Jed Ng: Angel Syndicate Strategy, Venture Winter Advantage & Fixing Angel Education - E568

"I see venture as possibly the only asset class where you could systematically make outsized returns, right? Mm. The outsized returns are the multiplier returns. Mm, yeah, which basically negates a lot of the other asset classes, including, well, real estate, unless you have a long enough holding horizon, right? Mm. Because, like, the time equation is really important. Right. I don't think it's a guaranteed return, but I think it's systematic in that it's statistical that you could reach those outcomes through, you know, kind of sound investing principles, like seeing enough deal flow, all of this stuff, right? It literally is one of those things where you just need the one deal. Mm. Literally that pays out, right, and it's just a game of probabilities." - Jed Ng, Angel investor

"I think it's maybe also the universe giving me a sign that 'Well dude this is not your path,' which is fine, and so over the last four years I've learned an incredible amount about this structure. It's very nuanced, it's very complicated, it's a very fascinating vehicle. But let me net it off. Why do a syndicate versus a fund? On a personal level, it's timing. I talked about my ambition that, you know, within three years I want to be able to be in a position to retire. I'm not saying that I would, but I just like to be in that position that if one day I said 'I had enough,' if you do a fund it's a 10 or 12 year commitment, so you have to stay the course. And for me, I like the optionality. I would start a fund under different ambitions. That's a whole other topic, but anyway, with the syndicate, what's good and bad, right?" - Jed Ng, Angel investor

"What does it mean that we say, you know, it's all about the team? And I don't know, right? It's still a very subjective thing, but I think the subjective things, these soft skills, like characteristics like, is somebody hard enough to want to build a company and a venture-scale company? It takes a certain kind, and I don't think everyone is cut out for it. I think that we live a bit in a world where venture is romanticized in some kind of unhealthy ways. One of these is like, 'Oh, we gotta help all the founders,' or 'Everybody's got a shot, ra-ra-ra.' And I was like, 'No, some people are not cut out for it.' It's not a value judgment on the individual. They're not bad people, they're not lesser people. I'm just saying it takes a certain kind." - Jed Ng, Angel investor

Jeremy Au chats with Jed Ng, founder of AngelSchool.vc, about why he chose angel syndicates over VC funds as a faster, more flexible path to financial freedom. They discuss the current venture downturn as a rare opportunity, the gaps in angel education, and how Jed scaled his 1,400-member syndicate globally. Jed also shares how he evaluates founders and the hard truths of building solo in Southeast Asia’s venture scene.