Home-grown start-ups primed for success
Troy Carter predicts, the next multi-billion dollar companies will likely come from countries such as China or India.
The next multi-billion dollar companies will likely come from countries such as China or India, Troy Carter, global head of creator service at Atom Factory and Spotify, predicts. Speaking to start-ups and entrepreneurs at GITEX, Carter said local businesses with home-grown advantage are most likely to succeed.
“I don’t feel like Silicon Valley is going to be the future where the next multi-billion dollar companies are going to come from. I’m a firm believer that people with domain expertise and local cultures are going to be the ones who own the future in those markets. We see that based on what’s happened in China, what’s happening in India, and even what I’m hearing in Dubai right now, where Uber is number two here and the most popular ride share is a local founder [Careem].”
Carter also said that bigger companies tend to play it safe with new ideas due to bureaucracy and pressure from investors. He said: “The bigger the organisation, the more bureaucracy kicks in at those organisations. A lot of the companies end up becoming publically traded companies who are judged by quarterly results versus long term. So you have a lot of companies who are innovating but I think in public markets, you’re judged a lot quicker.”