Tiang Lim Foo: Start-Up Governance, VC Math Reality & How AI Is Rewiring SEA Startups – E610

Tiang Lim Foo, General Partner at Forge Ventures, and Jeremy Au discussed how Southeast Asia’s tech and venture capital landscape is evolving through cycles of hype, correction, and AI-driven transformation. They unpack the eFishery scandal as a clearing event, reframe expectations around exits, and debate whether venture capital remains viable in a region where only one unicorn appears every four years. They explore the split between local and global-first startups, how AI is reviving SaaS through productivity gains, and why only a few VC funds will likely outperform. Tiang also shares how fatherhood shaped his leadership style and how delayed gratification builds better founders and better kids.

02:43 eFishery was a clearing event that exposed systemic gaps: The scandal’s late-stage exposure revealed weaknesses in due diligence from seed to growth rounds. Tiang and Jeremy discuss how this singular event damaged investor confidence and might risk Southeast Asia facing a “lost decade” unless the ecosystem regains trust and transparency through police investigations.

08:20 Power law math must shift for Southeast Asia: Tiang explains why assuming a unicorn every year is flawed. With only one home run in Southeast Asia every four years, only two to four VC funds will hit top-tier returns in the region. He outlines how funds must underwrite exits between $100 million to $500 million and reverse-engineer ownership, dilution, and ticket size accordingly.

14:32 The ecosystem is splitting into two startup types: Baskit is an example of a hyper-local play focused on Indonesia’s supply chain, while Mito Health began in Singapore and now earns more revenue in the US. Tiang shares how these two paths local capital efficiency versus global market scale require different underwriting logic and founder support.

21:04 AI is reviving SaaS by changing productivity math: SEA companies previously avoided SaaS due to low labor costs. Now, AI-powered tools like Vercel enable 10x productivity, allowing startups to reduce headcount and speed up delivery cycles. Boards and management are pushing AI pilots across conglomerates and tech companies.

26:08 ChatGPT’s viral growth unlocked new software models: Tiang highlights how its intuitive UI and cross-language support made it usable with zero training. Unlike older tools like Evernote that required localization, ChatGPT’s frictionless adoption signals a shift in how enterprise software scales globally.

29:03 AI is widening the power law: Some lean teams hit 15K to 20K MRR without fundraising. Others build toward massive ARR and attract large rounds. Tiang explains how AI-native startups either stay bootstrapped or scale explosively, polarizing outcomes and reshaping venture expectations.

37:47 Parenthood reshaped Tiang’s leadership and time discipline: With two kids and a hard stop at 5:30 p.m. daily, Tiang structures board meetings around decisions, ensures clear agendas, and enforces pre-reading. He also draws parallels between parenting and investing both require influence, not control.

Watch, listen or read the full insight at https://www.bravesea.com/blog/tiang-lim-foo-sea-vc-reset

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