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Why US startups triumph over Asian family businesses

4 9 14

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........

© Asian Correspondent