Former Indonesian president says the next unicorn may emerge from Southeast Asia

Former Indonesian president Joko Widodo said Southeast Asia could produce the world’s next unicorn, a privately held start-up valued at over US$1 billion (S$1.3 billion), amid the region’s rapid digitalisation and the wave of young people launching start-ups.

Speaking at the Bloomberg New Economy Forum on Friday (Nov 21), he noted that the next billion-dollar start-up may soon emerge from Jakarta, Singapore, Bangkok, Kuala Lumpur, Manila or Hanoi, not from Silicon Valley or Shenzhen.

The former Indonesian president also urged countries to prepare for an “intelligent economy”, stressing the need for a free flow of data and faster artificial intelligence (AI) adoption, as these would reshape countries’ production, strategy and income levels, the South China Morning Post (SCMP) reported.

Data from equity management software firm Eqvista revealed there were over 1,550 unicorns worldwide as of May, with 44 in Southeast Asia, including 22 unicorns in Singapore, 10 in Indonesia, and five in Vietnam.

Addressing the fears of AI wiping out jobs, he said he believes more jobs and opportunities would come with AI “if we make sure our people are ready for them”. /TISG

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