Ask TIA: Do Asian VCs lack innovation?

Been thinking about whether to write this post or not but there was something very clear at the Tech in Asia Tokyo Tour with the discussions with the panel before the startups started pitching and it is something that I keep hearing at events.

When asked about their focus or what they are looking for, a lot of VCs in Asia just blindly say that they are looking for anything to do with ecommerce. Sure ecommerce has massive potential in the region and is proven with great success in large markets such as the US and China. Asia often gets a bad rap for just copying the ideas of other markets and when VCs are unanimous in their desire for anything ecommerce related, does it stifle the innovation of startups in the region?

If I was in that crowd and was a wantrapreneur and wanting to make my first steps on an entrepreneur journey and hear such thoughts then it would make me think along the lines of what can I do to make an ecommerce related company to get approval from these guys. Of course, the number one aim of a company should be to solve a problem and make money. VC funding shouldn’t be seen as the holy grail and there are just as many companies that make it fine on their own without taking external funding as need it.

Either way, I am keen to hear others thoughts? Am I making too much of this? Do Asian VC firms focus too much on ecommerce and is there a lack of innovation in the region? Hoping to stir up some healthy debate..