Universities named key players in boosting SEA startup economy

Schools are supporting student-led ventures through incubation programmes.

With Southeast Asia's startup economy expected to reach $1t in 2025, universities are seen as key players in fostering innovation and entrepreneurship, according to a report by Singapore Management University (SMU) and Chulalongkorn University.

Lim Sun Sun, SMU's vice president for Partnerships and Engagement, emphasised that universities have the resources and reach to support entrepreneurial activities, especially in a region where nearly half the population is under 30 and quickly urbanising. 

Ronnakorn Vaiyavuth from Chulalongkorn School of Integrated Innovation added that universities provide networks and resources that facilitate knowledge exchange and interdisciplinary collaborations. 

According to the report, Southeast Asia’s digital economy has expanded from $12b to $100b in 2023, driving local governments to prioritise investments in innovation and entrepreneurship to support this growth. 

Reflecting the technology shift, 80% of the region's workforce is engaged in informal employment especially in digital-first enterprises, highlighting the importance of integrating tech into sustainable business models.

The report points to notable examples of recent graduates founding some of the region's leading startups, such as Grab’s Anthony Tan and Gojek’s Nadiem Makarim, showing the youth’s influence on the startup ecosystem.

The ASEAN workforce is expected to grow by 24 million by 2030, underscoring the importance of preparing young professionals for roles in digital entrepreneurship. 

Universities are increasingly involved in supporting student-led ventures through incubation programmes and partnerships such as SMU’s Business Innovations Generator which has supported over 600 startups, collectively raising $462m.

Looking ahead, the ASEAN University Network - University Innovation and Enterprise Network envisions a collaborative platform for student entrepreneurs across the region, providing access to funding, mentorship, and resources. Planned initiatives include job boards, webinars, and a platform for sharing best practices in technology commercialisation. 

Led by SMU and Chulalongkorn, the consortium of 30 universities is focused on building initiatives to drive regional innovation and entrepreneurship.