According to a 2018 report from the Cambridge Institute of Family Enterprise, businesses dominate Southeast Asia and form a critical part of its economy. More than half of the region’s largest companies, and nearly all of its conglomerates both private and listed are family-controlled. These businesses account for a significant percentage of employment and economic development in the region.
Unfortunately, a large number of the family businesses in Southeast Asia have neglected to take the necessary steps to transform their businesses, putting themselves and the SEA region in jeopardy.
This is particularly predominant in traditional industries with established oligopolistic-like market structures that discourages innovation.
How then does an incumbent take the courage and vision to embrace innovation in traditional industries and be willing to step into new unfamiliar ways of doing business?
To answer this question, I speak to James Ong, Director, M&A and Business Development at IMC Pan Asia Alliance Group, a traditional shipping company that looks to Venture Capital as its next source of engine growth.