Opening up the banking sector should be a top priority for the government if it wants to address the challenges faced by the nascent tech industry (expert)
2 มิถุนายน 2560Opening up the banking sector should be a top priority for the government if it wants to address the challenges facing the nascent tech industry, the founder of Myanmar’s most well-known start-up innovation lab has said.
While most industries in Myanmar face the same problems that the tech industry is grappling with, firms focussed on IT are often at the sharpest end of these challenges, said David Madden, founder and CEO of Phandeeyar.
“Access to financing is the biggest problem facing all entrepreneurs in Myanmar,” he told the Oxford Business Group.
“There’s some real talent in the Myanmar start-up community, but it’s very hard for them to get that initial cheque they need to enable them to focus on building their own products, rather than building apps and websites for clients,” he added.
“In other countries, including elsewhere in the region, the tech ecosystem includes networks of investors, incubators and accelerators, and venture firms focused on early-stage companies.”
Beyond financing, the tech industry’s has bigger hurdles to overcome than most, Madden said.
“Finding talent is hard for everyone, but finding technical talent is especially hard,” he said.
“Power cuts hurt everyone, but they’re really painful when you need that power for IT equipment. Mobile phones might be enough for many small and medium-sized businesses, but tech start-ups need a fast, stable connection, and the internet service provider market has been much slower to open up than the mobile operator market.”
Madden recommended that those involved in the tech industry “should look at examples both of existing solutions and of initiatives that failed. An important element of the digital leapfrog is that Myanmar doesn’t need to reinvent the wheel; it can build on the learning of others.
(Myanmar Business Today: http://www.mmbiztoday.com/articles/lack-access-finance-biggest-challenge-tech-industry)