BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders and Venture Cap Jeremy Au

Gita Sjahrir, Head of Investment at BNI Ventures, and Jeremy Au talked about three main themes:


1. $1.5 Trillion USD Green Investment Gap: Jeremy and Gita agreed with Bain & Company’s report that Southeast Asia is "woefully off track" on green investments to reduce emissions and needs new policies and financial mechanisms to help bridge the gap. They discussed the significant costs associated with transitioning to green energy, e.g. retiring a single coal-fired power plant would cost over several hundred million dollars. They discussed Indonesia's ambitious goal and challenging execution to shift to a zero-carbon electricity grid by 2060, serving a population with a current GDP per capita of around $5,000 USD. They also discussed how high interest rates negatively impact renewable energy investments, vs. the prior era of zero interest rate policy (ZIRP).


2. Electric Vehicle Manufacturing Viability: Southeast Asia is the 7th largest automotive manufacturing hub globally, producing approximately 3.5 million vehicles in 2021, led by Thailand (1.6 million vehicles), followed by Indonesia, Malaysia, and Vietnam. They debated the feasibility of transitioning these capabilities to EV manufacturing, noting the significant challenges in creating a fully functional EV manufacturing ecosystem. They also touched on Indonesia's strategy to leverage their asset of having the world's largest nickel reserves to foster a complete battery supply chain.


3. Competition vs. China Industrial Policy: Jeremy and Gita covered China's formidable manufacturing policy stack (land rights, subsidies, education, worker rights, currency) for their nexus of steel, solar, nuclear, manufacturing, semiconductor and EV industries. They discussed the new Chinese approach to export not just goods, but also their manufacturing value chains, into Southeast Asian markets, and the appropriate competition vs. partnership by local manufacturers. They also debated how startups like Sleek and Dat Bike should position themselves strategically in terms of production vs. sales vs. fundraising.


Jeremy and Gita also talked about public health benefits from decreased air pollution, upcoming market consolidation in the EV industry, and the necessity of a multi-decade policy approach in solving sustainable energy transition challenges.


Watch, listen or read the full insight at https://www.bravesea.com/blog/green-investment-gap


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English: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg


 

CP Group, a prominent Thai conglomerate, traces its beginnings to the founder Chia Ek Chor migrating from Chaozhou, China to Thailand in 1919. Despite early skepticism, he started a humble seed business which grew significantly by adapting to local agricultural challenges and changing global climate patterns. This foundation allowed his son and successor, Dhanin Chearavanont, to expand CP Group into a vast empire - touching multiple industries and generating an annual revenue of ~$85 billion USD. The episode highlights the strategic decisions to emphasize vertical integration in its food production process and discusses how more than half of the world's population has likely consumed its products.


Watch, listen or read the full insight at https://www.bravesea.com/blog/charoen-pokphand


Explore Dhanin Chearavanont's rise to the helm of the C.P. Group in the second part of Charoen Pokphand (C.P.) at https://open.spotify.com/episode/06OZPGFCyc7ENnuuXCTEjH


Get transcripts, startup resources & community discussions at www.bravesea.com


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LinkedIn: https://www.linkedin.com/company/bravesea


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Instagram: https://www.instagram.com/jeremyauz


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LinkedIn: https://www.linkedin.com/company/bravesea


English: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg

Shuyin Tang, CEO of Beacon Fund and Partner of Patamar Capital, and Jeremy Au talked about three main themes:


1. Consultant to Venture Philanthropy to Impact Investing: Shuyin initially aspired to a career in diplomacy but was rejected - leading to her choice to become a management consultant at Bain & Company. She worked hard at Bain to merge business skills with social impact initiatives by working with nonprofits, e.g. through nonprofit projects and a strategy engagement to improve the livelihoods of Indian smallholder farmers. These experiences led her to LGT Venture Philanthropy and to impact-driven investing at Patamar Capital.


2. Strategic Debt As Tool: As CEO of a debt fund, Shuyin emphasized the advantages of debt financing over equity for businesses in Southeast Asia, highlighting its suitability for the region's predominantly small and medium enterprises (SMEs). Unlike traditional high-growth startups, these enterprises benefit from the steady support that debt provides, enabling gradual growth without the pressure of rapid scaling demanded by equity investments. She also addressed cultural hesitations towards debt in Asian markets where it has historically been viewed negatively, and explained the shift in perception as businesses recognize that debt financing can preserve company control, prevent ownership dilution and facilitate smoother operational progress without the disruptive demands of equity-based exit strategies.


3. Radical Responsibility: Shuyin discussed her transition from a role within a collaborative team to spearheading her own investment fund, which marked a significant shift towards adopting a “radical responsibility” mindset to make impactful investment decisions and foster sustainable growth within the companies they support. She emphasized the expanded scope of responsibilities that come with leading a fund, which includes not only making strategic investment decisions but also managing fundraising, operations, and team dynamics. She also highlighted the challenges of navigating these complexities and stressed that understanding and accepting full accountability for both successes and setbacks has been crucial.


Jeremy and Shuyin also talked about the integration of financial returns with social impact in investment strategies, VC developments in the region’s ecosystem, the challenges in implementing large-scale social projects within emerging markets, and the need for investment tools that are aligned with businesses’ diverse needs.


Watch, listen or read the full insight at https://www.bravesea.com/blog/shuyin-tang 


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Get transcripts, startup resources & community discussions at www.bravesea.com


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TikTok: https://www.tiktok.com/@jeremyau


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LinkedIn: https://www.linkedin.com/company/bravesea


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Instagram: https://www.instagram.com/jeremyauz


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LinkedIn: https://www.linkedin.com/company/bravesea


English: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg

Shiyan Koh, Managing Partner of Hustle Fund, and ​​Jeremy Au talked about three main themes:


1. 51% SE Asia Favor China (vs. USA): Jeremy and Shiyan debated how the region is politically and economically reacting to the China vs. USA's "strategic competition". If ASEAN decision-makers were forced to pick sides, 51% opted for China vs. 49% for USA (ISEAS Institute poll). Pro-China: Malaysia 75%, Indonesia 73%, Thailand 52%, Singapore 39%, Vietnam 21%, Philippines 17%.


2. Sequoia & GGV VC Decoupling: Jeremy and Shiyan discussed how global investment firms are structuring themselves to mitigate US-China risks. Sequoia spun off Peak XV and Hongshan, while GGV announced their split into Granite Asia and Notable Capital (USA). They discuss how Limited Partners (LP) are driving the geographic re-delineation of investment coverage, and why GGV and other funds are exploring more debt instruments.


3. Mobility Competitor Game Theory: Jeremy and Shiyan analyzed the bike-sharing market in Singapore, including public-private partnerships and challenges like weather and infrastructure. They were amused that Anywheel, a bootstrapped (unfunded by VC) company outlasted VC-backed competitors such as Mobike, Obike, and Ofo to win and become the market leader. They discussed how cash efficiency interacted with economies of scale, the promise of winner-takes-all markets, negative blitzscaling, and competitive game theory created the "boom vs. bust" nature of last-mile mobility startups.


Jeremy and Shiyan also replied to listener feedback about overlooking Trump investment links in the TikTok ban issue, the role of public-private infrastructure partnerships in supporting infrastructure projects, and blitzscaling vs. sustainable growth strategies.


Watch, listen or read the full insight at https://www.bravesea.com/blog/sea-favor-china


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观看、收听或阅读全文，请访问 https://www.bravesea.com/blog/sea-favor-china-cn


Get transcripts, startup resources & community discussions at www.bravesea.com


WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzde


TikTok: https://www.tiktok.com/@jeremyau


Instagram: https://www.instagram.com/jeremyauz


Twitter: https://twitter.com/jeremyau


LinkedIn: https://www.linkedin.com/company/bravesea


TikTok: https://www.tiktok.com/@jeremyau


Instagram: https://www.instagram.com/jeremyauz


Twitter: https://twitter.com/jeremyau


LinkedIn: https://www.linkedin.com/company/bravesea


English: Spotify | YouTube | Apple Podcasts


Bahasa Indonesia: Spotify | YouTube | Apple Podcasts


Chinese: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg

Jeremy Au delved into startup founders’ decision to choose between bootstrapping and venture capital funding. He shared his dual experiences as both a founder (who had done both routes) and a venture capitalist (who had to judge startups). He reset the framing that bootstrapping has historically been the norm and the default financing pathway for startups even today, whereas VC funding has only 50 years of history and is aimed at high-growth potential businesses. He explained the VC fund model’s expectation of $1B returns within a decade creates both a judgment yardstick and pressure-cooker board pressure for businesses to rapidly scale, regardless of unit economics or profitability. He also touched on the dangers of mismanaging large capital inflows, where excessive funding can lead to inefficient spending which can hasten a company’s failure. He suggested using a 2x2 matrix to think through their company’s fit for VC funding.


Watch, listen or read the full insight at https://www.bravesea.com/blog/bootstrap-vs-vc


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Get transcripts, startup resources & community discussions at www.bravesea.com


WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzde


TikTok: https://www.tiktok.com/@jeremyau


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LinkedIn: https://www.linkedin.com/company/bravesea


TikTok: https://www.tiktok.com/@jeremyau


Instagram: https://www.instagram.com/jeremyauz


Twitter: https://twitter.com/jeremyau


LinkedIn: https://www.linkedin.com/company/bravesea


English: Spotify | YouTube | Apple Podcasts


Bahasa Indonesia: Spotify | YouTube | Apple Podcasts


Chinese: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg

Richard Armstrong, Venture Partner at TA Ventures, and Jeremy Au discussed three main points:


1. 267,000 Instagram Followers Insights: Richard recounted his formative years growing up in multiple countries leading to his interest in sharing his personal journey. He debunked common myths about media creators: emphasizing that success in the space requires more than just creativity, but also demands business acumen and a strong support system. He highlighted that despite popular beliefs, most creators are not wealthy and that success in the media follows a power-law curve where only a small percentage of top earners can earn a good living.


2. Founder Transition to Venture Capital: Richard shared about his first ventures in e-commerce and food waste management, and why he eventually moved into angel investing and eventually into venture capital. He highlighted the stark differences, particularly the challenges of accessibility and the importance of networking within the VC community. His journey was motivated by the desire to leverage his understanding of emerging markets and bridge the funding gap faced by startups in these countries.


3. Thailand Startup Ecosystem Challenges: Richard pointed out that despite Thailand’s strong GDP, the startup ecosystem remains underfunded relative to other Southeast Asian peer countries - particularly at the seed stage. He discussed his optimism for potential growth in the next two years, driven by investor interest, improved market conditions and more focused government support.






Jeremy and Richard also talked about the global impact of regional strategies, the importance of building partnerships vs. focusing solely on disruption, and the role of personal background and global exposure in enhancing VC effectiveness.


Watch, listen or read the full insight at https://www.bravesea.com/blog/richard-armstrong


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Get transcripts, startup resources & community discussions at www.bravesea.com


WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzde


TikTok: https://www.tiktok.com/@jeremyau


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Twitter: https://twitter.com/jeremyau


LinkedIn: https://www.linkedin.com/company/bravesea


TikTok: https://www.tiktok.com/@jeremyau


Instagram: https://www.instagram.com/jeremyauz


Twitter: https://twitter.com/jeremyau


LinkedIn: https://www.linkedin.com/company/bravesea


English: Spotify | YouTube | Apple Podcasts


Bahasa Indonesia: Spotify | YouTube | Apple Podcasts


Chinese: Spotify | YouTube | Apple Podcasts


Learn more about Grain here: https://www.grain.com.sg