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Why US startups triumph over Asian family businesses

WHEN you think of the competition in the international market, companies in Asian countries such as China and Japan seem difficult to beat. However, there’s a distinct advantage that US companies have over those businesses. And although they’re catching up, American companies, especially startups, have a lead over companies in the East. Many of the successful businesses in Asia are family-run, and lead by the older generations. As a result, they find it difficult to deploy new-age solutions and make the most of emerging technologies. SEE ALSO: Tesla to build first overseas plant in China According to a recent study by the Economist Intelligence Unit (EIU) which assessed the readiness of family businesses across Asia-Pacific, families understand the importance of technology and are confident about being able to add new technologies to their business – but fail to take action. “Family businesses cannot last beyond this generation if they do not innovate,” explained Annie Koh, Academic Director of the Business Families Institute at Singapore Management University. “Although the survey shows that family businesses are aware of emerging technology trends, it remains to be seen whether they are actually taking advantage of these given the questions surrounding the need for greater professionalism,” she added. On the other hand, US startups are digital natives, born in the digital age. Using Evernote to organise your notes and boost productivity or using Slack and Trello to communicate with colleagues and manage workflows usually comes naturally to you. From your perspective, investing in a holistic CRM that ties into the customer journey on your e-commerce portal and feeds the chatbots suggesting new products to customers based on their past choices is not something you’ll feel uncomfortable about. ... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Why US startups triumph over Asian family businesses, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Why US startups triumph over Asian family businesses

 

 

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Published By: ASIAN CORRESPONDENT - Thursday, 12 July, 2018

 

 

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