Send us Fan Mail Jae Hwang is the co-founder of Former, where he is challenging a deeply embedded assumption in venture capital: that the best founders are young, technical, and built for hypergrowth at all costs. His own career followed a different path. Jae began in brand consulting and strategy in New York, worked across North America, Asia, and the Middle East, and eventually became a Chief Strategy Officer within a Dubai government asset management organization, gaining firsthand exposure to strategy, operations, venture capital, private equity, and large-scale economic development. This conversation matters because Jae makes the case for a different kind of entrepreneurship—one built around experience, domain knowledge, disciplined capital, and profitability by design. Maxim and Jae explore why experienced founders may have an advantage in finding product-market fit, why a successful $10 million or $50 million company does not need to become a unicorn, and why founders need to get much clearer about what they are actually trying to build. They also examine AI, overlooked markets, capital deployment in the Middle East, and the difference between having good intentions and building structures that actually produce the desired outcome. 5 Key Topics Covered Why experience can be a founder advantage — Jae explains how years inside an industry create pattern recognition, networks, and an understanding of problems that can shorten the path to product-market fit. Finding product-market fit before building too much — The conversation explores why founders need to talk to customers early, narrow their proposition, and resist being distracted by every possible application of their idea. Rethinking the venture capital model — Jae breaks down the gap between bootstrapping, traditional VC, and private equity, and explains Former’s concept of providing formative capital alongside embedded operational support. Profitability versus hypergrowth — Jae and Maxim discuss why raising increasingly large rounds should not automatically be treated as success and why profitability can be intentionally designed into a company from the beginning. Clarity, focus, and organizational structure — Jae introduces his “tip of the spear” approach: identify the singular proposition that matters most, align the organization around it, and be disciplined enough to say no to everything else. 3 Key Insights Experience becomes more valuable in an AI-enabled world, not less. AI can dramatically increase productivity, but domain expertise is what allows someone to recognize when the output is incomplete, unrealistic, or simply wrong. Founders need to decide what kind of company they actually want to build. A durable, profitable $10 million, $50 million, or $100 million business can create enormous value even if it never fits traditional venture-capital mathematics. Good intentions do not determine outcomes—systems do. Culture, strategy, and growth ambitions only become real when incentives, priorities, operating processes, and accountability mechanisms reinforce them. Links Jae Hwang on LinkedIn: https://www.linkedin.com/in/jyhwang Former: https://www.fmr.vc/ Future Ventures Corp: https://ca.linkedin.com/company/future-ventures-corp Subscribe to the YouTube Channel: https://www.youtube.com/channel/UCZgPPHfPBZz-r5NQLq_dWfA This episode has been brought to you by the Capital Intelligence Platform: https://capital.futureventures.ca/ About the Guest Jae Hwang is the co-founder of Former and a strategy and operations leader with experience across North America, Asia, and the Middle East. His career has included brand consulting, government-backed asset management in Dubai, and extensive exposure to venture capital and private equity. Today, his work focuses on backing experienced founders and helping build disciplined, profitable businesses that may fall outside the traditional venture-capital playbook.