Jeremy Au discussed three key insights on Southeast Asia venture capital. First, he highlighted the "Series B Valley of Death," where local funds support pre-seed to Series A, and global investors focus on later stages, but Series B and C funding gaps force startups into aggressive cost-cutting or revenue expansion. Second, he emphasized the importance of timing in venture bets, arguing that startups must be positioned in the right economic window—neither too futuristic nor too late—illustrating with examples like AI-driven call centers in the Philippines and Vietnam’s emerging luxury goods market. Third, he discussed how VCs balance two roles—judging founder potential and adding value—to maximize the likelihood of building unicorns - where startups adapt and learn quickly using the Lean Startup and OODA loops, with  examples from sectors like HR tech, AI call centers, and consumer goods. Watch, listen or read the full insight at https://www.bravesea.com/blog/series-b-valley-of-death Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

JingJing Zhong, the Co-founder and CEO of Superbench and Jeremy Au discussed: AI Impact on Service Businesses: JingJing explained how AI advancements have transformed traditional service industries. Previously, AI struggled with logic and calculations, making it unreliable for tasks like generating service quotes. Now, improved reasoning allows AI to think through multi-step processes, reducing human workload and increasing efficiency. Superbench helps businesses like cleaning and plumbing services scale without needing more employees. She shared how her former company, Helpling, reduced its sales team from five agents to one while increasing conversion rates from 30% to 70%. CRM vs. RAG Reality: JingJing pointed out that traditional CRM systems don't integrate well with AI-driven customer support. She introduced Retrieval-Augmented Generation (RAG) as a way to improve AI accuracy by linking responses to verified business knowledge before generating answers. Many AI chatbots still struggle with anything beyond FAQs and simple transactions, particularly in handling complaints. She predicts AI will advance even faster in the next two years, further reshaping service industries. Customers now assume AI agents are human because AI responses feel more natural than scripted templates used by actual employees. Founder Productivity Lifestyle: JingJing reflected on how managing stress as a founder led her to restructure her daily habits. She quit alcohol, shifted to a healthier diet with more vegetarian meals, and committed to consistent journaling. She noted that these changes had a direct impact on her business performance, saying that after quitting alcohol, her sales "went crazy." She emphasized the importance of therapy for founders, citing YC President Gary Tan’s advice: “Do therapy before you start a company.” She believes founders should address their fears and anxieties early to avoid making poor decisions under pressure. Jeremy and JingJing also talked about startup fraud cases like eFishery, the effects of investor ghosting in Southeast Asia, and cultural differences in venture capital practices between the U.S. and Southeast Asia. Watch, listen or read the full insight at https://www.bravesea.com/blog/service-industry-ai-transformation Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Spotify English: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T Bahasa Indonesia: https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ Chinese: https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR Vietnamese: https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1 YouTube  English: https://www.youtube.com/@JeremyAu?sub_confirmation=1 Apple Podcast  English: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464

Jeremy Au referenced Asia Partners’ report predicting a surge in Southeast Asian unicorns based on macroeconomic fundamentals, and discussed the GDP per capita “time machine” phenomenon where Chinese and American founders enter Southeast Asia to replicate proven business models in frontier markets. He also shared an LP’s perspective on Southeast Asia's underperforming VC funds, questioning whether it was due to fund selection or broader market dynamics, e.g. Vietnam’s struggle to produce a successful tech IPO and high U.S. interest rates that have constrained regional Series B/C capital. He compared VCs to Olympic coaches, explaining that top investors prioritize 10x teams, product, and defensible economics—but competition is fierce for the best startup teams, e.g. Rewind AI receiving 170 term sheets via a Google form auction as an extreme case of a bidding war where VCs fight to get into the round. === Jeremy Au (区汉辉) hosts BRAVE Southeast Asia Tech, the region’s #1 tech podcast and global top 10% podcast with 50,000+ monthly listeners. He cofounded Orvel Ventures (network-driven VC fund), leads the Harvard Business School Alumni Angels for Southeast Asia and is an angel investor in 24 startups. Jeremy teaches venture capital fund strategy and entrepreneurship at National University of Singapore and Singapore Management University. Previously, Jeremy was a VC investor and Chief of Staff at Monk's Hill Ventures, Southeast Asia’s leading pre-A and Series A investor. Jeremy founded and led CozyKin, an early education marketplace to Series A and acquisition by Higher Ground Education. The startup was recognized for winning Harvard Business School's New Venture Competition and the MassChallenge grand prize. Jeremy also cofounded and bootstrapped Conjunct Consulting, an impact consulting platform, to profitability, 100+ clients and thousands of trained impact leaders. He was a Bain management consultant and an infantry sergeant in Singapore. Jeremy is a keynote public speaker on entrepreneurship, leadership and community engagement for thousands across Harvard, Deutsche Bank, e27 Echelon, Singapore Global Tech Network, Boston SPARK Council, Institute of Policy Studies, Civil Service College and many others. Recognized by Forbes 30 Under 30, Prestige 40 Under 40 and LinkedIn Top Voice. Author of BRAVE10, showcasing the top 10 journeys of Singapore tech leaders. Harvard MBA and UC Berkeley honor degrees in Economics & Business Administration. Jeremy enjoys science fiction, hiking and being a dad of two daughters. === Watch, listen or read the full insight at https://www.bravesea.com/blog/gdp-per-capita-time-machine Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Spotify English: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T Bahasa Indonesia: https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ Chinese: https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR Vietnamese: https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1 YouTube English: https://www.youtube.com/@JeremyAu?sub_confirmation=1 Apple Podcast English: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 #VentureCapital #StartupFunding #SoutheastAsiaTech #PowerLawReturns #UnicornHunting #TechInvestments #InnovationEconomy #EntrepreneurshipInsights #TechGrowth #BRAVEpodcast

Dive into the art of crafting accurate customer personas and the pitfalls of outdated market research methods. Discover how context and timing can distort consumer preferences, as Jeremy shares a compelling example from the beer industry. Explore the concept of customer lifetime value and the economic strategies behind successful Southeast Asian SaaS companies. Learn how Disney's long-game marketing contrasts with Hermès’ luxury branding, showcasing different pathways to cultivate lasting brand loyalty.

Nicolas Bivero, CEO & Co-Founder of Penbrothers, and Jeremy Au discussed: 1. Japan Intern to Philippines Director: Nicolas Bivero shared his journey as a Venezuelan-German, transitioning across continents and industries. His early exposure to Japanese culture through karate and aikido, influenced by his father, inspired his eventual move to Japan. Initially planning a six-month stay, Nicolas secured an internship at a 160-year-old Japanese logistics company after a chance connection through his uncle. This role evolved into an 18-year career, focusing on replicating Japanese logistics operations across Southeast Asia. Nicolas detailed his adjustment to Japan’s hierarchical corporate culture, his unique position as one of the few foreigners in the company, and his extensive travel across Southeast Asia to develop new business opportunities. 2. 8-Year Side Hustle to Full-Time Founder at 44: In 2014, Nicolas co-founded Pen Brothers with his best friend to address the challenges of global talent shortages by leveraging the Philippines’ vast pool of skilled professionals. Starting as a side hustle, Pen Brothers initially supported startups by hiring remote Filipino teams for roles like software development and business development. Nicolas emphasized the importance of retaining Filipino talent locally to combat brain drain, reflecting his observations of Venezuelan and Portuguese migration trends. By 2022, after eight years of part-time involvement, Nicolas transitioned to leading Pen Brothers full-time. He highlighted the impact of COVID-19 on enabling remote work nationwide, allowing skilled professionals in provinces like Mindanao to work with global clients without relocating. 3. PEO Industry for Filipino Talent: Nicolas dispelled misconceptions about the Professional Employer Organization (PEO) industry, noting its ability to provide high-quality, long-term roles. He cited examples of senior engineers and specialized staff hired through Pen Brothers, including one who earned a competitive U.S. salary while working for a startup remotely from the Philippines. Nicolas also shared his optimism for Filipino talent, emphasizing their English proficiency and adaptability. He stressed the need for continued government support for education and the importance of positive feedback loops in fostering globally competitive talent. He also discussed the return of some Filipino diaspora members, who bring valuable international experience back to the country. Nicolas also reflected on Japan’s hierarchical work culture, how his father’s passion for martial arts influenced his professional journey and the challenges of scaling remote teams.

Jeremy Au explored the evolving venture capital landscape in Southeast Asia by linking GDP per capita thresholds (US$5K in Vietnam, Indonesia & Philippines vs. US$94K Singapore) to the rise of unicorns like Gojek and Grab. Jeremy also explored the implications of high global interest rates, which have reshaped venture capital deployment, shifting focus toward early-stage investments while reducing late-stage funding. Lastly, he analyzed the diversification of startup models, such as Vietnam's localized mini-conglomerates and Singapore’s globally focused virtualized teams, emphasizing adaptability as a key driver for success in a fragmented yet promising ecosystem. Watch, listen or read the full insight at https://www.bravesea.com/blog/gdp-per-capita-vs-unicorns Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au examined the evolution of technology marketing and communication, emphasizing the transformative impact of AI, the importance of addressing consumers' primary problems, and the iterative nature of innovation in startups. Jeremy stressed the necessity of solving consumers' most pressing problems at the right moment to achieve product-market fit, illustrating this with real-world scenarios where timing dictated success. Additionally, he underscored the iterative principles of the Lean Startup and Kaizen, which prioritize rapid building, measuring, and learning cycles to meet evolving consumer needs while minimizing errors. The discussion also touched on notable examples like Netflix’s shift from DVDs to streaming and the development of reusable rockets by SpaceX to illustrate these principles in action. Watch, listen or read the full insight at https://www.bravesea.com/blog/product-market-fit-pivot Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Kristie Neo, VC (Southeast Asia) Editor at DealStreetAsia, and Jeremy Au discussed: 1. Channel News Asia to DealStreetAsia VC Editor: Kristie began her journalism career at Channel News Asia (CNA), working in documentaries and later transitioning to business news. She emphasized CNA’s commitment to telling stories through an “Asian perspective,” which shaped her approach to reporting. Later, Kristie also joined DealStreetAsia (DSA) as a venture capital and startup reporter, contributing to its growth from a small team. She highlighted the challenges of establishing credibility as a startup newsroom, including building relationships with key stakeholders and securing access to major press events. 2. Investigative Journalism: Kristie spearheaded the use of Singapore’s ACRA database to access private company filings, uncovering financial insights that shaped investigative reporting at DealStreetAsia (DSA). Her work involved analyzing complex financial reports, connecting the dots between stakeholders, and leveraging this data to produce in-depth reports. Over time, these efforts evolved into Data Vantage, a proprietary tool offering comprehensive company data and insights across Southeast Asia, becoming a critical resource for DSA’s operations. 3. Unicorn Mismanagement (Revolution Precrafted): Kristie led an exposé on Revolution Precrafted, a Philippine unicorn valued at over $1 billion, revealing fraudulent activities. Through on-ground investigations in Manila, she uncovered unfulfilled development projects and inconsistencies in financial operations. Her findings triggered a national government investigation, highlighting the risks of informal structures in Southeast Asia’s startups and emphasizing the importance of accountability and transparency in the ecosystem. Jeremy and Kristie also discussed ethical challenges in journalism, declining media trust, technology's impact on storytelling, and Southeast Asia’s cultural nuances in startup reporting. Watch, listen or read the full insight at https://www.bravesea.com/blog/kristie-neo Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts #InvestigativeJournalism #SoutheastAsiaTech #MediaInnovation #StartupEcosystem #DigitalStorytelling #AsianNarratives #VentureCapitalInsights #TransparencyMatters #TechJournalism #BRAVEpodcast

Shiyan Koh, Managing Partner of  Hustle Fund, and ​​Jeremy Au discussed: 1. eFishery Fraud Allegations: Once an Indonesian agritech darling, eFishery’s end-to-end aquaculture solutions were lauded for their potential to improve farmers’ productivity and incomes. eFishery had achieved a $1 billion valuation in 2023, backed by investors like Temasek, Sequoia, Northstar, and GGV Capital. Whistleblower allegations against the founders surfaced despite significant financial oversight, including audited accounts and reputable due diligence processes. Shiyan emphasized the trust deficit such incidents cause, and drew parallels to Zilingo’s earlier downfall which caused a chilling effect on Southeast Asia’s growth-stage investments. 2. Early Exits Signals: Jeremy highlighted the divergent strategies of eFishery’s investors during its Series D round. Notable exits included Ideasource, which achieved a 40x return over a decade, and Sui Ling Cheah from Wavemaker, who bought in via secondaries in 2019 and accomplished a similar return in five years. These moves showcased varying approaches—early-stage investors seeking liquidity versus late-stage investors balancing signaling effects. They also discussed the challenges of timing exits in Southeast Asia’s market context, balancing growth ambitions with prudent capital recovery. 3. Ecosystem Red Flags: Jeremy and Shiyan debated how weak financial governance impacts Southeast Asia’s startup ecosystem. Citing eFishery’s CFO resignation and earlier signals as red flags, they stressed the need for stricter board oversight and robust due diligence practices. Jeremy noted how fraud incidents strain ecosystem trust, making diligence processes longer and more expensive. Drawing parallels to the U.S., Shiyan emphasized how trust and long-term reputation are critical for founders aiming to sustain multiple ventures. They discussed how practices like misreporting revenue—common in sectors like e-commerce—distort valuations and create cascading governance failures. Additional topics included Southeast Asia’s funding culture, revenue-quality metrics, exit dynamics for early employees, and honest advice to founders. Watch, listen or read the full insight at https://www.bravesea.com/blog/efishery-unicorn-fraud Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au discussed the financial returns of venture capital. Firstly, he explored the concept of power law returns, emphasizing that only 4% of startups generate 10-50x returns, with examples like WhatsApp achieving 50x and Zoom delivering 22x even at later stages. He highlighted this phenomenon's prevalence in industries such as Hollywood (blockbusters vs. average films) vs. aviation (budget airlines). Secondly, he explained the three-fund trajectory for venture capitalists to become established, while noting that Fund 1 and Fund 2 for emerging managers often outperforming due to industry veterans leveraging insider insights—citing crypto as an example where early adopters thrived in the 2010s. Lastly, he underscored the importance of governance, pointing out how founder-investor relationships hinge on balancing control rights and trust. He used examples such as the OpenAI coup attempt vs. Sam Altman and Southeast Asia’s reputation for financial mismanagement to stress the implications of governance misalignment and regulatory challenges in the region. Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-power-law-bets Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts