You’ve heard of the BRIC as representing the hot emerging economies of the world (Brazil, Russia, India and China). But a better acronym for opportunity for venture capital jobs and investment might be VIC, standing for Vietnam, India and China, reports Forbes.
Boston’s IDG Ventures, along with other venture capital firms, are pouring hundreds of millions of dollars into tech startups in the VIC countries. And while India and China have grabbed the headlines lately, Vietnam may just be the next big frontier.
Multiple Silicon Valley clones have sprung up in Hanoi and Ho Chi Minh City. And venture capital firms such as Kleiner Perkins and Accel Partners and others are jumping into the fray in Asia’s new boomtowns.
According to Forbes, the chance to become rich and famous with a startup is no longer just an American dream. It’s happening in record numbers in Asia and the numbers tell the story:
- More than 6,000 startups have launched in Asia since 2005, and 56 percent of them have been backed by venture capital;
- China is now the second-largest venture capital market in the world, followed by India. China and India accounted for 13 percent of the $37.8 billion invested in startups globally in 2010;
- China ranks at the top in the world for digital communications, with 440 million Internet users and a staggering 840 million mobile service subscribers. This is followed, not surprisingly, by India’s 673 million mobile subscribers;
- And Vietnam, a country with just 89 million people, has more than one quarter of the population with web access and 78 million mobile subscribers.
The bravest young entrepreneurs are launching startups in the VIC countries. Vietnam is emerging as a mobile gaming and search leader. Is this a wakeup call for the United States? Or simply the natural progression of the venture capital industry? And what steps are you taking with your venture capital career or firm to take advantage of this trend? Add your comments below.