BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)

CP Group, a prominent Thai conglomerate, traces its beginnings to the founder Chia Ek Chor migrating from Chaozhou, China to Thailand in 1919. Despite early skepticism, he started a humble seed business which grew significantly by adapting to local agricultural challenges and changing global climate patterns. This foundation allowed his son and successor, Dhanin Chearavanont, to expand CP Group into a vast empire - touching multiple industries and generating an annual revenue of ~$85 billion USD. The episode highlights the strategic decisions to emphasize vertical integration in its food production process and discusses how more than half of the world's population has likely consumed its products. Watch, listen or read the full insight at https://www.bravesea.com/blog/charoen-pokphand Explore Dhanin Chearavanont's rise to the helm of the C.P. Group in the second part of Charoen Pokphand (C.P.) at https://open.spotify.com/episode/06OZPGFCyc7ENnuuXCTEjH 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 Learn more about Grain here: https://www.grain.com.sg

Shuyin Tang, CEO of Beacon Fund and Partner of Patamar Capital, and Jeremy Au talked about three main themes: 1. Consultant to Venture Philanthropy to Impact Investing: Shuyin initially aspired to a career in diplomacy but was rejected - leading to her choice to become a management consultant at Bain & Company. She worked hard at Bain to merge business skills with social impact initiatives by working with nonprofits, e.g. through nonprofit projects and a strategy engagement to improve the livelihoods of Indian smallholder farmers. These experiences led her to LGT Venture Philanthropy and to impact-driven investing at Patamar Capital. 2. Strategic Debt As Tool: As CEO of a debt fund, Shuyin emphasized the advantages of debt financing over equity for businesses in Southeast Asia, highlighting its suitability for the region's predominantly small and medium enterprises (SMEs). Unlike traditional high-growth startups, these enterprises benefit from the steady support that debt provides, enabling gradual growth without the pressure of rapid scaling demanded by equity investments. She also addressed cultural hesitations towards debt in Asian markets where it has historically been viewed negatively, and explained the shift in perception as businesses recognize that debt financing can preserve company control, prevent ownership dilution and facilitate smoother operational progress without the disruptive demands of equity-based exit strategies. 3. Radical Responsibility: Shuyin discussed her transition from a role within a collaborative team to spearheading her own investment fund, which marked a significant shift towards adopting a “radical responsibility” mindset to make impactful investment decisions and foster sustainable growth within the companies they support. She emphasized the expanded scope of responsibilities that come with leading a fund, which includes not only making strategic investment decisions but also managing fundraising, operations, and team dynamics. She also highlighted the challenges of navigating these complexities and stressed that understanding and accepting full accountability for both successes and setbacks has been crucial. Jeremy and Shuyin also talked about the integration of financial returns with social impact in investment strategies, VC developments in the region’s ecosystem, the challenges in implementing large-scale social projects within emerging markets, and the need for investment tools that are aligned with businesses’ diverse needs. Watch, listen or read the full insight at https://www.bravesea.com/blog/shuyin-tang  Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/shuyin-tang-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/shuyin-tang-cn 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 Learn more about Grain here: https://www.grain.com.sg

Shiyan Koh, Managing Partner of Hustle Fund, and ​​Jeremy Au talked about three main themes: 1. 51% SE Asia Favor China (vs. USA): Jeremy and Shiyan debated how the region is politically and economically reacting to the China vs. USA's "strategic competition". If ASEAN decision-makers were forced to pick sides, 51% opted for China vs. 49% for USA (ISEAS Institute poll). Pro-China: Malaysia 75%, Indonesia 73%, Thailand 52%, Singapore 39%, Vietnam 21%, Philippines 17%. 2. Sequoia & GGV VC Decoupling: Jeremy and Shiyan discussed how global investment firms are structuring themselves to mitigate US-China risks. Sequoia spun off Peak XV and Hongshan, while GGV announced their split into Granite Asia and Notable Capital (USA). They discuss how Limited Partners (LP) are driving the geographic re-delineation of investment coverage, and why GGV and other funds are exploring more debt instruments. 3. Mobility Competitor Game Theory: Jeremy and Shiyan analyzed the bike-sharing market in Singapore, including public-private partnerships and challenges like weather and infrastructure. They were amused that Anywheel, a bootstrapped (unfunded by VC) company outlasted VC-backed competitors such as Mobike, Obike, and Ofo to win and become the market leader. They discussed how cash efficiency interacted with economies of scale, the promise of winner-takes-all markets, negative blitzscaling, and competitive game theory created the "boom vs. bust" nature of last-mile mobility startups. Jeremy and Shiyan also replied to listener feedback about overlooking Trump investment links in the TikTok ban issue, the role of public-private infrastructure partnerships in supporting infrastructure projects, and blitzscaling vs. sustainable growth strategies. Watch, listen or read the full insight at https://www.bravesea.com/blog/sea-favor-china Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/sea-favor-chin-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/sea-favor-china-cn 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 Learn more about Grain here: https://www.grain.com.sg

Jeremy Au delved into startup founders’ decision to choose between bootstrapping and venture capital funding. He shared his dual experiences as both a founder (who had done both routes) and a venture capitalist (who had to judge startups). He reset the framing that bootstrapping has historically been the norm and the default financing pathway for startups even today, whereas VC funding has only 50 years of history and is aimed at high-growth potential businesses. He explained the VC fund model’s expectation of $1B returns within a decade creates both a judgment yardstick and pressure-cooker board pressure for businesses to rapidly scale, regardless of unit economics or profitability. He also touched on the dangers of mismanaging large capital inflows, where excessive funding can lead to inefficient spending which can hasten a company’s failure. He suggested using a 2x2 matrix to think through their company’s fit for VC funding. Watch, listen or read the full insight at https://www.bravesea.com/blog/bootstrap-vs-vc Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/bootstrap-vs-vc-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/bootstrap-vs-vc-cn 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 Learn more about Grain here: https://www.grain.com.sg

Richard Armstrong, Venture Partner at TA Ventures, and Jeremy Au discussed three main points: 1. 267,000 Instagram Followers Insights: Richard recounted his formative years growing up in multiple countries leading to his interest in sharing his personal journey. He debunked common myths about media creators: emphasizing that success in the space requires more than just creativity, but also demands business acumen and a strong support system. He highlighted that despite popular beliefs, most creators are not wealthy and that success in the media follows a power-law curve where only a small percentage of top earners can earn a good living. 2. Founder Transition to Venture Capital: Richard shared about his first ventures in e-commerce and food waste management, and why he eventually moved into angel investing and eventually into venture capital. He highlighted the stark differences, particularly the challenges of accessibility and the importance of networking within the VC community. His journey was motivated by the desire to leverage his understanding of emerging markets and bridge the funding gap faced by startups in these countries. 3. Thailand Startup Ecosystem Challenges: Richard pointed out that despite Thailand’s strong GDP, the startup ecosystem remains underfunded relative to other Southeast Asian peer countries - particularly at the seed stage. He discussed his optimism for potential growth in the next two years, driven by investor interest, improved market conditions and more focused government support. Jeremy and Richard also talked about the global impact of regional strategies, the importance of building partnerships vs. focusing solely on disruption, and the role of personal background and global exposure in enhancing VC effectiveness. Watch, listen or read the full insight at https://www.bravesea.com/blog/richard-armstrong Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/richard-armstrong-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/richard-armstrong-cn 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 Learn more about Grain here: https://www.grain.com.sg

Valerie Vu, Founding Partner of Ansible Ventures, and Jeremy Au talked about three main themes: 1. $12B Fraud Death Penalty: Jeremy and Valerie discussed Vietnam's largest-ever fraud trial regarding Vietnamese tycoon Truong My Lan and the Van Thinh Phat group. The $12B case impacted 6% of Vietnam's GDP and has led to real estate distress, economic uncertainty and regulatory upheaval. They elaborated on Truong’s moves to control Saigon Commercial Bank (SCB), far beyond legal limits (90% control versus the regulatory cap of 5% for individuals). They also talked about Vietnamese regulators’ harsh response by tightening financial controls, mandating bank ownership disclosures, and proposing to reduce the maximum ownership stake an individual can hold in a bank from 5% to 3%. They touched on the similarities between China and Vietnam for the intertwining of real estate and banking. 2. "Blazing Furnace" Anti-Corruption Campaign: Jeremy and Valerie discussed the campaign by Nguyễn Phú Trọng, general secretary of the Communist Party that has arrested or forced resignations of key political figures, including ministers and deputy prime ministers. They drew parallels between Vietnam and China’s anti-corruption campaign under Xi Jinping, where both aim at purging the system of corruption yet lead to power vacuums that will be filled by individuals loyal to the new leadership. 3. Cambodia China 180km Canal Tensions: The planned $1.7B Funan Techo Canal project allows Cambodia's imports and exports to bypass Vietnam's Mekong River ports and directly access the South China Sea. China's financing and development partnership is tied to its Belt and Road Initiative, investments to escape US military containment of key trade routes, and rebalancing with Vietnam. They discussed the negative environmental impact on downstream Vietnamese farmers already struggling with saltwater intrusion and climate change. Jeremy and Valerie also talked about the psychological impact of fluctuating property values on Vietnamese consumers, ongoing economic reforms to diversify away from real estate dependency, and parallels with Singapore's concern regarding the Thai Kra Canal.  Watch, listen or read the full insight at https://www.bravesea.com/blog/vietnam-fraud Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/vietnam-fraud-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/vietnam-fraud-cn 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 Learn more about Grain here: https://www.grain.com.sg

Jeremy reflected on how becoming a father of 2 daughters has reshaped his self-identity and the complex interplay between career ambitions vs. family responsibilities. He explored the evolving discourse on work-life balance, the brutal reality of trade-offs and the importance of intentional sacrifices. Jeremy tied together insights from Sheryl Sandberg’s "Lean In" movement, Anne-Marie Slaughter’s rebuttal “Why Women Still Can’t Have It All," and Harvard MBA Professor Clayton Christensen’s "How Will You Measure Your Life." Success in both domains requires thoughtful planning, the willingness to ask for help, a great support system, resources and good luck. He also stressed the responsibility of current generations to pay it forward and support future parents through advocacy for family-friendly policies and honest conversations about the realities of balancing career and family life. Watch, listen or read the full insight at https://www.bravesea.com/blog/parenting-vs-career  Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/parenting-vs-career-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/parenting-vs-career-cn 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 Learn more about Grain here: https://www.grain.com.sg

Maxime Chaury, Cofounder of Upworth, and Jeremy Au talked about three main themes: 1. Rocket Internet GM: Maxime shared his transition from working in management consulting to embracing the dynamic startup environment in Southeast Asia, notably with Rocket Internet and later ZEN Rooms in Malaysia. He discussed the strategic considerations behind opting for leasing rooms, franchising, or adopting a white label approach in the hospitality industry, especially in the context of the COVID-19 pandemic. He emphasized the general manager role's complexity, involving strategic planning, team leadership, and quick industry adaptation, reflecting his shift from a strategic consultant to a hands-on leadership role in startups. 2. Flash Coffee Indonesia Learnings: Maxime recounted his role in transforming Flash Coffee's performance in Indonesia from the least to the most profitable market segment. He highlighted the importance of understanding market-specific consumer behavior, noting significant differences across Indonesia, Singapore, Thailand, and Hong Kong. He discussed the tailored strategies for each market, underlining the local autonomy within a global brand strategy, and the challenges and implications of venture capital liquidity and investment decisions, which are crucial for startups navigating rapid growth and scalability. 3. Courage as a Muscle: Maxime reflected on courage as a foundational virtue in leadership and entrepreneurship. He argued that courage facilitates the practice and effectiveness of other virtues, essential for personal growth and professional decision-making. His narrative of choosing to become a general manager, navigating roles in Malaysia and Indonesia, and eventually founding his own startup underscored courage's role in stepping into unknown territories and embracing growth opportunities. Jeremy and Maxime also talked about the strategic pivot of ZEN Rooms towards technology solutions, the nuances of market-specific strategies and consumer behavior in the coffee retail industry, and the implications of global venture capital trends on startup scalability and market focus. Watch, listen or read the full insight at https://www.bravesea.com/blog/maxime-chaury  Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/maxime-chaury-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/maxime-chaury-cn 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 Learn more about Grain here: https://www.grain.com.sg

Wing Vasiksiri, General Partner of WV, and Jeremy Au discussed three main points: 1. Pheu Thai Pro-Business Reform: Wing and Jeremy discussed the new Thai Prime Minister Srettha Thavisin's ambitious plans to stimulate the economy through pro-business reforms. The administration has decided to focus on helping and investing in the tourism sector to recover, from a pre-pandemic 19.3% of GDP to a potential 30% of GDP in 2030. They debated whether this is a strategic or differentiated sector to invest in, vs. Vietnam's focus on China + 1 manufacturing and Singapore's focus on finance and trade. They also discussed the electoral promise to stimulate the economy by distributing 10,000 Thai baht to every citizen, and the political pressure on the Bank of Thailand to lower interest rates. They discussed Thailand's GDP forecast, and whether the country would be able to escape the middle-income trap. 2. Cannabis, LGBTQ & Gaming Legislation: Wing and Jeremy discussed the legislative push to roll back the legalization of weed and the prior administration's distribution of 1 million cannabis plants to households. Wing expressed skepticism about the complete rollback of cannabis decriminalization, given its popularity, integration into the economic retail landscape, and its attraction as a tourism booster. They also discussed how 96.6% of public support for same-sex marriage is driving LGBTQ legal reforms and the parallels with Taiwan. They also touched on the push towards legalizing gaming casinos to attract foreign investment with a 17% tax on gross gaming revenue (one of the lowest tax regimes in the region) and further boost tourism receipts. 3. Fintech Market Study Optimism: Wing shared about WV's recent market study on Thailand's financial tech sector (which is ranked 4th globally in transaction value of real-time payments), thus indicating a robust digital payments infrastructure and entrepreneurial optimism. They also discussed the broader fintech landscape, including the country’s debate on whether the consumer handout stimulus should incorporate blockchain technology (vs. existing mobile wallets), as well as the potential issuance of virtual banking licenses (despite challenges such as high minimum capital requirements). Jeremy and Wing also talked about the underreported issue of Bangkok’s poor air quality, the importance of the national soft power strategy, and how the various reforms are synergistic with each other. Watch, listen or read the full insight at https://www.bravesea.com/blog/thailand-pheu-thai-reform  Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/thailand-pheu-thai-reform-in 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/thailand-pheu-thai-reform-cn 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 Learn more about Grain here: https://www.grain.com.sg  

Adriel Yong, Head of Investments at Ascend Angels, and Jeremy Au frankly discussed the public's skepticism about Southeast Asia's venture capital (VC) landscape. They contrasted USA VC exit outcomes vs. the reality of regional exits: smaller at around $0.1-0.5B (refer to Cento Ventures report), taking longer than 10 years (vs. closed fund lifecycle requirements) and weaker trade sale + IPO pathways (NYSE/ NASDAQ vs. IDX, SGX, SET). Portfolio math models thus need to be updated in light of the young ecosystem's structural market challenges, resulting in the current funds' moves towards earlier-stage deals with lower pricing risk, secondary sales, deploying venture debt, and more disciplined investing with tighter economic and control terms. They contrast this to the small-cap private equity model and the usage of debt leverage for revenue multiple expansion. Founders must decide on profitability over growth, conflicting with VC mandates that are disempowered by minority ownership norms. They also discuss the Series B death valley/cliff, reverse human capital arbitrage (hiring expensive talent to solve low-margin markets, vs. cheap labor to attack high-margin markets), why VCs have to up their game at actual value creation (rather than trading on momentum), and how founders can better plan their fundraising with an honest view of reality and behind-the-scenes incentives.  Watch, listen or read the full insight in English at https://www.bravesea.com/blog/vc-returns-suck Nonton, dengar atau baca wawasan lengkapnya di https://www.bravesea.com/blog/vc-returns-suck-id 观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/vc-returns-suck-cn 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 Learn more about HDMall here: https://www.grain.com.sg