Asian countries are now catching up to its Western counterparts in terms of providing tech products and services to the rest of the world. With increasing Internet and mobile penetration rates, third-world countries, particularly in Asia, are now thriving markets for tech startup, media, and telecom companies. Below are some factors that are helping third-world countries keep up with the rest of the world in terms of modern advancements and technological updates:
1. Gaining knowledge in the export market.
Exposure to news outlets and easy access to information enables companies and individuals from even the poorest countries to become knowledgeable to movements in the trade markets. Keeping abreast with the latest developments equips them in preparing for upcoming changes, adjust to shifting prices, and capitalize on opportunities.
2. Creating a legal framework that ensures equality of opportunities.
Another way developing countries could better maximize technological advancements is through the establishment of legal economic and political frameworks, which guarantee equality of opportunities for each individual, as well as incentives for traders and investors.
A study from Mindy Sipe-Haesemeyer reported that most third-world countries rank low in terms of size of government, legal stability, regulation, and sound monetary policy because they haven’t yet accepted economic liberalization and are resistant to globalization. Third-world government leaders should note that it’s essential to consider the rights of each individual, and that open trade can help these people be free from oppression.
3. Getting help from developing countries.
Developing countries can aid third-world countries to advance and integrate their global network of communication, upgrade technologies, and help encourage a democratic political structure. They can also offer accessible and affordable equipment to the less-privileged nations. By giving these countries phone access and Internet service, these third-world countries can further advance in their businesses and facilitate better service to the rest of the world.
4. Getting proper education.
To ensure that the technology used in businesses by third world countries are up to date, these nations should be equipped with the right knowledge. Governments should be made aware that technology and free market don’t equate to negative idealisms against them, and that individuals are free to access, process information, and make conclusions on their own.
Economic growth is difficult when a tyrannical way of government is in place: the rights of the people are not valued, and a proper political structure and economic support is not provided. Providing support to less developed countries will benefit not only the third-world countries but will also push the developing countries forward educationally, politically, and economically.
5. Knowing your customers’ needs.
To stay competitive with more developed countries in the West, another skill third-world countries should master is knowing customer’s needs and being intuitive on the pulse of a specific target audience. This entails thorough market research, studying the attitudes, behavior, and preferences of customers, and responding to their needs.
An example of this is the emergence of startup tech companies in Asia, where business owners are able to launch innovative business ideas aimed at addressing any unmet need. One concrete example is the rise of credit card comparison portals in Asia, which allow users to compare credit cards and other financial products, enabling them to make sound financial choices.
With the right amount of determination, proper guidance, and liberalization, third-world countries are slowly bridging the gap with western countries. With the steady increase of Asian startup companies that are establishing themselves as trusted service providers, it will come as no surprise to see third-world countries springing up to the top and coming out ahead of U.S. and Europe in some years.