Article Title: What’s Behind Asian Tycoons’ Growing Appetite For Tech Startups?
Article Summary
The article discusses the increasing tilt of Asian tycoons towards tech startups even though these startups involve great risks. The article points out that the tech-savvy heirs of business tycoons are taking control of their family fortunes and investing heavily in the startups. Ozi Amanat a Singapore based investor calls this move “inevitable” and “evolutionary”. He thinks western families rely mainly on relationships, connections and experts in certain fields to find breakthrough opportunities, while Asian investors tend to depend on their own internal staff. The article then cites other examples like Singapore-based tycoon Satveer Singh Thakral, Kuala Lumpur-based tech entrepreneur Patrick Grove, Hong Kong’s 35-year-old Matthew Tai, Soft Bank Vision Fund, state-owned Chinese Tencent Holdings, Alibaba, Singapore-based GIC and Temasek Holdings. All the family owned businesses in their bid to diversify are investing heavily in the startups, thus driving their valuations up in a short span of time. Even though the amount of investment by Asian tycoons is small as compared to those from US but these are bound to go up.
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Words to learn from this Article:
Assortments: A miscellaneous collection of things or people
Garnering: Gather or collect (something, especially information or approval).
Revamp: Give new and improved form, structure, or appearance to.
Inevitable: Certain to happen; unavoidable.
Embracing: Accept (a belief, theory, or change) willingly and enthusiastically.
Disruptive: Innovative or groundbreaking.
Thrive: Prosper; flourish.
Bullish: Aggressively confident and self-assertive; characterised by rising share prices.
Unicorn Startup: A unicorn is a privately held startup company valued at over $1 billion.
Amassed: Gather together or accumulate (a large amount or number of material or things) over a period of time.
Surge: Increase suddenly and powerfully.
Visceral: Relating to deep inward feelings rather than to the intellect.
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