ThailandTaiwan*Japan*11.8%9%6.3%Indonesia*China5.7%4.2%13Description:In2023,around20percentoftheadultpopulationinSouthKoreawasinvolvedinowningandrunninganestablishedbusiness.Bycomparison,justoverfourpercentofthepopulationinChinahadthesamelevelofengagementthatyear.Establishedbusinessownershipratereferstothepercentageof18-64populationwhoarecurrentlyowner-managerofanestablishedbusiness,i.e.,owningandmanagingarunningbusinessthathaspaidsalaries,wages,oranyotherpaymentsto[...]

ReadmoreNote(s):Asia;2023;about2,000percountry;18-64years;datawascomposedoftheAdultPopulationSurveyandtheNationalExpertSurvey;*Taiwan,Indonesia,andJapandataasof2022.

Showstheshareoftheadultpopulationwhoownsand[...]

ReadmoreSource(s):GEMRateofbusinessdiscontinuanceinAsiain2023,byselectedcountryorterritoryRateofbusinessdiscontinuanceAsia2023,bycountryBusinessdiscontinuationrate6%0%2%4%8%10%12%Indonesia*ThailandIndia10.5%6.8%4.4%China3.7%SouthKoreaJapan*2.5%2%Taiwan*1.9%14Description:Accordingtosurveysconductedin2023,Thailandhadabusinessdiscontinuancerateof6.8percent.Incomparison,SouthKorea'sbusinessdiscontinuationratewas2.5percentinthesameyear.ꢀThebusinessdiscontinuationratewasdefinedasthepercentageofindividualswhohaddiscontinuedabusinesswithinthe12monthsprecedingthesurveydate.ReadmoreNote(s):Asia,APAC;2023;about2,000percountry;18-64years;datawascomposedoftheAdultPopulationSurveyandtheNationalExpertSurvey;*Taiwan,Indonesia,andJapandataasof2022.

ReadmoreSource(s):GEMCHAPTER

03VenturecapitalTotalventurecapitalfundingvalueinAsiafrom2014to2023,bystartupstage(inbillionU.S.dollars)VenturefundingvalueAsia2014-2023,bystageAngelseedEarlystageLatestageTechnologygrowth200180160140120100806040200201420152016201720182019202020212022202316Description:In2023,thetotalventurecapitalfundingvalueinAsiaamountedtoapproximately78.1billionU.S.dollars,markingasignificantdecreasefromthepreviousyear.In2022,venturefundingacrossAsiahadexceeded125.2billiondollars.

ReadmoreNote(s):Asia;2014to2023Source(s):CrunchBaseQuarterlyventurecapitalfundingvalueinAsiafrom1stquarter2021to4thquarter2023,bystartupstage(inbillionU.S.dollars)QuarterlyventurefundingvalueAsia2021-2023,bystageAngelseedEarlystageLatestageTechnologygrowth6050403020100Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Q22023Q32023Q4202317Description:Inthefourthquarterof2023,thetotalventurecapitalfundingvalueinAsiaamountedtoapproximately15.6billionU.S.dollars,markingadecreasefromthepreviousquarter.Overall,thevalueoveralldecreasedsinceitspeakatapproximately56.4billiondollarsinthefourthquarterof2021.ReadmoreNote(s):Asia;Q12021toQ42023Source(s):CrunchBaseQuarterlynumberofventurecapitalfundingdealsinAsiafrom4thquarter2022to4thquarter2023,bystartupstage(inbillionU.S.dollars)VenturecapitaldealsvolumeAsiaQ42022-Q42023,bystageAngelseed1,182EarlystageLatestageandtechnologygrowth1,1591,4001,2001,00080060040020001,103588954792528588589586190153150150145Q42022Q12023Q22023Q32023Q4202318Description:Inthefourthquarterof2023,therewere792venturecapitaldealsforstartupsintheangelseedstage.Thismarkedasignificantdecreaseinthequarterlydealvolumethroughout2022,adevelopmentwhichcouldbeseenacrossallthreestartupfundingstages.ReadmoreNote(s):Asia;Q42022toQ42023Source(s):CrunchBaseCHAPTER

04ExitvalueCumulativevalueoftechstartupexitsinEastAsiabetween2018and2022,byselectedcity(inbillionU.S.dollars)TechstartupexitvalueEastAsia2018-2022,bycityExitvalueinbillionU.S.dollars150

200050100250300350400450Beijing(China)Shanghai(China)Seoul(SouthKorea)Hangzhou(China)Guangzhou(China)Tokyo(Japan)417.91109.1993.5328.2524.1821.1316.4214.629.626.52Shenzhen(China)Wuxi(China)Nanjing(China)Taipei(Taiwan)Wuhan(China)Chengdu(China)Xiamen(China)6.234.511.4620Description:Between2018and2022,thevalueforstartupexitsinBeijingamountedtoapproximately417.91billionU.S.dollars,byfarthehighestacrosstheselectedcitiesinEastAsia.Incontrast,thecumulativestartupexitvalueinKyotoreachedaround190milliondollarsduringthatperiod.ReadmoreNote(s):Asia;2018to2022Source(s):StartupGenomeCumulativevalueoftechstartupexitsinSoutheastAsiabetween2018and2022,byselectedcity(inbillionU.S.dollars)TechstartupexitvalueSEA2018-2022,bycityExitvalueinbillionU.S.dollars051015202530354045KualaLumpur(Malaysia)Singapore40.7410.91Jakarta(Indonesia)Bangkok(Thailand)Manila(Philippines)HoChiMinhCity(Vietnam)7.031.40.50.3121Description:Between2018and2022,thevalueforstartupexitsinKualaLumpuramountedtoapproximately40.7billionU.S.dollars,thehighestacrosstheselectedcitiesinSoutheastAsia.Incontrast,thecumulativestartupexitvalueinHoChiMinhCityreachedaround310milliondollarsduringthatperiod.ReadmoreNote(s):Asia;2018to2022Source(s):StartupGenomeCumulativevalueoftechstartupexitsinIndiabetween2018and2022,byselectedcity(inbillionU.S.dollars)TechstartupexitvalueIndia2018-2022,bycityExitvalueinbillionU.S.dollars051015202530354045DelhiBangalore-KarnatakaChennai39.0926.9914.56Mumbai13.17Pune1.02Kerala

0.0822Description:Between2018and2022,thevalueforstartupexitsinDelhiamountedtoapproximately39.09billionU.S.dollars,thehighestacrosstheselectedcitiesinIndia.Incontrast,thecumulativestartupexitvalueinKeralareachedaround80milliondollarsduringthatperiod.ReadmoreNote(s):India;2018to2022Source(s):StartupGenomeCumulativevalueoftechstartupexitsinselectedcitiesinAustraliaandNewZealandbetween2018and2022(inbillionU.S.dollars)TechstartupexitvalueANZ2018-2022,bycityExitvalueinbillionU.S.dollars02468101214Sydney(Australia)Melbourne(Australia)NewZealand12.378.682.78Brisbane(Australia)2.3123/statistics/1375998/anz-tech-startup-exit-value-by-cityBetween2018and2022,thevalueforstartupexitsinSydneyamountedtoover12billionU.S.dollars,thehighestacrosstheselectedcitiesinAustralia.ThecumulativestartupexitvalueinBrisbanereachedaround2.3billiondollarsduringthatperiod.ReadmoreNote(s):Australia,NewZealand;2017to2023Source(s):StartupGenomeCHAPTER

05LeadingcompaniesbycountryLeadingunicornsinChinaasofApril2023,bymarketvaluation(inbillionU.S.dollars)HighestvaluedunicorncompaniesinChina2023ValuationinbillionU.S.dollars100050150200250ByteDanceANTGroupShein20012065WeBankCainiao332725Description:AunicorncompanyisaprivatelyownedstartupthathasacurrentvaluationofonebillionU.S.dollarsorover.Onceacompanyhasgonepublic(IPO)orhasbeenacquireditisnolongertermedasaunicorn.Asof2022,thenumberofunicornsworldwidereachedapproximately1,400,withNorthAmericaandAsiaPacificaccountingforover80percentofallunicornsworldwide.Asof2022,thetechcompanyByteDancewasnotonlythehighestvaluedunicorninChinabutalsoworldwide.

ReadmoreNote(s):China;April2023Source(s):HurunResearchInstituteLeadingstartupsinJapanin2023,bycapitalraised(inbillionJapaneseyen)MajorstartupsinJapan2023,bycapitalraisedAmountofcapitalraisedinbillionJapaneseyen05101520252530ELIIYPowerMujin14.3JOSYS13.5CADDi11.811.110.610.510.2AstroscaleHoldingsGOKyotoFusioneeringLayerXTelexistenceFRDJapan9.79.726Description:Withatotalof25billionJapaneseyenofcapitalraised,ELIIYPowertoppedtherankingofleadingstartupsbasedonfundsraisedinJapanin2023.Mujinrankedsecondwithfundingreceivedamountingtoaround114.3billionyen.ReadmoreNote(s):Japan;2023;asofJanuary23,2024;includingestimates;only10leadingstartupsincludedSource(s):INITIAL,Inc.LeadingunicorncompaniesinSouthKoreaasofDecember2023,basedonvaluation(inbillionU.S.dollars)MostvaluedunicorncompaniesinSouthKorea2023ValuationinbillionU.S.dollars012345678Toss(Fintech)YelloMobile(Mobile/telecom)Kurly(Supplychain/logistics/delivery)MUSINSA(E-commerce)743.32.76Tridge(Food)2.7WEMAKEPRICE(E-commerce)ZigBang(Mobile/telecom)2.341.93MEGAZONE(Internetsoftware&services)SHIFTUP(Gamedevelopment)Bucketplace(E-commerce)RIDI(E-commerce)1.831.471.41.331.32GPclub(Cosmetics)L&PCosmetic(Consumer&retail)Yanolja(Travel)IGAWorks(Internetsoftware&services)1.191127Description:AsofDecember2023,fintechcompanyTosswasthehighestvaluedunicorncompanyinSouthKoreawithavaluationofaboutsevenbillionU.S.dollars.YelloMobilefollowedwithavaluationofaroundfourbilliondollars.ReadmoreNote(s):SouthKorea;December2023Source(s):CBInsightsLeadingstartupsinIndonesiaasofJanuary2024,bytotalfundingamount(inmillionU.S.dollars)LeadingstartupsIndonesia2024,byfundingamountTotalfundingamountinmillionU.S.dollars100

150050200250300350AkulakuAmarthaTraveloka310306300300XenditeFishery278.5FinAccel(Kredivo)DANA270250Investree230.8GoToGroup150SayurBox120Qoala117.4PTPintuKemanaSaja(Pintu)HomeCreditIndonesiaFazzFinancial(Payfazz)HalodocID113110.410010028Description:AsofJanuary2024,Akulaku,agrowingbankinganddigitalfinanceplatforminSoutheastAsia,wasIndonesia'sleadingstartupbasedonitstotalfundingamountinthepasttwoyears.Thestartuphadatotalfundingamountofaround310millionU.S.dollars.ThegrowthofstartupsandventurecapitalfinancinginIndonesiaaretightlylinked.In2022,thevalueofventurecapitalfundinginIndonesiaamountedtoover3.6billionU.S.dollars.ReadmoreNote(s):Indonesia;asofJanuary2024;onlyincludesfundingdatafromthepasttwoyears.Source(s):TechinAsiaLeadingfintechstartupsinThailandin2023,byfundingvalue(inmillionU.S.dollars)LeadingfintechstartupsT