Forum Views - Aug 2024
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FORUM VIEWS - AUGUST 2024
Taiwan: Taiwan is a center of semiconductor manufacturing,
led by TSMC. Taiwan's focus on hardware innovation and
manufacturing excellence has made it an integral part of the
global high-tech supply chain. Taiwanese start-ups have
achieved success in the hardware, IoT and biotech sectors.
Gogoro, an electric scooter company, is revolutionizing urban
mobility, while Appier is providing AI-powered marketing
solutions to businesses around the world
challenge: a shortage of IT personnel. The rapid expansion of
the start-up ecosystem is outstripping the supply of skilled
professionals, creating a gap that needs to be addressed to
sustain growth.
I has myself been one of the contributors to the start-up
ecosystem in Japan, and through my experience, I am
convinced that the piece that is most lacking is human
resources.
There is a shortage of around 300 000 IT professionals in
Japan. If current trends continue, this gap is expected to
widen to 790 000 by 2030. South Korea is facing a shortage
of around 200 000 IT specialists due to the growing demand
for technical personnel in line with the drive for the fourth
industrial revolution. And Taiwan is also short of 150,000 IT
workers.
India's large pool of highly skilled professionals makes it an
attractive destination for global companies looking to utilize
human resources: its emphasis on STEM (science,
technology, engineering, and mathematics) education and
its thriving IT industry creates a strong workforce. Below are
some of the key reasons for the high demand for Indian
talent.
High-Quality Education: Leading Indian institutions such as
the Indian Institutes of Technology (IITs) and the Indian
Institute of Management (IIM) produce graduates with high
technical and managerial skills. These institutions are
recognized worldwide for their rigorous academic standards
- IITs and IIMs are iconic, but there are so many other
excellent institutions in India.
English Language Proficiency: Being fluent in English, the
global language of business, makes Indian professionals
more accessible and easier to integrate into multinational
teams. This linguistic advantage facilitates smooth
communication and collaboration.
Leadership: Indian Leadership comes from a diverse
environment and can embrace heterogeneous values.
Individuals are different but can move forward by utilizing
differences to create a larger framework. The leadership that
Indians have is important for building businesses globally.
Collaboration between Japanese, South Korean and
Taiwanese companies and Indian high-tech talent is
underpinned by several synergies that benefit both parties:
Complementary Strengths: Japanese, South Korean, and
Taiwanese companies bring technical expertise,
infrastructure, and access to global markets. Indian
professionals bring skills, creativity, and leadership.
Together, they form a powerful combination that drives
innovation and efficiency.
Attractiveness of Indian Talents
Collaboration Synergies
Despite the impressive growth,
these countries face a major
challenge: a shortage of IT
personnel. The rapid expansion of
the start-up ecosystem is
outstripping the supply of skilled
professionals, creating a gap that
needs to be addressed to sustain
growth.
Booming Start-up Ecosystems in Japan, South Korea and
Taiwan
Start-up Investment
Shortage of IT Talents
The start-up ecosystems in Japan, South Korea and Taiwan
have experienced significant growth in recent years. Each of
these countries has invested heavily in the start-up sector,
indicating a focus on fostering innovation and
entrepreneurship. Start-ups from Japan, South Korea, and
Taiwan play an important role in fostering collaboration with
Indian talent. They are agile, innovative, and often open to
cross-border partnerships. By utilizing India's vast pool of
skilled professionals, these start-ups can accelerate their
growth and bring innovative products to market.
In 2023, Japan invested over USD 10 billion in start-ups,
setting a new record. The government and private sector are
supporting this through various funding initiatives and
policies to encourage entrepreneurship.
South Korea, known for its strong tech infrastructure,
attracted around USD 6 billion in start-up investments in
2023, becoming a hub for tech start-ups focused on
innovation and digital transformation.
Taiwan's start-up ecosystem is also growing, with
investments reaching approximately USD 2 billion in 2023.
The country is leveraging its strong manufacturing and tech
sectors to boost its start-up scene.
Despite the impressive growth, these countries face a major
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