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August 16, 2013 09:47 am GMT

Selling Hopes And Dreams In Southeast Asia

singapore sunsetBeing a startup means believing in your dreams, and Southeast Asia needs dreamers, say incubators. 500 Startups, for one, is keen to sell hope to the growing communities of startups in Southeast Asia, and is willing to back that up with real money. When I spoke with its founder, Dave McClure, in Jakarta a couple of months ago, he said the accelerator’s plan for the region starts with “throwing some money” at startups, simply to get the ball rolling. “It has to start with the ability to write some checks. It gets people off the ground. That’s the problem with other investorsthey’re not willing to throw money away,” he said with a laugh. “But really, a better way to spend a million bucks is to invest in 20 companies at 50 grand each. We’d probably emerge with three wins out of that. “That isn’t even the main success of it though; the process of investing in 20 companies gives people the chance to believe in themselves, and creates an ecosystem where people believe in something,” he said. McClure is on a march to conquer the world. 500 Startups has dedicated about 20 percent of its capital to international companies, and this year set up shop in China and Southeast Asia. This follows last year’s expanded coverage to include India, Japan and Latin America. His interests in revving up the startup community, of course will mean that 500 Startups’ relatively early presence in these markets will allow it to enjoy the first fruit. For Southeast Asia’s startup scene, which he says trails behind that of Western markets and other emerging markets like Mexico, that first step needs to start with more money being up for grabs. He highlighted Startup Chile as an example. In 2010, the Chilean government set up an incubator program that offered startups $40,000, office space and industry support in exchange for them moving to Santiago for six months to build their companies. The program has launched its seventh intake, and according to reports, 37 percent of the applicants in this latest round were local, up from 10 percent in the first round. “We’re in the movie businesswe’re selling dreams.” – Dave McClure This boost to the local ecosystem cost its government about $10 million a year, spread out over 200 companies. “That’s cheap, for changing the brand of your entire country,” said McClure. “In Silicon Valley, there’s

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