GGV Capital MP Hans Tung says the tech industry is failing to invest adequately into India, Latin America and Southeast Asia, where the next billion people will come online, according to Fortune.
“A lot of growth is coming from smartphones, and if you look at where smartphone users are coming from, three places stand out,” Tung said July 16 at the annual Fortune Brainstorm Tech conference in Aspen, Colo.
He said India, Latin American (largely Brazil), and Southeast Asia (especially Indonesia) are expected to be hotspots of online growth, Fortune reported. The capital cities of Bogota in Colombia and Jakarta in Indonesia, as well as Sao Paolo, Mexico City and New Delhi are primed for growth.
Yet, those areas are largely being ignored by the tech industry, he contends. “You look at some of these other emerging markets where the next billion users are coming from, they’re still underinvested.”
He also noted that the users will be young people. “They grew up on iPads. They grew up listening to Spotify. They grew up looking at YouTube. They spend more time on YouTube than all the TV time I ever spent in my life.”