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

Jeremy Au breaks down what founders should really look for in a VC—beyond branding. He shares a practical framework for value-add, highlights how VCs behave in failure, and urges founders to dig deeper than surface signals. The conversation also looks at why older founders often perform better, even if they raise less, and the dynamics of VC incentives. VCs show true value in failure: Founders often overlook how a VC behaves when things fall apart—but that’s when reputation is earned.Most “value-add” claims are surface-level: Using a pyramid model, Jeremy explains that real value lies in basics like capital, governance, and reinvestment—not flashy perks.Some VCs actively destroy value: He shares how one VC blocked a cents-on-the-dollar exit, leading the startup to shut down completely.Support goes beyond capital: A VC offering a personal loan during a tough time stood out more than any platform or pitch.Reference-check your VC: Don’t just talk to winning startups—learn how the VC acted when things went badly.

Jeremy Au unpacked why most startups fail and how failure is often misunderstood especially in Southeast Asia’s tech landscape. He pointed out that failure isn’t just about poor execution or bad luck. It’s often structural, recurring across funding stages, and rooted in deeper issues like team mismatches, market timing, or scaling too fast. He also drew a clear line between economic failure and personal failure, reminding founders that not hitting a return target doesn’t mean they’re bad leaders or people. He shared recurring patterns and what comes next for those who’ve been through it. 1. Good Idea, Wrong Team: Some startups never get off the ground because the team can’t execute—either due to weak dynamics or the wrong mix of skills. 2. False Starts: Products built in a vacuum without real user insight often flop, no matter how technically sound they are. 3. False Positives: Early traction can be misleading—what works in one market or segment may fail in another if context isn’t deeply understood. 4. Speed Trap: Fast growth and big funding can set unrealistic expectations, creating pressure to scale beyond what the team or model can handle. 5. Bad Macro Luck: External events—like funding winters or shifting investor focus—can kill momentum even for strong companies. 6. Cascading Miracles: Some ambitious startups crash despite big raises and press hype, only to see others succeed later with the same core idea. 7. The Second-Time Edge: Founders who’ve succeeded before have better odds next time around, thanks to sharper timing, stronger networks, and better-hiring instincts. Watch, listen or read the full insight at https://www.braves ea.com/blog/startup-false-starts 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 talks with Gita Sjahrir, an Indonesian economist and entrepreneur, in a deep dive on Indonesia’s current macroeconomic conditions and policy landscape. They analyze how inconsistent government communication, executional shortcomings, and short-term policymaking have contributed to uncertainty among investors and the public. The discussion also explores infrastructure priorities, the structural incentives behind recent decisions, and the enduring resilience of Indonesian citizens and micro, small, and medium enterprises (MSMEs). This episode offers a pragmatic assessment of an economy with strong fundamentals navigating through complex challenges. 1. Market turmoil triggered by poor policy communication: Stock prices dropped, and the IDX temporarily halted trading after inconsistent government messaging on taxes and royalties. 2. Investor confidence shaken by opacity: The lack of clear direction and unified communication made both local and foreign investors wary of the policy environment. 3. Layoffs highlight deeper weaknesses: Mass layoffs by a major garment company raised concerns about weakening consumer demand and employment trends. 4. Sovereign wealth fund rollout lacks transparency: The introduction of DARA, a new sovereign wealth fund, failed to clarify how infrastructure or job creation goals would be met. 5. Execution—not intent—is the policy bottleneck: While school lunch programs and stimulus plans aim to help, flawed rollout and budget tradeoffs create new public dissatisfaction. 6. Budget cuts send mixed signals: Programs for small and medium businesses have seen funding reduced, undermining growth for the sector that employs millions. 7. Controversial military law revision sparks unrest: The lack of draft transparency triggered fears over potential authoritarian shifts, adding to market and public anxiety. Watch, listen or read the full insight at https://www.braves ea.com/blog/crisis-of-confidence 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 discussed how pitching, trust, and fundraising work. He explained that pitching is about expressing a future others can believe in, not just raising money. He shared how traction builds trust, why capital must be chosen carefully, and how great founders turn investor interest into leverage. Drawing on examples like Rewind.ai and BenchSci, he laid out what separates good pitches from great businesses. Pitch to clarify thinking: Saying your plan out loud invites feedback and sharpens your logic.Traction builds trust, not slides: Focus on customer milestones first—VCs only glance at decks.Trust is built, not assumed: Show credibility, deliver reliably, be warm, and care beyond yourself.Keep small promises: Reliability grows when you do what you say, even with tiny tasks.Say yes to help: Accepting offers like coffee builds closeness and rapport. Watch, listen or read the full insight at https://www.braves ea.com/blog/pitch-with-purpose 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

Vikram Bharati, founder of Draper Startup House, and Jeremy Au talked about how the startup world has shifted since their last conversation. They explored how Draper Startup House has expanded across continents while wrestling with the challenge of scaling both physical spaces and community-driven programming. They discussed how remote and hybrid work are evolving post-pandemic, and how startups are adapting faster than large corporations. They also reflected on parenting and preparing the next generation for a fast-changing world, where original thinking and adaptability may matter more than credentials. Vikram also shared his growing interest in “digital nations,” a concept that could reshape how governments serve people and how individuals relate to borders and institutions. 1. Scaling Draper Startup House globally: Vikram shares that Draper Startup House has grown to 15 locations across South America, India, and Korea, focused on building startup communities in adventurous and underserved places. 2. Finding the right people as a challenge: The model combines real estate ("hardware") and startup programming ("software"), which requires local leaders who can do both—something that's tough to find consistently. 3. Remote work is here to stay: Vikram believes the post-pandemic world has made flexible work a permanent reality, especially for startups and global teams like his, which now span the US, Brazil, India, Portugal, and more. 4. Hybrid models work best: The trend he sees is a mix of in-person and remote work—typically two or three days in the office—which balances productivity and employee satisfaction. 5. Parenting in a changing world: Both Jeremy and Vikram reflect on raising young kids today, and how future success may depend more on adaptability and creativity than traditional credentials or schooling. 6. Unique perspectives come from unplugging: Vikram suggests that stepping outside the common information feed is one way to build original thinking—especially as everyone now consumes the same digital content. 7. Digital nations as the next frontier: Vikram outlines his interest in building “digital nations”—online systems that provide government-like services and community without being bound to geography, potentially expanding opportunity beyond borders. Watch, listen or read the full insight at https://www.braves ea.com/blog/scaling-startup-communities 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

Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au explored the growing challenges of youth unemployment in Singapore and how AI is fundamentally changing the job market. They discussed how the rise of automation is making entry-level roles less necessary, leading companies to prioritize experienced hires who can work with AI rather than train fresh graduates. They also examine how AI amplifies the gap between high and low performers, making adaptability and self-motivation more crucial than ever. They also talked about the need for educational reforms that focus on problem-solving and real-world applications, as well as how young professionals can position themselves for success in an AI-driven economy. 1. Youth unemployment rates are increasing – In 2022, 94% of Singapore university graduates were employed within six months, but by 2024, only 87% of fresh graduates had secured full-time jobs. 2. AI is displacing entry-level jobs – AI tools are replacing tasks traditionally done by junior employees, reducing the need for new hires, especially in roles like market research, legal functions, and writing. 3. Companies prefer experienced hires – Businesses are opting for experienced workers who are comfortable using AI tools, reducing the reliance on entry-level hires due to the high cost of training and managing juniors. 4. AI benefits top performers – High performers in companies are already leveraging AI, while low performers are falling behind, highlighting that AI does not necessarily level the playing field. 5. The challenge of learning through apprenticeships – Entry-level positions have traditionally been apprenticeships where workers learn the craft. With fewer junior roles available, the next generation of workers may lack the experience needed for senior positions. 6. Education needs to change to foster agency – Shiyan suggests that education should focus on helping students develop agency and problem-solving skills by working on open-ended real-world problems, rather than simply memorizing facts. 7. The importance of finding passion and adaptability – As AI changes the job landscape, young professionals must be passionate about their work and adaptable to new tools like AI to remain competitive in the evolving market. Watch, listen or read the full insight at https://www.bravesea.com/blog/ai-job-disruption 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 talked about how venture capitalists assess startups based on their ability to scale rapidly, led by strong founders with a clear strategy and market fit. However, their decisions are shaped by heuristics, biases, and time constraints. The best founders move fast, refine their pitches, and demonstrate exponential growth potential. He also discussed how VCs evaluate startups, the common pitfalls in fundraising, and why speed and conviction matter. 1. VCs bet on exponential growth – Investors look for startups that can double or triple revenue yearly. “If you start at $10K, triple it, then double—you’re at $100M in nine years.” 2. Founders are the first filter – VCs assess character, skill, and drive. A great founder learns fast and executes relentlessly. 3. Strategy must be clear – Investors back ideas that are logical and practical. A strong strategy directly addresses market demands. 4. 10x thinking defines winners – Great startups offer a product that is 10x better, target a massive market, and have strong unit economics. 5. Speed wins in venture capital – The best deals close fast, often within hours. Watch, listen or read the full insight at https://www.braves ea.com/blog/venture-capital-decision-tree 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

Benjamin Loh, Certified Speaking Professional and Jeremy Au discussed public speaking, thought leadership, and leadership growth. They reflected on Benjamin’s journey from public speaking to training financial advisors and running a thought leadership agency. They explored how social media amplifies voices, how leaders can shape industry narratives, and the challenges of managing perception online. Benjamin also shared personal reflections on balancing ambition with personal commitments and learning from past mistakes. 1. From speaker to trainer to agency leader: Benjamin started as a public speaker, transitioned into training financial advisors, and eventually launched a thought leadership agency to scale his impact. 2. The power of storytelling in leadership: He sees himself as a teacher, believing great speakers don’t just inform but create change through compelling narratives. 3. Public speaking and consulting have shared DNA: Both require deep understanding of people, but agency work demands managing teams, systems, and fast-changing industry trends. 4. Thought leadership must be polarizing: To stand out in a noisy world, leaders must take clear, sometimes divisive stances that attract their audience while pushing away others. 5. Social media rewards boldness, not neutrality: The best content sparks conversation, and platforms amplify strong opinions over safe, middle-ground messages. 6. Managing criticism is part of the game: Benjamin shares how he handles online negativity, including personal attacks, and reframes them as opportunities to engage and build credibility. 7. Balancing ambition and family is tough but necessary: He opens up about past mistakes in prioritizing work over family and the effort it takes to rebuild relationships. Watch, listen or read the full insight at https://www.braves ea.com/blog/polarizing-thought-leadership 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 and Valerie Vu discussed Vietnam’s evolving role in global trade, the impact of US-China tensions, and the country’s sweeping internal reforms. They explore how foreign investments are reshaping Vietnam’s industries, how the government is navigating trade uncertainties, and how local businesses are adapting to increased competition. They also covered Vietnam’s efforts to modernize infrastructure, attract high-tech industries, and balance relationships with global powers. With a strategic mix of diplomacy, economic reform, and foreign direct investment, Vietnam is positioning itself for long-term growth despite short-term challenges. 1. Vietnam is bracing for US trade policies – Holding a $124 billion trade surplus with the US, Vietnam is under watch for potential tariffs. However, its penalties are expected to be lower than China’s, preserving its competitive edge in exports. 2. Chinese companies are relocating to Vietnam – One in three new investments comes from China, as manufacturers shift production to avoid US tariffs. Initially focused on final assembly, these companies are now moving entire supply chains to Vietnam. 3. Vietnam’s infrastructure boom is attracting foreign capital – The government is launching high-speed rail, metro lines, and road projects to boost logistics. Chinese, Japanese, and Korean firms are competing for contracts, making infrastructure a key driver of economic growth. 4. The government is restructuring for efficiency – In its largest administrative reform since 1986, Vietnam is cutting 20% of its public sector workforce and merging ministries. While aimed at reducing corruption, these changes are causing short-term business disruptions. 5. Foreign investors are competing in Vietnam’s growing economy – China and Hong Kong lead with 1,300 new projects, outpacing Singapore, South Korea, Japan, Taiwan, and the US combined. While Vietnam welcomes all investors, proximity gives Chinese businesses a logistical advantage. 6. Vietnam is maintaining the “bamboo policy” strategy – The country balances relations with the US, China, and Russia through strategic trade deals. A $1.5 billion Trump-branded golf resort highlights Vietnam’s pragmatic approach to foreign investment. 7. Tourism and real estate are major economic drivers – Vietnam’s travel market is projected to more than double to $42 billion by 2030, driven by domestic and Chinese visitors. Meanwhile, real estate demand remains high, with a full market rebound expected by 2027. Watch, listen or read the full insight at https://www.bravesea.com/blog/vietnams-trade-shift 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 breaks down the fundamentals of unit economics, customer acquisition, and blitzscaling in startups. Using real-world examples, he explains how different business models—like SaaS versus consumer goods—affect profitability and marketing strategies. The conversation explores the challenges of scaling aggressively, the importance of timing in venture capital, and how execution often matters more than funding. This discussion offers a clear look at how startups grow, succeed, or fail based on financial discipline and strategic decisions. 1. Unit economics drive business strategy – Startups need to understand their customer lifetime value (LTV) and cost structures to determine if they can scale profitably. A SaaS business with an LTV of $100,000 operates very differently from a low-margin consumer product. 2. Marketing depends on customer value – High-LTV products like Rolex watches justify brand marketing at events like F1, while low-margin goods rely on last-minute impulse purchases at checkout. 3.Blitzscaling can be a gamble – Uber scaled by putting $1 in to get $5 back, while Gojek spent $200 million in Vietnam but had to exit. Scaling fast can create market dominance or lead to massive losses. 4. Execution beats funding – Anywheel, a Singaporean bike-sharing startup, outperformed VC-backed competitors by staying lean and efficient, proving that strategy often matters more than capital. 5. Timing is everything in venture capital – A 21-year-old AI founder secured funding within hours by moving fast. Jeremy hesitated for eight hours and lost the opportunity, highlighting the importance of quick decision-making in competitive markets. Watch, listen or read the full insight at https://www.bravesea.com/blog/blitzscaling-pitfalls 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

Sadaf Sultan, Founder of Finprojections, and Jeremy Au analyzed the eFishery financial scandal and discuss broader issues of financial fraud in startups. They talked about why eFishery was appealing to investors and how the fraud unfolded and shared their insights into detecting fraud effectively. They explore the challenges faced during investor due diligence, overlooked warning signs, and practical suggestions for strengthening investor safeguards. 1. A promising vision: eFishery attracted investors by presenting itself as a solution for fragmented markets through vertical integration and improved efficiencies. 2. Start small, grow big: Initial minor revenue inflation escalated rapidly under pressures from ambitious fundraising goals. 3. Behind closed doors: The founders executed fraud through round-tripping transactions using shell companies to create artificial revenue. 4. Hard to detect: Auditors struggled to identify fraud due to heavy dependence on founder-provided information. 5. Overlooked red flags: Large bonuses to the finance team and sudden departures of key financial staff were early, but ignored, warning signals. 6. Strengthening investor checks: Investors need to leverage local expertise, perform forensic audits, and set up clear whistleblowing channels. 7. Recognizing red flags: Common fraud tactics include confusing GMV with revenue, overstating recurring revenue, aggressive credit offerings, and misclassifying discounts as marketing costs. Watch, listen or read the full insight at https://www.bravesea.com/blog/sadaf-sultan2 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 Podcast Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Gita Sjahrir, Senior Advisor at TBS Energi Utama, and Jeremy Au talked about the complexities of corporate governance and accountability within emerging markets. They discussed the eFishery scandal, the Pertamina corruption case, and the broader implications for economic growth and investor trust. 1. Investor Due Diligence: Gita and Jeremy highlighted the need for investors to go beyond financial reports and conduct on-ground audits to detect fraud early. 2. Impact of Fraud: They discussed how fraud not only inflates financials but also demotivates teams by reducing the urgency for operational improvements. 3. Founder Accountability: They emphasize that while investors play a role, founders are ultimately responsible for corporate governance and ethical leadership. 4. Valuation Risks: High early valuations create unrealistic expectations, making it harder for startups to deliver sustainable growth. 5. Government and Public Roles: Citizens are increasingly pushing for consequences in corruption cases, as seen in the Pertamina scandal. 6. Fuel Subsidies vs. EV Adoption: They analyzed how fuel subsidies in countries like Indonesia and Malaysia slow down electric vehicle adoption and market competitiveness. 7. The Cost of Poor Communication: Governments that fail to clearly communicate policy shifts, like subsidy reductions, can trigger public backlash and economic uncertainty. 8. Strategic Energy Transitions: They argued that Southeast Asia needs a phased, well-communicated shift toward sustainable energy to ensure long-term stability. Watch, listen or read the full insight at https://www.bravesea.com/blog/corporate-finance-failure-impact 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 discussed common startup failure patterns, and emphasized that failure is frequent and often inevitable even for companies that make it to later funding stages. Many startups fail to deliver financial returns for investors, regardless of how innovative or pioneering they might be. He also talked about various reasons for failure, from team issues to premature scaling, providing real-world examples to illustrate these patterns: 1. Good Idea, Bad Bedfellows: A strong idea can fail due to poor team dynamics, such as co-founders unable to agree on leadership or lacking the right expertise. 2. False Starts: Startups that build products without understanding customer needs often fail. 3. False Positives: Early customer success can mislead founders into scaling too quickly, leading to failure when they target the wrong market. 4. Speed Trap: Startups that achieve product-market fit but expand too quickly into new products or markets can burn through capital unsustainably. 5. Help Wanted: Sometimes external factors like market shifts or bad luck cause failure, even when product-market fit is achieved. 6.Cascading Miracles: Some startups that fail despite raising large sums of money or low customer traction later spark similar successful ventures. Watch, listen or read the full insight at https://www.bravesea.com/blog/startup-failure-patterns 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 reconnects with Kwok Jiachuan, his first-ever podcast guest, to reflect on their journey from school friends to army roommates to co-founders of Conjunct Consulting. They talked about the challenges of starting and scaling a social impact consultancy, from early skepticism to securing funding and navigating the evolving nonprofit landscape. They also discuss leadership lessons, the importance of sustainability, and how their work has shaped the next generation of social impact leaders. The conversation is a candid look at what it takes to build something meaningful and why community matters. 1. From friends to co-founders: Jeremy and Kwok first met at 15 in a creative arts camp, later became army roommates, and eventually teamed up to build a pioneering social impact consultancy. 2. Solving a gap no one else saw: They realized nonprofits lacked strategic help while young professionals wanted to contribute, so they created a platform that connected both. 3. Facing doubt and rejection: People dismissed their idea, fundraising was tough, and they had to figure out everything from legal structures to convincing nonprofits to trust them. 4. Turning a passion project into a real business: What started as a volunteer effort had to evolve into a structured, financially sustainable social enterprise to survive long-term. 5. Adapting to a changing landscape: The social sector professionalized with more government funding and consulting firms entering the space, forcing Conjunct to evolve its role. 6. A legacy that lives on through people: Alumni have gone on to lead impact-driven initiatives, and Tribe Consulting, founded by former members, continues the work they started. 7. Lessons for future changemakers: Passion alone isn’t enough—build for sustainability, find allies in the ecosystem, and focus on long-term impact. Watch, listen or read the full insight at https://www.bravesea.com/blog/social-entrepreneur-wisdom 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

Mike Michalec shares his journey from molecular research to outdoor adventure guiding and eventually into education consulting in Southeast Asia. He discusses the region’s diverse education landscape, the challenges of scaling edtech businesses, and the impact of China’s regulatory crackdown on the sector. He explains why many education startups fail, how funding and business models shape the industry, and why Chinese companies are now expanding into Southeast Asia. He also shares his thoughts on technology and children, emphasizing the importance of balancing screen time with real-world learning experiences. 1. Mike’s career pivots: Mike started in molecular research but left the lab for outdoor adventure guiding before becoming a science teacher and later moving into international development and education consulting. 2. Why he moved to Southeast Asia and stayed: He first came to Bangkok in 2007 for a short-term UNESCO assignment, initially expecting to be in Paris, but decided to stay in 2009 due to the region’s diversity and opportunities in education. 3. Education in Southeast Asia: A fragmented but dynamic market: The region has vastly different education systems, from strong public education in Singapore to accessibility issues in rural Indonesia, with a mix of public, private, and international models. 4. Why Edtech startups struggle to scale: Many Edtech founders enter the market without realizing similar solutions already exist, and education’s highly localized nature makes scaling across countries far more difficult than in other sectors. 5. How China’s crackdown changed its edtech sector: In 2021, China’s Double Reduction Policy forced major tutoring firms like TAL Education and New Oriental to go nonprofit, leading some Chinese edtech companies to expand into Southeast Asia. 6. The impact of AI and technology in education: Mike believes edtech is already "solution-saturated" and that the industry should focus on improving existing products rather than creating new ones, citing research he contributed to from the World Bank and Omidyar. 7. Technology and kids: He supports limiting screen time for young children, noting that many Silicon Valley tech founders do the same, emphasizing the importance of real-world learning and human connection. Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-education-tech-gamble 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 discussed key aspects of venture capital decision-making and tech regulation including how VCs make sequential investment choices, navigate acquisition offers and public listing routes, and address regulatory challenges. He also examined how customer advocacy and jurisdictional differences shape tech policy, while debating the trade-offs between asking for permission versus seeking forgiveness. 1. Sequential Investment & Timing: VCs re-evaluate decisions over time, balancing past rejections with new opportunities. 2. Acquisition Offers & Public Listings: Companies with similar acquisition terms can choose different paths, and public offering routes vary widely. 3. Regulatory Environment & Legal Lag: Laws only regulate what exists, leaving tech companies to navigate gaps in regulation. 4. Permission vs. Forgiveness: Startups must choose between seeking approval or risking later consequences based on local rules. 5. Customer Advocacy & Jurisdictional Impact: Mobilizing customers can influence regulators, and success depends on local political and legal climates. Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-decision-making-playbook 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

Yuying Deng, CEO of Esevel, and Jeremy Au talked about Esevel’s IT service business evolution over the past few years. They trace the journey from handling simple device procurement in Southeast Asia (with a focus on Singapore, India, and Indonesia) to offering full IT life cycle management and cybersecurity support. They also discussed how customer feedback and real pain points drive service expansion, the importance of a targeted sales approach, and the need for clear leadership and delegation, especially for companies with 200–300 employees. They share personal insights on balancing startup life with parenting, noting that Yuying started her first company when her daughter was just two. 1. From Procurement to Full IT Support: Esevel began by helping teams in the APAC region procure IT devices and later expanded to include device setup, repair, offboarding, and cybersecurity support. 2. Customer-Driven Service Expansion: Feedback from clients in regions like Singapore, India, and Indonesia pushed the business to grow step by step beyond simple procurement, meeting broader IT management needs. 3. Targeting Clients at Their Peak Pain Points: The most effective sales approach emerged by reaching out when companies faced high-stress moments such as during rapid overseas hiring or critical IT issues. 4. Building Trust Through Incremental Engagement: Clients initially engage with low-risk services and, over time, entrust the company with more complex IT functions, proving that trust is built gradually. 5. IT & Cybersecurity Standards: Yuying emphasizes the importance of certifications like ISO 27001, SOC2, and GDPR to secure client trust, satisfy insurers, and mitigate risks. 6. Effective Leadership Through Delegation: Yuying learned that trying to do everything herself was unsustainable. For companies with 200–300 employees, delegating to trusted team members is key to growth. 7. Balancing Startup Life & Parenthood: Drawing a parallel between raising a child and building a company, Yuying noted that starting her first company when her daughter was two taught her the value of clear goals and simple focus. Watch, listen or read the full insight at https://www.bravesea.com/blog/yuying-deng2 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

Mohan Belani, CEO and Cofounder of e27, and Jeremy Au talked about how the Southeast Asia startup scene has transformed over the past decade, including the shift from early-stage exuberance to a more cautious, capital-efficient mindset, and citing specific cases like eFishery and Carousell. They touched on regional challenges, with markets as different as Singapore, Indonesia, and Malaysia, while urging investors to adopt a more hands-on, private-equity approach. They highlighted the importance of personal growth, and they advocate for curiosity and balance in leadership. 1. Southeast Asia Startup Ecosystem Evolution: The early days (2010–2015) were marked by wild “what if” dreams and a Silicon Valley mindset. By 2014–15, that excitement had given way to healthy skepticism. 2. Investor Caution: Cases like eFishery, which raised over $100M, show that excessive capital without sustainable growth can backfire. 3. Founder Maturity: Founders now, often serial entrepreneurs, are more experienced, with clear goals, as seen in companies like Carousell. 4. Regional Challenges: Scaling is tough when starting in a strong market like Singapore and expanding into countries where purchasing power drops (e.g., to Indonesia where GDP per capita is 10× lower, or Malaysia where GDP per capita is 5× lower). 5. Shift to a PE-Style Model: There’s a growing call for VCs to be more hands-on and adopt a private-equity approach to drive liquidity and realistic exit strategies. 6. Exit Realities: While VC valuations can be 10–20× revenue, public listings in Southeast Asia often fetch around 1× revenue, highlighting a significant exit gap. 7. Personal Growth & Leadership: There’s a need for curiosity and balance—staying childlike in innovation while being pragmatic—to solve problems and build great companies. Watch, listen or read the full insight at https://www.bravesea.com/blog/southeast-asia-startup-evolution 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 explored the strategic dynamics of venture capital, network effects, and first-mover risks in technology markets. He illustrated how Uber outmaneuvered Lyft by aggressively raising capital to fuel network effects, while Airbnb achieved superior capital efficiency through globally pooled inventory. Using the case of Henn Tan, the Singaporean inventor of the USB thumb drive, he highlighted the vulnerabilities of weak patent enforcement and the unintended benefits of fast followers in driving mass adoption. He also examined how VCs allocate capital, using Instacart’s funding history to demonstrate the high returns of early investors versus the diminishing gains of late-stage backers. Through the lens of blitzscaling, he emphasized the importance of understanding unit economics—where strategic capital deployment can lead to market dominance, while miscalculations, as seen in the failed bike-sharing boom, can result in rapid collapse. Watch, listen or read the full insight at https://www.bravesea.com/blog/blitzscaling-strategic-capital-deployment 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

Jeraldine Phneah, Content Creator & Account Director of one of the top AI SaaS companies, and Jeremy Au discussed: Journalism to Enterprise Tech Sales: Jeraldine studied journalism and public policy but pivoted to enterprise tech sales in 2016 for financial stability, future-proofing, and work-life balance. Initially hesitant, she realized B2B SaaS focused on problem-solving and improving efficiency and saw how technology streamlined workflows and freed up time. Her role involved research, contract negotiations, and internal coordination. The job provided autonomy and senior client exposure but came with high pressure, performance scrutiny, and a drinking culture. Sales remains an unconventional career in Singapore, where government and engineering roles are more common. Establishing credibility was an added challenge, as leadership and client interactions were largely male-dominated. Sales Gender Bias & Online Scrutiny: She encountered gender biases ranging from inappropriate client remarks to doubts about her competence in tech sales. Raised by a father who championed gender equality, she expected fewer barriers but found workplace realities different. While tech firms promoted inclusivity, biases emerged in external client interactions. Sales leadership remained male-dominated, making credibility harder to establish. Content creation brought harsher gendered criticism, with scrutiny often shifting from ideas to appearance, something male creators rarely faced. Adjustments like neutral-toned attire and refined messaging helped manage perceptions. Unlike in sales, where company policies offered some protection, content creation left her exposed to unfiltered public backlash. Online Discourse Shifting Norms & Content Creation: A 2015 blog post about Lee Kuan Yew’s legacy sparked backlash due to timing and tone, shaping Jeraldine’s approach to content. She learned that framing and sensitivity mattered as much as the message. The digital landscape made past content permanent, increasing scrutiny on young creators. Singapore’s online discourse favors diplomacy over confrontation, unlike Western norms. She and Jeremy reflected on how younger generations now curate their digital presence more carefully and how content creation remains a powerful tool, but requires balancing authenticity with audience perception and societal expectations. They also discussed Singapore’s rising cost of living, the shifting housing market, workplace well-being, the role of private universities in career progression, and how cultural norms influence leadership and communication styles. Watch, listen or read the full insight at https://www.bravesea.com/blog/jeraldine-phneah2 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

Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au discussed: 1. Trump’s Economic Policies, Tariffs & Crypto Initiatives: They examined the economic impact of Trump’s 2025 return, including a 10% tariff hike on Chinese imports and new tariffs on Canada and Mexico. The administration also ended the de minimis exemption for low-cost e-commerce imports, affecting platforms like Temu and Shein, which had relied on duty-free shipping to US consumers. These changes disproportionately impacted lower-income Americans, despite cost-of-living concerns being a key election issue. Canada and Mexico secured a 30-day tariff delay, while Trump also launched Trump Coin and proposed a US Bitcoin reserve, signaling a pro-crypto stance that could draw US crypto firms back onshore. 2. DeepSeek & US-China AI Dynamics: They discussed the launch of DeepSeek-V3, a Chinese AI model matching GPT-4 but with lower training costs, which Jeremy called a “Sputnik moment”. The model’s success exposed the limits of US chip export bans, as Chinese engineers developed efficient AI training methods despite NVIDIA H100 restrictions. DeepSeek’s open-source availability via Hugging Face complicated regulatory enforcement, leading US Senator Josh Hawley to propose severe penalties, including 20-year prison terms for users and $100M fines for corporations. Meta’s AI lead, Yann LeCun, framed the issue as a debate between open-source and closed-source AI rather than a purely U.S.-China rivalry. 3. Grab-GoTo Potential Merger: They revisited ongoing Grab-GoTo (Gojek) merger talks, noting that Grab’s stronger financial position made it the likely acquirer. While Singapore’s regulators were expected to approve the deal, Indonesian authorities might impose conditions such as fare caps or job guarantees to prevent monopolistic practices. Reduced competition could push ride-hailing fares higher, with some Singaporeans already shifting back to public transport as Grab’s peak-hour prices reached $40. SoftBank, a major investor in both companies, had long pushed for consolidation, and with Gojek’s founding team no longer involved, negotiations had become more financially driven. Jeremy and Shiyan also discussed Waymo’s self-driving taxis and their potential impact in Southeast Asia, Singapore’s emphasis on “future-proofing” careers versus the US culture of embracing disruption, and how US trade and AI restrictions are accelerating Chinese firms’ shift towards Southeast Asia and the EU. Watch, listen or read the full insight at https://www.bravesea.com/blog/deepseek-and-us-china-ai-race 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

Adriel Yong, Orvel Venture Partner, and Jeremy Au discussed: How eFishery Fooled Investors: They examined the elaborate scheme that allowed eFishery to inflate revenue and mislead major investors. They broke down the warning signs, such as financial irregularities, CFO departure (similar to Zilingo failure signal) and too-good-to-be-true business model that were ignored until it was too late. Informal Business Practices: They discussed how informal business practices in Indonesia contribute to the perpetuation of fraud by senior executives. Adriel shared stories of where kickbacks, inflated supplier numbers, and fraudulent financial reporting were common. They noted that many investors struggle with due diligence in Southeast Asia because operational transparency is often low, and cash-based businesses make fraud harder to detect. They contrasted the startup environment with family-owned businesses, where profitability and dividend payouts serve as stronger incentives for financial discipline. Jeremy explored why foreign founders often exit Indonesia due to ethical dilemmas. Agritech Future: With eFishery’s implosion leaving a gap in the market, they analyzed whether competitors will rise or if investor confidence in the sector has been permanently damaged. They debated whether eFishery can stage a recovery similar to Luckin Coffee in China, or whether the board will write off the investment. They acknowledged the chilling effect the scandal has already had on future investments in Indonesia, agritech and Southeast Asia. Jeremy and Adriel also discussed prior fraud cases, ethical business executives and board governance. Watch, listen or read the full insight at https://www.bravesea.com/blog/efishery-agritech-implosion 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

Viktor Kyosev, Chief of Staff at Docquity, and Jeremy Au discussed: 1. Navigating Startup Failure: Viktor shared his experience as a founding team member of Greenhouse, a premium coworking space startup in Indonesia. Faced with declining performance during the COVID-19 pandemic, the company went through layoffs and failed pivots before he made the difficult decision to shut down operations. He reached consensus with co-founders and investors, stressing the need for clear decisions and good communication with all involved. The closure process, prolonged by Southeast Asia’s regulatory hurdles requiring up to five years for dormancy and proper shutdown, highlighted the challenges of operating in emerging markets. 2. Greenhouse Founder to Docquity Chief of Staff: Following Greenhouse’s closure, Viktor joined Docquity as Chief of Staff, and leveraged relationships built while Docquity was Greenhouse’s largest customer. He shaped his role based on his entrepreneurial background, given the trust between both sides. The transition from founder to employee required him to adapt to organizational dynamics, build internal credibility, and lead without formal authority. He highlighted the challenge of managing his ego and shifting focus from individual decision-making to team-oriented contributions by aligning with larger organizational goals and applying lessons from his startup experience. 3. Southeast Asia Startups Integrity Risks: They examined how competitive pressures and Southeast Asia’s complex regulatory environment create opportunities for ethical compromises. Viktor discussed how unchecked ambition and overconfidence can lead founders to bend rules, especially when faced with financial constraints or performance targets. He also emphasized that long-term success depends on strong governance, trust with investors, and adherence to ethical boundaries. His experiences underscored the importance of balancing innovation with integrity to maintain sustainable growth. They also discussed the role of external-facing positions in building strategic networks, the impact of serendipity in career transitions, and how understanding personal insecurities can help leaders navigate challenges and maintain resilience. Watch, listen or read the full insight at https://www.bravesea.com/blog/viktor-kyosev 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

BRAVE Southeast Asia Tech Podcast: Indonesia eFishery Unicorn Scandal Q&A, Fraud, Due Diligence & Governance Failures & Toxic Founder Pressure & Temptations - E534 Jeremy Au and Gita Sjahrir discussed: 1. Indonesia eFishery Unicorn Scandal Q&A: Jeremy and Gita analyzed the fraud involving eFishery’s co-founders, including Gibran Chuzaefah, who allegedly falsified financial statements to show $750 million in revenue for the first nine months of 2024, when actual revenue was only $157 million. They also fabricated metrics, such as reporting 400,000 active fish feeders, though only 25,000 were verified. The fraud hid over $35 million in losses, falsely portraying profitability and attracting high-profile investors like Temasek and SoftBank. Gita highlighted that the damage was not limited to eFishery, as the scandal undermined investor confidence in Indonesia’s agritech and broader startup ecosystem. A listener argued that many investors lacked an understanding of agritech’s technical and hyper-local challenges, leading them to misjudge risks. Jeremy agreed, pointing out that the scandal is reshaping how international investors view the region, with many pausing future investments. 2. Fraud, Due Diligence & Governance Failures: The discussion explored how due diligence failures allowed the fraud to go undetected through several funding rounds, despite the involvement of seasoned investors. Gita noted that the lack of on-the-ground validation—such as direct visits to rural fish farms and checks on vendors—created blind spots. Fraudulent activities, including round-tripping funds through multiple shell companies, could have been caught with stronger local diligence. Jeremy dismissed this as unlikely, explaining that the inflated metrics were so extreme that many investors were likely unaware until whistleblowers raised the alarm. Both agreed that hiring and training local talent, along with a focus on hyper-local checks, are critical to preventing future scandals. 3. Toxic Founder Pressure & Temptations: Jeremy and Gita discussed how the pressure to achieve unicorn status creates dangerous incentives for founders. The inflated valuation of eFishery, which had raised hundreds of millions of dollars, pushed its founders into unsustainable growth strategies and ultimately fraudulent behavior. Gita explained that many founders, particularly younger ones, struggle to handle large amounts of funding and the accompanying expectations. Jeremy reflected on his own early startup experiences and how founders often conflate their personal worth with their company’s success. He emphasized the need for emotional resilience, disciplined governance, and mentorship to help founders navigate the pressures of high-growth environments. Gita and Jeremy also discussed the role of whistleblowers and internal audits in uncovering the fraud, media investigations led by DealStreetAsia that brought the scandal to light, the failures of Series A and B investors to identify risks during early funding rounds, Indonesia’s evolving legal framework and how it could impact future cases, and advice for agritech founders to prioritize profitability and operational transparency to rebuild trust with investors. Watch, listen or read the full insight at https://www.bravesea.com/blog/efishery-scandal-qa 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 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

Jeremy Au explored the intricacies of understanding customer personas and the challenges of market research. He emphasized the importance of creating nuanced personas for effective marketing, distinguishing them from harmful stereotypes by grounding them in real customer behaviors and needs. He shared insights on the pitfalls of traditional survey methods, particularly how timing and context can lead to inaccurate data, as seen in an example where sober participants misrepresented their preferences for draft beer. Jeremy also analyzed the economic mechanics of customer lifetime value, citing a Southeast Asian SaaS company that generated $100,000 per customer lifetime by charging $1,000 monthly with a 75% margin and a 10-year average retention. Additionally, he discussed Disney's long-term marketing strategy to cultivate lifetime loyalty across generations, contrasting it with the scarcity-driven luxury branding of Hermès and its Birkin bags. Watch, listen or read the full insight at https://www.bravesea.com/blog/marketing-personas-loyalty 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

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

Yudara Kularathne, CEO & Cofounder of HeHealth, and Jeremy Au discussed: 1. D*ck Pics for Science: Yudara described the progress of HeHealth, an AI-powered men’s health app launched in 2022. The app helps users detect sexually transmitted infections (STIs) by analyzing images. Within two weeks of its release, the app received over 20,000 downloads globally, including from countries like Uzbekistan and Kazakhstan. Yudara recounted a case where a user with monkeypox contributed 150 detailed images documenting his condition over two weeks to help improve the app’s diagnostic accuracy. This approach leveraged community contributions to create robust, annotated datasets while adhering to ethical guidelines. 2. Child Emergency Doctor to AI Founder: Yudara reflected on his journey from managing over 10,000 cases as a pediatric emergency doctor to founding HeHealth. During his time at Sengkang General Hospital, he built a dedicated pediatric emergency department with support from KK Women’s and Children’s Hospital. The COVID-19 pandemic disrupted hospital workflows and inspired him to address healthcare gaps. He cited a personal encounter in 2019, when a friend mistakenly believed he had HIV and considered suicide, as the moment that fueled his commitment to bridging stigma-driven healthcare disparities through technology. 3. Model Training vs. Regulatory Affairs: Yudara emphasized the balance between building AI models and navigating regulations. HeHealth used incremental data collection and synthetic data to improve accuracy and reduce biases, particularly for underrepresented groups. In 2023, HeHealth faced a $50 million FTC lawsuit in the U.S., citing privacy concerns about sensitive user data. Using AI tools for legal strategy and transparent communication, Yudara successfully resolved the case within two months. He highlighted how innovation often outpaces regulation and the importance of proactive collaboration with regulators to mitigate risks. Jeremy and Yudara also talked about the role of synthetic data in addressing racial biases in AI healthcare tools and the challenges of scaling health tech in emerging markets. Watch, listen or read the full insight at https://www.bravesea.com/blog/yudara-kularathne 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 explored the nuances of venture capital through three lenses. He described how LPs, such as sovereign wealth funds and institutional investors, pursue diversification and long-term returns, often seeking a 25% net IRR to justify the high risks of VC, as seen in Southeast Asia's emerging tech ecosystem. Using the "2 and 20" model, Jeremy explained that a. general partners commit 1% of the fund size (e.g., $1M for a $100M fund) as skin in the game while limited partners provide 99% of the capital. b. GPs spend 2% of the fund size on operations for 10 years and c. GPs receive 20% of the fund exit upside and LPs 80%. He shared examples like Sequoia's $100M investment in Zoom, yielding 22x returns, and Facebook's acquisition of WhatsApp, which turned a $60M investment into $3B. Lastly, he likened VC to 19th-century whaling, where only 6% of deals produce 60% of returns, drawing parallels to how power-law distributions shape the industry’s focus on rare, high-value investments. Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-vs-whaling-power-law 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 discussed the nuanced challenges faced by venture capitalists in assessing startups, emphasizing the importance of local expertise and first-principles thinking. For example, he shared how his understanding of Singaporean founders—gained through years of personal interactions—provided him with an edge over Silicon Valley VCs. He highlighted the risks of fraud in Southeast Asia, citing cases like Zilingo and comparing them to global examples such as Theranos and FTX, which underscore the need for robust due diligence. He explained how VCs use strategies like hiring fraud analysts or leveraging local networks to address these risks. Drawing parallels to the 19th-century whaling industry, Jeremy illustrated how power law dynamics dominate VC returns, with only about 6% of investments producing 60% of total returns, as seen in analysis from Horsley Bridge. This perspective frames VCs as high-performance scouts navigating a market where a single unicorn, like Grab or Gojek, can make or break a fund’s success. Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-edge-vs-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 English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Pinn Lawjindakul, Partner of Lightspeed Southeast Asia and Jeremy Au discussed: 1. Bain Consultant to Grab Head: Pinn recounted her shift from Bain & Company, where she started as an intern in 2011, to joining Grab in 2015 during its rapid expansion. She highlighted the operational and cultural differences between consulting in San Francisco and Southeast Asia, noting the latter’s more hierarchical and less mature environment. At Grab, Pinn tackled challenges such as competing with Uber, Easy Taxi, and Rocket Internet, emphasizing the importance of localized operational advantages. 2. Tiger Global to Lightspeed VC Partner: Pinn reflected on her pivotal time at Tiger Global (2016–2019), where she immersed herself in growth-stage investments like Flipkart. The fast-paced environment and exposure to trend-driven, data-backed decision-making helped her realize the impactful nature of venture capital. This experience solidified her passion for working closely with entrepreneurs and shaping transformative businesses. Transitioning to Lightspeed Ventures, she embraced a focus on early-stage startups in Southeast Asia, drawn by the opportunity to guide founders from the outset and help them adopt a regional mindset critical for success 3. Southeast Asia vs. China & India: She highlighted Lightspeed’s report, which debunked the longstanding comparisons of the region to China and India. The report argued that Southeast Asia’s fragmented markets, diverse consumer profiles, and smaller economic scale require a unique approach, defying the traditional narratives borrowed from larger, more homogenous markets. They also championed Singapore's underestimated potential as a key driver of economic growth, countering the conventional wisdom that focuses almost exclusively on larger markets like Indonesia, e.g. Gojek vs. Grab. Pinn also highlighted the need for a more rational approach to capital allocation, underscoring how sustainable growth requires founders and investors alike to balance ambition with market realities. Jeremy and Pinn also discussed her perspective being a parent has changed her perspective on startups, what they learned as Bain interns and what advice she would give her younger self. == Pinn is a founding member of Lightspeed Southeast Asia, a global early-stage investment fund. Prior to Lightspeed, she was at Insignia Venture Partners and Tiger Global Management, where she focused on consumer and financial technology across SEA, India and China. She worked closely with Flipkart (sold to Walmart), Ola, Policybazaar, Hike, Games 24x7, Razorpay, Uxin (IPO exit). Pinn started her career as a management consultant at Bain & Company and also founded Grab’s motorcycle-on-demand in Bangkok, Thailand. Pinn graduated from Wharton Business School at the University of Pennsylvania with a double degree in Psychology and Finance. === Watch, listen or read the full insight at www.bravesea.com/blog/navigating-sea-markets Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/navigating-sea-markets 观看、收听或阅读全文，请访问 www.bravesea.com/blog/navigating-sea-markets Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/navigating-sea-markets 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

Jianggan Li, Founder & CEO of Momentum Works, and Jeremy Au discussed: 1. China Exporters vs. Trump: Jianggan Li shared his experiences from nine trips to China, highlighting how exporters are stockpiling goods to mitigate U.S.-China trade tensions amid 2025 Trump-era tariffs. Discussions in Hangzhou emphasized the limits of the “China Plus One” strategy, with countries like Vietnam and Indonesia struggling to match China’s scale and supply chain efficiency. The conversation also covered China’s cross-border logistics innovations, including the Xi’an-to-Budapest rail route, and the integration of Chinese labor into global supply chains, such as assembly work in Italy’s luxury goods sector. 2. Expansion to Saudi Arabia & Middle East: Saudi Arabia’s energy surplus, social contract with foreign labor and government openness to tech and e-commerce firms, such as Talabat and Bytedance, create market expansion opportunities for China exporters and manufacturers. Jeremy and Jianggan noted Saudi Arabia’s interest in Singapore’s industrial policies as a model for economic transformation and compared this approach to Southeast Asia’s more protectionist policies. 3. Electric Vehicle Wars: Jianggan provides a candid look at the competitive landscape of China’s EV sector, from the collapse of smaller players to BYD's dominance. They discuss how scale, innovation, and investment strategies are reshaping the industry. They discuss the implications of the price war vs. consolidation for both domestic and global producers and consumers. Jeremy and Jianggan also discussed startup drone delivery tests in Dubai, Vietnam VNG’s struggles and competition vs. Chinese platforms, and the implications of U.S. 2025 “reverse CFIUS” regulations. === Watch, listen or read the full insight at www.bravesea.com/blog/chinaexportersvstrump Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/chinaexportersvstrump 观看、收听或阅读全文，请访问 www.bravesea.com/blog/chinaexportersvstrump Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/chinaexportersvstrump 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

In this lighthearted episode, Jeremy Au sits down with fellow podcaster Edric Poon, host of Podcaster’s Playground, for a unique twist on the usual format. Armed with a deck of “Truth or Drink” cards, the duo tackles unexpected and hilarious questions that reveal surprising insights about their lives and quirks. Highlights include: - Edric sharing his passion for the iconic Elvis-inspired Super 55 microphone and how it became a symbol of his podcasting journey. - Jeremy confessing his love for the bizarrely catchy jingle, Baby Monkey Riding on a Pig, as his undergrad alarm clock anthem. - A debate on tights, "mantyhose," and how functional fashion changed Edric’s perspective on masculinity. - Reflections on dogs and personalities, where Jeremy introduces his Shiba Inu, Keiko, as his perfect companion. - A heartfelt moment as Edric recounts the best compliment he's received from his wife, inspiring a deep dive into self-acceptance. - Jeremy’s journey of overcoming procrastination and the personal growth sparked by understanding the science behind habits. The conversation takes poignant turns as the duo reflects on love, loss, and resilience, including Jeremy’s emotional story of grieving a past relationship and finding healing in love. With humor, vulnerability, and unexpected wisdom, this episode is a must-listen for anyone seeking inspiration, a good laugh, or an inside look at the personal lives of two seasoned podcasters. === Watch, listen or read the full insight at www.bravesea.com/blog/podcaster-buddy-truths Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/podcaster-buddy-truths 观看、收听或阅读全文，请访问 www.bravesea.com/blog/podcaster-buddy-truths Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/podcaster-buddy-truths 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

Dave Overton, Founder of Symph.co & Geeks On A Beach, and Jeremy Au discussed: 1. Philippines Humanitarian Commitment: Dave recounts moving to the Philippines in 2003 with his wife, a midwife-turned-doctor, who co-founded a nonprofit delivering over 7,000 babies in the past two decades. What began as a temporary three- to five-year plan evolved into a long-term commitment to creating impact in Southeast Asia. Supporting the nonprofit’s growth to a team of 50 medical professionals, Dave reflects on sustainable impact, sharing lessons learned about transforming lives and communities. 2. Serendipity at Geeks On A Beach Community: Co-founded by Dave and Tina Amper in 2012, Geeks on a Beach (GOAB) was inspired by 500 Global’s Geeks on a Plane and aimed to unite startups, investors, and ecosystem players in a collaborative setting. Dave shares the financial hurdles faced during GOAB’s early days and how the event became a platform for significant deals, including an investor funding five startups at a single event. He emphasizes the importance of creating “gravity” to foster collaboration and serendipitous connections within the startup ecosystem. 3. Cebu Serial Founder: He discusses his ventures: Symph.co, a software development company with 88 team members, and Flying Tigers Express, a logistics startup shortening delivery times from 12 days to just 24 hours in cities like Cebu and Davao. Dave also reflected on Cebu’s IT Park evolution from a single building in 2003 to a thriving tech hub, illustrating the broader transformation of the local ecosystem. . They explored challenges of balancing Cebu’s regional development with larger hubs like Manila and Singapore Dave and Jeremy also discussed the lessons learned from stepping back to let new leaders drive community growth, the importance of nurturing students into the next generation of founders and community vs. ego systems. === Watch, listen or read the full insight at www.bravesea.com/blog/geeks-on-a-beach Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/geeks-on-a-beach 观看、收听或阅读全文，请访问 www.bravesea.com/blog/geeks-on-a-beach Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/geeks-on-a-beach 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

Franco Verona, Managing Partner of Foxmont Capital Partners and Jeremy Au discussed: 1. Foxmont Capital VC & BCG Report: Franco recounted Foxmont Capital Partners’ journey since its founding in 2018, highlighting 40 investments across fintech, deep tech, and consumer goods. Their Philippine Venture Capital Report in collaboration with BCG has been instrumental in attracting global attention to the Philippines’ potential as an emerging market. Analysis includes the rise of the middle class, which grew from 12% to 48% of the population within a decade, alongside consistent 6% GDP growth. This economic momentum has driven demand for local consumer brands like Pickup Coffee and Colourette. 2. Philippines Startup Opportunities: They explored how startups can address gaps between generational low-cost products and premium U.S. imports by targeting the young, experimental population with an average age of 25. Franco emphasized prioritizing profitability and creating Filipino solutions for Filipino problems. Examples included TPG’s investment in BillEase, IFC’s funding of Salmon, and the rise of B2B solutions like Sprout Solutions addressing HR and payroll inefficiencies. 3. 10 Year Predictions: Franco forecasted that the Philippines would mirror Indonesia’s growth trajectory from a decade ago, with fintech, e-commerce, and logistics driving the next wave of investments. While trends like AI and crypto dominate globally, foundational sectors where the Philippines lags 5–10 years behind peers present the most immediate opportunity. Key investments such as General Atlantic’s involvement in Kumu and MUFG’s funding of GCash signal ecosystem maturity. They also discussed how geopolitical tensions with the U.S. and China could shape future growth and relations. The influx of Chinese goods and EVs was also noted as shaping competition and local demand. Additionally, they touched on the Philippines’ dual colonial history and its cultural impact on business, the economic implications of the recent POGO ban, and the rise of tech-driven business models replacing BPO-led operations === Watch, listen or read the full insight at www.bravesea.com/blog/philippine-startups-rising Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/philippine-startups-rising 观看、收听或阅读全文，请访问 www.bravesea.com/blog/philippine-startups-rising Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/philippine-startups-rising 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

Jay Fajardo, Executive Director of IdeaSpace & QBO and Jeremy Au discussed 1. Philippines Founder Exit: Jay’s journey into tech began in 1983, when his father gifted him a Sinclair ZX81 computer, inspiring him to teach himself programming. By 15, he developed payroll software that he sold to a distributor, marking his entry into entrepreneurship. In the late 1990s, as technology director at BusinessWorld, he led its transition to the web, making it the first Philippine news outlet online. He later founded Airborne Access in 2002, deploying Wi-Fi to over 700 locations across the Philippines. The company was acquired by PLDT in 2008, demonstrating Jay’s ability to innovate and scale in an emerging market. 2. Startup Community Hubs: They discussed the Philippines’ potential as a tech hub, supported by its 114 million population and strong English fluency. Despite these advantages, the country struggled to attract venture capital in its early days compared to Indonesia. Jay highlighted foundational efforts like Roof Camp (2009) and the first Startup Weekend (2011) in Manila, which helped create a vibrant startup community. Initiatives such as IdeaSpace Ventures (founded in 2013) and Kubo fostered innovation through funding and education. The diaspora played a crucial role, with Filipino professionals from Silicon Valley returning to share global expertise, while challenges like brain drain persisted. 3. AI Disrupting BPO & Services: AI emerged as a pivotal theme, with its potential to disrupt the $30 billion BPO sector, which employs 1.3 million people. Jay advocated for local startups to develop AI-driven solutions to replace and improve existing systems. The conversation also touched on the pandemic’s impact, which accelerated digital payment adoption and fostered hyperlocal businesses such as cloud kitchens. Despite challenges like limited middle-management talent and ongoing migration of skilled workers abroad, Jay remained optimistic about the ecosystem’s ability to adapt and innovate. Jeremy and Jay also touched on the increasing focus on follow-on funding for mature startups, niche applications of AI, and opportunities for local startups to exit through acquisitions or stock exchange listings. They reflected on early-stage startups as key to reinvigorating the ecosystem and Jay’s experience balancing entrepreneurship with family life. === Watch, listen or read the full insight at www.bravesea.com/blog/philippines-startup-community Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/philippines-startup-community 观看、收听或阅读全文，请访问 www.bravesea.com/blog/philippines-startup-community Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/philippines-startup-community 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

Carlo Chen-Delantar, Co-founder of Gobi-Core Philippine Fund, and Jeremy Au discussed: 1. Philippines 2025 Challenges: Carlo highlighted the 2024 Philippine Horizons Report, calling for the full implementation of the Innovative Startup Act of 2019 to address gaps in visas, taxes, and funding. Ambitious goals, such as creating four unicorns by 2030 (with GCash and Maya leading), face challenges from bureaucratic inefficiencies like the six-month minimum timeline for establishing businesses. The BPO sector, a significant economic driver, faces disruption from AI-driven automation. Incomplete infrastructure projects, promised under the Duterte administration, also hinder the country’s competitiveness. 2. Trump Geopolitical Tensions: Under the Trump administration, U.S.-China decoupling in global trade policies will impact the Philippines’ reliance on Chinese imports, which dominate platforms like Lazada. Carlo noted that over 50% of cars sold in 2024 were Chinese EV brands, reflecting this dependence. The West Philippine/ South China Sea dispute can also increase tensions with China. 3. Corporate vs. Independent VCs: Corporate venture capital (CVC) dominates the Philippines, similar to Thailand, while independent VCs remain limited. Conglomerates like Ayala and Aboitiz support talent development, but the ecosystem lacks robust support for independent startups. As the Philippines approaches middle-high-income status by 2026, it must emulate successful pro-local policies in Indonesia, such as fostering unicorns like GoTo, to stimulate long-term growth. Carlo highlighted the risks of CVC dominance in curbing the broader multiplier effects independent startups offer. Jeremy and Carlo also discussed how AI adoption could disrupt traditional workflows while benefiting startups, the need for improved visa policies to retain diaspora talent, and opportunities to enhance the Philippines’ service industries for global competitiveness. === Watch, listen or read the full insight at www.bravesea.com/blog/philippines-challenge Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/philippines-challenge 观看、收听或阅读全文，请访问 www.bravesea.com/blog/philippines-challenge Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/philippines-challenge 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities

Join Jeremy Au and Shiyan Koh, Managing Partner of Hustle Fund, as they share 5 bold predictions about Southeast Asia's tech ecosystem, including how VCs continue to shift their strategy, silent death of funds and the second-order impact of US-China decoupling on regional markets. Balancing optimism with pragmatism, they also discuss 5 wishes for the region, including overhauling financial accounting operating standards and supporting "failed" founders to bounce back into the talent network. === Shiyan Koh is the Managing Partner at Hustle Fund, a venture capital fund that invests in pre-seed software startups in the U.S., Canada and Southeast Asia. Prior to that she was VP Business Operations and Corporate Development at NerdWallet, a Fintech Startup that helps users with a range of financial decisions through content, community and tools. Over the course of six years at NerdWallet, she led product teams, ran business operations and corporate development, and helped grow the company from US$1M to US$150M in revenue. === Watch, listen or read the full insight at www.bravesea.com/blog/ 5-predictions-5-wishes Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ 5-predictions-5-wishes 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ 5-predictions-5-wishes Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ 5-predictions-5-wishes 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities #DeepTechSingapore #SoutheastAsiaTech #USChinaDecoupling #VentureCapitalTrends #TechInnovationHub

Sean Ang, Chairman of NUS Alumni Ventures, and Jeremy Au discussed: 1. NUS Alumni Ventures: Sean shared how NUS Alumni Ventures (NAV), established in 2020, connects NUS alumni to startups across Southeast Asia for partnerships and investments. Inspired by Stanford Angels, NAV focuses on matchmaking rather than direct funding, organizing four major events annually to link startups with alumni in various industries. The platform engages both seasoned professionals and students, teaching investment analysis and fostering connections. Sean emphasized NAV’s role as a facilitator rather than an investment firm, focusing on SaaS, B2C, and B2B startups. 2. University Unicorn Founders: Sean highlighted NUS’s role as a key entrepreneurship hub in Southeast Asia, citing successful alumni-led companies like Carousell (Siu Rui, Lucas, and Marcus) and PatSnap (Jeffrey Tiong and Guang Tian). Programs like NUS Overseas College (NOC) and research initiatives such as GRIP drive innovation, although more commercialization of deep tech is needed. NUS attracts top talent through its strong academic programs, which create an environment for entrepreneurship and research to thrive. 3. USA vs. Singapore Angels: Sean discussed the distinct cultural landscape of Southeast Asia’s startup ecosystem compared to the U.S., where angel investors often reinvest from successful exits. In Singapore, most angels come from traditional industries—banking, consulting, and law—recycling high incomes. This difference impacts startup funding dynamics. Sean noted NAV’s role in bridging gaps, activating alumni, and helping early-stage startups navigate this unique landscape through targeted, quality connections. Jeremy and Sean also touched on the role of Block71 in connecting students with startups, the cultural importance of warm introductions and his new project to connect business angels and family offices across the region. === Sean Ang is the Chairman of NUS Alumni Ventures (NAV), a society that seeks to connect the NUS Alumni network to businesses in SEA for business matching opportunities (partnerships or investments). NAV is a value-driver to two different categories: senior NUS alumni and junior NUS alumni. Besides the core mission of helping people to reconnect with the alma mater, facilitating the interactions of these two distinct generations is another core mission that NAV has been very proud of enabling since our establishment 4 years ago. Besides the alumni community, NAV is also committed to training the next generation that is passionate about being significant future contributors to the innovation industry. We recruit a batch of 50 new students (undergrads, masters, PhDs) every year, trained by retained senior NAV associates. On the backdrop of this committed resource, we organize 4 demodays quarterly interspersed with smaller networking events to grow the ecosystem. Driven by his passion for connecting people, Sean is co-founding SEADS—a people-first platform transforming how entrepreneurs and investors navigate Southeast Asia’s fragmented early-stage investment ecosystem. Featuring a meticulously curated database of business angels, venture capitalists, and family offices, SEADS empowers entrepreneurs and investors alike by fostering meaningful connections and streamlining access to regional funding opportunities. Sean is starting SEADS with a fellow NAV alumni member. === Watch, listen or read the full insight at www.bravesea.com/blog/ nus-alumni-ventures Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ nus-alumni-ventures 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ nus-alumni-ventures Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ nus-alumni-ventures

Cheryl Lau from “Edit History” Podcast and Jeremy Au discussed: 1. Law & PHD Dropout: Cheryl reflected on leaving law school in Hong Kong in 2018 despite earning a scholarship due to self-awareness gained during internships and to focus on a research degree instead. She later had to choose to drop out of her Hong Kong PhD during the pandemic in order to join her now-husband in Singapore. She shared her mixed emotions about leaving academia and choosing love. Although her parents initially disapproved, they came to respect her independence and ability to take responsibility for her choices. 2. Side Hustle to Thought Leadership Podcaster: Cheryl described her podcast’s transformation from “The Side Hustle Club” to “The Thought Leadership Club” and now “Edit History.” This latest iteration critiques and reflects on past works, showcasing personal and professional growth. Cheryl, as a solopreneur, manages every aspect of production, emphasizing storytelling and thought-provoking content. She highlighted the importance of meaningful long-form content, which she finds more resonant than short-form media in today’s AI-driven landscape. 3. Asian Childhood Beliefs vs. Personal Growth: Growing up in Canada as the child of Asian immigrants, Cheryl internalized the value of hard work but later questioned whether diligence alone ensured success. Leaving law school was a pivotal moment, prompting her to focus on aligning her career with her strengths. Cheryl also overcame insecurities about her appearance and public speaking by committing to daily Instagram video stories, building confidence and refining her ability to connect with others. These experiences now shape her work as a coach and content creator, helping others build meaningful bodies of work. Additionally, Cheryl shared her thoughts on balancing short-form and long-form content, her childhood aspiration to edit textbooks and how the pandemic profoundly shaped her career transitions and personal life. === Cheryl Lau is a podcaster who helps entrepreneurs and creators around the globe build a substantial and compelling body of work that matters. Cheryl believes that your impact isn’t defined by your audience size, your business revenue, or whether you have a LinkedIn Top Voice badge. Instead, it is measured through whether you’ve built something that matters to you and your people. This is precisely what your body of work does. Her podcast is the Thought Leader Club (previously called Side Hustle Club). The podcast was shortlisted for the 2024 Asia Podcast Awards (by Radioinfo Asia) in the “Best Money and Business Podcast” category and won the 2023 Golden Crane Award (by the Asian American Podcasters Association) in the “Best Entrepreneur/Solopreneur Podcast” category. Cheryl has quit graduate school twice - Law school in 2018 and PhD in 2022. Both times, it felt like she went from being the Asian parent’s dream child to their biggest disappointment overnight. But since starting to build a body of work in 2019, Cheryl has created new business and career opportunities that not only make her proud… But it also makes her parents proud. Today, Cheryl’s work empowers entrepreneurs and creators to stay committed to pursuing what they truly believe in and always take full responsibility for their decisions and actions - And it all starts with building a body of work that matters. === Watch, listen or read the full insight at www.bravesea.com/blog/ law-dropout-to-podcaster-coach Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ law-dropout-to-podcaster-coach 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ law-dropout-to-podcaster-coach Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ law-dropout-to-podcaster-coach Get transcripts, startup resources & community discussions at www.bravesea.com

Jeremy Au and Gita Sjahrir discussed three key themes during their conversation: 1. Apple’s $1 Billion Investment in Indonesia and Local Content Policies: Indonesia’s regulation requiring local components in imported products initially banned iPhone 16 sales, sparking public frustration. The government negotiated with Apple, escalating from a $10 million offer to a $1 billion investment. Gita highlighted President Prabowo Subianto’s role in global diplomacy, marking a shift from Indonesia’s traditionally insular policies. They also explored the broader context of deglobalization, where nations prioritize domestic production, and discussed how similar strategies could be applied in other markets like Vietnam. 2. Traveloka and the Middle-Class Economy: Traveloka, founded in 2012 by Ferry Unardi, Derianto Kusuma, and Albert Zhang, represents a scalable digital-first platform in Indonesia. Despite this potential, economic insecurity among the middle class limits its growth. Indonesia’s GDP grew 5% in 2023, but discretionary spending remains low due to middle-class vulnerability. Traveloka also faces competition from Agoda, part of Booking Holdings, and new entrants from China. Jeremy and Gita stressed that stabilizing the middle class is crucial not just for Traveloka but for consumer-driven industries across the region. 3. Cultural Barriers and Financial Literacy in Startups: Gita discussed how Indonesia’s “shame culture” prevents founders from addressing their weaknesses, particularly in financial literacy. She noted that one in three founders struggles with basics like distinguishing GMV, revenue, and contribution margins, which often leads to poor decision-making. Jeremy and Gita emphasized the importance of personal growth to overcome these challenges, encouraging founders to “do it scared” and take action despite fear. Jeremy and Gita also discussed the challenges of navigating the “messy middle” in startups, often spanning over a decade; lessons from the 2014–2015 tech boom, which highlighted the risks of overfunding and rapid scaling; the transition from physical to digital industries, with Indonesia’s digital economy growing 16% in 2023; Prabowo Subianto’s efforts to position Indonesia as a neutral geopolitical player; and how founders can reassess their long-term priorities and time investments in startups. === Watch, listen or read the full insight at www.bravesea.com/blog/ indonesia-apple-1b-deal Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ indonesia-apple-1b-deal 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ indonesia-apple-1b-deal Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ indonesia-apple-1b-deal 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities #AppleInvestment #IndonesiaEconomy #TechPolicy #MiddleClassChallenges #StartupCulture

Ron Baetiong, Founder of Podcast Network Asia, and Jeremy Au discussed: Philippines Basketball Jock to Founder Exit: Ron shared his early life as a basketball jock raised in a lower-middle-class Filipino household by his single mother. Determined to achieve the Filipino dream of owning a house, Ron worked in a call center at 18 while studying at the University of Santo Tomas. Ron’s time at Groupon (2011) taught him foundational sales skills that later became pivotal. He launched his first startup, a nightlife app called Partyphile, inspired by his personal pain points as a clubgoer. Despite initial traction with 50,000 users, the business struggled with monetization. By 2016, Ron pivoted to Chatbot.ph, leveraging the emerging chatbot market. Within a year, the company was acquired by Sterling Paper Group, allowing Ron to fulfill his dream of buying his mother a house. 2. Startup Failure Lessons: His journey revealed key lessons about being a solo founder and the importance of monetization strategies. Ron shared how missing opportunities to sell club tables—a lucrative revenue stream—hindered growth. The business faced a turning point in 2016, following a tragic incident at a major rave event and political shifts under Duterte’s presidency that dampened the nightlife scene. Transitioning to Chatbot.ph, Ron capitalized on timing and his ability to build quick MVPs. By mid-2017, the company generated over $10,000 in monthly revenue and attracted investors, leading to its acquisition. Ron highlighted how this pivot taught him to prioritize building strong teams and focusing on cash flow. 3. Podcast Network Asia & Serye FM In 2019, Ron founded the podcast HustleShare to document startup journeys and give back to the Philippine ecosystem. He expanded this passion into Podcast Network Asia (PNA), which grew to manage 320 shows, including exclusive collaborations with Spotify, paying $20,000 per show annually. However, Spotify’s strategic pivot in 2023—ending exclusivity deals—led to significant financial strain for PNA. In response, Ron launched Serye FM to address the growing demand for localized audio content. Serye FM adopted a paywall model within Spotify, enabling Filipino listeners to access serialized audio series. With 100% month-on-month growth over five months, Serye FM has emerged as a rising star. Ron’s teaming with co-founder Rexy Dorado, formerly of Kumu, reinforced the platform’s potential to replicate its success. Jeremy and Ron also talks about the grief of losing his co-founder in 2023, managing platform risks with Spotify, and his plans to scale Serye FM from the Philippines to the U.S. === Watch, listen or read the full insight at www.bravesea.com/blog/ ph-founder-podcast-lesson Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ ph-founder-podcast-lesson 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ ph-founder-podcast-lesson Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ ph-founder-podcast-lesson 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

Tony Pang, founder of IME International Mandarin Education, and Jeremy Au discussed: 1. Veteran EdTech Founder Journey: Tony shared his evolution from a Boston University graduate to a seasoned entrepreneur. After working at Toshiba in Japan during its economic peak, he returned to Hong Kong in the 1990s to launch eSchool, a corporate e-learning platform during the dot-com boom. Despite the bubble burst, he bought back his shares and sold the company to a larger firm. In 2005, he sold his Mandarin training company—the largest in Hong Kong—to The Washington Post. Tony also broke new ground in 2001 by collaborating with Disney to design the world’s first Disneyfied mobile phone, rebuilding hardware and software from scratch. This experience highlighted his focus on innovation, calculated risks, and leveraging partnerships for success. 2. Rise of Chinese Language Learning: Tony explored the growing demand for Mandarin as a second language, driven by China’s global influence, particularly in ASEAN countries. He contrasted Eastern cultures’ preference for assessment-driven learning with the West’s more relaxed approach. Through IME, Tony uses edtech to make HSK assessments accessible, affordable, and engaging globally, addressing challenges like fragmented demand and the Ministry of Education’s reliance on outdated models. He noted that improving accessibility can unlock significant latent demand, even in regions where Mandarin is not traditionally popular. 3. Risk vs. Resilience: Tony emphasized the importance of calculated risks and identifying a unique competitive edge. He shared lessons from his Disney mobile phone project, showing how entrepreneurs can thrive against larger competitors by focusing on niche markets and innovative solutions. He encouraged resilience through perseverance, leveraging resources, and aligning strategies with long-term goals. Jeremy and Tony also touched on the role of luck in entrepreneurial success, generational shifts toward multilingualism and geographic trends in Mandarin language adoption. === Tony Pang, based in Hong Kong and founder of International Mandarin Education (IME), is an accomplished entrepreneur with a proven track record in education and e-learning. With over 20 years of expertise in Mandarin education, he specializes in information systems and assessment. His strong connections with the Ministry of Education of China (MOE) underscore his pivotal role at the intersection of education and technology. === Watch, listen or read the full insight at www.bravesea.com/blog/ chinese-language-learning-boom Nonton, dengar atau baca wawasan lengkapnya di www.bravesea.com/blog/ chinese-language-learning-boom 观看、收听或阅读全文，请访问 www.bravesea.com/blog/ chinese-language-learning-boom Xem, nghe hoặc đọc toàn bộ thông tin chi tiết tại www.bravesea.com/blog/ chinese-language-learning-boom 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 Learn more about Nika.eco! Reach out to [email protected] if you are a geospatial data scientist or climate researcher who is interested to partner on a pilot or research opportunities