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

Jelmer Ikink, Founding Partner of Foxmont Capital Partners, and Jeremy Au talked about three main topics: 1. Childhood Curiosity (Lehman Brothers & McKinsey): Jelmer shared about his childhood habit of walking around with his hands behind his back and asking questions. This deep-rooted curiosity translated into his academic life, initially pursuing finance for his undergraduate studies and law and diplomacy for his master's degree. He talked about his transition from investment banking at Lehman Brothers to McKinsey management consulting to entrepreneurial ventures in China and the Philippines. 2. Foxmont Founding Vision: Jelmer discussed how they decided on the name Foxmont Capital Partners after being inspired by the discerning nature of foxes as well as their regular meeting spots at the Fairmont and Raffles hotels. He highlighted Foxmont's commitment to nurturing the entrepreneurial landscape in the Philippines. He also talked about the success of their annual Foxmont Summit that convenes the founder ecosystem. 3. 10-Year Life Projections: Jelmer dove into the significant risk he took in deciding to move to Asia and away from a more certain career path. He used the technique of projecting himself ten years into the future to weigh where he would rather be and what stories he would like to have accumulated in his life. He acknowledged that while parts of the journey turned out better (and worse) than expected, he had intentionally chosen to be more mindful of his experience with fewer expectations of himself. Jeremy and Jelmer also talked about the future shifts in the Philippines’ investment landscape, the country’s macroeconomic growth and the role of luck in VC. Watch, listen or read the full insight at https://www.bravesea.com/blog/jelmer-ikink 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 Learn more about Hive Health here: https://www.ourhivehealth.com

In this discussion, Fandy Cendrajaya, Founding Partner of Kopital Ventures, and Jeremy Au talked about three main themes: 1. Indonesia Bear vs. Bull Market: Fandy talked about Indonesia’s evolving market sentiment from the bullish 2020-2021 to the more cautious investor sentiment in from 2022 to 2024. He shared the importance of being realistic in comparing Indonesia vs. benchmark startups in larger markets like India, China, and the US. He also explained the nuances of the local tech ecosystem across commodity-based growth, consumer-driven trends, and localization requirements. 2. Founding Kopital Ventures: Fandy described building Kopital Ventures with his cofounder who shared the same vision and complementary skill sets. He explained their LP fundraising approach by emphasizing their seed-only investments without follow-on funding, allowing them to collaborate with other VCs. 3. Tough Startup Exits & Strategy: Fandy emphasized the scarcity of significant exit opportunities for startups in Southeast Asia, which affects how VCs should both invest and counsel their portfolio companies. He talked about the IPO and stock performance of startups GoTo, Grab, and Bukalapak on the Indonesia Stock Exchange (IDX), and how this local listing approach contrasts with the US IPO strategy. He underscored why founders should therefore be more thoughtful and agile in their exit strategies, thus setting benchmarks for valuations and investor expectations better. Jeremy and Fandy also discussed the importance of looking at company valuation comparables, the nuances of angel investing, and the significance of empathy in working with founders. Watch, listen or read the full insight at https://www.bravesea.com/blog/fandy-cendrajaya 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 Learn more about Hive Health here: https://www.ourhivehealth.com

JX Lye, Founder of Acme Technology and former Chief Product Officer of Endowus, and Jeremy Au talked about three main topics: 1. Early Career & Academic Decisions: JX recounted his academic choices across junior college in Singapore, mandatory military service, University of Pennsylvania and a master's degree at Stanford University. He talked about his initial career at the Singapore Economic Development Board (EDB) attracting tech investments to Singapore. He shared what he learnt working in the US as a Product Manager at the scaling growth-stage startups of Dropbox and Lyft. 2. China vs. US Tech Culture: JX discussed the differences between the US and China’s tech work environments. He noted the fast-paced, competitive and intense consumer focus of ByteDance, which required him to unlearn his US product manager training. He brought these learnings to Endowus as Chief Product Officer and worked on scaling both the front-end user experience for a seamless customer experience and the complex financial backend needed for compliance. 3. Revolutionizing Bank Integrations: JX shared how his insights at Endowus helped him identify significant inefficiencies in bank integrations and financial transactions. He saw the opportunity to streamline financial processes not just for fintech companies but also across various industries, which led him to build Acme Technology. He shared the challenges of starting a new company and emphasized the importance of continuous selling, customer focus, and adapting to market needs. Jeremy and JX also talked about the emergence of the product manager role, the different market segments in fintech, and the importance of understanding real-world problems instead of theory. Watch, listen or read the full insight at https://www.bravesea.com/blog/jx-lye Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com

In this episode, Sonny Vu, Founder of Alabaster and former founder of Misfit Wearables, and Jeremy Au discuss three main themes: 1. Vietnam & America Roots: Sonny talked about growing up in the Midwest as his older brother’s sidekick and a Vietnamese immigrant who spoke Vietnamese to his American friends. He decided to study Aerospace Engineering at the University of Illinois, but quickly realized his passion lay elsewhere - and shifted to eventually studying computational linguistics at MIT under Professor Noam Chomsky. He also shared why he felt Noam Chomsky was misunderstood by the broader public. 2. Founding Misfit Wearables ($260M acquisition by Fossil): Sonny’s entrepreneurial journey started when he participated in the MIT $50K Business Plan Competition with FireSpout, a startup focused on machine learning-assisted natural language processing (NLP). After selling his first startup, he co-founded other startups including AgaMatrix, an electrochemical biosensor for diabetes management, and Misfit Wearables, a wearable technology company that was eventually acquired by Fossil for $260 million. He discussed how he figured out product-market fit by reading 5,000 reviews of competitors’ wearables and emphasized the importance of timing and market needs. He also stressed the importance of assembling a crew that’s deeply committed to the mission beyond personal gain and celebrates the rare and precious servant leaders who prioritize the team and the mission over themselves. 3. Navigating Tough Decisions: Sonny shared a story of physical bravery while hiking in Turkey, as well as a critical business decision during his second company’s near bankruptcy, where ethical considerations led him to reject a term sheet that would have been detrimental to previous investors. He asserted that true bravery and courage emerge not from the absence of fear but from facing and navigating through it despite potential risks. The key is considering the long-term perspective of self-perception and integrity. Jeremy and Sonny also talked about how the disciplines of art, math, and languages and are a unified pursuit of beauty, the evolving nature of entrepreneurship, failure as a more potent teacher than success, the importance of sales in startups, and the value of continuous learning. Watch, listen or read the full insight at https://www.bravesea.com/blog/sonny-vu Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Hive Health here: https://www.ourhivehealth.com #PublicService #Philippines #Healthcare #Harvard #SME #Telehealth #SocialImpact #Entrepreneurship #BRAVEpodcasts

Camille Ang, CEO & Cofounder of Hive Health, and Jeremy Au talked about three main themes: 1. Family & Public Service Passion: Camille shared about her upbringing in a third-generation Chinese Filipino family that emphasized education and hard work. Her passion for public service and desire to address societal inequality through infrastructure development led her to start her career in the government sector. She noted the stark difference between working in the public sector (which offers a slow-moving but broad change) vs. the private sector (which provides rapid effect-focused impact). 2. Founding Hive Health: Camille highlighted the challenges of limited social health insurance coverage, care coordination, and prevalent misconceptions about healthcare in the Philippines. She co-founded Hive Health, a YC-backed full-stack health insurance company that offers comprehensive plans for small and medium enterprises (SMEs). She elaborated that Hive Health integrates tele-health services and EMR systems to address the gap in healthcare accessibility, where less than 10% of the country’s population has HMOs. She also shared about the acquisition of Health Plan Philippines, which allowed the company to enhance the quality of healthcare services available to Filipinos. 3. Harvard MPA/ID & MBA: Camille shared about what she experienced at her joint Master of Public Administration in International Development (MPA/ID) and Master of Business Administration (MBA) degree at Harvard. She discussed her desire to understand poverty reduction, the role of infrastructure in emerging economies, and the impact of big businesses on society. She shared how her studies shifted her focus from macro-level industrial policies towards making a direct and meaningful impact in the Philippines and Southeast Asia through entrepreneurship. Jeremy and Camille also talked about the nationwide legalization of Transport Network Vehicles (TNVs), the role of the public sector in driving legislation, and commuting as a metaphor for inequality. Watch, listen or read the full insight at https://www.bravesea.com/blog/camille-ang Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Hive Health here: https://www.ourhivehealth.com/

Bernard Chong, Founder of professional esports organization AP.Bren, and Jeremy Au talked about three main topics: 1. Childhood with World Balance: Bernard talked about his childhood experiences learning the family business, World Balance, the biggest local shoe brand in the Philippines. He learned from his parents about the importance of hard work, clear decision-making, and the importance of stepping back when necessary. He also explained how this foundational training later led to his future entrepreneurial ventures including an animation studio, the local coffee brand franchise Tim Horton’s, the platform business Easy Franchise, and now setting up businesses in the US. 2. Acquittal of False Drug Smuggling Allegations: Bernard recounted his 3-year struggle to prove his innocence after being falsely accused of smuggling $34M of methamphetamine. He shared how he had angel invested in FortuneYield, a cargo company, and how the culprit Wealth Lotus had misled the legal system to believe that FortuneYield had been the consignee. He described the emotional turmoil faced by his family, particularly his children, who faced ridicule and doubt due to the public nature of the accusations. He had to stay silent and have faith in the legal system while the investigation proceeded until he finally received the news that the court had acquitted him and revoked the arrest warrant. 3. Building the Philippines eSports Community: Bernard discussed how his love for gaming and the potential he saw when he ​​observed communities forming around games like DOTA and Street Fighter led him to found the eSports team AP.Bren. He believes in the necessity of patience in allowing time for communities to grow organically. He also highlighted that youth can learn life lessons through professional gaming such as leadership, team management, planning, and resource management. Bernard also touched on investing in different industries, building overseas, and his passion for teaching which led him to set up an education foundation. Watch, listen or read the full insight at https://www.bravesea.com/blog/bernard-chong Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com

Thomas Tsao, Cofounder of Gobi Partners, and Jeremy Au discussed three main themes: 1. Early Life and Education: Thomas talked about his background as a first-generation immigrant. He shared his family's journey from China to the USA and how aspirations and work ethic influenced his upbringing. He discussed the complexities of navigating life as an immigrant student at Harvard and contemplated 'selling out' vs. maintaining his ideals while choosing his first job post-graduation. He opted for a career in banking to gain financial independence and pay off student loans which led him to Wall Street and starting his career at Merrill Lynch. 2. Asia Career Growth & Challenges: Thomas recalled his career journey that paralleled Asia's growth, from the optimism of Hong Kong to the Asian financial crisis. He witnessed and contributed to the technological expansion in China and Asia. His journey included multiple experiences in the Asian financial markets, the tech boom, and the transformative economic landscape of the region. This experience shaped his understanding of market cycles, the importance of frugality, and the value of adapting to new technologies. 3. Founding of Gobi Partners & "Crouching Panda Hidden Tapir" Investment Thesis: Thomas shared his experiences during the Asian financial crisis and the dot-com bubble, which led to the founding of the Beijing Technology Development Fund and later, Gobi Partners, amidst uncertainties like 9/11 and the SARS outbreak. He navigated the challenges in TMT (Technology, Media, and Telecom) and saw China's potential for homegrown innovation, shaping Gobi's focus on fostering innovation. He later saw a unique opportunity to connect Asia with Southeast Asia, leading to the strategy of "Crouching Panda, Hidden Tapir." He discussed that his move to Malaysia solidified Gobi's expansion and focus on underserved markets like Taqwa Tech, aimed at the global Muslim economy. They also discussed Thomas’ learnings from Harvard University, the founding of Beijing Technology Development Fund, the SARS outbreak and its impact on business, and the integration of diverse cultures in corporate environments. Watch, listen or read the full insight at https://www.bravesea.com/blog/thomas-tsao Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com

Gabby Dizon, Cofounder of Yield Guild Games, and Jeremy Au talked about three main themes: 1. Founding Yield Guild Games (YGG): Gabby reflected on his childhood passion for computer games which led him to a career in game development and startups. He shared how he first met his cofounders Beryl Li and Owl of Moistness online, and how his CTO maintained his anonymity during a later $4.6M funding round from Andreessen Horowitz (a16z). 2. Web3, Gaming & Crypto Industry: He delved into the cyclical bull-and-bear nature of crypto, and the contrasting roles of good and bad actors. He also discussed digital scarcity and how it applies to the gaming world, emphasizing the parallels with physical assets and trading. He also discussed YGG's strategic evolution from an asset lending model to a more comprehensive system involving quests, achievement platforms, and the integration of real-world applications like credentials. 3. Generational Shifts: Gabby spoke about the importance of bridging the gap between millennials, Gen Z, and future generations. He underscored the founder's responsibility of reshaping the world and normalizing new technologies and connects this to his personal experience as a father who is comfortable discussing with his children about Web3 as a place for learning and experimentation. They also talked about the future of work and the relevance of traditional education, how content consumption influences actions, and the impact of communities in the crypto and gaming sectors. Watch, listen or read the full insight at https://www.bravesea.com/blog/gabby-dizon Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com

Franco Varona, Managing Partner of Foxmont Capital Partners, and Jeremy Au talked about three main themes: 1. Entrepreneurial & Grab Beginnings: Franco detailed his early entrepreneurial experiences before the age of Google and widespread digital resources. He founded Creative Spark and subsequently Global Media, a company focused on advertising sales that serviced international media outlets. He shared how he was invited by Jesse Maxwell, a friend and later a partner at Foxmont, to launch Grab’s operations in the Philippines as country GM. He shared what it was like to live in founder Anthony Tan's apartment, to figure out how to localize and scale on-demand ride-sharing across Manila and other markets. He highlighted the hurdles he faced like dealing with slow and expensive internet infrastructure and training drivers to use smartphones. 2. Philippine Market Dynamics: Franco discussed his long-term vision for the Philippines, driven by a childhood dream of giving back to his home country. He discussed the growing middle class, the global diaspora's knowledge, and the rising adoption of digital solutions like mobile wallets. He also envisions a future where the local startup ecosystem is key for poverty reduction and education accessibility 3. Foxmont Capital Investment Philosophy: Franco discussed Foxmont Capital's mission as a cornerstone local VC investor to serve as a market filter and promote exceptional Filipino entrepreneurs, They initiated the Foxmont & BCG Philippine Venture Capital Report, which provides an annual overview of the country's rapid digital transformation, market insights and key changes. He discussed how they look at Indonesia as a benchmark startup market, and also share their investment philosophy that focuses on backing simple yet essential Filipino solutions to local problems. They also talked about the role of CVCs in the Philippines, expectations vs. realities of building a business, and the pandemic’s impact on digital transformation. Watch, listen or read the full insight at https://www.bravesea.com/blog/franco-varona Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com

In this episode, Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au talked about three main topics: 1. $1.5B Bytedance Tokopedia GoTo Deal Analysis: They discussed ByteDance's $500 million payment to acquire a 75% stake in the merged entity of Tokopedia and TikTok Shop Indonesia. This would create the new Indonesia e-commerce market leader with 40% market share. ByteDance committed to investing a future $1 billion into the operations of the new entity, which will contractually not dilute GoTo's 25% minority stake. The deal was motivated by TikTok's need to resume its Indonesia operations after a ban by the Indonesia government, Tokopedia's -0.4% adjusted EBITDA as % of GTV (Q3 2023), and the opportunity to create the #1 Indonesia e-commerce platform with larger economies of scale, a new media-led growth engine and a wider seller base. 2. Indonesia E-Commerce War: They discussed Indonesia's $52B e-commerce market: Shopee (36% market share), Tokopedia (35%), Lazada (10%), Bukalapak (10%), TikTok Shop (5%), and Blibli (4%). They explained how this consolidation reflects the regional trend of increasing focus on efficiency, logistics, and leveraging technological synergies to gain dominance, similar to Uber Southeast Asia's strategic sale to Grab to concentrate on core markets. Credit goes to Momentum Works and Freeman Ding for their analysis. 3. Winners, Losers, and Future Moves: They identified Indonesian consumers as clear winners due to continued intensive competition on lower prices and innovation in services, similar to the Uber vs. Grab vs. Gojek rivalry. They also discussed other beneficiaries, how this reflected the growing maturation of the region for M&A activity, and how competitors like Grab and Sea Group would react to this market development. Shiyan and Jeremy also talked about the challenges of founders fundraising during the holiday season and their own upcoming family vacation plans. Watch, listen or read the full insight at https://www.bravesea.com/blog/bytedance-tokopedia-investment Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Spotify: https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T YouTube: https://www.youtube.com/@JeremyAu Apple Podcasts: https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464 Google Podcasts: https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkLnBvZC5jby9icmF2ZWR5bmFtaWNz TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea Learn more about Acme Technology here: https://www.tryacme.com