AFTER YEARS of listening to stories about Myanmar’s looming “digital leapfrog”, which had little to do with content and everything to do with infrastructure, the conversation on technology is finally starting to turn.
The numbers speak for themselves. With mobile penetration now sitting at around 75 percent, of which an astonishing 78 percent have smartphones, it’s safe to say that Myanmar is now well and truly “connected”.
Excitement about the potential of Myanmar’s tech revolution isn’t new. But now the conversation is less about how Ooredoo, Telenor and MPT – and now the soon to launch Mytel – are going to sign up customers than how these new netizens will use their phones. In other words, we are finally starting to focus on the content side of the equation.
After the initial rush to invest in Myanmar back in 2014-15, it felt like things slowed down in 2016. This year opened up with a bang with the announcement of Code2Lab securing a US$500,000 investment – a relatively large sum for the Myanmar tech startup scene.
This could just be a taste of what’s to come, though. After years of tyre kicking, I think institutional investors from the more developed markets in North America and Europe will finally start putting some money on the table. While there have been a few examples of seed rounds over the past few years – such as RevoTech, Nex and Star Tickets – by and large the big tech venture capital firms have not been ready to place their bets yet.