Forbes Asia has released its highly anticipated list of the Top 100 Startups to Watch in the Asia-Pacific region for 2023. Now in its third annual edition, this list highlights small companies and startups that show immense potential and resilience in the face of challenges.
According to Justin Doebele, Editor of Forbes Asia, the companies featured on this year’s list are a testament to resilience. Despite the difficulties in obtaining funding due to rising interest rates, these startups have strong prospects of becoming success stories.
Despite a global venture capital drought, startups across Asia have not been deterred. This year’s list showcases companies that are targeting underserved markets or leveraging new technologies, including generative AI and blood-based cancer diagnostics. The list also features eco-friendly innovations such as insect-based alternative proteins and digitization of milk production for improved yields. Additionally, there are social commerce providers that facilitate the sale of consumer products.
The list comprises companies from thirteen countries and territories across eleven categories including biotechnology and healthcare, e-commerce and retail, and finance. Leading the list for the second consecutive year is Singapore, contributing a remarkable 20 companies. Hong Kong follows closely with 15 companies, while mainland China has 11. Notable mentions go to emerging innovation hubs Indonesia and the Philippines, which contributed 11 and 9 companies respectively.
In the process of selecting the 100 startups, Forbes Asia invited online submissions and nominations from accelerators, incubators, SME advocacy organizations, universities, venture capitalists, and other relevant bodies. The final selection was made from over 550 submissions. To qualify, companies had to be privately owned, for profit, headquartered in the Asia-Pacific region, have annual revenue of no more than $50 million, and total funding of no more than $100 million as of August 7.
Forbes Asia editors evaluated each submission based on criteria such as positive impact on the region or industry, track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story.
Forbes, as a brand, celebrates success and the achievements of those who have made it, as well as those who aspire to make it. Through its trusted journalism, Forbes reaches over 140 million people worldwide. The brand encompasses various media extensions including real estate, education, and financial services license agreements.
The release of Forbes Asia’s Top 100 Startups to Watch in the Asia-Pacific region for 2023 is an exciting milestone that shines a spotlight on innovative and resilient companies paving the way for the future. These startups are set to make a significant impact not only in their respective industries but also in the region as a whole. With their strong prospects, they are poised to become the success stories of tomorrow.
