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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...

 

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