BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English) – Détails, épisodes et analyse
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BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)
Learn from Southeast Asia's best tech leaders. Build the future, learn from our past & stay human in between. No B.S on success. Southeast Asia's #1 startup & venture capital podcast with 80,000+ listeners.
Hosted by Jeremy Au. VC & serial founder. Harvard MBA & UC Berkeley. Sci-fi nerd & dad of two daughters. Growth and personal growth solves all problems. The best feeling is coaching good humans to be great leaders.
Published on Monday & Thursday. Weekly tech news debates, changemaker interviews & listener Q&As.
Community of listeners and guests across Singapore, Indonesia, Vietnam, Thailand, Malaysia & the Philippines. Global top 10% podcast.
"Learned a lot from the journeys. Must-listen for anyone seeking advice to be a leader" @lindatangxy
"Refreshing to hear from distinguished founders what they learned, both the good & bad" @seanojw
"Incredibly useful in kickstarting my thought process around customers as an entrepreneur" @klowetan
"After tuning into a couple of episodes, this is now my weekly routine. Keep it up!!" @joshrodes8
Get transcripts, startup resources & community discussions at www.bravesea.com
VC Advantages: Market Expertise, Due Diligence vs. Fraud & LonelyTech Case Study - E499
Saison 1 · Épisode 499
jeudi 14 novembre 2024 • Durée 33:37
Jeremy Au examined the key advantages for venture capital judgment, with a focus on local market expertise in Southeast Asia. VCs must confront the limits of their knowledge and not be overconfident, especially in frontier markets. Global funds have been burned by high-profile and hidden cases of unchecked fraud (e.g., Theranos, FTX, and Zilingo), illustrating how localized due-diligence analysts. He discusses how VCs are evaluating and investing in “lonelytech” AI companionship, exemplified by companies like friend.com, which offers on-demand AI friends for those seeking constant companionship. Reflecting on his experience with Professor Howard Gardner’s work on multiple intelligences and the "Good Citizen Project," Jeremy underscored the societal shift from traditional support systems to commodified relationships, now facilitated by technology. He highlighted the VC’s responsibility in distinguishing sustainable value from fleeting trends while navigating the ethical terrain between investment potential and societal impact.
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Kheng Lian Ho: Law to Turn Capital Managing Partner, Buying Flash Coffee Thailand & Turnaround & Emerging Fund Manager Advice - E498
1. Law to Turn Capital Managing Partner: Kheng’s disciplined childhood as a 11-year old Singapore national badminton athlete laid the foundation for her early legal carer For six years, she practiced restructuring and cross-border litigation in Singapore and Hong Kong, drawn to the intellectual challenges but stifled by routine and limited personal connection. Seeking more impactful, people-centered work, Kheng left her law career to do angel investing, be a venture partner at Vectr Ventures in Hong Kong, facilitated deal sourcing and capital markets, and founded the Open Circles community to connect entrepreneurs across Southeast Asia. Building on her extensive network and operational expertise, Kheng co-founded Turn Capital alongside Joseph Phua and Shang Koo. With a focus on acquiring and transforming underperforming consumer tech companies, Turn Capital leverages 40 combined years of experience to revitalize these businesses and guide them back to profitability.
2. Buying Flash Coffee Thailand & Turnaround: Her fund strategy is a. acquired former VC-backed startups plagued by high costs and inefficiencies in social, entertainment, media, and e-commerce sectors b. limited number of acquisitions for deep hands-on business engagement and c. balanced goal of 3-5x returns over five years. Their first acquisition, Flash Coffee Thailand, showcases this method: by reducing the original 46 outlets by half, the team swiftly brought operations to break-even, paving the way for sustainable expansion and long-term growth. Acquiring majority operational control is key to execute rightsizing and achieve profitability within nine months. She shares that they bring an external, objective eye, vs. founders, board and executives that may not be able to reach a consensus to execute the turnaround internally.
3. Emerging Fund Manager Advice: By 2023, Turn Capital successfully raised over $20 million, backed by prominent investors such as Kee Lock from Vertex Ventures, Peng Ong from Monk’s Hill Ventures, and Twitch cofounder Kevin Lin. Kheng underscored the importance of a distinct and well-defined investment strategy to stand out in the competitive market. Kheng leveraged her established network to attract high-profile investors, emphasizing the value of relationships cultivated over time. She recommends first-time fund managers tap into their existing networks, especially those who have financially benefited from past collaborations, as they often become key supporters during fundraising. Unlike her prior advisory roles where rejection felt indirect, leading as a general partner made setbacks personal, demanding strong emotional resilience. To maintain balance amidst the pressures of high-stakes investing, Kheng incorporates daily hot yoga, meditation, and the support of close friends into her routine.
Singapore Vetoes Allianz $4.4B Insurer Acquisition, NTUC 1961 History & Income Cooperative Mandate & Trump vs. Kamala Impact on Southeast Asia with Shiyan Koh - E488
1. Singapore Vetoes Allianz $4.4B Insurer Acquisition: They discussed the Singapore government’s veto of the NTUC Income and Allianz merger, primarily over concerns of an undisclosed plan for $2B capital withdrawal post-merger. This case illustrated the delicate balance required between pursuing financial strategies and adhering to a social mission, especially in a cooperative structure transitioning to a corporatized entity.
2. NTUC 1961 History & Income Cooperative Mandate: They expanded on the broader historical role of National Trade Unions Congress with the People’s Action Party since 1961, vs. the now-defunct leftist Singapore Association of Trade Unions (SATU). The central workers' union is the parent organization of NTUC Enterprise, which is a holding entity of multiple cooperatives and mission-based corporations like NTUC Fairprice (supermarkets), First Campus (childcare) and Income (insurance). They referenced analysis on other successful single-country insurer cooperatives benchmarks from former NTUC Enterprise & NTUC Income CEO Tan Suee Chieh.
3. Trump vs. Kamala Impact on Southeast Asia: Jeremy and Shiyan debated how the US election’s potential outcomes could lead to dramatically different White House policies on free trade, capital gains and China relations - leading to significant ripple effects on Singapore & Southeast Asia. This highlights the deep interconnectivity of American political decisions with regional economic outcomes.
Jeremy and Shiyan also touched on the impact of US interest rate cuts on global markets, the acceleration of Chinese companies entering Southeast Asia, and Singapore's higher number of work hours vs. America and the EU.
1. Prabowo & Gibran 59% Electoral Win: Gita shared the aftermath of Indonesia's election, highlighting Prabowo’s landslide victory in a 3-way contest. She delved into opposition voters' dismay and demonstrations in Jakarta, tempered by the fasting month which limited the extent of public protests. She also revealed that despite Gerindra's presidential candidates' landslide victory, the winning party's failure to secure a leading position in the legislature forecasts a complex political landscape and potential governance challenges. The percentage of voter blocks, Jokowi's moves on the Golkar party and division among major candidates underscored the evolving debate within the country’s electorate on the influence of political personas vs. party ideologies. She also highlighted Indonesia’s increased freedom of expression allowing for political discourse across social and mainstream media, in contrast with the Suharto era.
2. Quick Commerce Viability Debate: Gita discussed the sustainability and profitability challenges in quick commerce within markets like Indonesia, where lower GDP per capita and high capital burn rates demand significant model adjustments for viability. She noted that market size and consumer behavior emphasized the critical need for adapting quick commerce to align with the local population’s purchasing power and real needs, rather than replicating models from India and more affluent economies like USA and Europe. She also talked about the potential integration of quick commerce with traditional commerce, leveraging infrastructure to blend digital speed with physical market realities and focusing on areas like private label products for sustainability.
3. VC Accountability & Founder Dynamics: Jeremy and Gita delved into the accountability of VCs and the crucial role of frank discussions between VCs and founders. They underscored the importance of VCs being more than just financial backers by becoming genuine thought partners for founders. They critiqued the "negative blitzscaling" model in Southeast Asia, cautioning against scaling businesses with negative unit economics. They also emphasized that founders should scrutinize their growth strategies and prioritize sustainability over rapid expansion, highlighting the risks of scaling inefficiencies rather than solutions. They need to retain decision-making authority and evolve towards prioritizing long-term business viability and market relevance.
Why Startups Fail: Tom Eisenmann Harvard MBA Case Studies & 6 Patterns of Startup Failure - E397
Saison 1 · Épisode 397
jeudi 21 mars 2024 • Durée 41:16
Jeremy Au talked about the multifaceted nature of startup failures through insights from Professor Tom Eisenmann's book, "Why Startups Fail." He highlighted how startup failure is more common than people think, revealing that only 4% of companies were able to achieve 10x to 50x or higher returns. He discussed the six types of startup failures from the book: good idea, bad fellows, where a promising concept flounders due to team issues; false start, involving misjudged product-market fit; false positives, where early enthusiasm doesn't translate to broad market appeal; speed trap, depicting rapid growth that outpaces sustainable development; help wanted, indicating operational or strategic missteps in a growing company; and cascading miracles, which requires multiple, high-risk achievements for success. He underscored that learning from these failures can equip founders, investors, and operators with the knowledge to navigate the complex startup ecosystem more effectively.
1. Philippines Gaming & ESports Boom: Justin shared that the Philippines, and by extension, Southeast Asia, has a vibrant gaming and esports ecosystem. He attributed this enthusiasm to the country's usage of mobile gaming and esports as both socialization and competitive engagement in the realities of an urbanizing emerging economy. Justin highlighted the "loading screen of commuting" (local challenging commute conditions) driving mobile gaming's popularity. He also delved into the symbiotic yet complex relationship between publishers, fans, third-party companies, and creators - and the inherent challenges and opportunities in monetizing and sustaining a viable niche within eSports in Southeast Asia.
2. Founding Communities & Startups: Justin shared his beginnings as a high school student passionate about gaming and organizing a Super Smash Brothers gaming tournament in a Chinese restaurant's back room. He went on to found AcadArena, the leading campus gaming startup that scaled to 250,000 verified students across Southeast Asia and Latin America. Justin talked about his commitment to building in the Philippines despite the allure of opportunities abroad, and his eventual decision to remain in the country to contribute to the growing startup ecosystem. He also highlighted the importance of taking risks and the potential for significant impact through building companies that address local needs and opportunities and encouraged others to dream big and pursue their passions with determination.
3. Content Creator Monetization & AI: Justin touched upon the potential of digital creators as the next generation of entertainment icons, and their broader evolution beyond gaming as a content vertical. He also discussed the hurdles they face, such as time constraints, scalability and earning more. He explained why he founded Clout Kitchen, an AI studio aimed at transforming content creators into interactive digital experiences, and highlighted their mission to facilitate deeper fan interactions with creators.
Taylor Swift $500M Singapore Economy Boost, Barbell Entertainment Blockbusters vs. Long Tail & City Talent Vortex & Industry Concentrations with Shiyan Koh - E395
1. Taylor Swift $500M Singapore Economy Boost: Jeremy and Shiyan discussed the Singapore government’s strategic chess moves for Taylor Swift's concert exclusivity in Southeast Asia. They discussed the excellent return on investment of the $3M move for a $500M increase in Singapore’s tourism receipts, stimulating national GDP by 0.25% points for Q1 2024. They also discussed the regional competition for hosting such blockbuster events, along with the underappreciated aspects of the nationalization of the Singapore sports hub, travel logistics hub infrastructure and sensitivity to cultural norms.
2. Barbell Entertainment Blockbusters vs. Long Tail: Jeremy and Shiyan explored the Internet’s explosion of the content industry, leading to bimodal distribution, where both blockbuster events and niche content find substantial audiences thanks to the zero marginal cost of digital consumption - and the plunge in middle-tier content. They also discussed how generative AI will impact the shape of this barbell. They reference the book Blockbusters by Harvard professor Anita Elberse and The Long Tail by Chris Anderson.
3. City Talent Vortex & Industry Concentrations: Jeremy and Shiyan discussed the challenges and opportunities presented by talent concentrations. They discussed how cities become industry hubs, such as finance in Singapore, entertainment in LA and tech in SF, with a thought experiment on whether Southeast Asia could produce a global superstar like Taylor Swift. They stressed the structural and cultural factors that influence where talent flourishes, the role of national policy in nurturing ecosystems that can compete on the global stage, and how individual talented individuals should react.
Jeremy and Shiyan also talked about the social aspects of fasting vs. eating, the fan communities of avatar-driven Vtubers, and their personal preferences for content consumption like Dune by writer Frank Herbet vs. director Denis Villeneuve.
Patrick McGinnis: FOMO (Fear of Missing Out) vs. FOBO (Fear of Better Option), Overcoming Career Paralysis & VC & Life Decision Frameworks - E394
1. FOMO (Fear of Missing Out) vs. FOBO (Fear of Better Option): Patrick shared how he had created the terms FOMO and FOBO during his MBA student days at Harvard. He shared how he was surprised 10 years later that his lingo with friends had grown into globally recognized phenomena. These behavior patterns of overcommitment, indecisiveness and optionality maximization have been exacerbated by the endless choices and information overload facilitated by digital platforms, leading to widespread analysis paralysis and stress. He discusses why he thinks FOBO is less popular than FOMO due to its darker nature and more insightful lens into human decision-making.
2. Overcoming Career Paralysis: Patrick shared his personal journey from a career in venture capital to becoming an author, speaker, and entrepreneur. He shared how he had to have a heart rate monitor installed due to the high stress of his job that he fundamentally disliked, and the eventually lonely, painful and scary decision to take a career sabbatical and step outside the conventional path that would have been expected from a Harvard MBA graduate.
3. VC & Life Decision Frameworks: Patrick detailed his conscious effort to integrate strategies to combat FOMO and FOBO, sharing a framework for categorizing decisions (high stakes, low stakes, and no stakes) to streamline decision-making processes. Patrick shared his frustrations with the VC industry's incentive structures, including the challenges of decision-making in an environment rife with FOMO and FOBO. He emphasized the importance of discipline, due diligence, and being mindful of underlying motivations when making investment decisions. He also shared examples from his "FOMO folio" strategy to manage investment temptation.
He also discussed the societal shift towards constant comparison and indecision, strategies for combating decision fatigue, and why he's exploring coaching and building for the next stage of his career.
Bernard Leong: Astrophysics PHD to Serial Founder, Disrupting Extractive Enterprise Resource Planning (ERP) Systems & Startup vs. Family Career Decisions - E393
1. PhD to Serial Founder: Bernard talked about his initial career in academia, specializing in theoretical physics and obtaining his PhD in Astrophysics and Cosmology, before moving into machine learning at the Wellcome Trust Sanger Institute, home of the Human Genome Project. His entrepreneurial journey started with the co-founding of Chalkboard, a location-based advertising startup that faced strategic challenges and ended in a shutdown. He also co-founded SG Entrepreneurs, which successfully exited to Tech in Asia. He also shared his experiences heading digital transformation initiatives as a tech executive, such as his digital transformation leader at SingPost and pioneering Singapore's first-ever drone delivery.
2. Disrupting Extractive Enterprise Resource Planning (ERP) Systems: Bernard shared his vision for revolutionizing ERP systems to address the inefficiencies and high costs associated with traditional ERP software. He discussed the history of ERP systems and the challenges companies face, including high customization costs and the extractive nature of the consulting model associated with ERP implementation. Bernard aims to leverage generative AI technologies like ChatGPT and Microsoft CodePilot to create a next-generation open business operating system that is 10X more efficient, productive, and adaptable than current offerings. He discussed the reasons behind his focus on the medium segment of the small and medium enterprise market and counter-positioning strategy against existing ERP giants.
3. Startup vs. Family Career Decisions: Bernard compared the life of a serial entrepreneur to that of a football team manager, emphasizing the importance of taking each challenge as it comes. He discussed the practicalities of negotiating entrepreneurship with family responsibilities, highlighting the importance of financial planning, shared goals, and open communication with his wife who’s also an entrepreneur. He also discussed what repeat founders do differently than first-time founders, ranging across distribution, mindset and adaptability.
Vietnam: Air Quality Pollution vs. Industrial Growth, China Tourism & Taylor Swift and Food Delivery Industry Economics (ShopeeFood vs. Grab vs. Foodpanda) - E392
1. China Tourism & Taylor Swift: Valerie shared the significant impact of Lunar New Year celebrations on Vietnam's work culture and economy, highlighting the extended holiday period shared with its neighbors like China and Singapore. She explored the potential economic benefits of reviving Chinese tourist numbers to pre-COVID levels, considering China's tourists historically accounted for a third of foreign visitors to Vietnam. They also discussed Taylor Swift's Singapore concert as a case study in tourism marketing.
2. Food Delivery Industry Economics: Jeremy and Valerie discussed the inherent challenges of the food delivery industry, characterized by low margins and, in many cases, negative profitability. They mentioned the failed negotiation between Foodpanda (under Delivery Hero) and Grab, highlighting the tough economic realities of the sector. Valerie also expressed her preference for ShopeeFood over Grab due to the smaller, local merchants, and "mom-and-pop" restaurants that the platform partners with. She also touched on the broader market dynamics, including the exit of other players like Bé Minh, the third-largest food delivery service, which left the Vietnamese market to focus on its primary market in South Korea.
3. Air Quality Pollution vs. Industrial Growth: Jeremy and Valerie talked about Vietnam’s economic benefits from its industrial sector, with the smartphone export growth of 16% year-on-year in January 2024. The economic boon comes at the cost of environmental degradation, with both Hanoi and Ho Chi Minh City respectively placing 3rd and 10th on alarming air quality index rankings. They explored potential strategies for addressing air quality such as temporarily halting industrial activities which China did around the 2008 Olympics to improve its air quality. They discussed the lack of substantial policy measures from the Vietnamese government to combat the air pollution problem partly due to the government's prioritization of economic growth through manufacturing, which is a key driver of Vietnam's GDP.
Jeremy and Kheng also discussed how her personal identity has shifted over time, what it meant to turn away from the legal career ladder and what she likes about being a fund manager.
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Jeremy and Gita also talked about the importance of political party financing transparency, the role of media in shaping public opinion post-election, the significance of recalibrating growth and scaling expectations for startups, and the evolution of e-commerce models in response to market demands.
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Jeremy and Justin also discussed the importance of aligning business ventures with personal missions, the impact of digital hobbies and gaming on the region’s youth, the socioeconomic factors influencing gaming habits in Southeast Asia, and the nuanced understanding of privilege in the startup ecosystem.
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Jeremy and Bernard also touched on the "first love startup" problem, first-principles thinking, the people who bet against his success, and the future implications of AI in business.
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Jeremy and Valerie also talked about the influence of high-profile educational backgrounds like Harvard, Oxford and NUS on tech startups, environmental policy, and the impact of global cultural events on local economies.
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