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Parks and Valleys Growing Asia’S Software Industries Parks and Valleys Growing Asia’s software industries An Economist Intelligence Unit white paper Sponsored by the Business Software Alliance Parks and valleys Growing Asia’s software industries Contents 4 Executive summary 6 Introduction: Desperately seeking software 8 Foundations of a software industry A vibrant venture capital industry A software talent pool Communications infrastructure 14 Four Asian software parks Malaysia paves the way Taiwan builds on high-tech legacy Foreign investment spurs Vietnam Dalian creates outsourcing niche 19 Entrepreneurialism over innovation Launching start-ups Knowledge sharing and innovation Fostering home-grown companies 23 Conclusions: Economic reform is the greatest lever © The Economist Intelligence Unit 2008 1 Parks and valleys Growing Asia’s software industries © 2008 The Economist Intelligence Unit. All rights reserved. All information in this report is verified to the best of the author’s and the publisher’s ability. However, the Economist Intelligence Unit does not accept responsibility for any loss arising from reliance on it. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the Economist Intelligence Unit. 2 © The Economist Intelligence Unit 2008 Parks and valleys Growing Asia’s software industries Preface Parks and valleys: Growing Asia’s software industries is an Economist Intelligence Unit white paper, sponsored by the Business Software Alliance. The research was based on interviews, conducted in October and November 2007, with executives of companies based in software parks in Asia, administrators of the parks and employees of venture capital companies. Our thanks are due to all the interviewees for their time and insights. The findings and views expressed in this report are those of the Economist Intelligence Unit alone. Claire Beatty was the editor of the report. The cover image was created by Dan Page. March 2008. © The Economist Intelligence Unit 2008 3 Parks and valleys Growing Asia’s software industries Executive summary eplicating Silicon Valley by creating where ideas, capital and people move quickly— an indigenous, export-driven software something isolated parks far from central industry with fast-growing, high- commercial districts do not offer. Rather than margin businesses is the dream of using software parks as the main route to Remerging economies worldwide. The irresistible development, governments should aim to create lure of creating a cutting-edge “knowledge and sustain policy environments that make their economy” compels governments to nurture entire country attractive to those who build software development by building software technology businesses and those who finance it. parks. The logic seems sound, particularly The main findings of the report include: given the successful precedent for industry- specific business parks in the region. Asia’s • Start-up firms benefit from the low rent booming high-tech manufacturing industries and tax breaks available at software parks flourished as a result of integrated real estate Each of the software parks examined in this and infrastructure investments. But do software report has an incubator to help launch start-up parks provide sufficient return on the colossal companies. Facilities offered by the incubators investment that they require? include shared R&D resources, low rent, tax Parks and valleys: Growing Asia’s software breaks and business administration support. The industries, an Economist Intelligence Unit white survival rate of start-ups after two years ranges paper, sponsored by the Business Software from 43% at Cyberjaya in Malaysia to 80% at Alliance, examines the effectiveness of four of Nankang Software Park in Taiwan—considerably Asia’s software parks (Cyberjaya in Malaysia, higher than survival rates outside the parks. Dalian Software Park in China, Nankang Software Park in Taiwan and Quang Trung Software City in • Asia’s software parks have not become Vietnam) in promoting start-ups and domestic innovation hubs software firms, and the extent to which they Despite providing opportunities for knowledge foster innovation. The report also discusses how sharing, software parks have not lived up to countries with successful software industries their promise for promoting technological (including Israel, Ireland and India), used innovation. Tenant companies often focus assets such as a skilled workforce and an open on outsourcing or software services. Poor investment environment to establish the intellectual property protection makes industry. multinational software firms reluctant to locate The research suggests that although they core R&D abroad, which presents a barrier to do provide a number of benefits, parks do innovation and technology transfer. Unlike not promote software in the same manner as Silicon Valley, the location of the parks, far from they did hardware manufacturing. Software commercial centres, does not position them as developers need access to vibrant environments magnets for the best and brightest software engineers. 4 © The Economist Intelligence Unit 2008 Parks and valleys Growing Asia’s software industries • Export-focused software services dominate • Fast and cheap telecoms services are best the parks promoted through liberalisation Building an export-focused software There is a tendency for Asian policymakers to industry generates investment and economic treat telecoms services as a component of public development, but an approach tipped too far infrastructure. However, to increase penetration towards exports could pose long-term growth and reduce costs, a market-driven approach issues. Increasing domestic demand and the through liberalisation is more effective than growth of indigenous IT companies will reduce a public planning approach. For example, Asia’s vulnerability to an economic slowdown in governments should not limit the number or Western markets. type of telecoms services licenses in a market. • Asian governments can do more to promote • Education policy needs to be directed to venture capital create sufficient numbers of highly skilled In Asia, many of the regulatory structures graduates governing foreign direct investment were The quality of surrounding academic institutions established to protect projects of national is a central consideration for companies significance. Yet restrictions around ownership, weighing up whether to relocate to a software governance and capital repatriation can park. Higher-education facilities need to dissuade quick investments in the technology produce a sufficient number of graduates with sector, where financiers may seek larger stakes the most highly valued skills to supply the of smaller firms. Asian governments have often industry. The focus of some Asian universities used public funds to stand in for venture capital on teaching means they lack the kind of (VC). In some cases this practice can be helpful research capabilities that foster innovation in in jump-starting software industries, but it risks the software industry. crowding out private investors. © The Economist Intelligence Unit 2008 5 Parks and valleys Growing Asia’s software industries Introduction: Desperately seeking software erhaps no other industry better include shrink-wrapped packaged products, epitomises a modern economy than embedded applications, intellectual property software development. From basic home licensing, software development outsourcing computing to automating complex and IT-enabled services such as training and Pbusiness processes, software is not only an support.) area for innovation in itself, but it also enables To encourage the development of software innovation and competitive differentiation in industries, governments often devise long- many other industries. The software industry term planning and investment strategies has low barriers to entry and permits small to complement market-driven activity. companies to operate at the cutting edge of Replicating an approach that worked well in technological development, with the promise Asia’s technology-manufacturing sectors, many of high margins. Compared to other industries Asian governments have decided to make large (such as IT hardware production), it emits little investments in developing software parks. in the way of pollution and requires minimal In addition to emulating past manufacturing physical investment. The speed and efficiency successes, these parks have each drawn upon the with which a software industry can blossom templates provided by other countries that have also distinguishes it from most other export-led developed software industries, such as India, industries. With this combination of benefits on Ireland and the grandfather of all high-tech offer, it is no surprise that governments in many clusters, northern California’s Silicon Valley. developing economies have pursued the creation Their attempts raise two questions: of a software industry as a strategic priority. can strategy and policy alone provide the While for many Asian economies software foundations for a software industry regardless development is not yet a major contributor to of locale, and can software parks enable their IT economies, there are plenty of examples developing economies to leapfrog their peers of success for governments to aim to emulate. by providing an attractive environment in For example, according to India’s
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