May 2024 Newsletter
Be a part of Echelon X!
Join us at the startup conference Echelon X! Engage with over 10,000 of Asia's innovators and decision-makers on May 15-16, at the Singapore Expo. We have 30 exclusive complimentary tickets for our podcast listeners. Sign up and use the promo codes BRAVEPOD or ECXJEREMY to claim your free tickets now!
Regional News & Deep Dives
- Shiyan Koh, Managing Partner of Hustle Fund, discussed the TikTok ban’s impact on the US elections and why 51% of Southeast Asian decision-makers now prefer China over America in this era of "strategic competition."
- Wing Vasiksiri, General Partner of WV, discussed the new Thai Prime Minister Srettha Thavisin's pro-business reforms impacting cannabis, LGBTQ rights, gaming, digital cash and more.
- Valerie Vu, Founding Partner of Ansible Ventures, explored Vietnam's $12B bank fraud death penalty verdict that impacts 6% of GDP and the ensuing "Blazing Furnace" anti-corruption campaign.
- Gita Sjahrir, Head of Investment at BNI Ventures, debated Southeast Asia's $1.5 trillion green investment gap and whether local EV and battery startups can compete with China’s value chain export industrial strategy.
- Adriel Yong, Head of Investments at Ascend Angels, reflected on the current skepticism about whether regional VC funds can generate good return due to smaller and slower exit outcomes, and the resulting restructuring of portfolio strategies.
- Jeremy Au reflected on working parents’ tough trade-offs between career ambitions vs. family responsibilities and how startup founders should decide on bootstrapping vs.venture capital.
Popular Interviews
- YC Request For Startups: Southeast Asia Viability, Hidden Comparative Advantages & Geographical Business Model Traps with Jeff Lonsdale: Jeff Lonsdale, Partner of Starstorm Ventures dissected Y Combinator's startup themes from a Southeast Asian angle - discussing sector growth opportunities, regional advantages, and market fragmentation. He weighed the potential of climate tech, space exploration, healthcare, and AI-driven productivity.
- Shuyin Tang: Radical Responsibility, Strategic Debt As Tool & Consultant to Venture Philanthropy to Impact Investing: Shuyin talked about her early career aspirations to be a diplomat and her transition from management consulting at Bain & Company to CEO of Beacon Fund. She highlighted strategic debt as a growth tool for Southeast Asia's SMEs, advocating for its suitability over equity to foster steady, sustainable business expansion without ownership dilution.
- Maxime Chaury: Rocket Internet GM, Flash Coffee Indonesia Learnings & Courage as a Muscle: Maxime discussed his journey from management consulting to leading GM roles at Rocket Internet and ZEN Rooms, especially solving for hospitality during the pandemic. He detailed transforming Flash Coffee's Indonesian market to profitability and emphasized the crucial role of courage in his journey to founding his own startup, Upworth.
- Richard Armstrong: Thailand Startup Ecosystem Challenges, Creator Insights & Media Founder Transition to Venture Capital: Richard debunked myths about media creators, stressing that success demands business acumen and a strong network, not just creativity. He also highlighted challenges in Thailand's underfunded startup ecosystem, but expressed optimism for its growth based on increasing investor interest and governmental support.
Community News
- Paul Veradittakit, Managing Partner of Pantera Capital, was spotlighted by CCN for championing the cultural value of memecoins in the crypto ecosystem. Read about his perspective on startup vs. VC leadership and non-linear career pathing.
- Congratulations to Joel Leong and ShopBack, for expanding the company's cashback and rewards services into New Zealand. Check out his episode on serial founder lessons and relational mindfulness in the workplace.
- Jenna Hua, founder and CEO of Million Marker, was featured by TIME for her insights on the widespread presence of plastic toxins in the human body and her company's role in measuring these chemicals through a simple urinalysis. Learn more about her insights on citizen science and her mission to help people understand more about environmental toxins.
- Ethan Ang, cofounder and CEO of NodeFlair, was featured by e27 for NodeFlair’s 2024 Tech Salary Report which offers a deep dive into the evolving tech job market dynamics. Read more about his insights about founder persona projection and the concept of vulnerable honesty.
- We’d like to congratulate Todd Schweitzer and the Brankas team for securing the first Payment Service Provider Category 2 license in Indonesia. Check out his podcast episode on complementary distributed teaming and founder learning curve.
Notable Press & Listener Feedback
- “A well-informed discussion! Corruption issues look to be treated as a serious concern in Vietnam, as even major leaders are held accountable, with a requirement to publicly disclose wealth -- wealth that is hidden in China, which has no such requirement. Saltwater intrusion sounds like a real-world concern, and I'm glad that the Vietnamese are looking out for the material interests of their farmers. (Compared to saltwater intrusion, I have my doubts regarding sea level rises per se. Numerous islands in the Northern Hemisphere have the same shoreline as they did 50 & 100 years ago. I don't have the same info regarding Equatorial and Southern Hemisphere shorelines, though.)” – LD-Orbs
- “This episode was BRUTALLY honest. The "reverse economic arbitrage" situation of ASEAN tech - hiring expensive foreign talent to solve inexpensive local problems. And other VC multiple issues in Southeast Asia. Thanks for being brave Jeremy Au & Adriel Yong!” – Jerilyn Wu
- “Happy to see that others have come to the same conclusion with culturally and financially contextualised information about the regional markets. This topic is something I have thought about for a long time, and is why I have taken the step to work on it by setting up my 2nd base in NY. Too many investors focus on the entry environment, but great returns actually depend on the exit environment. Anyone looking to NY as part of their growth plans can reach out and I’ll try to be helpful.” – Cindy Teoh
Best Read
Naval's "How to Get Rich" centers on achieving true wealth beyond just money and status, and distinguishes wealth as assets that generate income passively. Embracing radical responsibility for one's financial and career decisions is… difficult but vital.
Quote
“There are so many ways to be brave in this world. Sometimes bravery involves laying down your life for something bigger than yourself, or for someone else. Sometimes it involves giving up everything you have ever known, or everyone you have ever loved, for the sake of something greater. But sometimes it doesn't. Sometimes it is nothing more than gritting your teeth through pain, and the work of every day, the slow walk toward a better life. That is the sort of bravery I must have now.” ― Veronica Roth
Reflection
“My parents always say that I had both of my hands on my back, walking around all over the place and asking people questions all the time. It’s always in my blood to be curious and to try to understand what's going on around me.” – Jelmer Ikink
Jelmer’s childhood was marked by his ever-present curiosity about his community and the world around him. This instinct to explore steered his academic choices and his professional pursuits, eventually leading him to venture capital in Asia and establishing Foxmont Capital Partners in the Philippines. He shared about his professional desire to always explore new opportunities and potential growth in the region. This is a testament to how a deeply ingrained sense of curiosity can guide one through diverse career paths across continents.
His story exemplifies the value of following one's inquisitive nature in shaping a successful career. This is a powerful reminder to trust and let our interests guide our academic and professional choices. This underlines the importance of always being open to new experiences and challenges. Think about a time when your curiosity led you to a significant discovery or decision in your life. What did you learn from that experience?
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Stay Brave!
Jeremy Au
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