Mongolian Startups: Nomads Developing a Tech Economy
If you needed proof that startup culture is spreading to every corner of the globe, look no further than Ulaanbaatar, Mongolia. Sandwiched between Russia and China, this vast, sparsely populated country is one of few places left on earth where much of the population lives a nomadic lifestyle. The country is changing though, and fast.
(hint, it's not a Wework)
Located high in a skyscraper in the heart of Ulaanbaatar, CLUB Coworking is Mongolia's first coworking space. It is, we were told, the very first place you should go if you're looking for startups in the area. So of course, we went.
Around 75 percent of people in the world live in areas with inadequate, poor or no addressing system at all. In Mongolia, however, there is a brilliantly simple three-worded solution.
What can Silicon Valley executives learn from nomadic herders? A lot, it turns out. The Nomadic School of Business runs programs for executives based on lessons learned from nomadic people around the world.
Mongolia's largest bank has an ambitious plan to bring the entire country into the mobile banking world. Digital banking is important for the country and the bank. In addition to lowering the overhead of banks (operating branches is expensive), it's a big boon to overall efficiency. People who no longer have to travel to a branch to do their banking are able to spend their time doing more productive things.
Ulaanbaatar's real estate market is hot. Most of the city's buildings were built between the 1960s and mid-1980s to house around 600,000 people, though the population has since swelled to over 1.5 million. Construction cranes dot the landscape and you're as likely to find billboards in the city center advertising quality concrete as you are Coca-Cola. HappyHome is stepping in to make sense of the chaos.