Less Noise. More Insight. Stronger Decisions.
For Founders, Investors & Builders
Designed for leaders driving the region’s future. Jeremy Au hosts from personal experience: Growth-stage startup executive, serial founder and early investor in 50+ startups. Harvard MBA & Forbes 30 Under 30. Learn Jeremy’s journey.
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Unfiltered trailblazer interviews. Direct regional news debates. Fresh perspectives on power, progress and pivotal moments. Learn more about our team of co-hosts.
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600+ episodes of operator wisdom. New releases every Monday and Thursday at 9am (Singapore Time). Videos, shorts & full transcripts. Events that help you build momentum. Join our community.
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"This episode was BRUTALLY honest. The "reverse economic arbitrage" situation (hiring expensive foreign talent to solve inexpensive local problems), and multiple other VC issues in Southeast Asia. Thanks for being brave!"
Jerilyn Wu, JLT Ventures
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"Your questions and curiosity as an interviewer really helped bring out how I prepared to become the first Southeast Asian woman to swim across the English Channel. I've never been able to share so much nuance of the mental game before!"
Li Ling Yung
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Transcripts Library
"Aging is inevitable. It is a process. It's like a moving train. You can do something to halt the moving train, but realize you have to put a little bit of an effort. We will lose, after a certain age, 3 to 5% of our muscle mass every year if we don't do anything about it. So we have to then work 3 to 5% harder every year just to keep what we have."
"Perhaps in a big system like a big tanker ship, necessarily we move a lot slower, and I'm a lot more impatient. I decided maybe we try this as a little speedboat. That's high risk, but we could potentially move a lot faster, and in some ways still stay connected to the tanker ship."
"Singapore is actually the only country in the world that has launched a War on Diabetes in 2016. From a biological perspective, we know that Asians tend to develop complications of having excess fat, specifically visceral fat, at lower BMI thresholds. As a result, on the outside, we may not look obese or overweight, but we hide them really well, particularly around our waistline."
Dr. Sue-Anne Toh, CEO and co-founder of NOVI Health, joins Jeremy Au to discuss the critical intersection of metabolism, longevity, and health policy. They explore the "War on Diabetes" in Singapore, unpacking why Asian populations are predisposed to insulin resistance and visceral fat accumulation even at lower BMI levels. Dr. Toh shares her transition from healthcare administration at NUHS working with MOH, to launching a health-tech "speedboat" to bridge the implementation gap in preventive care. The conversation covers the 80/20 of longevity, the role of GLP-1 medications in hormonal balance, and actionable strategies for "banking" muscle mass to ensure quality of life during aging.
00:00 - Introduction: Dr. Sue-Anne Toh's background
02:14 - Choosing medicine over law: curiosity and impact
03:51 - From policy to founder: the "impatient" path to NOVI Health
10:49 - Navigating the "Snake Oil" noise in longevity
12:39 - The 80/20 of health span: sleep, steps, and nutrition
22:30 - The ROI of treats: behavior change vs. restrictions
30:02 - TOFI Phenotype: Thin Outside, Fat Inside
33:04 - The Insulin Resistance "Pancreas Factory"
37:56 - Public Health strategies: Enforce, Empower, Educate
40:35 - GLP-1s and the future of weight care
45:01 - Why muscle mass is the ultimate longevity asset
Watch on YouTube: https://www.youtube.com/watch?v=pP0L_qhSRJA&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/5VkT4ttDZ9QfFQ0MDzkCxj
Keywords: Longevity and Healthspan, Asian Diabetes (TOFI), Preventive Healthcare Singapore, Continuous Glucose Monitors (CGM), GLP-1 Adoption Asia, Muscle Mass Preservation, Biohacking Risks
"If you can own a space, both ideologically and also be in all the right rooms, sure, someone else may have the right model, but they will pick you. I think brand is very, very under-indexed, and doing that work of go-to-market is so hard, especially in a low signal, high noise environment."
"We want to move fast and we want to adopt AI, but we're also concerned about our data. We want to protect our customers' data. We want to make sure that the data of our customers is not used for training the next generation of models. So we're balancing. We want to move fast, and we're also careful at the same time."
"Startups of course are pioneering the frontier here, but we're actually starting to see a lot of enterprise teams basically using tools like Cursor, Copilot, and OpenAI. If you go into an engineering bullpen now, it actually is starting to mimic what seems like a call center. Engineers are no longer typing much anymore; they're just speaking, using voice to code now."
Everyone has the same access to the same frontier models. So what's actually left to compete on?
Jeremy Au moderates a panel at the Crosscurrents Summit in Parañaque on where enterprise AI adoption really stands, with Aravind Kandiah of Bifrost, Jun Wakabayashi of AppWorks, and John Homer Alvero of Converge ICT.
Aravind Kandiah is the CTO and Co-founder of Bifrost, a robotics infrastructure company that simulates the world to evaluate robots. Bifrost's simulations power some of the world's largest robotics companies, spanning autonomous Mars exploration with NASA through to automating high-risk industrial work. He spent over five years in AI and robotics research before co-founding the company with Charles Wong, and Bifrost is backed by Sequoia Capital, Lux Capital and Airbus Ventures. On the panel, he argues enterprises split cleanly into those running pilots to hit an R&D spend target and those facing a genuine forcing function, like Korea's birth rate leaving factories unstaffed. Only the second group ships. His view on defensibility: the moat is everything except the model.
Jun Wakabayashi is a Venture Principal at AppWorks, one of Asia's leading accelerators and VC firms. He joined as an Analyst in 2017 and rose to Principal by 2023, leading the firm's Beacon Funds arm, a fund-of-funds backing emerging venture managers across Southeast Asia and web3. Immersing himself in founder communities across the region built the network that made AppWorks a first stop for startups seeking capital. He holds a B.S. in Finance from NYU Stern and previously worked at Focus Reports and PwC. He puts engineering at 60 to 80% of enterprise token spend, describes bullpens that now sound like call centres with engineers dictating to coding agents instead of typing, and tracks the teams accidentally burning $5 million a month on tokens. His counter to Aravind: the real moat is distribution, the one thing the frontier labs lack.
John Homer Alvero is Head of AI Engineering at Converge ICT, one of the Philippines' largest fiber broadband and digital infrastructure providers. An experienced AWS architect, he has worked across e-commerce, fintech, telco and gaming, with deep expertise in cloud architecture, operations and security. He previously held cloud and service engineering roles at Voyager Innovations and was Cloud Solutions Architect at SM Investments, giving him a practitioner's view of moving enterprise AI from pilot to production. His blocker isn't the technology: governance and cybersecurity teams can't write credible guardrails until they're AI-literate themselves. His sharpest point is that with model access equalised, the only variables left are your proprietary data and your orchestration.
Crosscurrents Summit, presented by Clouted
Watch on YouTube: https://www.youtube.com/watch?v=akjg47d6s6c&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/0yULzJRdUltAQDlbp1JhJl
Keywords: Enterprise AI Adoption, AI ROI (Return on Investment), Token Spend Management, Build vs. Buy AI, AI Startups, Cybersecurity and AI Governance, Autonomous Agents, AI Distribution and Moats, Voice-to-Code Engineering
"If you think about a healthcare system, the choke point is a doctor's time and attention. Anything that takes that up has a direct impact on patient outcomes because it slows down bed movement, reduces the speed of different interventions, and you're actually constantly triaging your own time so you end up only seeing the sickest patients. Paperwork is stealing the capacity away from an already very tightly constrained system."
"GPT-4 came out, and that changed the rules. We had to fire half the team, tell customers that we weren't going to fulfill our promises, tell investors that the thesis they invested behind was not correct, and that models were no longer a differentiating factor. In order for Heidi to succeed, we had to pivot to be a product company. It's pretty crazy to have gone from almost death to the most used healthcare AI tool globally."
"Because of the model focus at Heidi, we're actually quite strong in tricky visits where it's Malay, Hokkien, English, and a bit of Singlish, and you're trying to output the note in another language. You naturally gravitate towards the markets where the foundation models don't do as well out of the box. Especially in Asia, because it's not the Latin character set, the LLMs are not as good typically at doing transcription. When we asked our users, we just found we had really amazing traction already in Singapore and Japan."
Dr. Thomas Kelly, Founder and CEO of Heidi Health, joins Jeremy Au to discuss his journey from a vascular surgery registrar to a health-tech entrepreneur. They explore the massive administrative burden placed on doctors, which acts as a choke point in healthcare capacity and limits patient care. Dr. Kelly unpacks the early days of Heidi Health, the challenging pivot the company had to make following the release of GPT-4, and how they rebuilt to become a globally dominant AI medical scribe. The conversation also covers the regulatory landscape of Software as a Medical Device (SaMD), navigating clinical liability, and how Heidi Health is expanding into Asian markets like Singapore and Japan by mastering complex, multilingual clinical interactions.
00:00 - Introduction and Dr. Thomas Kelly’s Journey to Medicine
04:45 - From Medical Student to EdTech Founder
09:00 - The True Cost of Administrative Paperwork on Patient Care
13:40 - The Technical Challenges of Building a Reliable AI Medical Scribe
17:35 - Navigating Liability and Software as a Medical Device (SaMD)
22:00 - Heidi Health’s Future Roadmap: Evidence, Follow-ups, and Hardware
26:30 - Geographic Expansion and Product Localization in Asia
33:00 - Why Clinicians Are Driving Innovation in HealthTech
34:25 - The Crucible Pivot: How GPT-4 Forced a Complete Company Reset
37:25 - Competing with OpenAI and Foundation Models in Healthcare
Watch on YouTube: https://www.youtube.com/watch?v=yA5jzWf4V_Y&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/4VoEIJGua0tyPTxFnz652G
Keywords: HealthTech Startups, AI Medical Scribe, AI in Healthcare, Heidi Health, Startup Pivot, Software as a Medical Device (SaMD), GPT-4 Healthcare Applications, Asian Healthcare Markets, Clinical Decision Support
"How can you take a risk and gamble on a 10% chance that if you are able to successfully make it through, the upside is 100x?"
"When things go to shit, the worst thing you can do is be dishonest. The biggest thing you can do is be honest, tell everyone what is happening, but show that you are actually competent to solve these problems."
"You're at this inflection point where you essentially have this very interesting technology, which is artificial intelligence. You don't need a team of engineers; you just need one or two engineers with agent workflows."
In this episode, Eric Zhu, Co-Founder and CEO of Sperm Racing, joins Jeremy Au to share his highly unconventional journey into the startup world, beginning with running a private equity data company out of his high school bathroom in Indiana. After getting expelled and moving to San Francisco, he experienced the extreme highs and lows of building a tech company, learning crucial lessons about product development, hiring, and maintaining a bold vision. Eric eventually pivoted to an entirely new industry by launching a biomarker sports company focused on sperm racing. He discusses the technical and logistical chaos of hosting their first massive race in Los Angeles, the correlation between lifestyle habits and fertility, and his broader vision for automating commerce using artificial intelligence and agent workflows.
00:00:00 The High School Bathroom Startup
00:03:02 - Moving to San Francisco
00:04:20 - Building a Data Engine
00:08:14 - Lessons in Leadership
00:09:13 - The Genesis of Sperm Racing
00:10:09 - Production Chaos in LA
00:14:02 - The Business of Biomarker Sports
00:21:35 - Hiring Gen Z Talent
00:23:44 - The Reality of Silicon Valley
00:26:39 - AI and The Future of Work
Watch on YouTube: https://www.youtube.com/watch?v=4gFZS_OaNyc&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/0Hx2b2DFvLXO5L18YiN1E2
Keywords: Artificial Intelligence, AI Agents, Silicon Valley Culture, Startup, Founder Journey, Biomarker Sports, Sperm Racing, San Francisco Tech Scene, Gen Z Founders, E-commerce Automation, Venture Capital
"In smaller markets like Southeast Asia, we don't have the liquid capital and talent rotation of Silicon Valley or China. We end up having this situation where companies stay alive much longer than they should. I'm afraid we may have a whole generation of zombie companies that were once very sexy and relevant, but may eventually fade into irrelevance."
"If you put intellectual property and research at a university level, but it is not monetized, it goes to waste. The compensation scheme for a tech licensing office should be based on the opportunity cost of the IP and the depreciating asset value of knowledge. If you don't license it quickly, someone else in another market will figure it out, and that value goes to zero."
"A couple of things are driving the lift in the Singapore Stock Exchange. First is the investment by government policymakers and the simplification of rules, like enabling dual listings with NASDAQ. Next is a massive flow of capital into Singapore as a source of stability and diversification from the Middle East, China, and across Southeast Asia.”
Kristie Neo, Asia Editor at PitchBook, joins Jeremy Au to unpack the current macroeconomic realities of Southeast Asia’s tech and venture capital ecosystem. They explore the recent revitalization of the Singapore Stock Exchange (SGX) fueled by government stimulus and safe-haven capital inflows, contrasting it with a prolonged funding winter for early and growth-stage startups.
Together, they discuss the looming crisis of "zombie companies" in the region and argue why regional startups need to embrace mergers and acquisitions (M&A) instead of holding out for unicorn valuations. The conversation also dives into the structural failures of commercializing university intellectual property (IP) in Singapore, comparing it to models in China and Europe. Finally, Jeremy outlines actionable policy recommendations, including implementing tax incentives for angel investors and supporting syndicate leaders, to effectively bridge the funding gap and unlock capital from family offices.
00:00 - SGX Revitalization & Safe-Haven Capital Inflows into Singapore
07:44 - Startup Valuations & The Crisis of Zombie Companies
18:35 - Why M&A is the Necessary Next Step for Regional Tech
23:55 - The Structural Struggles of Commercializing University IP
30:08 - Rethinking Incentives for University Tech Licensing Offices
35:21 - Navigating the Boom-and-Bust Cycle of VC Funds
45:03 - The Case for Angel Investor Tax Incentives in Singapore
48:50 - Bridging the $1M to $5M Seed Funding Gap
52:43 - Why Family Offices Need Startup Research Analysts to Deploy Capital
Watch to YouTube: https://www.youtube.com/watch?v=qO5kwGr8Jx0&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/7xsaJRKWuexi3Eeqdabkok
Keywords: Southeast Asia Startups, Singapore Venture Capital, Singapore Stock Exchange (SGX) IPOs, Tech Mergers & Acquisitions (M&A), Startup Funding Winter, Angel Investing Tax Incentives, Family Offices in Singapore, University IP Commercialization, Venture Capital Macroeconomics, Zombie Companies
"The feeling was akin to climbing a mountain for ten years. And you get to the summit. And then you realize you climbed the wrong mountain the whole time. The pursuit of prestige, money, title, stability, that wasn't my dream. That was my parents' dream for me. And when I checked that box, I realized I feel so hollow and so empty." - Daniel Suh, General Partner at Gold House Ventures
"I think seeing that and so many other ways that the Asian community was discriminated against made me realize our generation carries almost like a duty to protect and uplift our parents, the previous generation, our generation, and the next generation. We are the global majority. We are leading at the frontier and at the edges of technology, culture, media, academics. We have so much power, but now it's time for us to unleash it." - Daniel Suh, General Partner at Gold House Ventures
"If you look at any other industry, Asians are underrepresented severely at the topmost executive levels, but in venture, it's a rare exception where we are just completely dominating the category. Gold House has our special power, and our edge is we bring the power of the Asian community behind you. And so it makes sense for us to invest in Asian founders." - Daniel Suh, General Partner at Gold House Ventures
Daniel Suh spent a decade optimizing for prestige. Korean immigrant parents who left careers behind to start a small business in the US, a childhood spent moving apartments through bankruptcy, UCSD, five years in consulting to put his brother and mother through school, then an accelerated JD-MBA at Northwestern. He landed the big law summer and a private equity offer, the American dream on paper. He was elated for about ten minutes.
"It felt like climbing a mountain for ten years. You get to the summit, and then you realize you climbed the wrong mountain the whole time."
Today he is General Partner at Gold House Ventures, the cultural capital fund backing founders at the intersection of AI and creativity.
In this conversation with Jeremy Au, Daniel breaks down the second-generation guilt that pushes immigrant kids into careers they never chose, the high school demand letter that won back his family's security deposit in 24 hours, and why Gold House evolved from an Asian founder fund into something broader.
He gets specific about what "cultural capital" actually buys a founder that money and introductions cannot, and why the backlash against AI is a narrative problem rather than a technology one. If nobody trusts the model, adoption stalls no matter how good the model is. Culture, not capability, is what moves people.
A conversation for founders, VCs and operators across Singapore, Indonesia, Vietnam, the Philippines, Thailand and Malaysia who are quietly wondering whether they are climbing someone else's mountain.
00:00 - From San Francisco to Manila
01:31 - Korean immigrant parents, bankruptcy and growing up in poverty
03:56 - Three prisms: parent expectations, family money and your own dreams
07:38 - Five years in consulting to put the family through school
09:45 - The Northwestern JD-MBA: decent at law, miserable doing it
13:39 - The big law and private equity offer and climbing the wrong mountain
17:04 - Finding Gold House on LinkedIn and getting emotional over a website
19:46 - The security deposit fight that made empowerment personal
24:42 - Building the "Asian YC" and the fund thesis
27:26 - The Fund II rebrand: cultural capital
32:12 - The AI backlash: jobs, deepfakes and paying creators
34:45 - Bravery, optionality and choosing yourself by telling the truth
39:22 - "A winner is a loser who tried one more time"
Watch on YouTube: https://www.youtube.com/watch?v=3BayAbDaMGM&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/6uaOXmXHELWoorZLJ7xm3o
Keywords: Asian American Founders, Cultural Capital, Venture Capital Investing, Immigrant Expectations, AI and Culture, Career Pivots, Startup Empowerment, Media and Entertainment, Entrepreneurship Journey
"The biggest misconception about burnout is that it comes from the number of hours you're working, or how demanding the work is. The causal factor to burnout is what you are thinking and feeling during those hours."
"What you're seeing on the outside is just the wrapping paper on the outside of the box, and that tells only a fraction of the story. Your brain will want to construct a narrative, but when you actually open the box and look at what's going on inside, the experiences and motivations could not be more different. Life is lived 99% inside the box."
"I've been to some of the best institutions and schools in the world, and nobody taught me this dead simple problem-solving framework. I realized there was a white space in the market for this style of coaching because I think it is appealing to an analytical, consulting, and Ivy League type of thinker."
Pooja Venkatraman, an executive coach for Ivy League graduates and high achievers, joins Jeremy Au to discuss her non-linear career journey. She shares how she continuously tested career hypotheses, pivoting from screenwriting to corporate strategy at Capital One, consulting at BCG, and collaborating with Clay Christensen at Harvard Business School. Pooja breaks down the real causes of professional burnout, differentiating between high-intensity imposter syndrome and the low-intensity friction of feeling misaligned with your path. Finally, she highlights the value of using rigorous problem-solving frameworks to navigate career transitions, manage internal conflicts, and calm the fear-based brain, which ultimately led to her transition into executive coaching.
00:00:00 - Introduction & HBS Reunion
00:03:00 - From Screenwriter to Corporate Strategy
00:06:27 - Disproving Career Hypotheses
00:10:28 - Harvard Business School & Consulting Path
00:13:12 - Working with Clay Christensen
00:17:44 - Testing New Hypotheses at Capital One
00:23:08 - The "Wrapping Paper" of Career Trajectories
00:27:36 - The Transition to Executive Coaching
00:35:17 - Redefining Professional Burnout
00:38:45 - Navigating Internal Career Conflicts
Watch on YouTube: https://www.youtube.com/watch?v=eG25OpGZ66c&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/4TJzbbK317JxE6WTKboYf4
Keywords: Executive Coaching, Career Transitions, Burnout, Hypothesis Testing, Harvard Business School, Management Consulting, BCG, Capital One, Problem-Solving Frameworks, Imposter Syndrome
"The CEO, the artist, the brand manager, they're ultimately craftspeople at the end of the day, who are the stewards of their brand. And their biggest challenge isn't necessarily doing the thing, because if you are a great builder or craftsperson, you already have something great. Nowadays, the biggest problem is getting it seen and getting it spread across the world." - Justin Banusing, Co-founder and CEO of Clouted
"I like to think that my heart is best sustained by love and sustained by care for people. And I think that's why the first version of Clouted, well, we did go viral. We raised a couple of rounds. It just didn't really feel right compared to what we're doing now." - Justin Banusing, Co-founder and CEO of Clouted
"And now we just raised our seed round and operate across Los Angeles, San Francisco, New York, and Manila. And we're figuring things out, but I think we're getting there." - Justin Banusing, Co-founder and CEO of Clouted
Justin Banusing, Co-founder and CEO of Clouted, joins Jeremy Au to discuss his founder journey from collegiate esports to building an AI virality engine. Justin shares how his first startup experience in the gaming space led to burnout and a period of self-reflection traveling the world, exploring venture capital, and DJing. He explains the pivot of Clouted from an AI gaming companion to a platform solving the distribution problem for creators and brands in the era of algorithmic warfare. They also discuss the challenges of sharecropping on other platforms' intellectual property, the importance of founder passion, and the economics behind AI startups.
00:00:00 The Algorithmic Warfare Era: A brief introduction to the difficulties of content distribution today.
00:00:45 Justin's Introduction and Clouted Overview: Justin introduces himself as the CEO and co-founder of Clouted, an AI virality engine.
00:01:13 The Collegiate Esports Journey and Lessons: Reflecting on his first startup, The Gathering, and the shifting paradigms of college gaming.
00:07:16 Sharecropping on Gaming Publisher IP: The risks of building enterprise value on top of another company's media property or platform.
00:10:58 A Sabbatical for Self-Reflection and DJing: Justin discusses traveling the world, DJing, and becoming a more complete adult after a messy startup exit.
00:17:58 Clouted V1 - The AI Gaming Companion: Launching an AI companion for gamers, achieving early virality, and raising funds.
00:23:59 Economics and Pulling the Plug on V1: Realizing the unit economics of an always-on AI companion were unviable and making the difficult decision to pivot.
00:28:48 Pivoting to Music and Event Marketing: Discovering the distribution problem while marketing an electronic music event.
00:32:03 Solving Distribution for Creators: Exploring algorithmic warfare and how Clouted functions as an AI media buyer pooling clip farms.
00:37:25 The Bravery to Reset and Pivot: Overcoming signaling risks and having the courage to shut down a product to find true product-market fit.
Watch on YouTube: https://www.youtube.com/watch?v=3EYn2tbVa78&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/0mf4h1hmM96LNMb5RUNucS
Keywords: AI Virality Engine, Creator Economy, Algorithmic Warfare, Startup Pivot, Esports and Gaming, Founder Journey, Media Buying, Clouted, Product-Market Fit
"Current SaaS pricing doesn't have accountability. We are entering an era in which software can actually produce outcomes, and by definition, that means accountability. If I'm telling you I'm going to get you from A to B, that's an outcome. The operating system should not necessarily be the profit pool as it is today; the real profit pools should actually be in those accountability outcomes. As an industry, we need to have the courage to reflect that in our pricing."
"When we first started, the original idea was refinancing auto loans. We were originating loans on behalf of banks and credit unions, but we kept getting the same repetitive question from the lenders we were selling to: 'Who built your system?' We eventually realized that they didn't even care about the loans; they wanted to buy the secret sauce. And that was the system. That's when we decided to pivot and become a B2B software-as-a-service."
"I saw bravery in its maximum expression in my parents. They packed up and left Bolivia to give us a better future, basically sacrificing their entire lives and spending the last 30 years working to provide us with something better. They decided to let their kids go figure it out, have bigger dreams than they had, and build new lives. That was the transformational process that catapulted us into where we are today."
Andres Klaric, a Bolivian-born entrepreneur and Harvard Business School graduate, joins Jeremy Au to discuss his transition from a demanding decade-long career in private equity to building a high-growth B2B SaaS startup. Andres shares the genesis of his company, which began as a consumer auto-refinancing platform before customer demand led them to pivot into a B2B Loan Origination System (LOS). They dive deep into the challenges of modernizing legacy financial software, the courage required to shift from traditional SaaS consumption pricing to outcome-based accountability models, and how the pandemic acted as a catalyst for his entrepreneurial leap. Finally, Andres reflects on the ultimate expression of bravery: his parents' sacrifice in immigrating from Bolivia to secure a better future, and how that inspires his approach to being a present father while scaling a startup.
00:00 - Catching Up & The Traditional Finance to MBA Pipeline
03:25 - Leaving Private Equity & The Pandemic as a Catalyst
06:39 - The Original Startup Idea: Auto Loan Refinancing
08:33 - The Pivot: From Selling Loans to Selling the "Secret Sauce"
10:50 - Navigating a Company Pivot & Reorganizing the Team
13:40 - Disrupting Legacy FinTech & Loan Origination Systems (LOS)
19:55 - The Future of SaaS: Outcome-Based Accountability Pricing
29:20 - The Enduring Importance of In-Person Enterprise Sales
35:00 - The Bravery of Immigration: Leaving Bolivia for a Better Future
39:20 - Balancing Startup Leadership with Fatherhood
Watch on YouTube: https://www.youtube.com/watch?v=5aHsI3gj1c0&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/269t7nsTl9Fcz5Anv4h6n3
Keywords: B2B SaaS, FinTech, Loan Origination System (LOS), Startup Pivot, Outcome-Based Pricing, Private Equity to Entrepreneurship, Harvard Business School (HBS), Immigration Journey, Bolivia, Founder Fatherhood
"Leaders have no choice in whether they impact others. An offhand compliment by a leader becomes glorious praise, but an offhand insult becomes humiliating criticism. Because we don't have a choice of whether to impact others, we will either inspire or we will infuriate."
"I see inspiring and infuriating on a universal continuum made up of three factors. The three factors really are how we see the world, which is being visionary; how we are in the world, which is being an exemplar; and how we interact in the world, which is being a mentor. The reason why these are the three universal factors of inspiring others is because each one solves a fundamental human need."
"I think that in more independent cultures like America, we want our leaders to be brave and courageous in how they present themselves. One thing that comes up a little bit more in Asia is this idea of hypocrisy—the idea that it's really important for someone to act consistently with the words that they espouse, partly based on this idea of collectivism versus independence."
Adam Galinsky, Professor at Columbia Business School and visiting faculty at INSEAD Singapore, joins Jeremy Au to dive into the deep psychological science behind what makes leaders truly inspiring. Drawing from his extensive research and bestselling books, Adam unpacks how power and status alter our brains and behaviors, introducing concepts like the "low-power double bind" and the "leader amplification effect."
Adam shares actionable frameworks for becoming an "inspiring architect" by mastering three universal pillars: being a Visionary, an Exemplar, and a Mentor. Jeremy and Adam also discuss the unforeseen dangers of outsourcing our cognitive functions to Artificial Intelligence, which Adam describes as a "sycophantic butler" that can stunt learning and development. Finally, they explore the nuances of cross-cultural leadership, contrasting Western expectations of courage with Asian values of consistency and collectivism, before closing with a powerful personal story about moral bravery, perspective-taking, and empathy.
Get Adam's book, Inspire: The Universal Path for Leading Yourself and Others: https://adamgalinsky.com
00:00:00 - Introduction and the Science of Inspiration
00:01:32 - Navigating Negotiations, Power, and the Low-Power Double Bind
00:04:46 - The Leader Amplification Effect: Inspiring vs. Infuriating
00:06:25 - The Transformative Power of Reflection and State of Mind
00:15:02 - The Dangers of AI as a Sycophantic Butler
00:17:30 - The Three Pillars of Inspiration: Visionary, Exemplar, and Mentor
00:28:47 - The Importance of Perspective-Taking in Business and Politics
00:35:36 - Leaders vs. Managers: Structuring Vision and Empathy
00:37:42 - Cultural Nuances in Global Leadership: East vs. West
00:40:01 - A Personal Story of Moral Courage and Stewardship
Watch on YouTube: https://www.youtube.com/watch?v=MhVfGQ8iI7I&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/1JfK0JTaZWpz0bPXoXLD01
Keywords: Leadership Development, Organizational Psychology, Science of Inspiration, Cross-Cultural Leadership, Power and Status, Columbia Business School, INSEAD Singapore, Perspective-Taking, AI and Learning
"In times of crisis, Filipinos really show you where they want to go and what businesses our fund can invest in. This happened during COVID with the rapid digitization of the country. Now, this recent energy crisis has led to an EV boom and really pushed the drive for renewable energy in the Philippines."
"We're one of the largest nickel producers in the world, which is critical for batteries, but right now we literally just mine it out of the earth and export it raw. The real value comes when you process these minerals. Initiatives like Pax Silica aim to create onshore processing, allowing us to export much higher-value materials."
"The EV shift in the Philippines is real. What's crazy is that this rapid adoption is happening despite the fact that our local infrastructure for electric vehicles is still developing. It shows how quickly consumers can adapt, pushing the entire country toward renewable energy and solar solutions."
In this episode, Jeremy Au and Franco Varona discuss the rapid economic and technological shifts in the Philippines driven by recent global energy dynamics. They explore the unexpected 300% surge in local electric vehicle (EV) sales, the rise of solar panel adoption among everyday consumers, and the structural challenges facing the Philippine power grid. Franco also breaks down recent dramatic political shifts in the Philippine Senate and explains what they mean for the local startup ecosystem. Finally, they analyze the strategic implications of the newly signed "Pax Silica" agreement and the Luzon Economic Corridor, highlighting the massive opportunity for the Philippines to move up the value chain in semiconductor manufacturing and rare earth mineral processing.
00:00 - Introduction & Manila's Infrastructure Development
03:45 - The Global Energy Crisis & The Philippine EV Boom
09:00 - The Rise of Chinese EV Brands in Southeast Asia
13:30 - Comparing EV Adoption: The Philippines vs. Malaysia
16:20 - Summer Heatwaves & Power Grid Challenges in Manila
19:30 - The Consumer Shift Towards Solar Energy
20:50 - Navigating Wild Political Shifts in the Philippine Senate
25:20 - Leadership Changes & The Innovative Startup Act
27:25 - Unpacking "Pax Silica" & The Luzon Economic Corridor
31:30 - Moving Up the Semiconductor & Mineral Processing Value Chain
Watch on YouTube: https://www.youtube.com/watch?v=VtTIUFMSvkE&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/1yjAwLEcvDueQLgEzMy6Z5
Keywords: Philippines Startup Ecosystem, Electric Vehicles (EV) Southeast Asia, Pax Silica Philippines, Semiconductor Manufacturing Asia, Renewable Energy Philippines, Luzon Economic Corridor, Philippine Senate Politics, Rare Earth Mineral Processing, BYD Asia Adoption, Foxmont Capital Partners
"In 10 years, money will definitely be a complete commodity. What is going to be a true differentiator is what that VC can bring to the table other than money—in terms of support and having their own agentic AI support that can be tapped into the portfolio company's fleet of AI." - Dušan Stojanović
"Payments has always been the first mover when it comes to financial services innovation. If you look at payments today and the agentic AI economy, you're potentially looking at having an agent doing things for you and then paying for it. You want it to prepare the payment and look for what you want, but you still want to have the human in the loop to authorize that payment." - Dušan Stojanović
"Animoca Brands has actually received its stablecoin license in Hong Kong, which is linked to the Hong Kong dollar. That is a first mover for a regulated, licensed stablecoin in Asia, which makes it unique. The focus is really on regional trade, having stablecoins replacing or being a complementary solution to the big trade flows, not only in the Asian region but also globally." - Dušan Stojanović
Dušan Stojanović, founder of True Global Ventures (TGV), joins Jeremy Au to discuss the massive convergence of AI, stablecoins, and the future of venture capital. Dušan shares his incredible journey from building one of the world's first internet banks (Monabanq) in the early 2000s to achieving three exits in ten days as an angel investor.
He breaks down the significance of Animoca Brands securing a regulated stablecoin license in Hong Kong and how this will revolutionize regional B2B trade flows. Dušan also outlines his vision for the "agentic AI economy," predicting that AI-driven transactions will soon capture a massive share of global payments. Finally, they explore how AI agents are already disrupting software development and due diligence, and why venture capital money will become a pure commodity within the next decade.
00:00:00 - Introduction & Dušan’s Entrepreneurial Journey
00:05:15 - The Transition from Founder to Angel Investor
00:07:25 - The 25-75 Rule: How VCs Should Actually Add Value
00:10:00 - Navigating Startup Struggles and Internal M&A
00:13:10 - Animoca Brands & Hong Kong’s Stablecoin License
00:16:45 - The Intersection of Blockchain and AI Payments
00:22:15 - The Rapid Rise of the Agentic AI Economy
00:24:50 - AI's Impact on Open Source Coding & Developer Productivity
00:28:15 - How AI Agents Will Disrupt Venture Capital Decision-Making
00:34:10 - A Personal Story of Bravery and Overambitious Visions
Watch on YouTube: https://youtu.be/PCIiDi7hD6A
Listen on Spotify: https://open.spotify.com/episode/6pp71QnITlC8iLurCl5VRr
Keywords: Venture Capital, Agentic AI, Stablecoins, Hong Kong Crypto License, B2B Payments, Southeast Asia Tech, Founder to Investor
"Motivation is a triangle: you need to know the behavior (what to do), the benefit (why you're doing it), and most importantly, the belief. If you don't have all three, you won't do the behavior, even if you know exactly what to do." - Nir Eyal
"The number one reason we don't accomplish our goals is because we quit. Why do we quit? Because it hurts. It hurts because we haven't separated pain from suffering. Pain is just a signal—it's data. Suffering is your interpretation of that information." - Nir Eyal
"Singapore is the best-selling country for the book right now, partially because the book is a love letter to Singapore. There are a lot of chapters in the book that could have only been written and been written about in Singapore." - Nir Eyal
Nir Eyal, bestselling author of Hooked and Indistractable, joins Jeremy Au to discuss the core concepts of his newest book, Beyond Belief. They explore the profound difference between limiting and liberating beliefs, breaking down why having access to infinite information is no longer enough to drive meaningful behavioral change. Nir explains the science behind mental contrasting, how to separate physical pain from psychological suffering, and why popular concepts like "manifesting" often backfire. In a transparent, live coaching segment, Nir workshops Jeremy’s personal limiting beliefs around exercise, demonstrating how reframing deeply ingrained obligations into joyful, self-directed pursuits can unlock sustained motivation.
Grab Nir Eyal's new book Beyond Belief, plus Hooked and Indistractable, at https://www.nirandfar.com
00:00:00 - The Evolution from Hooked to Indistractable to Beyond Belief
00:08:40 - Why Information Isn't Enough: The Motivation Triangle
00:11:49 - Defining Beliefs vs. Facts and Faith
00:13:20 - The Danger of Manifesting and the Power of Mental Contrasting
00:16:56 - Separating Pain from Suffering to Achieve Goals
00:24:07 - Recognizing Your Hidden Limiting Beliefs
00:28:28 - Live Workshop: Unpacking Jeremy's Beliefs on Exercise
00:36:20 - Shifting from Obligation to Liberating Beliefs
00:41:35 - The Four Questions to Challenge Limiting Beliefs
00:50:20 - Choosing Lenses and Beliefs That Serve You
Watch on YouTube: https://www.youtube.com/watch?v=4eM2OOMyruA&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/7BeN755lkpmkRgHMMIopJT
Keywords: Beyond Belief, Limiting Beliefs, Behavioral Psychology, Mental Contrasting, Habit Formation, Personal Development, Motivation Triangle, Hooked, Indistractable, Tech Leaders Southeast Asia, Singapore Startups
"Everything works so well here that people don't have to think very hard as they go through life. There's no survival mentality, no grit, no sharp problem-solving skills born out of the need to solve a gazillion problems a day. While this efficiency should hypothetically give you more focus on building a business, it often numbs and dulls the problem-solving and disruptive mindset."
"When we talk about great startup hubs, we're mostly thinking about San Francisco. Not being a great startup hub doesn't mean you're not a great financial hub or business hub. Singapore is obviously a great APAC hub for large MNCs and AI labs. The danger is simply when you get trapped thinking about Singapore as your only market, or when you build a business that is too specific to Singapore's unique environment."
"As I paid my Singapore taxes last weekend, I realized Singapore would never be a great startup hub because everything just works too well here. It takes less than five minutes to file my taxes via Singpass—a process that would cost thousands of dollars and hours in the US. Ride-hailing and micro-mobility are naturally capped because of our great public transportation, and healthcare here is so affordable that you don't even think about using AI to navigate the system like you have to in America."
In this episode, Jeremy Au and Adriel Yong dive deep into a viral tweet that sparked a major debate across the Southeast Asian tech ecosystem: Does Singapore’s hyper-efficiency stifle its potential to become a world-class startup hub? Adriel expands on his controversial "shower thought," explaining how a friction-free life characterized by seamless tax filings, affordable healthcare, and pristine public transit, can inadvertently dull the raw survival instinct and grit that drive necessity-based innovation.
Jeremy and Adriel contrast Singapore's high-functioning public sector with the market failures of the United States, where systemic friction fuels massive private-sector opportunities in EdTech, FinTech, and HealthTech. They tackle the regional market-size debate, analyze successful counterpoints like Israel and Estonia, and discuss how Singapore can cultivate more global-first, resilient entrepreneurs without breaking the public systems that give its citizens an unparalleled quality of life.
00:00 "Singapore would never be a great startup hub"
00:42 The Tweet That Sparked a Tech Twitter Flame War
03:30 Does a 5 Million Market Cap Your Upside?
07:20 How Comfort Dulls the Founder Mindset
08:45 Edtech, Schools and Why Disruption Is Hard Here
13:55 Temasek, Family Wealth and the Equity Culture Gap
17:55 Why Founders Get Rich Abroad and Settle Here
20:55 The Fix: Send Every Student Overseas
27:00 Boring Politics, High Trust and the US-Singapore Flow
33:21 Final Takeaways for Founders
Watch on YouTube: https://www.youtube.com/watch?v=eOimzcac29w&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/6HhaCGbVSqoVhaQd64Eh4D
Keywords: Singapore startup ecosystem, Southeast Asia tech, venture capital Singapore, Singapore taxes Singpass, tech innovation, global founders, Silicon Valley vs Singapore, EdTech market, market size constraint, entrepreneurship grit, GovTech Singapore, global-first startups, APAC business hub
"At some point in time, the people who own capital need to actually wake up. If you do not start having these conversations, people will come for the people that protect your capital, which is the bureaucracy and the incumbent parties of the world. Singapore has done a phenomenal job at curtailing the excess of capitalism until recent years, but trying to pretend that the role of capital doesn't need to do more for society is not going to cut it."
"Growing up with no money is the best teacher. You just don't know how to have airs. The system itself requires a high level of competition. Team one will never be ready unless team two and team three are pushing them. It's easy for people in positions of material success or comfort to say, 'Let's not rock the boat too much.' But for some people out there, they just don't feel that we are on the same boat. It shouldn't be a default that you decide not to run. If this is where it calls for you, it just calls for you."
"In the past, our parents' generation had seven or eight siblings because they paid off their flats in five to ten years. Today, you are taking 30-year loans on the premise that you might have 30-year incomes. You cannot capitalize properties so much to the point that the basic cost of just being a family and having a place to stay with kids becomes a struggle. The state has taken the decision freedom from you because time is an opportunity cost; they capitalize that time, take it out, and put it in the BTO flat system."
Jeremy Tan, former politician and tech entrepreneur, joins Jeremy Au and Shiyan Koh to discuss his unexpected journey into Singaporean politics and his campaign for the Mountbatten SMC. Jeremy shares his candid reflections on the intense public scrutiny politicians face, the "meta" of modern political campaigning, and why relying on traditional on-the-ground tactics is no longer enough in an AI-driven era.
The trio dives deep into the pressing concerns of Singapore's middle class, specifically examining how the hyper-capitalization of HDB public housing is directly suppressing the Total Fertility Rate (TFR) by locking young couples into rigid timelines and financial debt. Jeremy also unpacks his provocative policy ideas, including abolishing primary school affiliations to reduce parental anxiety and creating state-matched baby equity accounts to give the next generation a compounding financial head start. Finally, he issues a stark warning about the widening wealth gap, urging capital owners to engage in solving systemic inequalities before the social fabric frays.
00:00 Running for Office: Jeremy Tan’s background and his fundamental motivations for stepping into Singaporean politics.
04:14 The Cost of Public Life: Why talented Singaporeans avoid politics, the fear of public scrutiny, and the risk of rocking the boat.
09:40 The New Political Meta: Navigating campaigns in the AI era, zero-knowledge voting, and the danger of leveraging negative sentiment.
16:00 Election Night Realities: Reflections on losing the Mountbatten SMC race, median voter theory, and the formidable nature of the incumbent party.
23:25 Opposition Strategy: Why political parties should focus their resources on Single Member Constituencies (SMCs) to build credibility.
27:30 The Fertility Rate Crisis: How the capitalization of HDB/BTO housing is delaying marriages and deeply impacting Singapore's TFR.
31:54 Rethinking Education: The fallacy of "good" primary schools, the argument for abolishing the affiliation system, and mitigating parental stress.
43:20 Baby Equity Accounts: A proposal for state-matched CPF investment funds to compound wealth for the next generation.
46:30 The Excesses of Capitalism: A warning about the growing wealth gap and the urgent need for capital owners to support the broader society.
50:45 Conclusion: Shiyan and Jeremy Au reflect on Jeremy Tan’s authenticity and his refreshing "just do the thing" mentality.
Watch on YouTube: https://www.youtube.com/watch?v=HozIe9Avosk&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/5pevCWPOC3XnpUcOZoFt4l
Keywords: Singapore Politics, HDB Housing Policy, Total Fertility Rate (TFR) Singapore, Singapore General Election, Mountbatten SMC, Public Housing Capitalization, Primary School Affiliation, Wealth Gap Singapore, BTO Wait Times, Millennial Politicians
"Instead of looking at it as an against-all-odds underdog story, maybe the truth is that David simply chose to play to his strengths. He saw that Goliath was well-protected and armored, but recognized the shadow of that strength: he was slow and unable to react. David, meanwhile, used a slingshot that carried the kinetic energy of a pistol."
"Oatly was only invented in 1994 in Sweden. The fact that oat milk effectively became a billion-dollar category within 20 years, and is widely considered healthier than soy or cow's milk, is truly a testament to a startup's ability to go for the kill shot and build a billion-dollar category."
"At the start, every startup is like being in a jungle. You are lost, you have no idea where to go, and you need a machete. You do not know how to survive, and most likely, you will die along the way in the middle of that jungle."
In this episode, Jeremy Au reframes the classic David vs. Goliath story to explain how startups actually beat industry incumbents. The episode argues that David did not win against the odds: he consciously chose his strengths, namely speed, lightness, and a slingshot with the kinetic energy of a pistol, to overcome Goliath's heavy armor and shield. Modern startups follow the exact same playbook. Oatly, for example, leaned into rapid experimentation to build a billion-dollar oat milk category from nothing starting in 1994. The episode wraps with Harvard professor Jeffrey Bussgang's "Jungle, Dirt Road, Highway" framework for the startup lifecycle, using Jeff Bezos and Amazon as the prime example of a David deliberately evolving into a Goliath.
00:00 - The Geopolitical VC Split & "Reverse CFIUS"
02:00 - The Boom, Bust, and Impending SEA Startup Winter
03:21 - AI, The VC Power Law, and Talent Spotting
03:52 - Southeast Asia's Market Fragmentation
04:15 - Why Inefficiency is a Business Opportunity (Logistics & Fintech)
04:48 - The Global Capital Shift: USD Drop vs. RMB Rise
05:03 - Rethinking David & Goliath: How Startups Really Win
08:13 - Real-World Davids: The Rise of Oatly and Vapes
10:27 - The Startup Lifecycle: Jungle, Dirt Road, Highway
11:30 - From Startup to Goliath: The Evolution of Amazon
Watch on YouTube: https://www.youtube.com/watch?v=5_NGXAsZm6Y&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/7bt4qxel8NXgyG0pDcOO9z
Keywords: Startup Fundamentals, Category Creation, Startup Lifecycle Framework, David vs Goliath Strategy, Oatly Business Strategy, Jungle Dirt Road Highway, Jeffrey Bussgang, Jeff Bezos Amazon Evolution, Startup Kill Shot, Startup Growth Stages
"Everything in business is 80% psychology and 20% skill. But when I look at it today with AI, it suddenly becomes 99% psychology and 1% skill. Because the skill is just being able to tell yourself, 'I don't know how to do it, but I'm going to ask the AI.' You need more humility."
"What this dynamic creates is something you can think of as the Hollywoodization of the workplace. In Hollywood, stars get a huge amount of money, while the extras who were getting very little are now not even there anymore. In the office, some jobs are being deleted, whereas the stars that are able to use AI to supercharge their productivity are rewarded more."
"The Singapore budget leans heavily into AI, acknowledging that the government needs to step in. It's not just about upskilling; it's an effort to make 100,000 people fluent in using AI. I think this is fantastic compared to other countries because there's a deliberate effort to make the workforce more effective using this technology."
Ori Sasson, founder of a Singapore-based software development firm, joins Jeremy Au to discuss the profound impact of AI on job security, productivity, and the global workforce. They explore the concept of the "Hollywoodization of the workplace," where highly motivated, AI-fluent "stars" command outsized value while entry-level "extras" face displacement.
Ori explains how embracing AI requires a fundamental mindset shift, arguing that modern success is now 99% psychology and 1% technical skill. The conversation also contrasts how different global ecosystems—specifically Singapore, the US, and Israel—are handling AI policy and upskilling, and debates how education and employer-employee incentives must evolve to share the immense productivity gains generated by artificial intelligence.
00:00 - Introduction to Ori Sasson and the varied impact of AI on different job sectors.
03:02 - Why early adoption of AI creates a widening productivity gap between companies.
05:39 - The verification tax: Why fear of letting go limits the true potential of AI tools.
10:10 - Redesigning roles: How product managers are becoming "LLM wrappers."
14:21 - The shift from 80% psychology in business to 99% psychology in the age of AI.
15:25 - The "Hollywoodization" of the workplace and the disappearing entry-level job.
19:04 - Rethinking employer-employee incentives and sharing the financial gains of AI productivity.
24:37 - The rise of the solopreneur and building AI-native businesses from scratch.
29:12 - How AI will transform professional services, law firms, and billable hours.
34:16 - Global AI policy: Comparing Singapore's proactive upskilling approach with the US and Israel.
Watch on YouTube: https://www.youtube.com/watch?v=axxDAQvqtF0&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/2YPBw3v8QE9CS994bfcyXr
Keywords: AI in the Workplace, Future of Work, AI Productivity, Singapore Tech Policy, Job Displacement, LLM Adoption, Tech Startups Southeast Asia, AI Upskilling
"Grab and Gojek were founded by Anthony Tan and Nadiem... all of them were in America, using Uber. Instead of saying, 'Why can't Singapore and these countries have ride-hailing like America?' they flipped it and said, 'This is a time travel machine. Southeast Asia is ripe for ride-hailing as well.' They took that category, copied, and localized it into Southeast Asia." - Jeremy Au
"Technologies stack on one another and enable new technologies to be built. It's important for countries not to leapfrog, but to be thoughtful about where they are in that technology stack. A good example would be: you can't have ride-hailing if people don't have cell phones, data equipment, and wireless internet." - Jeremy Au
"Southeast Asia and India are struggling to build large language models. First of all, we have different languages—English is not the same as Thai versus Vietnamese versus Filipino. The material, market sizes, and GDP per capita are all disaggregated. It makes it very hard to train AI every day compared to the American or Chinese ecosystems." - Jeremy Au
In this episode, Jeremy Au dives into the Southeast Asia unicorn landscape and explores Asia Partners' thesis that the region is entering a "golden age" of technology. Break down the concept of the "technology stack" and explain why startups cannot simply leapfrog essential infrastructure, using the early days of Grab and Gojek as prime examples of localization and "time machine" entrepreneurship. The discussion also unpacks the three major market archetypes in the region, Indonesia's massive single-market play, Singapore's lightweight regional expansion, and Vietnam's conglomerate approach. Finally, we examine the structural hurdles Southeast Asia faces in the global AI race, from fragmented languages to disaggregated data pools.
00:00 - The Southeast Asia Unicorn Landscape & Power Law
01:13 - Asia Partners' Thesis: Is Southeast Asia Entering a Golden Age?
03:38 - The Technology Tree: Why Countries Can't Leapfrog Infrastructure
06:21 - The "Time Machine" Strategy: Localizing US and Chinese IPOs
09:07 - The Danger of Time Traveling Too Far (e.g., Open Banking in Indonesia)
10:29 - VC Strategies: Regional Funds vs. Country-Specific Focus
12:37 - Southeast Asia Market Archetypes: Indonesia, Singapore, and Vietnam
16:23 - Evaluating Tech and Engineering Talent Across Southeast Asia
18:44 - Aligning Startup Ambitions with Local Country Infrastructure
23:59 - The Structural Challenges of Building AI and LLMs in Southeast Asia
Watch on YouTube: https://www.youtube.com/watch?v=WU10Es8UJWc&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/48tXkJPCizWO9xrQS8CKI4
Keywords: Southeast Asia Startups, Venture Capital Southeast Asia, Southeast Asia Unicorns, Tech Ecosystem Asia, Grab and Gojek, Artificial Intelligence Southeast Asia, Large Language Models (LLMs), Technology Stack, Asia Partners Thesis, Tech Talent Migration
"One of the biggest myths in the world is that ruthless, exploitative, and anti-human business practices are more profitable than the alternative. It is just not true." -Eric Ries
"Since 2008, companies that have been given a rating of bad governance have actually outperformed those rated as having good governance in the stock market. Even though these practices are carried out in the name of shareholder value, they are not actually in the material interests of the shareholders they purport to represent." -Eric Ries
"AI is an accelerant to both technology and consumer trends because now you can build in a month what used to take a year. However, as we harness this new power to amplify our creativity and reach, we are also amplifying our moral responsibility for the outcome." -Eric Ries
Eric Ries, renowned author of "The Lean Startup" and the new book “Incorruptible: Why Good Companies Go Bad... and How Great Companies Stay Great,” joins Jeremy Au to discuss the evolution of his entrepreneurial philosophy and his research on corporate governance. Eric shares the untold realities of scaling startup methodologies in the age of generative AI, where technological velocity meets high uncertainty. They delve into the hidden crisis of mission drift, exploring why successful founders often end up losing control of their company's core values and purpose.
Eric challenges the traditional "best practices" of venture capital and corporate governance, using compelling historical examples like Costco and Novo Nordisk to prove that mission-driven, human-centric business models consistently outlast and outperform ruthless exploitation. Finally, they unpack the critical need for alternative governance structures—such as purpose trusts and employee ownership—to build incorruptible organizations in an era of rapid institutional turnover.
00:00 - The Origins of "The Lean Startup"
04:30 - Crossing into the Mainstream Market
09:55 - Lean Startup Principles in the AI Era
12:45 - Why Successful Founders End Up Miserable
19:30 - Uncovering the Truth About Corporate Governance
26:15 - The Myth of the Exploitative Business Model
29:35 - Case Study: Costco vs. FedMart
34:00 - Novo Nordisk and Protecting the Founder's Mission
38:30 - The Future of Startups with Generative AI
41:00 - Fact-Checking with AI and Final Takeaways
Watch on YouTube: https://www.youtube.com/watch?v=8wihh7uYpRo&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/2KRvJ6xRmy3dXMESMrdRC1
Keywords: The Lean Startup, Startup Governance, AI in Entrepreneurship, Corporate Governance, Mission-Driven Business, Founder Advice, Alternative Business Structures
"It's important for you to observe what powerful people do, not what they say. There's often a very large gap between what is said versus what is unsaid. There's a very big difference between what people say in public versus what they say in private, one-on-one conversations without a recording device or camera on... everybody knows at some level that sacrifices had to be made." - Jeremy Au
"You need to own whatever it is. Own what you're good at, own what you're bad at. Own your discomfort. But don't be afraid of it. Don't be afraid of your strengths, your passions, or your weaknesses. Don't try to be that jack-of-all-trades who hopefully gets an A-minus in everything, just because that's what school wants you to do." - Jeremy Au
"Today, I'm back in Singapore, and I would say I'm a big fish in a small pond... There's no moral virtue to being a small fish in a big pond versus a big fish in a small pond. But I want you to be thoughtful about your career, because at some stages, you'll be a small fish in a big pond, and at others, you'll be the big fish in a small pond. Be comfortable seeing the situation for what it is and switching between those phases." - Jeremy Au
In this episode, Jeremy Au shares raw, unfiltered career advice, challenging the traditional self-help narratives often sold to young professionals. He unpacks why observing what powerful people do rather than what they say is crucial for navigating the business world. Drawing from his own experiences in Singapore and at Bain & Company, Jeremy dives into the strategic dynamics of being a "big fish in a small pond" versus a "small fish in a big pond." He also explores the critical balance between "outside-in" societal expectations and "inside-out" personal passions. Ultimately, Jeremy explains why actively choosing your own pain—while ruthlessly prioritizing your health and authentic relationships—is the foundation of a truly sustainable and fulfilling career.
00:00 – The Illusion of Self-Help and Success
00:52 – Own Your Power and Quirks
02:13 – Big Fish vs. Small Fish in the Career Pond
03:56 – "Outside-In" Expectations vs. "Inside-Out" Motivations
05:05 – Lessons from Bain & Company: Finding the Right Fit
06:44 – Prioritizing Health, Relationships, and Choosing Your Pain
08:34 – Conclusion and Outro
Watch on YouTube: https://www.youtube.com/watch?v=egqxCAjVBCY&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/6KGX0z19KlR4jaXOQb5cTV
Keywords: Career Development, Singapore Business, Professional Growth, Bain & Company, Leadership Advice, Mental Health in Tech, Work-Life Balance, Southeast Asia Tech
"Without telling the board, we took some capital out. Most of our team is ex-space, so we gave them extra beer and pizza and said, 'Look, you have this much money. Let's get to space, and then if we are successful, everyone will be happy and no one will say anything.' Taking an insane risk mentality is absolutely critical to success." - Rohit Jha, Co-founder and CEO of Transcelestial
"The bottleneck is not the connectivity at the city level, but the connectivity between data centers sitting in different countries or continents. What we are now building is essentially an undersea cable replacement. We are putting 40 satellites around the equator, forming a ring that provides connectivity of a terabyte per second, moving internet and cloud capabilities directly to orbit." - Rohit Jha, Co-founder and CEO of Transcelestial
"You have had a space company like Starlink launch and become ten times bigger than the biggest telco in the world. Telcos, like power grids, will remain nationalistic as long as nations exist because they route sensitive information tied to national security. However, they are now forced to adopt the space domain organically to provide better latency and lower costs." - Rohit Jha, Co-founder and CEO of Transcelestial
Rohit Jha, Co-founder and CEO of Transcelestial, joins Jeremy Au to discuss the future of global connectivity through laser communications. They unpack how Transcelestial is building an orbital ring of satellites to effectively replace traditional undersea cables and move cloud capabilities directly into space.
Rohit breaks down the strategic difference between Transcelestial's high-bandwidth laser network and radio-frequency solutions like SpaceX’s Starlink, explaining why partnering with national telcos is more sustainable than competing against them. Finally, Rohit shares a wild personal story about fending off muggers in Germany, drawing parallels to the brave, risk-taking mentality that led his team to secretly launch their space division.
00:00 - Sneaking capital to launch a space division
01:13 - Introduction to Transcelestial and laser internet
03:39 - From investment banking to understanding global networks
05:39 - Iterating product-market fit with terrestrial telcos
07:35 - How laser technology differs from SpaceX and Starlink
10:54 - Building an orbital ring to replace undersea cables
14:54 - The future of physical telcos in the age of space internet
19:14 - Why telcos prefer partnering over competing with space giants
26:04 - A personal story of bravery: Fighting muggers in Germany
28:46 - Why taking calculated risks is critical for multi-planetary goals
Watch on YouTube: https://youtu.be/VoQXHJnLV04
Listen on Spotify: https://open.spotify.com/episode/41mKqnvXUsF1h9JOSIJ1Ox
Keywords: Space Tech, Laser Communications, Satellite Internet, Telecommunications, Undersea Cable Replacement, SpaceX Starlink Alternative, Southeast Asia Deep Tech
"When you have two powers who have a deep mutual suspicion of each other, and a meeting doesn't escalate any of the tensions or cause the relationship to deteriorate, both parties will reiterate their bottom lines. Having those cards clearly laid out is already a success because policymakers on both sides do not have the illusion that the relationship will be smooth sailing for the next decade. What they want is to make sure that both parties still talk and things do not go for the worse." - Jianggan Li
"The DeepSeek and ByteDance founders are dedicating essentially 100% of their time and money into AI research, and they are engineers by training, deeply involved in the process. That's the key difference between them and other large Chinese companies trying to build AI. By leveraging engineering capabilities and hard work, sooner or later they figure out a way to deliver top-notch AI models in a very cost-efficient way." - Jianggan Li
"NVIDIA used to have a monopoly of 95% of the Chinese market, and now they have less than 10%. The American theory that the Chinese industry could not catch up to American chips and quickly create a domestic supply chain has been proven untrue in reality. If we didn't have the export ban, America would continue to have massive economies of scale, but the ban forced researchers to use domestic chips, accelerating the evolution of China's own semiconductor industry." - Jeremy Au
In this episode, Jeremy Au and Jianggan Li unpack the geopolitical and economic ripples of the recent Trump-Xi summit in Beijing. Moving beyond the mainstream media headlines, they analyze the strategic optics of the leaders’ meetings at Zhongnanhai and the Temple of Heaven, and what it signals for avoiding the "Thucydides Trap."
The conversation pivots to the intense technological rivalry between the US and China, focusing heavily on semiconductors and artificial intelligence. Jeremy and Jianggan discuss how US export bans inadvertently accelerated China's domestic chip manufacturing, eroding NVIDIA's market share in the region. They also explore the rise of highly cost-efficient Chinese AI models like DeepSeek, the shifting strategies of multinational CEOs like Elon Musk and Jensen Huang, and why modern cross-border startup founders are increasingly choosing international markets to escape China's cutthroat domestic competition.
00:00 - Introduction & The Geopolitical Stakes of the Trump-Xi Summit
03:45 - Key Political Figures & Creative Diplomacy to Bypass Sanctions
06:25 - The Thucydides Trap: Framing the Rising vs. Ruling Power Dynamic
12:10 - Strategic Optics at Zhongnanhai and the Temple of Heaven
16:45 - Business Delegations, Boeing Deals, and Elon Musk’s Position in China
19:05 - Jensen Huang, AI Chips, and Reevaluating the Semiconductor Export Ban
21:50 - Why Tech Founders Are Choosing International Markets Over China
23:10 - The Rise of DeepSeek and China's Cost-Efficient AI Strategy
28:00 - How US Export Controls Accelerated China's Domestic Chip Production
33:05 - The Future of US-China Relations Under Trump and Xi
Watch on Youtube: https://www.youtube.com/watch?v=eNrDgq6d6Zg&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/7dvBW4P3O8oBF9efHPLH99
Keywords: US-China Relations, Semiconductor Export Ban, AI Chips, Trump-Xi Summit, DeepSeek AI, Geopolitics and Tech, Nvidia China Market, Southeast Asia Tech Ecosystem, Cross-border Startups, Global Tech Supply Chain
"Nothing we did in China we knew. Nothing I did in Uber I knew how to do before. But I literally went in, like, 'Give me an hour or two, let me go learn it.' I learned the growth mindset in consulting... I realized that it's actually not rocket science for a lot of these things. You can actually learn it." - Wen-Szu Lin, Author
"Something is going to go wrong, and you can really take it as, 'Oh, this sucks,' or you can be like, 'Oh, you know what? That's a good learning moment.' There are three things I always ask our talent acquisition team to look for: hard work, a positive mindset, and a growth mindset." - Wen-Szu Lin, Author
"I was the first person internationally to get hired into Community Operations. As Uber kept scaling, other teams asked us to help do operational work, so we started taking up back-office operations. We just kept growing organically across Asia to teams of thousands. It became one of the largest teams at Uber that no one has ever heard of." - Wen-Szu Lin, Author
Wen-Szu Lin joins Jeremy Au to discuss his unconventional career path from IT consulting in the US to navigating the complex entrepreneurial landscape in China, and eventually building a massive internal organization at Uber. He shares the harsh realities and costly lessons of trying to scale an Auntie Anne's pretzel franchise in Beijing right around the 2008 Olympics. Together, they delve into why Western food and beverage concepts often struggle in Asian markets, the nuances of adapting to local consumer habits, and the logistical nightmares of setting up physical retail spaces.
Wen-Szu also explains how his string of entrepreneurial "failures" equipped him with the resilience and growth mindset needed to build Uber's Community Operations across Asia from scratch. Finally, he shares key insights from his books, The China Twist and Deliver, emphasizing why hard work, clear thinking, and the ability to learn on the fly are the ultimate career hacks for tech leaders and founders alike.
Check out Wen-Szu Lin’s books The China Twist and Deliver: The untaught lessons to growth hack your career at www.wenszulin.com
00:00 - Introduction to Wen-Szu Lin
01:47 - From US Consulting to Entrepreneurship in Asia
04:48 - Securing the Auntie Anne's Master Franchise Deal
09:55 - The Realities of Doing Business in 2008 Beijing
15:20 - Why the Pretzel Franchise Ultimately Failed in China
20:45 - Winding Down the Business and Pivoting to the Philippines
22:07 - Writing "The China Twist" to Process Failure
24:45 - Building Uber's Community Operations in Asia
27:54 - Writing "Deliver" and Growth Hacking Your Career
30:52 - The Three Key Traits of Successful Tech Talent
Watch on YouTube: https://youtu.be/BHTvqHl3Jn4
Listen on Spotify: https://www.youtube.com/watch?v=BHTvqHl3Jn4&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Keywords: Startup Failure, Uber Asia, China Market Entry, Growth Mindset, Franchise Business Operations, Tech Leadership, Career Development, Food and Beverage (F&B) Asia, Community Operations
"When you come to understand that the world is not fair and is not easy, I want to remind you to pick your battles. I want you to play the sports where you have an unfair advantage. It's okay to be unfair. If you love carbon and you love accounting, and nobody else loves carbon or accounting, congratulations—you have an unfair advantage for a job that nobody else wants. Play to where it's unfairly to your advantage."
"Communicating is about persuading someone to do something, especially to buy something. I want to contrast that with the market, which is really about listening. The best people in marketing are those who are equally good at listening to the market and articulating that market truth back into the market to make it real. When you can do both sides of it—the yin and yang of the market and the marketing—you will be truly effective."
"Startup land is very much about 'founder-problem fit'—does the founder truly care about the problem they are solving? Being able to understand that match is crucial. When you are assessing a founding team, you need to understand whether they are willing to go through all the pain and struggles of actually building the company, because building a startup is not easy."
In this episode, Jeremy Au dives into the realities of building a successful career and startup by mastering the "yin and yang" of marketing and understanding founder-problem fit. Sharing his deeply personal motivation for working in the cancer diagnostics space, Jeremy illustrates why finding a strong "why" is essential for enduring the inevitable hardships of entrepreneurship. He also challenges the fairytale narrative of a fair world, urging listeners to have the courage to do good while strategically playing to their unique, unfair advantages in business and life.
00:00 The Yin and Yang of Marketing: Balancing Listening and Persuading
01:09 Founder-Problem Fit: Assessing a Founding Team's Motivation
02:07 Finding Your "Why": A Personal Mission in Cancer Diagnostics
04:13 Breaking the Fairytale: The Courage to Be Good in an Unfair World
06:47 Play to Your Unfair Advantages: Picking Your Battles Strategically
Watch on YouTube: https://www.youtube.com/watch?v=YdHgfkzIie8&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/7oysgzH5qOrda8sMF21xkC
Keywords: Founder-Problem Fit, Unfair Advantage, Startup Founding Team, Marketing Strategy, Career Advice, Resilience in Entrepreneurship, Cancer Diagnostics Healthtech, Market Listening
"As an experienced founder, it feels like you've got a superpower because you're a product builder. So a lot of the lessons that you learned before, those standards, the principles that you've learned in guiding the technology, the AI, it's crazy easy. It's almost like cheating, but it only feels that way when you've been in it for years." - Jay Fajardo, CEO of BetterClinic
"When the action is really heating up, you participate, you build stuff, and then later it stabilizes and you start doing ecosystem work. It's AI that's driving a lot of the disruption today. It's giving a new context for builders and founders to build in. There's so much opportunity to change the way of doing things in different verticals. That's why I decided to build again... it's founder mode back, it's like I can't miss this." - Jay Fajardo, CEO of BetterClinic
"Everybody says there's BPO, there's business process, financial analysis, medical analysis. But you can tell it can be replaced already. So there's a threat. It's a big threat. I'm not sure what the solution is, but for sure it's coming. And it's going to impact not just that industry, because that industry is fueling an ecosystem around it—real estate, retail. So that's actually a thing we have to watch out for." - Jay Fajardo, CEO of BetterClinic
Jay Fajardo, serial entrepreneur and CEO of BetterClinic, joins Jeremy Au to share why he returned to "founder mode" at age 58 to build in the AI era. He discusses his new venture, BetterClinic, an AI-powered ambient scribe designed to eliminate the notorious "pajama time" for doctors by reducing administrative work from 40% to 10%. They explore the rise of the solo founder driven by modern AI tools, the hybrid prosumer go-to-market strategies tailored for Southeast Asian healthcare, and the looming economic threat AI poses to the Philippine BPO industry.
00:00 - The Return to Founder Mode: Why the current AI technology wave compelled Jay to transition from ecosystem builder back to a startup founder.
03:50 - The Experienced Founder's Cheat Code: How decades of product building knowledge make navigating and executing AI startups significantly easier.
05:09 - Solving Real Healthcare Pain Points: Moving beyond scheduling apps that amplify issues to using AI to genuinely improve clinical workflows.
08:43 - Eliminating "Pajama Time": Leveraging ambient AI scribes to automate medical notes, insurance claims, and certificates, cutting doctor admin time by up to 75%.
10:35 - A Hybrid Go-To-Market Strategy: Using a mobile-first, prosumer approach to bypass rigid enterprise healthcare systems and directly empower doctors.
12:40 - Regional Healthcare Nuances: Navigating the structural and commercial differences between medical practices in the Philippines, Malaysia, and Singapore.
14:52 - The Solo Founder Movement: How AI and cloud tools are lowering the barrier for solo founders, mitigating the traditional VC risk of co-founder breakups.
20:00 - The Future of Medical AI: Predictions on personal medical advisors, autonomous health diagnosis, and the integration of spatial AI in surgery.
22:50 - The Threat to the Philippine BPO Sector: Analyzing how AI's rapid advancement in voice support and data analysis threatens the broader local economy.
Watch on YouTube: https://www.youtube.com/watch?v=sIOCY_LtObM&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/5cuHb44UQE1WkDob2FryGY
Keywords: AI in Healthcare, Philippine Startup Ecosystem, Serial Founder, BPO Industry AI Threat, Healthtech Southeast Asia, Solo Founder Dynamics, Medical Workflow Automation, Proptech and Telemedicine, Prosumer Go-To-Market
"What's beginning to come up among VC investors, particularly in the UAE, is how they can integrate defense and security into their mandates. In the past, we saw a lot of B2C and B2B businesses riding on consumer-focused trends. Now, defense and security are a huge part of the equation because even the UAE, the safe haven of the Middle East, could get attacked. There has definitely been a shift in that part of the psyche." - Kristie Neo, Asia Editor at PitchBook
"A lot of VCs are advising their portfolio companies to start ramping up their cash runways now. If it used to be 12 to 18 months, they are now pushing for 24 months or more. We just don't know how long this conflict is going to last, and while VCs have dry powder to deploy, they themselves cannot be certain if it will be enough to sustain their ecosystems." - Kristie Neo, Asia Editor at PitchBook
"For Asia, we are unfortunately highly dependent on oil imports, with the exception of Malaysia as a net oil exporter. This means inflationary effects are going to keep going up through the roof. If you are in the Philippines, you may not get a steady electricity supply, and food and energy prices are going to rise. The longer this goes on, the worse it's going to get." - Kristie Neo, Asia Editor at PitchBook
Kristie Neo, Asia Editor at PitchBook, joins Jeremy Au to discuss the profound geopolitical and economic ripple effects of the ongoing Middle East conflict on Southeast Asia and the global venture capital landscape.
They unpack how the crisis is driving a surge in inflation, energy insecurity, and a renewed focus on renewable energy, recycling, and even nuclear power across ASEAN nations. Kristie shares insider perspectives from the UAE on how Middle Eastern VCs are shifting their investment mandates toward defense and security tech, while actively advising portfolio companies to extend cash runways beyond 24 months. Finally, they explore what these global shifts mean for Singapore’s standing as a safe-haven financial hub, the potential influx of diversified capital, and the urgent need to develop a homegrown defense and dual-use tech ecosystem.
00:00 - Introduction & Kristie Neo’s New Role at PitchBook
03:30 - The Middle East Crisis & Global Energy Shockwaves
06:40 - How War is Shifting VC Mandates to Defense Tech
08:00 - Extending Startup Cash Runways in Times of Uncertainty
09:30 - Southeast Asia’s Inflation & Energy Vulnerabilities
12:30 - The Accelerating Demand for Renewable & Nuclear Energy
16:00 - Fundraising Challenges for Southeast Asian Startups
18:40 - Middle East Resilience & Capital Diversification
22:50 - Singapore’s Position as a Safe Haven Hub
25:00 - The Rise of Dual-Use & Defense Tech in Singapore
Watch on YouTube: https://www.youtube.com/watch?v=mzniOidR2iQ&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/2kSmwzjo8AXsJvtS6Qnq21
Keywords: Venture Capital Asia, Southeast Asia Startups, Macroeconomics & Geopolitics, Defense Tech Ecosystem, Energy Security, Startup Cash Runway, PitchBook Private Markets, Middle East Investment, Singapore Safe Haven, Renewable Energy Transition
"When you don't have payroll for yourself except for enough gas money to get home, are you gonna continue? You really have to be honest with yourself first. The best information to help you know if you were born to do this... is literally having one-on-one, deep friendship conversations with your customer. Because without them, there's no tomorrow." - Dennis Velasco, Founder of Prosperna
"There's a significant trust factor gap here in the Philippines. You see providers fly in and fly out, think that the Philippines is easy, and in nine months they pack up their bags. You gotta be committed and be there regardless of the money... I am so committed to solving your problem and goal that I'm gonna help you until the end." - Dennis Velasco, Founder of Prosperna
"The Philippines is a great center and hub to build, deliver, and service globally. If we can stand up, meet, and exceed the expectations of Western markets, that would directly benefit Philippine companies." - Dennis Velasco, Founder of Prosperna
Dennis Velasco, Founder of Prosperna, joins Jeremy Au to discuss his bold journey of leaving a successful tech career in San Francisco to build a startup from the ground up in the Philippines. Dennis shares the personal and professional hurdles of relocating his family across the world, surviving the costly failure of two early ventures, and ultimately finding product-market fit with Prosperna's e-commerce platform right as the pandemic hit.
He unpacks the harsh realities of the Philippine SME market—highlighting the critical "trust factor gap," the necessity of deep customer commitment, and the challenges of adapting Western tech playbooks to local cultural nuances like the in-office mandate. Finally, Dennis reveals his vision for the future: why Southeast Asian founders should look to expand globally sooner, and how building to meet Western market standards can simultaneously elevate the local tech ecosystem and create better opportunities at home.
00:00 - Introduction
03:03 - Dennis's Career in San Francisco
06:33 - Why Return to the Philippines?
11:29 - Three Startups Before Prosperna
16:33 - Discovering the E-Commerce Opportunity
17:04 - Prosperna & the Pandemic Breakthrough
18:32 - Why Build in the Philippines vs. Elsewhere?
22:36 - What SMEs in the Philippines Need
25:53 - Adapting a Western Playbook to the Philippines
35:44 - Go Global Sooner: Lessons & Vision
Watch on YouTube: https://www.youtube.com/watch?v=xVw0B8m3eN4&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/3TsXs4CPGkBC1yuMTw0KkB
Keywords: Philippines Startups, E-commerce Southeast Asia, Tech in the Philippines, SME Digitization, B2B SaaS Asia, Founder Journey, Global Tech Hubs
"When you find out that somebody has a number one problem, you line up your focus, energy, and attention. Then you can design a product that's 10x better against that one problem. And when you are 10x better, you can afford to be 10x better, 10x faster, or 10x cheaper. Never be ashamed if you can deliver a product 10x cheaper or 10x faster than somebody else. Be proud of it." - Jeremy Au
"Every startup will go through three different phases: the jungle, the dirt road, and the highway. The jungle is when they're lost and trying to figure out product-market fit. The dirt road is when they have a thesis and are starting to execute. The highway is when they know what they want to do and become a machine at growing as fast as they can." - Jeremy Au
"There's a thesis for a Golden Age for Southeast Asia, which is that Southeast Asia is in a place where people are trying to build these companies, the people are becoming rich enough to go on the internet, and there is a structural approach to make things happen by learning from other countries." - Jeremy Au
In this episode, Jeremy Au dives into the stark realities of the startup ecosystem, likening the founder's journey to a 1-in-40 gamble. He breaks down the "David vs. Goliath" slingshot strategy, explaining how emerging startups can leverage focus and agility against well-armored industry giants. Jeremy explores the three critical phases of startup growth, the jungle, the dirt road, and the highway, and emphasizes why solving a customer's number one problem 10x better, faster, or cheaper is essential for survival. He also demystifies the venture capital mindset, the impact of the power law on investments, and the six common clusters of startup failure. Whether you are an aspiring founder, an investor, or an operator, this episode provides a foundational blueprint for navigating and capitalizing on Southeast Asia's golden age of tech.
00:00 - The 1 in 40 Gamble
00:41 - The Golden Age of Southeast Asia
01:05 - The Innovator’s Mental Reset
02:17 - David vs. Goliath: The Slingshot Strategy
03:20 - From Jungle to Highway: The 3 Startup Phases
04:39 - The 10x Rule: Better, Faster, or Cheaper
05:50 - Building Moats: The Power of Network Effects
06:38 - Mastering Unit Economics & LTV
07:17 - Inside the VC Mindset & The Power Law
08:32 - The 6 Clusters of Startup Failure
Watch on YouTube: https://www.youtube.com/watch?v=tXmeS1o7QCY&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/5J5uFW88cL36ycFi33glfL
Keywords: Southeast Asia Startups, Venture Capital Mindset, Founder Journey, Tech Innovation, Network Effects, Power Law, Startup Unit Economics, Startup Failure Causes
"Governance can sometimes be put on the back burner because the priority for a startup is growth and profitability. However, the reality is that governance is essential because we all operate within systems and jurisdictions that have specific requirements we must meet. Beyond just legal requirements, it is about the actual board dynamics—ensuring that your directors and advisors actually know what is going on, can add true value, and ensure that the company follows its shareholders' agreements rather than just operating in a 'loosey-goosey' manner." - Jecky Pelaez, Partner at Kickstart Ventures
"You have to keep the founders motivated. At the end of the day, if you believe in the founders and you trust them as good faith partners, they are as important to the business as the capital you bring in—perhaps even more so—because the business simply doesn't move without them. When we try to structure deals, especially during difficult times, we find ways to keep them whole through milestone-based awards or ESOPs, because if a founder is demotivated or disillusioned, no one is going to want to buy that company anyway." - Jecky Pelaez, Partner at Kickstart Ventures
"There are significant differences in how jurisdictions like Singapore and the Philippines support startups. In Singapore, companies are taxed based on the net profit they make, whereas in the Philippines, businesses can be taxed on their total revenue—which is incredibly difficult for startups incurring losses in their early years. Additionally, while incorporation has moved online in the Philippines, the sheer number of government agencies that don't communicate with each other makes the annual compliance and permitting process very daunting for new founders." - Jecky Pelaez, Partner at Kickstart Ventures
Jecky Pelaez, Partner at Kickstart Ventures, joins Jeremy Au to discuss the critical intersection of law, governance, and venture capital in the Philippines and the broader Southeast Asian ecosystem. As the lead of the legal department at one of the Philippines' top VC firms, Jecky provides a "behind-the-scenes" look at how deals are structured, the importance of maintaining founder motivation during market corrections, and why governance has moved from a "back burner" issue to a top priority following recent regional fraud cases.
They explore the evolution of the market from the "frothy" high-valuation days of 2021 to the current 2026 climate focused on profitability, bridge rounds, and complex "pay-to-play" negotiations. Jecky also sheds light on the unique operational hurdles of doing business in the Philippines—from taxation nuances to bureaucratic silos—and shares a deeply personal reflection on bravery as the daily courage to move forward through life's challenges.
00:00 Introduction to Jecky Pelaez and the role of Kickstart Ventures.
03:53 From Banking to Law: Choosing to be in "the room where it happens."
08:13 A Day in the Life: Managing fund compliance, deal diligence, and "putting out fires."
11:40 The Governance Shift: Addressing fraud and the "chilling effect" in Southeast Asia.
16:53 Navigating the Mess: The complexity of bridge rounds and aligning investor interests.
22:15 Market Correction: Transitioning from growth-at-all-costs to sustainable profitability.
26:34 The Legal Fine Print: Why math equations beat English words in cap table negotiations.
31:11 Protecting the Founders: Balancing downside protections with founder incentives.
35:15 Doing Business in the Philippines: Navigating taxation, audits, and agency silos.
38:21 Defining Bravery: The practice of courage and moving forward through grief.
Watch on YouTube: https://www.youtube.com/watch?v=HKfWEm4b9ps&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/0ytmzUmyc81inyD26Roh6c
Keywords: Philippines Startups, Venture Capital Law, Corporate Governance, Startup Taxation Philippines, Southeast Asia Tech, Founder Dilution, Bridge Rounds, Profitability vs Growth, Venture Capital Philippines, Legal Compliance for Startups
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Less Noise. More Signal. Accelerate Success.
Hosted By Jeremy Au
COO, global growth-stage biotech startup. Former Series A VC, serial founder & Bain consultant. Harvard MBA & UC Berkeley. Angel & investor in 50+ startups. Forbes 30 Under 30. Science fiction nerd & dad of two daughters.
With Veterans & Insiders
Raw leadership interviews. Regional tech news debates. Fresh perspectives on industry challenges and opportunities with our team of co-hosts. Covering Singapore, Indonesia, Vietnam, Malaysia, Thailand, the Philippines and beyond.
Every Monday & Thursday
600+ episodes. New videos and transcripts released Mondays and Thursdays at 9am (Singapore Time).
"People walked away from $50 million transactions because they felt like they could go much higher, much faster. Unfortunately, almost all the stories I know of, when they walked away, they ran out of runway. It is zero. An outcome is an outcome, and founders should not look down on it."
"The ones that are doing well, the ones that are continuing to get investor interest and scale, are the ones that had the unit economics fundamentals correct from the start. A market like Southeast Asia is going to require businesses that have a good gross margin because they cannot be over-reliant on venture capital for too long."
"The proximity in Southeast Asia has, for the first time in a long time, become an asset, not a liability. In AI, you build a moat really fast, but you lose it really fast if you are doing something global and generic. The Southeast Asia opportunity allows you to build a moat very deeply in specific verticals like agriculture and waste management."
Jeremy Au joins an episode of The Accidental VC podcast. Hosted by seasoned founders and VCs from ANZ and SEA, this show reveals how unlikely beginnings can lead to extraordinary outcomes. Whether you’re building, backing, or just curious—tune in for stories, strategies, and sharp takes from those who’ve been there.
In this episode, we explore the thought that “Everyone wants a unicorn. But what if that's the wrong goal?” Mohan Belani and Jeremy Au join Milan Reinartz to challenge what founders and investors think they know about building in Southeast Asia, from venture capital and AI to startup exits, global expansion, and the future of entrepreneurship.
Support The Accidental VC: https://www.youtube.com/@TheAccidentalVC
00:00 Intro
02:44 What 2026 actually looks like in Southeast Asia
07:10 Big problems, small wallets: who in the region can actually pay
10:00 Why a $50 million exit is a real outcome
11:14 Power law investing vs micro private equity
17:13 Block lays off 40% and blames AI
18:43 Is Southeast Asia facing a K-shaped economy?
26:21 Future shock: a Waymo, a Costco chicken and no jobs
27:59 What founders should focus on now
31:03 Moat building in the age of AI
36:48 Quick fire: biggest wins and fails in VC
Watch on YouTube: https://www.youtube.com/watch?v=cqxpxExneaw&list=PLl9u6ECOP8_7scb97PE3whKu4yJVizIOd
Listen on Spotify: https://open.spotify.com/episode/4IjJq8heI78xXAHVA8CcXS
Keywords: Southeast Asia Venture Capital, Startup Unit Economics, Artificial Intelligence in SEA, Micro Private Equity, Tech Startup Exits, Tech Layoffs and AI Automation, Southeast Asia AI Moats