Skip to main content

Prashant Muddu (Jocata CEO), Dr. Cédric Jeannot (I Think Security CEO), Andrea Weist (Jocata President), Bart Jesman (FinSuite CEO)

Every so often, you hear someone talking about Asia as the promised land, a place of immense opportunities. It's the place you have to be to make it big. While I believe entrepreneurs can be successful anywhere, Asia does have a few important elements that can be great catalysts for Canadian tech companies looking to accelerate their growth.

Early in 2014, we started the commercialization efforts for our financial product LOQ and focused on New York City as main market. NYC has a high concentration of banking institutions and is relatively close to Waterloo. Along the way, we started gaining traction and attention from Asia. In August, our company was selected to the FinTech Innovation Lab Asia Pacific, a 12-week mentorship program for young companies in the financial tech space, and therefore I got to spend a significant amount of time in Hong Kong over the last few months to expand the business out east.

This experience was eye opening and convinced me that Asia is indeed a place of great opportunities; opportunities that Canadian tech companies are well suited to capitalize on. Here are a few things you should know about the region:

  • Massive market. The region accounts for about one third of the world’s population, which means that once you’re there, you have access to a market twice as big as the entire American continent, all within a few hours flying time.
  • Diverse economies. Asia is a diverse market, with economies ranging from emerging to mature. Whatever you do, there are probably hundreds of potential customers in the region for you.
  • English is widespread. From Singapore to Jakarta, English is widely adopted for business and should be more than enough to close the first few deals.
  • Business focused. A simple example sums it up: In NYC people asked us who uses our technology. They did not want to be the first ones. In Asia people asked us who used our technology. They wanted to be the first ones.
  • The world is there. From FinSuite, (Australia) to Jocata, (USA/India) start ups from every country are expanding to Asia to capitalize on opportunities and so should you.

So what makes Canadian tech companies prime contenders to win in Asia ?

  • Tech DNA. Canada has several world-class tech eco systems that are producing companies with game changing technologies. These companies have a strong research and development cultures and are providing differentiated services that makes them stand out.
  • Diversity. Canada has a very diverse culture and workforce. While most people don’t realize it, we are naturally more comfortable dealing with other cultures and this gives us a significant advantage over other countries while doing business.
  • Brand Canada. Canada is well perceived abroad, especially in Asia. There is a surprisingly large number Canadians, and people who have lived in Canada, in Asia – especially in Hong Kong.
  • On the ground support. Many resources are available on the ground to help you connect with the right people. Personally, I am a big fan of DFAIT, whose teams have provided tremendous value over the years. Others include CDMN, Canadian Chamber of Commerces as well as InvestHK, and Cyperport (in Hong Kong).

Overall, my time in Asia has given me a totally different perspective on market trends on how to grow our company. Being there put many things in perspective and the scale of things is much larger than in other markets. We are currently in the process of opening an office in Hong Kong and hiring people there. From Canada, it can seem daunting to focus on such a far away market and deal with many unknown. However, once you have crossed that bridge, you realize that things are not so different and sometimes a 15-hour plane ride is what it takes to change an industry and make it big.

Dr. Cédric Jeannot is the founder and CEO of I Think Security Ltd. an award-winning cyber security Lab. LOQ, their financial product provides information security and tracking for private banks. Dr. Jeannot received his PhD from the University of Louisville, KY and has lived in six countries.

Follow us on Pinterest and Instagram
Join our Small Business LinkedIn group
Add us to your circles
Sign up for our weekly newsletter

Interact with The Globe