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

Felix Collins, founder of Full Circle Biotech, speaks with Jeremy Au about how biology, not machines, is transforming the future of food. Felix shares how his company turns agricultural waste into affordable, high-quality protein using insects, fungi, and bacteria. They unpack why SEA farmers care more about savings than slogans, how superstition meets pragmatism on shrimp farms, and how skipping big feed mills unlocked faster scale. Felix also opens up about building alone in a basement with buckets of waste, and why cost, not carbon credits, is the real key to decarbonizing food systems. It's a candid look at resilience, innovation, and why Southeast Asia may lead the next global food revolution. 02:22 Insect Farming as a Protein Solution: Early efforts to teach contract farmers in Kenya failed; he shifted to centralized operations to reduce complexity and improve scale. 05:11 Farmers Adopt Cost-Saving Tools, Not New Habits: Felix found that Southeast Asian farmers don’t chase productivity—they adopt tools that reduce cost and keep daily routines intact. 13:20 Scaling Without Feed Mill Support: With no guaranteed offtake from large feed companies, Full Circle started producing and selling its own pellets to collect farmer data and grow sales. 24:35 Southeast Asia is Agritech’s Edge: Fragmented supply chains and extreme price sensitivity make the region ideal for fast adoption of low-carbon, affordable feed solutions. 29:00 Carbon Credits Are Unreliable: Felix explains that while carbon credits are theoretically valuable, their volatility and complexity make them less effective than carbon taxes or direct market incentives for driving real change in food systems. Watch, listen or read the full insight at https://www.bravesea.com/blog/felix-collins-feed-from-waste 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 pulls back the curtain on Southeast Asia’s high-stakes venture capital world where 5,000 startups fight through the jungle, but only 10 reach the expressway. It’s a ruthless game of asymmetric bets, power-law outcomes, and make-or-break timing. He reveals what really happens inside VC firms: how general partners juggle investor pressure with founder bets, why a single breakout startup matters more than dozens of average ones, and how the best founders move faster than anyone expects. You’ll hear about billion-dollar exits, internal prioritization dynamics, and why follow-on capital is often more political than rational. 01:11 GPs Must Master Dual Survival Skills: Jeremy explains that general partners in VC funds must do two high-cost, high-stakes things: invest in the right startups, and raise capital from limited partners like sovereign funds and endowments each with different return horizons and motivations. 03:57 Real Case Studies: 50x in 3 Years, 10x in 1: He shares two explosive examples: Sequoia’s $60M investment in WhatsApp returned $3B (a 50x return in 3 years), and a Danish startup acquired by Sonos returned 10x in one year without ever launching a product. 07:00 VC Funnel: Brutal Qualification from 5,000 to 10: A sample Southeast Asia VC sees ~5,000 startups a year. 3,500–4,000 are immediately disqualified. 300 are prioritized. 100 get diligence. 10 get funded. Most never get a meeting, let alone a check. 10:32 Exit Scenarios: Billion-Dollar Choices & Regret: Jeremy breaks down how VCs navigate exits via shutdowns, talent acquisitions, or full IPOs. He contrasts Instagram (sold early to Facebook) vs. Snapchat (held out), and shows how Sea Group, Goto, and Grab all exited differently. Watch, listen or read the full insight at https://www.bravesea.com/blog/southeast-asias-startup-gauntlet 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 speaks with Raagulan Pathy, founder and CEO of Cast and former APAC head at Circle, to break down the structural shift underway in global finance. They explore how stablecoins, particularly USD-backed ones like USDC, offer a new digital foundation for cross-border banking, especially in economies plagued by inflation, capital controls, and financial instability. The conversation unpacks why traditional banks are failing globally mobile users, how dollarization is accelerating through crypto rails, and why sovereign currencies in smaller nations may not survive the next wave of financial decentralization. They also debate the long-term tension between U.S. crypto regulation and dollar dominance, and why Southeast Asia must build self-sustaining economies instead of relying on exports. Raagulan shares his vision for a flatter financial world where anyone, anywhere, can participate in a global economy without being constrained by local systems. 05:32 Stablecoins Enable Global Financial Access: Stablecoins like USDC give users a secure, borderless way to hold and move dollars especially valuable in countries facing inflation, devaluation, or banking instability. 11:41 Global Dollarization Is Accelerating: Raagulan forecasts that stablecoin-driven dollarization will peak around 2040 as smaller national currencies struggle to compete with the liquidity and reach of the U.S. dollar. 10:00 Traditional Banks Struggle with Global Customers: Even in advanced economies, traditional banks are ill-equipped to handle globally mobile users, leading to compliance headaches and service breakdowns. 25:05 Crypto Rails Will Power the Future of Finance: The conversation separates the role of crypto as currency from crypto as infrastructure, emphasizing that universal crypto rails will underpin all global financial transactions. 20:35 U.S. Crypto Policy Is Conflicted, but Will Evolve: The U.S. government's stance on crypto has swung between crackdown and support, but Raagulan sees a middle-ground policy emerging that balances innovation and control. 38:30 Southeast Asia Must Shift from Export-Led Growth: Countries like Vietnam and Indonesia can’t rely solely on exports to the U.S.; they must modernize governance, stimulate local demand, and grow service industries. 27:00 A Freer Financial World Is the Endgame: Raagulan envisions a financial system where opportunity isn’t tied to birthplace. Crypto and stablecoins could flatten the playing field for billions globally. Watch, listen or read the full insight at https://www.bravesea.com/blog/stablecoins-vs-broken-banking 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 Gita discussed the challenges of doing business in Indonesia, particularly the issue of "preman" (gangster) culture, its effects on businesses, and potential ways to mitigate this issue. They also addressed systemic corruption, the importance of legal reforms, and how emerging markets can better integrate informal sectors. 02:55 Understanding Preman Culture: Gita explains the origins and persistence of "preman" (gangster) culture in Indonesia, which has been affecting businesses since the colonial era. 06:25 Challenges in Emerging Markets: The conversation delves into the systemic challenges businesses face in emerging markets, focusing on rent-seeking behavior and law enforcement inefficiencies. 13:53 Public Sector and Corruption: Gita discusses the impact of low wages in Indonesia's public sector, which fosters rent-seeking behavior and creates a corrupt environment, affecting businesses of all sizes. 16:27 Taxation and Revenue Challenges: The difficulties of implementing effective tax systems in Indonesia are explored, highlighting inefficiencies in tracking citizens and businesses, further complicating the economic landscape. 18:50 Empowering Local Leaders: Gita proposes a solution to collaborate with local citizenry groups by offering them formal roles and contracts to integrate them into the formal economy. 20:29 Fragmented Organizations and Turf Wars: Gita explains how Indonesia's informal preman groups are fragmented, with turf wars between different factions and some being backed by political entities, making it hard to address the issue centrally. 24:13 Fraud Confession and Its Implications: The discussion touches on the eFishery founder's fraud confession and its wider implications for the Indonesian startup ecosystem, where systemic issues of dishonesty and lack of legal consequences persist. Watch, listen or read the full insight at https://www.bravesea.com/blog/indonesia-gangsters-vs-byd-vinfast 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 how Limited Partners shape the Southeast Asia venture capital landscape and why founders should care. He explores the hidden motivations of sovereign wealth funds, endowments, corporations, and family offices, and how they quietly influence funding decisions. Jeremy reveals how startups move through brutal funding stages, why VCs compete fiercely at the same stage yet collaborate across them, and how different VC fund strategies from index portfolios to venture builders change founder outcomes. Finally, he dives into the race for proprietary information, sharing how top VCs win deals before competitors even know they exist. This conversation is essential for founders navigating opaque markets and VCs fighting to stay sharp in a crowded field. 00:00 LP Motives Shape VC Bets: Jeremy reveals how sovereign funds, endowments, and corporates invest with different goals that impact founders' funding journeys. 01:54 Hidden Pressures Behind LP Capital: LP expectations for returns, diversification, and learning create invisible forces that shape VC-founding dynamics. 04:11 Brutal Startup Journey & Death Valleys: From FFF to IPO, Jeremy explains why early-stage founders face tough gaps and why VCs step in selectively. 08:41 Four VC Fund Playbooks Explained: Jeremy breaks down index portfolios, concentrated bets, multistage giants, and venture builders and what each means for startups. 14:23 Winning in the Sourcing Race: Why speed, proprietary information, and reference checks separate top VCs from the rest in Southeast Asia's fast-moving markets. Watch, listen or read the full insight at https://www.bravesea.com/blog/ventures-invisible-war 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 Maria Li to explore how Tech in Asia is navigating Southeast Asia’s startup winter, generative AI disruption, and corporate acquisition pressures while maintaining community-first values. Together, they discuss AI experimentation, acquisition integration, leadership dynamics, and balancing the demands of modern media and parenthood. The discussion highlights lessons in adapting to rapid change, staying transparent, and making intentional choices in business and life. 01:36 Tech Winter and Paywall Strategy: Maria explains how Southeast Asia’s startup slowdown pushed Tech in Asia to loosen its paywall, balancing revenue with keeping the community informed during tougher times. 03:51 Navigating AI and Market Changes: AI disrupted the media landscape. Maria shares how they are experimenting with AI-generated content and new product ideas to stay relevant and useful for their audience. 05:20 The SPH Acquisition Experience: The acquisition brought benefits but also slower corporate processes. Maria highlights protecting startup culture by selectively opting into SPH’s systems while keeping focus on core operations. 10:15 Reflections on the COO Role: Maria describes how market pressures shifted her COO role towards sales, HR, and nimble operations, emphasizing clear communication and alignment with CEO Willis. 19:01 AI’s Impact on Media and Proprietary Data: With AI commoditizing general news, Maria sees proprietary startup data and scoops as key advantages that keep Tech in Asia essential and differentiated. 27:54 The Role of Media in Information Distribution: Media reduces opacity in Southeast Asia’s tech scene. Maria cites Glass Wall as a tool that surfaced hidden industry knowledge, helping founders avoid bad actors. 40:27 Parenting in the Digital Age: Maria shares her parenting approach limiting social media, allowing moderated screen time, and using AI for productive learning while delaying harmful exposure. Watch, listen or read the full insight at https://www.bravesea.com/blog/maria-li-parenting-publishing-and-ai-panic 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 Shiyan discuss Singapore’s election outcomes, unpacking voter behavior, opposition growth, independent candidates, and future policy challenges. They reflect on global trends, local issues like housing and education, and how politics, tech, and business intersect in a rapidly changing world. 01:27 Surprising Election Results: PAP exceeded expectations, rising above 66% vote share. Workers' Party retained voter support in key wards. Analysts underestimated incumbency and voter desire for stability. 06:10 PAP's Communication Strategy: Lawrence Wong and other leaders used podcasts and longer formats effectively. Jeremy highlights how this humanized the PAP and resonated with younger, thoughtful voters. 15:50 Independent Candidate Jeremy Tan: Jeremy Tan stood out with tech-forward and well-researched policies. His CPF Bitcoin idea drew mixed reactions but sparked debate. Other proposals, like scam prevention, were seen as creative. 22:15 Future Challenges and Hopes: Jeremy and Shiyan express concerns about AI, education readiness, and global trade risks. Singapore faces the challenge of adapting its economy if East-West trade tensions become permanent. Watch, listen or read the full insight at https://www.bravesea.com/blog/incumbents-hold-strong 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 shares how venture capital evaluates startups, using examples from crypto confusion, post-WWII VC history, and power law returns. He explains why founders often misunderstand their market type, how tech repeats old cycles, and how VCs structure investments. Speaking practically, he highlights why founders must communicate clearly and how VC math rewards big winners and tolerates many losses. 1. Founders often believe in Blue Ocean, but many are in Red Oceans. Almost all founders think their idea is unique, but many just add features. 2. Red Ocean founders should expect slower, efficient growth. VCs advise Red Ocean founders to grow carefully, accept slower returns. 3. Blue Ocean founders must clearly explain their differentiation. VCs become jaded and need clear explanations to believe in new categories.  Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-judgement-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 chats with Jed Ng, founder of AngelSchool.vc, about why he chose angel syndicates over VC funds as a faster, more flexible path to financial freedom. They discuss the current venture downturn as a rare opportunity, the gaps in angel education, and how Jed scaled his 1,400-member syndicate globally. Jed also shares how he evaluates founders and the hard truths of building solo in Southeast Asia’s venture scene. 1. Syndicate over fund by design: Jed explains why syndicates offer faster execution, greater flexibility, and more personal freedom compared to the 10-year commitment of VC funds. 2. Angel investing as a freedom strategy: He views angel investing not just as a financial play, but as a path to independence through systematic access to outsized returns. 3. Downturns are entry points: Jed frames the current venture slowdown as a rare opportunity—where long-term investors can “buy the dip” and build for the next upcycle. 4. Angel education is broken: While founders and VCs have support systems, angels don’t. Jed built Angel School to give new investors real tools—not just theory—to operate effectively. 5. Built global from day one: His syndicate scaled to 1,400 LPs across 14 countries using digital tools and inbound growth, proving that solo-led syndicates can operate at global scale. 6. Diligence isn’t just data: Jed looks beyond pitch decks to assess founder-market fit, sweat equity, and grit—focusing on long-term behavior over short-term polish. 7. Founder romanticism is risky: Not everyone should raise venture. Jed calls for filtering out hobbyist founders and backing only those who demonstrate true commitment and resilience. Watch, listen or read the full insight at https://www.bravesea.com/blog/syndicates-over-funds 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 Rachel Wong unpack eFishery's founder’s public confession to systematic fraud. They dive into how cultural pressures, ecosystem gaps, and misplaced investor trust contributed to the fallout. They discuss the challenges of cross-border enforcement, the limits of traditional due diligence, and the real-world consequences for Southeast Asia’s startup reputation. Together, they reflect on how founders, investors, and regulators must learn from these failures to rebuild trust and resilience in the next cycle. 1. Founder confessed openly: The eFishery CEO admitted in a Bloomberg interview to falsifying numbers, directly exposing himself to criminal and civil legal risks. 2. Cross-border enforcement is weak: Rachel explains that without strong local enforcement or overseas assets, penalties against founders in emerging markets are hard to execute. 3. Culture of normalized fraud: The founder justified faking numbers by claiming it was common practice among Indonesian startups, though Jeremy and Rachel reject this excuse. 4. Investors and auditors missed the fraud: Despite hiring PwC and visiting farmers, due diligence failed because the founder orchestrated systematic deception through subsidiaries and coached farmers. 5. Utilitarian morality used to rationalize: The founder defended his actions by claiming the fraud helped fishermen and employees, which Rachel critiques as dangerous self-gaslighting. 6. Civil lawsuits unlikely: They points out that expensive litigation, low recovery odds, and coordination problems among investors make civil action improbable. 7.Southeast Asia’s startup credibility at risk: Both argue that if regulators fail to act on this clear case, it will cause long-term damage to trust and investment in the region. Watch, listen or read the full insight at https://www.bravesea.com/blog/efishery-fraud-founder-confession 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