Under the pandemic, people are hesitant about starting up. Yet, the Global Startup Ecosystem Report 2020, GSER 2020 gave a different view. The research results show that the Startup Ecosystem remains huge despite the great hit.
Global Startup Ecosystem Report 2020, GSER 2020
According to the report, the ecosystem created nearly $3 trillion in value, a figure on par with the GDP of a G7 economy. Meanwhile, Seven out of the top ten largest companies in the world are in technology. It is the most concentrated among the top global companies. Currently, more than 80 ecosystems globally have produced a billion-dollar startup. This reflects the optimistic future of startups.
CLICK HERE to download the report
Key findings from the report
- State of the global startup economy, the challenges that the startup facing globally
- The 2020 rankings about the R&D powerhouses and the global startup ecosystems
- The top 10 emerging ecosystems included Mumbai, Jakarta, Zurich, Great Helsinki, etc. They are impacting the global startup scenario significantly.
- There is a meteoric rise in Seoul’s Startup Ecosystem. The Seoul Metropolitan Government (SMG) invest a huge amount in developing the ecosystem.
Under COVID-19 crisis
- Layoff among startups
The report has shown that over 60% of startups reduced salaries or laid-off employees. On one hand, the crowdsourced lists reflected that the number of employees growing 5x between March and May 2020. On the other hand, a huge number of jobs cut damaged the long-term innovation capacity of companies. - Capital dropped
A significant drop in customer demands and VC investment leads to a negative effect on the global ecosystem. The data reflected that 40% of the startups have only 3 months or fewer capital runway.
Startup Tips
Here are a few Startup Tips that you may find useful.
- Maximise your investment
It is important to combine resources and expertise in order to gain higher returns. Private label funds might be one of the ways to pool your capital. This also allows you to access larger investment transactions and institutional products.
- Be a solution
Rather than starting your idea by asking questions, it is more crucial to think about how to solve problems. Comparatively, help to find ways out allows you to gain a wide target customer base. Thus, building a solid foundation for your business.
- Keep it Simple
Your business plan should be neat and simple. Do not let it roll into something over-complicated and impose heavy costs on the business. Instead, take baby steps as trials before expanding.
- Know the legal requirements thoroughly
Laws are an important part. So, observe and understand the government regulations before taking further steps. In case you failed to meet any of them, you may face heavy penalties.
- Protect your Intellectual Property (IP)
Your IP is one of the most valuable assets in your business. Identifying and protecting your creations have the utmost importance. This is claimed to be a key to your long term success!
Most importantly, be bold, take risks and be willing to fail! Excuses will only stop you from reaching your goals. To address the problems in case there are any. You can always find a way out and be a successful entrepreneur!
StartmeupHK Festival
Interested to gain more insights about Startup? Here’s a good chance! The StartmeupHK Festival 2020 is going virtual. It will be held on 6-10 July. The Startup conferences will feature keynotes with renowned speakers, startup villages, services marketplaces, jobs. Business matching will be open to attendees across the globe. It’s time to get connected for more business opportunities in Hong Kong, China and Asia!
Come and join us @WYND. Let us be your companion.