$1.5B ByteDance Tokopedia Investment with GoTo For TikTok Shop, Indonesia E-Commerce War & Winners. vs. Losers - E356
quickly. (02:08) Shiyan Koh: Do you play chess, Jeremy? (02:10) Jeremy Au: Not myself, but my brother
…
becomes really hard to change those.” - Shiyan Koh Sure? EDIT “It takes time because you’ll wonder
…
can't count on another round of fundraising.” - Shiyan Koh Sure? EDIT In this episode, Shiyan Koh, Managing
…
Shiyan. (01:44) Shiyan Koh: Good morning, Jeremy. (01:46) Jeremy Au: Good to see you. Excited to
…
in law plays a lot of chess. He's good at chess, apparently. (02:14) Shiyan Koh: I just signed my
…
51% Asia Tenggara Mendukung Tiongkok (vs. Amerika Serikat), Teori Permainan Pemisahan VC Sequoia & GGV & Mobilitas Pesaing - E410
hebat dan berkelanjutan. Dan Anda tidak minum terlalu banyak Kool Aid Anda sendiri." - Shiyan Koh "Sangat
…
saya tidak membangunkan Anda di pagi hari. (01:45) Shiyan Koh: Kopi. Selalu kopi. (01:46) Jeremy Au
…
terbang larut malam tadi malam dan Anda masih terus maju. (01:39) Shiyan Koh: Ini adalah pertunangan
…
." - Shiyan Koh Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy Au membahas tiga tema utama: 1. 51% Asia
…
, Shiyan. (01:34) Shiyan Koh: Selamat pagi, Jeremy. (01:36) Jeremy Au: Saya masih tidak percaya Anda
…
Tech in Asia: Podcast – SEA’s shifting marketplace ecosystem
BRAVE Southeast Asia Tech was recently featured on Tech in Asia for Jeremy Au and Shiyan Koh's review
…
platforms with low margins. Hosts Jeremy Au and Shiyan Koh also explored changes in Southeast Asia’s
…
vs Long Tail & Pusaran Bakat Kota & Konsentrasi Industri dengan Shiyan Koh - E395
lain." - Shiyan Koh "Di Singapura, saya rasa kita bisa membina bakat-bakat muda, namun mereka
…
seanbrave7 hari ini. (01:35) Jeremy Au: Hei, Shiyan bagaimana kabarmu? (01:37) Shiyan Koh: Hidupku cukup
…
menyenangkan. Jadi belajar banyak tentang diri saya sendiri. (01:46) Shiyan Koh: Saya tahu, setiap
…
Au Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy Au membahas tiga tema utama: 1. Peningkatan
…
vs Long Tail & Pusaran Bakat Kota & Konsentrasi Industri dengan Shiyan Koh - E395
…
Anda tidak mengirimkan saya foto. Mereka pasti akan menyiksa saya. (Shiyan Koh: Ya, setiap kali saya
…
Trump’s Trade War Acceleration, $100M DeepSeek Ban Proposal & Grab-GoTo Merger Talks - E537
week one, right? But it hit it all in day one, actually. Shiyan Koh: I mean, they, I feel like they
…
Chinese New Year is no longer in vogue, I think, for 2025. Shiyan Koh: None of your PC stuff, okay
…
Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au discussed: 1. Trump’s Economic Policies
…
middle class Americans. Yeah. So a lot of things have happened really fast. Shiyan Koh: Yeah. It is a
…
the year. And we talked about the eFishery as well. Yeah. And now it seems, "Whoa" Shiyan Koh: I
…
Taylor Swift $500M Singapore Economy Boost, Barbell Entertainment Blockbusters vs. Long Tail & City Talent Vortex & Industry Concentrations with Shiyan Koh - E395
torturous for sure. (02:15) Shiyan Koh: Well, yeah, every time I eat something delicious, I'm like, I don't
…
.” - Shiyan Koh “In Singapore, I think we can foster early talent, but they tend to go to other cities
…
today. (01:35) Jeremy Au: Hey, Shiyan how's life? (01:37) Shiyan Koh: Life is pretty good, Jeremy. How
…
Taylor Swift $500M Singapore Economy Boost, Barbell Entertainment Blockbusters vs. Long Tail & City Talent Vortex & Industry Concentrations with Shiyan Koh - E395
…
.” - Jeremy Au Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au talked about three main themes
…
I did in the past. (02:35) Jeremy Au: Yeah. (02:35) Shiyan Koh: But if I had to just eat nothing for
…
Singapore: Silicon Box Unicorn, TheAsianParent Acquisition and Sovereign Wealth Fund Investment Shifts (GIC, Temasek) with Shiyan Koh - E380
“I always tell some VCs that education as a category is not really education per se, because education is often very much a policy and government thing. If you think about it, if any adult has a kid, that catalyzes the transformation of the entire budget. It changes whether you're going to buy a car or not. You write a will. So many changes happen with becoming a parent, and education is a subset of the category that's focused on the child. So it's an interesting dichotomy that founders who are looking to catalyze or activate that, personal finance transformation or consumer persona have to be thoughtful about.” - Jeremy Au “It’s challenging because when your economy has been so driven by one industry for a long time, workforce is trained in a specific way, so it's hard to diversify. When you tie strings to some things, you end up with a bunch of artificial ones because everyone thinks if they want to get money, they need to open a representative office in Oman or Riyadh. And then, they end up with a little bit of non-economic things happening. But I think this transition was well underway even 10 years ago. Out of the Emirates, Dubai had the least amount of oil, so that's why they've emerged as a financial center faster. So it has been really interesting to see them be more aggressive on these sorts of diversification fronts.” - Shiyan Koh “I think the legalization of egg freezing was a good first small step. Limiting it to married straight couples is pretty narrow. And so, I think they should consider expanding that to single women. This issue is about if you want to do it yourself or you want to wait for a partner, but then for women, there's a biological clock. And so, you get to a point where you don't have a partner, but you still want to have kids. I think that's something that we should consider locally as well if we really want to increase our birth rate. There are all these pockets of people who want to have kids but are limited by some legal reason rather than some actual biological reason.” - Shiyan Koh Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au covered three main topics: 1. Sovereign Wealth Fund Investment Shifts: Jeremy and Shiyan talked about how GIC conservatively deployed 46% less capital in 2023, and Temasek 53%. Saudi Arabia’s Public Investment Fund (PIF) deployed $31.6 billion in 2023, 53% higher than the $20.7 billion it invested the previous year - alongside other Gulf funds. This is due to high oil prices, investment mandates and national strategies to diversify their economies away from energy dependence. 2. Unicorn Silicon Box: Jeremy and Shiyan discussed Silicon Box (Singapore's latest unicorn), their veteran leadership and $2 billion Tampines facility build-out. They highlighted its role in the shifting landscape of semiconductor manufacturing in Southeast Asia and its implications for the region’s economic growth. 3. TheAsianParent Acquisition of Motherswork: Jeremy and Shiyan touched on the parenting platform’s strategy to expand from its digital roots into omnichannel physical retail. They also talked about the challenges brought by declining birth rates in several Asian economies, the dynamics of education, and national fertility & family policies. They also touched on Noah Smith (Noahpinion with 139,000+ subscribers) wanting to work for Jacqueline Poh of Singapore's EDB (at the same managerial level as Patrick Collison of Stripe), and the reasons behind the interest in parenting startups in Southeast Asia, spanning services across childcare, IVF and egg freezing. Please forward this insight or invite friends at https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e Supported by HDMall HD Mall is a healthcare marketplace in Southeast Asia connecting patients to over 1,800 medical providers. This covers multiple categories such as dental, aesthetics, and elective surgeries. Over 300,000 patients have accessed more affordable healthcare via HD Mall. Get yourself a well-deserved health checkup. If you're in Thailand, go to hdmall.co.th. If you're in Indonesia, go to hdmall.id. (01:26) Jeremy Au: Hey Shiyan, how are you? (01:28) Shiyan Koh: Good morning, good morning. I'm good. Yourself? (01:31) Jeremy Au: Good as well. Just put the kids to sleep. I'm here in New York City, but definitely excited to have this discussion. There's so much news that we were just like sending to each other and it was just like, oh, we've got to cut stuff of the stuff we want to talk about. I guess it's a busy start to January. (01:43) Jeremy Au: And I think the big one that you and I were laughing about a little bit was that we saw the tweet where it said, Noah Smith at Noahpinion, which is, I think, one of the world's largest substacks on geopolitics and a lot of people really respect his writing, and he tweeted, I've only met two people in life who make me think, man, I would like to work for this person. Patrick Collison of Stripe, and Jacqueline Poh of Singapore's Economic Development Board. (02:03) Shiyan Koh: It’s a big compliment. (02:04) Jeremy Au: It's big. (02:06) Shiyan Koh: He probably meets lots of interesting people. (02:07) Jeremy Au: Exactly, exactly. Think about it, right? I mean, Stripe is like, obviously, a giant unicorn, global company. Patrick Collison is the CEO and cofounder. And then, yeah, Singapore's Economic Development Board is on par and Jacqueline Poh is there. So, interesting tier to have. (02:21) Shiyan Koh: Well, is it a comment about Jacqueline or is it a comment about EDBI? (02:25) Jeremy Au: Well, it could be both, right? I mean, you know, Jacqueline Poh is successful because of EDB and EDB is successful because of Jacqueline Poh. So, maybe. (02:31) Shiyan Koh: I don't know. I read it, I read it as a sort of like this person was really amazing. I would like to work with them versus like this organization. I mean, don't get me wrong. I think the organization is pretty interesting and I'm sure a lot of people actually, if you don't know anything about Singapore, you'd be like, what is an economic development board? Who are these people? (02:50) Shiyan Koh: Yeah, I don't know. I thought it was a huge compliment. (02:52) Jeremy Au: What do you think the context of that meeting is? I mean, I was just kind of wondering how they met. (02:56) Shiyan Koh: I don't know. Now we're just in the realm of random speculation. (02:59) Jeremy Au: It's just a rampant speculation. We'll be like, they met at a conference in Abu, a rampant speculation. (03:05) Shiyan Koh: They probably met at Davos, right? (03:07) Jeremy Au: Yeah, maybe in World Economic Forum. Maybe, they met at, like, other speculations. Like, we don't know, maybe we should just ask her next time. You know what, maybe we should ask her, invite her to explain what's going on. (03:16) Shiyan Koh: Yeah. Yeah, yeah, yeah. We should invite her. (03:18) Jeremy Au: But definitely, I read a tweet, it's like, wow, that's amazing, you know, and a lot of folks read Noah Smith, obviously. I think Noah Smith writes a lot about the US, the Western system, to some extent civilization, society, technology, and Singapore does come up as one of those benchmarks of references that he uses as well. So, interesting time to hit. (03:36) Shiyan Koh: We're the Continental Hotel, Jeremy. Do you ever watch John Wick? (03:39) Jeremy Au: You know what? You revealed something! I have never watched John Wick. That's my secret. (03:44) Shiyan Koh: It's on every airplane flight. It's on every airplane flight. And like, there's four of them. You can't get away from it. Even if you try to not watch it, you keep flipping. You're like, oh, there's another John Wick. Oh, there's another John Wick. Should I watch this? (03:53) Jeremy Au: I've given up. I mean, it's just like action. Obviously, I'm a big fan of, you know, the original Neo but I just can't get into this, like, obviously there's like the Gun Fu, Kung Fu combination. (04:05) Shiyan Koh: Yeah. No, no, no. I mean, I'm not, I'm not really that into the fighting, but like, I feel like, some founder told me this and I really like it is that Singapore is the Continental Hotel, which is like, there are rules, you know, like maybe outside there's chaos and fighting and murder, but inside the Continental Hotel, there are rules. We lay down our arms and we like eat good food. So that is, that is Singapore in the, in the geopolitical, totally flippant comment. (04:27) Jeremy Au: So you're saying Noah Smith and Jacqueline Poh are like global assassins with cool outfits and style. (04:31) Shiyan Koh: And then they met somewhere, you know, in the Continental Hotel, yeah. And then they traded ideas. (04:36) Jeremy Au: There we go. Drinking the Singapore Sling. There we go. (04:38) Shiyan Koh: Ugh, the worst national drink ever. I hate the Singapore sling. (04:41) Jeremy Au: You know, I was so disappointed because the Singapore Sling is so famous, right? I drank it. I was like, what, what is going on here? (04:46) Shiyan Koh: Yeah, yeah. We need a new national drink. Actually, I feel like that should be something. We should start a competition for a new national beverage. (04:54) Jeremy Au: A new national beverage? (04:56) Shiyan Koh: Yeah. A new national cocktail to replace the Singapore sling because it is disgusting. (05:01) Jeremy Au: Well, this is where I can outperform our ChatGPT. I can make some names for it even though I can't make it, so we can make the Malayan Magic. How about that? You know, the tao kuai tiao chiller. (05:11) Shiyan Koh: The Practical potion. (05:11) Jeremy Au: Stand up for Singapore Supreme. (05:14) Shiyan Koh: That sounds like a pizza. No. (05:15) Jeremy Au: Yeah, you think about it, supremes are like pepperoni or something. (05:18) Jeremy Au: Speaking about other Singapore news as well, you know, there's a big interesting number that came out, which is that over the past year, GIC cut the capital deployed by 46% down to $20 billion, and Temasek also cut new investments by 53% to 6.3 billion last year. Well, in comparison, Saudi Arabia's public investment fund emerged as the world's most active sovereign investor last year and grew from $20.7 billion in 2022 to $31.6 billion in 2023. So quite an interesting trend that happened. (05:52) Shiyan Koh: Yeah. I mean, I think there's lots of reasons to pull back, if people feel like valuations are high. They want to preserve capital for supporting existing portfolio companies. They want to reserve dry powder because they think prices will go lower. It's hard to speculate on various things. And then, of course, I think the Saudis and other Middle Eastern sovereign funds had a huge year just given oil prices. And so have a lot of capital to deploy. (06:14) Jeremy Au: Yeah, I think, it's not really a Singapore thing, right? I mean, almost all funds kind of like pull back on deployment because of, like you said, the market uncertainty, the interest rates. So, people are just waiting it out and trying to see what's happening. But the Gulf sovereign wealth funds, not just Saudi Arabia, but also Abu Dhabi, Qatar, all increased their deployment in their sovereign wealth funds as well. So quite interesting to see. I think you and I were discussing about recently the information was talking about how a lot of VC funds are now flying to the Middle East to raise funds again. (06:42) Shiyan Koh: I mean, after the Khashoggi incident, I think people were very appalled and sort of sought to distance themselves from that. But I think as other sources of capital have dried up or slowed down it's like, why do you rob banks? Cause that's where the money is. So you got to go where money is. And so people have continued to raise from like, I mean, it's not just the Saudis, right? There's like a more than a handful, two handfuls of sovereigns in the Middle East that are deploying and trying to diversify, like that's part of it. It's like, they know their economies are very energy-dependent and they need to be able to diversify out of that. And so they're being pretty aggressive there. (07:13) Jeremy Au: Yeah, it reminds me about how people forget that so many stories of like the tech rally for example, there's Uber, Didi, even Grab, a lot of the great companies that are out there, a lot of them were funded by South Bank, which we know, and I think people sometimes forget that South Bank was primarily funded by Middle Eastern Capital, right? (07:32) Shiyan Koh: Mm hmm. (07:33) Jeremy Au: And so that was a unique marriage between a Japanese investment team at that point of time, plus the Middle Eastern capital. And I remember this US VC was telling me that from their perspective, it was as if the Death Star appeared outside Silicon Valley, so, from their perspective, because the total size of the South Bank vehicle that they had, with the Millicent capital they had, was effectively the sum total of all US VCs at that point in time. So it's as if, like this Death Star appears above Alderaan, and everyone's like, what the, why is there so much capital and how are they going to deploy it? Of course, I think Silicon Valley went off to be inspired by this and go off to raise large capitals, pools as well, which kind of kick started a huge late stage growth equity trend and momentum, which again pulled up the early stage. Again, it was also part of the zero interest rate policy era as well. But it's kind of interesting to see that you all kind of like tie together for that. (08:22) Shiyan Koh: Yeah. RIP low interest rate environments. (08:25) Jeremy Au: R. I. P. R. I. P. Z. I. R. P. (08:29) Shiyan Koh: ZIRP RIP ZIRP. (08:30) Jeremy Au: Sorry, that'd be a funny t-shirt. This is like one of those joke shirts. It's like, it's like nobody understands what it means except those were the good times, I guess. (08:36) Shiyan Koh: Yeah. Things can only stay free or cheap for so long, right? to be a corrective force. (08:41) Jeremy Au: I mean Japan still happens to have lower interest rates on average compared to the rest. I mean, they're still looking to finally have more of that inflation they're looking for, stimulate the economy further. (08:51) Jeremy Au: You know, I think at the end of the day, what I've heard from someone else who was fundraising capital from the Middle East is that these investment authorities are very much focused, not just obviously on returns, because they have so much cash from the petroleum and so forth, and like you said, record high energy prices but they also really focus on investments that they think will help them with the transition towards a new post oil economy, which has been quite interesting. So they're out busy looking for renewables, manufacturing, robots, and basically saying, if we invest in you, we would like you to also invest a portion of that investment into something that works for our home economies, which is quite interesting, actually. (09:24) Shiyan Koh: Yeah, I think it's it is it is a challenging thing though because when your economy has been so driven by one industry for a long time, it isn't just like your workforce is trained in a specific way, right? People are used to doing things in a specific way. So it's hard to diversify out. And so when you tie strings to some of the stuff, then you end up with a bunch of artificial stuff because you know, everyone's like, oh, if I want to get this money, I need to open a representative office in Oman or Riyadh or wherever. And then, you end up with sort of a little bit non-economic things happening. But I think this transition was well underway even 10 years ago. I was in Dubai and Abu Dhabi and, and Dubai, you know, of the Emirates, Dubai had the least amount of oil, so that's why they've emerged as a financial center faster because they were like, Oh man, we're going to run out of oil sooner than everybody else. We need to get on it. So it has been really interesting to see them be more aggressive on these sorts of diversification fronts. (10:18) Jeremy Au: Yeah. And I think that's a big part of the Singapore story, right? Lee Kuan Yew always likes to say that we have no natural resources. So we had to go about building a financial sector, the education for our own people and then also start moving up the manufacturing and assembly kind of production value chain. And I think recently we saw one of the fruits of that labor. We've been talking about silicon and chips for a while. And so we welcomed our newest Singapore unicorn, Silicon Box, that raised 200 million in a series B. So they hit over a billion dollar valuation, less than three years after its founding. Investors were Maverick Capital, H Fund, Growth Investor, BRV Capital, Presidium Capital as well. And then they also had prior participation from Tata Electronics, Taiwanese Semiconductor Group, UMC, Japanese Electronics Group, TTK, and US semiconductor Company, LAM Research. (11:03) Shiyan Koh: Yeah, and they're building a big facility, I think, Tampines? (11:05) Jeremy Au: Yeah, gotta do those chips. It's exciting times. And I think this team is a team that has previously been founders in the industry in the semiconductor space as well. So, it's not exactly like a fresh out of university startup doing a giant round band of good old days. But, it is a startup. I think they are building something new. But, it's just interesting that you know, I think people are doubling down on that set of investments for Singapore. (11:26) Shiyan Koh: Kind of diversify out of Taiwan, right? (11:27) Jeremy Au: Yeah, I mean, you know, and I think it's not, it's an expensive facility, right? This one, like I said, in Tampines is a $2 billion facility, 750,000 square feet. And you can imagine it's not just, it's just a build out, right? Let alone the running, the renovation, the maintenance, and then all the continued investments in that facility to continue upgrade it. It's a bonkers I don't know, set of engineering requirements. I would love to visit it one day, now that I think about it. It would be, it must be fun. (11:52) Shiyan Koh: I've been to a FAB before. (11:53) Jeremy Au: Ooh, what is it like? Describe it. (11:55) Shiyan Koh: I mean, you're in a clean room, right? Like, they have to put on the, it's incredibly mechanized. If you're ever in the Bay Area, there's the Computer History Museum in San Jose. And they show the early semiconductor manufacturing machines. And it's pretty cool. So, I highly recommend that but yeah, I mean, it's a marvel of engineering, is I guess what I would say about that. (12:13) Jeremy Au: Aha, when you say marvel, it's also, the founders were previously founded chip maker, Marvell as well, there you go. I saw your pun there, there you go. (12:22) Shiyan Koh: Dad jokes, not just for dads. (12:24) Jeremy Au: There we go. So, kudos to the husband wife duo, Sehat Sutardja, Weili Dai, and Han Byung Joon. So, it'll be interesting to see how that continues to play out. But I think we'll continue to see not just this investment, but think more, it's an interesting career ladder for a lot of folks out there to do kind of like these microchips as a skill set in Southeast Asia. Speaking about entrepreneurship, we also saw recently theAsianparent as well did the acquisition. Can you share a little bit more, Shiyan? (12:47) Shiyan Koh: Yeah, I think anyone who has kids has probably seen theAsianparent or used their groups or content. And they bought Motherwork, which is a retail chain pretty prevalent if you're ever in the market for a stroller or car seat or cute clothes, you've probably seen them. And so, they recently acquired that. And so I guess doubling down on the kind of an omni-channel approach and so I hadn't known this, but Roshni, theAsianparent founder, actually was mentioning that they'd actually done a bunch of e-commerce in Indonesia and they actually have their own line of halal pre, post-pregnancy items. So whether it's like, creams, moisturizer when you're pregnant and post pregnancy, you're always trying to look for non-toxic things and you're like reading the labels and all that sort of stuff. And it has sort of the added layer of being halal and compliant and those have really been popular in the online channel. So it's interesting to go into the omni channel approach, right? Obviously, it's like a pretty different skill set. But Motherswork, I think, they're a long-time Singapore brand that team has experienced operating stores and can bring that to the combined entity. And so, it's an interesting move and I think you saw it with Love Bonito, right? It originally started out as a blog shop and then eventually wound up having physical stores and even for some of the earlier kind of US e-commerce ones, whether it's Warby Parker, Bonobos, they all wound up eventually having physical presence. And I think the twist here is like theAsianparent community that's wrapped around it for the motherhood journey. I got put into one of these P1 telegram groups. My daughter was like entering P1 and it was like first of all, amazing. There's like all of these moms with the same singular focus: get my child to RGPS, whatever it is and the amount of energy information advice getting on it. That was like, really my boy, so I think it's interesting. We're seeing more growth through acquisition consolidation in the space. I think we're going to continue to see that. And so congratulations to Roshni and theAsianparent team. I'm kind of excited to see what happens from here. (14:39) Jeremy Au: Yeah, I think shout out to Dershing for writing another great blog post on it. And I think he mentioned several interesting facts, right? It's that she has previously taken money from Vertex. They actually founded over 10 years ago, back in 2011. And then, Dershing helped involve her in a founder peer group where she met her now husband who is leading 99.co as well. So another founder husband as well. Small world indeed. And I think it's interesting because he mentions a few facts, saying that theAsianparent expended to 12 million USD revenue 2021 but was to loss making at 6.9 million. That was during the pandemic time. And since then they've been right sizing for profit and their point of view in their statement is that they're currently a better positive now in 2024. So I thought it was an interesting story, familiar one. I think a lot of people were very focused on growth during the pandemic period. And then now everyone's just kind of like figuring out how to right size and be cashflow positive. (15:32) Shiyan Koh: It is funny though, right? Cause like the market is parents and in Singapore. Unlike some of our neighbors, we have a very declining birth rate and this is a constant source of stress for like policymakers. So I was actually at the announcement of the acquisition. Roshni had invited me and a couple other folks to be on a panel and the topic was actually declining birth rates in Singapore and what we should do to fix it. And yeah, it's like, okay, what is the macro demand for my product? Babies. Why are people not having more babies? How do I solve this? But fortunately, I mean, I think theAsianparent, Motherswork ,they're multi multi-country, regional businesses. And so I think we don't have that problem with our neighbors, just here in Singapore that I think we're well below replacement rate. (16:13) Shiyan Koh: Do you have a point of view? (16:14) Jeremy Au: Yeah. I was part of that newspaper article in 2020. They were like, record low birth rate in 2020. Who are these parents who are still having kids? And then I'm like featured with my wife and our kid, you know, frankly, I told the reporter- (16:25) Shiyan Koh: So, what would, what would cause you to have a third kid? Because now you're at two, right? So replacement is 2.1, and then there's all these people not having children. So you, if you needed to raise number, you actually need to do more. Okay, Jeremy? It's not enough. So, what would cause you to have one more kid? (16:39) Jeremy Au: Well, The Straits Times is always writing more articles about that. I think my point of view is that two things: it's at the end of the day, I think that parents want to have kids when they feel like they have enough space and financial resources. And so I think there's some interesting statistics out there, which is that, when You know, your car size limits and the requirement for car seat, this is a fourth has impacted the optimal family size down to effectively two kids or 2.5 kids in the US because it's hard to fit a family of four kids, for example, in a five seat car, right? So there's some interesting econometric studies about those natural experiments to see how that affects fertility. But yeah, I think if parents feel like they're financially secure and they have lots of space. I think they will have more kids naturally. And I think it was interesting because the only countries that we're really seeing is that the Norwegian and the French countries are starting to see that they have a J-curve where they have got kind of popped out the other end and now it's no longer declining. It's kind of like going up a bit because they have enough social support. There's not much opportunity cost in terms of career to have kids as well. And people feel safe and secure. I think the only other country that's having lots of kids in the OECD actually is Israel as well. And I was talking to somebody and he was basically saying like, Oh, if you have three kids, people think you're poor. And I was like, wow, that's an interesting phrase. I've never heard that before. Obviously it's just one remark, but I think it just goes to that, you know, there's also a cultural aspect of it as well. (17:53) Shiyan Koh: Yeah. I mean, I do think that the zero to six phase, pre-primary school is very expensive because of private childcare and things like that. And so, if you have a two-parent family, then someone has to watch the kid. You have to pay someone to watch the kid. You can't necessarily assume that they have grandparents or other family members who are available to help out. And so that does seem like an area where perhaps public policy can play a role in helping to alleviate some of those costs, but I put out the thought that I think it's also a mindset thing, which is like, everyone feels competitive, like, oh, it's very competitive for my kid to get a job and make it, you know, cost of living, all this sort of stuff, kind of compounds onto that feeling. And so they're like, I need to husband my resources and pour them into this one child versus, oh, I'm gonna have three kids and they'll be fine. I don't need to hothouse them, to be what is it, baby Mozart, or whatever the case be. And I think that's a much harder thing to change. (18:45) Jeremy Au: I have a lot of thoughts about that because I actually studied economic demography back in undergrad, and so very interested in this topic. And you know that I also worked on an early childcare education company as well, and those trends that you mentioned are totally true because from an objectively and historical perspective, this is the easiest time to have kids, right? And what I mean by that is, you go back a thousand years ago, there's bad sanitation, and there was random wars, civil wars, famine, hunger. And if you go back to like 200 years ago, 300 years ago, life was really, really hard, and people had lots of kids, right? I was, was reading. (19:13) Shiyan Koh: Well, they had no birth control, Jeremy. (19:15) Jeremy Au: As well, that's true. But I'm just saying, like, today is objectively easier in many ways, because I was reading What to Expect When You're Expecting, and, there's like hospital packing bags, like you got to arrange all this stuff beforehand, so forth. And I was like, oh, today in Singapore, there's like one day shipping, one week shipping. You don't have to pack like months in advance for everything. We didn't have diapers and stuff like that. And we just went to the supermarket and we bought diapers, right? I mean, I'm just saying like the convenience of the modern lifestyle is an order of magnitude simpler than what it was our parents', let alone our grandparents' and great grandparents'. So from perspective is I think today, it's as good a time for many societies, for many parents in those societies versus in a historical timeframe. But I think, like you said, the mindset has changed where it's also the hot housing aspect about it is very important. And the truth is, that concentration of resources has also generated a lot of these businesses. I mean, I was like looking at a different kind of car seats, right? If you have a couple hundred dollars out of thousands of dollars, and you're like, you can imagine education as well, there's a certain dynamic where concentrating more resources on fewer children also means that you have more resources to spend, which fuels to some extent the daycare categories and so forth. So one of the big categories growing Southeast Asia is what historically would have been called premium daycares, because now, let's not go to that mainstream or mass daycare. Let's go to a premium one that has all these ABC, better teachers, which I think are important and obviously have some level of outcome as well. It's just that, you wouldn't have that trend if parents didn't have that mindset shift as well. So it's an interesting consumerization as well and disposable income for parents to become parents. (20:42) Shiyan Koh: Yeah. I guess the one question I had was like, why does school stop at 1:30? And someone said, oh, it's because it used to be morning session and afternoon session when we didn't have enough schools. We had to split the school session, but that's not true anymore. And so it presumes that you have someone who's available to pick your kid up in the middle of the day. But we also want like, you know, high female workforce participation, right? Not to assume that the mom is the one who's always picking up the kid, but then it's like, then you have to occupy your kid. And that's more cost and more logistics. And it's like, why don't, actually, schools can run until five? (21:12) Shiyan Koh: But it doesn't have to be academic actually. We're a wealthy nation. We can play sports. We can learn how to play an instrument. We can just run around and have fun, like, I don't know. I was like, why, why is that? I'm so curious. (21:23) Jeremy Au: I mean, like you said, it's more of a historical norm, right? And just the understanding that parents would fill up the rest of the day with other activities and so forth, but like you said, it's a little bit outmoded because the truth is, why not? And I think you see that. Actually, I always look at it in terms of a historical arc of education. It's like, universities used to be optional, right? And then eventually, K-1 to K-12 was also optional for people who can afford it, and it was all kinds of various kind of structures, very loose. Then eventually, the government went on to nationalize the education system by formalizing or encouraging people, eventually mandating people do some kind of graduate education, eventually mandating K-12, 1 to 12, primary 1 to primary 6 to secondary school to high school, junior college. So actually what we see in the world today is we also see that a lot of countries are deciding to fold preschool education into the national ministries of education, exactly because of what you said is that, on a private basis, people kind of want this. But from a government perspective, what you want is high birth rates. Then you want people to have a better way, what experience that you kind of want to subsidize, but also you want to expand the hours. So that, you know, normal life in dues, right? (22:24) Shiyan Koh: Yeah, I mean, one thing I really appreciated during the pandemic was that they didn't shut the schools down. (22:28) Jeremy Au: Oh yeah, big one. (22:29) Shiyan Koh: Because I think, you know, for my friends in the US, that was a major issue, during the pandemic was like schools were closed, which made working extremely challenging, right? Even like the circuit breaker period was brief. It was only 2 months, but it was really hard to work with little kids running around your house. So, it was an interesting. It was like a fun panel to be part of, but it did make me ask a lot of questions about what is the right setup or format of public education? And why should it be left to parents to like, and to feed the sort of hot house industry, which we could debate whether that actually serves a positive social good or not. (23:01) Jeremy Au: Yeah, well, I mean, the inverse of that is crazy if you think about it, right? if you have your birth rate effectively one for every two parents, that means your population halves for every generation effectively. So every 70 years on average, your population goes down in half. It's actually kind of a crazy thing and you see that in Japan and to some extent Korea really, it's like, the aging population has a serious impact on the economy. And China's like off busy building robots. Now does the beast an article because they continue to shrink in terms of population. So it's not just an individual problem, but it's actually kind of like a structural policy problem and also it creates these incentives and economic pools for companies Mothers work and theAsianparent, right? I mean, I think we definitely see a huge category of parenting apps, I would say, in Southeast Asia. So what's been interesting is that you see Indonesia and Vietnam, there's a lot of new parenting apps that are looking to build that authority from a pediatrician, doctor, medical, also from a nutrition, supplement, enrichment perspective and try to bring it together in a full stack so there are multiple competitors in the space now. And from their perspective, it's kind of like going through what Singapore did several decades ago, which is that, the narrowing to have less children, but more focus on economic resources on those fewer children and a rising middle class and that generates that pull off capital I'm looking to buy, right? (24:15) Shiyan Koh: And productivity, right? (24:17) Jeremy Au: That's true. So I think a lot of people are interested in investing in this category. You can call it education, but I think I always tell some VCs while looking at education as a category is like, it's not really education per se because education is often very much a policy and government thing. But then if you think about it for any adult, if you have a kid, that catalyzes the transformation of the entire budget. It changes whether you're going to buy a car or not, what to buy, exactly, start having a joint account, food, diapers, You write a will. It's like so many changes happen with becoming a parent. And education is a subset of the category that's focused on the child. So I think it's an interesting dichotomy that I think founders who are looking to catalyze or activate that, I don't know what's the word, personal finance transformation or consumer persona have to be thoughtful about. (25:01) Shiyan Koh: Yeah, definitely. So you didn't answer the question though. Jeremy, what would incent you to have a third kid? (25:07) Jeremy Au: Yeah, I wouldn't mind having a third kid. But it definitely has some challenges, I would say. I mean, we have two wonderful daughters so far. So yeah, I don't know. I'm not gonna say no. (25:15) Shiyan Koh: Is Candice listening? (25:15) Jeremy Au: She knows so yeah, so I think that's really the crux of it, right? But you know, like you said, it boils down to career. It boils down to security, just some sort of stability. What is very true and I think it's interesting because I've seen this, which is obviously egg freezing became legal in Singapore recently, only for married, straight couples. So that's one side of it. But also I recently saw some startup decks for artificial wombs, right? And the promise of extending the reproductive window. And one thing that's interesting is that actually, there are a lot of people who would love to have more kids when they're older, it's just that they can't have kids. So I have friends who are going through IVF right now, because they are trying to have kids and they started later because they have some reproductive health issue. (25:51) Jeremy Au: So for example, there's a founder, Anna Haotanto, right? She's recently built a platform for parents to look for IVF or egg freezing services, and she's partnering that two sided marketplace of clinics and service providers, along with the other parents across Southeast Asia. So very interesting set of opportunities to explore. (26:09) Shiyan Koh: Yeah, I mean, I think the legalization of egg freezing was a good first small step. I think limiting it to married straight couples is pretty narrow. And so, I think they should consider expanding that to single women. I think this issue is sort of like, do you want to do it yourself? You want to wait for a partner? But then for women, like there's a biological clock, right? And so you get to a point where it's like, well, I don't have a partner, but I still want to have kids. So, what are my options here? And actually, in the US, I have a number of friends who are single moms by choice. They're professional women. They never met the right person, but they're like, I still want to have kids. And I'm going to go do that while I can. And they have the resources to, you know, their parents come help, all that sort of stuff. And now they've got kids and they've got their family, and now there's less pressure to go find someone that might not be a great fit just because you want to have kids and more like, hey, we can take our time and then work it out. So I think that's something that we should consider locally as well if we really want to increase our birth rate. That there are all these pockets of people who want to have kids but are limited by some legal reason rather than some actual biological reason. (27:10) Jeremy Au: I 100% agree. I was reading this book by Lauri Gottlieb. She's a therapist and she was sharing about her own experience and decision to eventually become a single mother and she went to a sperm bank and eventually got her own kid and I thought it was a really fascinating story because the first time obviously reading about this experience, it's a real-life story in a female character point of view. And from my perspective, it's like, yeah, why not? She's totally equipped to be a parent. She's a therapist. She's at the prime of her career. She's thoughtful. Why not, right? And I think there's hopefully an update of I don't know, societal understanding and policy decisions that can happen. (27:41) Shiyan Koh: Yeah. I think the other thing is also, we had some friends who had trouble conceiving and they looked at adoption and adoption is actually really hard. (27:48) Shiyan Koh: As a route to build a family through adoption. Like multiple years, you know, it's sort of like you're making the decision, like, hey, should I do IVF or should I try to pursue adoption? Cause you know, it has some fertility issues or whatever it is. I think the lack of certainty on the adoption side, plus the timeline actually makes a lot of people go like, all right, I'm going to do IVF while I still have a window. And then maybe after that, then you end up considering adoption. (28:09) Jeremy Au: I was reading some interesting articles about economic demography and one of the interesting aspects they had was that historically, rich families, before the birth control pill, would have lots of kids. And so, the way that income inequality would drop or it was because richer families had more kids, they split up across more kids. The grandkids have less of inheritance, and then that kind of generates that equalization, and I thought it was an interesting read and a thought-provoking thought. (28:32) Shiyan Koh: Maybe that was, I don't know whether there was less concentration of wealth. I mean, like, let's say you're Jeff Bezos, you could have a thousand children and it wouldn't matter. (28:39) Jeremy Au: But if he only has one, then the kid would definitely be very, very rich, right? But if it's a thousand, then everyone's just like, has 100 billion only. I mean, it's a big difference, obviously. It totally regenerates. And the story of what they say, the first generation makes the money, the second generation keeps the money, the third generation loses the money, right? So, you know, there's a dynamic of generational wealth. (28:59) Shiyan Koh: Yeah. Yeah. I guess so. But yeah, I think on the sort of education topic, I've been seeing lots of interesting stuff like AI tutors for Math and English and reading, language. My business partner, Elizabeth's like, why bother learning another language? AI is going to let all of us speak our native language and let the other person hear it natively anyway. But I don't know. I still think that language and cultures and history are so deeply intertwined that there's still benefit to learning another language because it kind of gives you insight into that history and culture even if Google translate can like I can tell you what I'm saying. It doesn't communicate the depth of all of that nuance. But maybe one day we'll get there. (29:37) Jeremy Au: Well, on that note, we did launch the BRAVE Indonesia podcast which is basically us, you know, speaking and we're 100% dubbed into Bahasa Indonesia, and it's kind of interesting. (29:47) Shiyan Koh: I want to get feedback on it. (29:50) Shiyan Koh: How is the dubbing? Or do we sound like totally crazy? (29:53) Jeremy Au: We sound like ourselves in terms of tone and so forth. And by the exact accuracy of the words, you know, it's something that I'm kind of like shrug and then just give it a shot, right? You know, so on that note. (30:04) Shiyan Koh: Oh wait, can I do one plug? We just released a free book called Raise Millions. And so, it's basically a collection of everything that we've learned about early stage fundraising in a free book. And so I guess we'll put the link in the show notes, but check it out and go out and raise that money. (30:19) Jeremy Au: Great. Awesome. I On that note, I'd love to summarize the three big takeaways I got from this conversation. First of all, I think it was fun to discuss a little bit about Singapore in terms of the Economic Development Board, the GIC, Temasek, and talk a little bit about their various moves and permutations across 2023 to 2024, and also it was fun to chat a little bit about Noah S mith's opinion on Jacqueline Poh at EDB. love to have you the pod. Yeah, second one is that we got to talk a little bit about various companies like Silicon Box, which is Singapore's newest unicorn, and talk a little bit about the continued trend of semiconductor manufacturing migrating into Southeast Asia. Thirdly, it was good to hear about theAsianparent business and acquisition of Motherswork. And so it was interesting to talk about some of the numbers, but also the rationale about omnichannel and the economics of the deal. And we got to talk a lot about education and our thoughts about parenting and some of the national policy and dynamics and why education and parenting are such hot verticals for startups across Southeast Asia, which ranges all the way from doctors for children care, all the way to premium daycares, all the way to IVF and egg freezing. On that note, thank you so much, Shiyan. (31:24) Shiyan Koh: Thank you, Jeremy. Get some sleep. Related links: • https://x.com/Noahpinion/status/1748398445935882648?s=20 • https://www.bloomberg.com/news/articles/2024-01-01/saudi-fund-outpaces-singapore-s-gic-with-31-6-billion-splurge • https://www.straitstimes.com/business/singapore-chip-start-up-silicon-box-turns-unicorn-hitting-us1-billion-in-valuation • https://limdershing.blogspot.com/2024/01/positive-win-win-deal-for.html?m=1 (01:26) Jeremy Au: Hai Shiyan, apa kabar? (01:28) Shiyan Koh: Selamat pagi, selamat pagi. Saya baik. Anda sendiri? (01:31) Jeremy Au: Baik juga. Baru saja menidurkan anak-anak. Saya di sini di New York City, tapi tentu saja sangat bersemangat untuk melakukan diskusi ini. Ada begitu banyak berita yang kami kirimkan satu sama lain dan rasanya seperti, oh, kami harus memotong hal-hal yang ingin kami bicarakan. Saya kira ini adalah awal yang sibuk di bulan Januari. (01:43) Jeremy Au: Dan saya rasa hal besar yang membuat Anda dan saya sedikit tertawa adalah kami melihat tweet yang mengatakan, Noah Smith di No Opinion, yang menurut saya adalah salah satu sub-blog terbesar di dunia mengenai geopolitik dan banyak orang sangat menghormati tulisannya, dan dia men-tweet, saya hanya pernah bertemu dengan dua orang dalam hidup saya yang membuat saya berpikir, bung, saya ingin bekerja untuk orang ini. Patrick Collison dari Stripe, dan Jacqueline Poh dari Dewan Pembangunan Ekonomi Singapura. (02:03) Shiyan Koh: Ini adalah pujian yang besar. (02:04) Jeremy Au: Itu sangat besar. (02:06) Shiyan Koh: Dia mungkin bertemu banyak orang yang menarik. (02:07) Jeremy Au: Tepat sekali, tepat sekali. Coba pikirkan tentang hal ini, bukan? Maksud saya, Stripe seperti, jelas, sebuah unicorn raksasa, perusahaan global. Patrick Collison adalah CEO dan salah satu pendirinya. Dan kemudian, ya, Dewan Pengembangan Ekonomi Singapura juga setara dan Jacqueline Poh ada di sana. Jadi, tingkatan yang menarik untuk dimiliki. (02:21) Shiyan Koh: Nah, apakah ini komentar tentang Jacqueline atau komentar tentang EDBI? (02:25) Jeremy Au: Yah, bisa jadi keduanya, bukan? Maksud saya, Anda tahu, Jacqueline Poh sukses karena EDB dan EDB sukses karena Jacqueline Poh. Jadi, mungkin. (02:31) Shiyan Koh: Saya tidak tahu. Saya membacanya, saya membacanya seperti orang ini benar-benar luar biasa. Saya ingin bekerja sama dengan mereka dibandingkan dengan organisasi ini. Maksud saya, jangan salah paham. Saya rasa organisasi ini cukup menarik dan saya yakin banyak orang yang sebenarnya, jika Anda tidak tahu apa-apa tentang Singapura, Anda akan berpikir, apa itu dewan pembangunan ekonomi? Siapa orang-orang ini? (Jeremy Au: Ya. (02:50) Shiyan Koh: Ya, saya tidak tahu. Saya pikir itu adalah pujian yang sangat besar. (02:52) Jeremy Au: Menurut Anda, apa konteks dari pertemuan itu? Maksud saya, saya hanya ingin tahu bagaimana mereka bertemu. (02:56) Shiyan Koh: Saya tidak tahu. Sekarang kita hanya berada di ranah spekulasi acak. (02:59) Jeremy Au: Ini hanya spekulasi yang merajalela. Kita akan menjadi seperti, mereka bertemu di sebuah konferensi di Abu, spekulasi yang merajalela. (03:05) Shiyan Koh: Mereka mungkin bertemu di Davos, kan? (03:07) Jeremy Au: Ya, mungkin di Forum Ekonomi Dunia. Mungkin, mereka bertemu di, seperti, spekulasi-spekulasi lain. Seperti, kita tidak tahu, mungkin kita harus bertanya padanya lain kali. Kau tahu, mungkin kita harus bertanya padanya, mengundangnya untuk menjelaskan apa yang terjadi. (03:16) Shiyan Koh: Ya. Ya, ya, ya. Kita harus mengundangnya. (03:18) Jeremy Au: Tapi yang pasti, saya membaca sebuah tweet, seperti, wow, itu luar biasa, Anda tahu, dan banyak orang yang membaca Noah Smith, tentu saja. Saya rasa Noah Smith banyak menulis tentang AS, sistem Barat, peradaban, masyarakat, teknologi, dan Singapura memang menjadi salah satu tolok ukur referensi yang ia gunakan. Jadi, waktu yang menarik untuk disimak. (03:36) Shiyan Koh: Kami adalah Continental Hotel, Jeremy. Apakah Anda pernah menonton John Wick? (03:39) Jeremy Au: Kau tahu apa? Anda mengungkapkan sesuatu! Aku tidak pernah menonton John Wick. Itu rahasiaku. (03:44) Shiyan Koh: Ada di setiap penerbangan pesawat. Ada di setiap penerbangan pesawat. Dan sepertinya, ada empat dari mereka. Anda tak bisa menghindar darinya. Bahkan jika Anda mencoba untuk tidak menontonnya, Anda akan tetap melihatnya. Anda seperti, oh, ada John Wick yang lain. Oh, ada John Wick yang lain. Haruskah aku menonton ini? (Jeremy Au: Aku sudah menyerah. Maksud saya, ini seperti aksi. Jelas, saya adalah penggemar berat, Anda tahu, Neo yang asli tapi saya tidak bisa masuk ke dalam ini, seperti, jelas ada kombinasi Gun Fu, Kung Fu. (04:05) Shiyan Koh: Ya. Tidak, tidak, tidak. Maksud saya, saya tidak, saya tidak terlalu suka berkelahi, tapi seperti, saya merasa seperti, beberapa pendiri mengatakan kepada saya hal ini dan saya sangat menyukainya bahwa Singapura adalah Hotel Continental, yang seperti, ada peraturan, Anda tahu, seperti mungkin di luar ada kekacauan dan perkelahian dan pembunuhan, tapi di dalam Hotel Continental, ada peraturan. Kami meletakkan tangan kami dan kami suka makan makanan enak. Jadi, itulah Singapura dalam, dalam geopolitik, komentar yang benar-benar sembrono. (04:27) Jeremy Au: Jadi, Anda mengatakan Noah Smith dan Jacqueline Poh seperti pembunuh bayaran global dengan pakaian dan gaya yang keren. (04:31) Shiyan Koh: Dan kemudian mereka bertemu di suatu tempat, Anda tahu, di Hotel Continental, ya. Dan kemudian mereka bertukar ide. (04:36) Jeremy Au: Ini dia. Minum Singapore Sling. Ini dia. (04:38) Shiyan Koh: Ugh, minuman nasional terburuk yang pernah ada. Aku benci Singapore Sling. (04:41) Jeremy Au: Anda tahu, saya sangat kecewa karena Singapore Sling sangat terkenal, bukan? Saya meminumnya. Saya seperti, apa, apa yang terjadi di sini? (04:46) Shiyan Koh: Ya, ya. Kita butuh minuman nasional yang baru. Sebenarnya, saya merasa itu harus menjadi sesuatu. Kita harus memulai kompetisi untuk minuman nasional baru. (04:54) Jeremy Au: Minuman nasional baru? (04:56) Shiyan Koh: Ya. Koktail nasional baru untuk menggantikan sling Singapura karena menjijikkan. (05:01) Jeremy Au: Nah, di sinilah saya bisa mengungguli ChatGPT kita. Saya bisa membuat beberapa nama untuk itu meskipun saya tidak bisa membuatnya, jadi kita bisa membuat Malayan Magic. Bagaimana dengan itu? Kau tahu, tao kuai tiao chiller. (Shiyan Koh: Ramuan Praktis. (05:11) Jeremy Au: Berdirilah untuk Singapore Supreme. (05:14) Shiyan Koh: Kedengarannya seperti pizza. Tidak. (05:15) Jeremy Au: Ya, jika dipikir-pikir, supremes itu seperti pepperoni atau semacamnya. (05:18) Jeremy Au: Berbicara tentang berita Singapura lainnya juga, Anda tahu, ada angka besar yang menarik yang muncul, yaitu bahwa selama tahun lalu, GIC memangkas modal yang digunakan sebesar 46% menjadi $20 miliar, dan Temasek juga memangkas investasi baru sebesar 53% menjadi 6,3 miliar tahun lalu. Sebagai perbandingan, dana investasi publik Arab Saudi muncul sebagai investor berdaulat paling aktif di dunia tahun lalu dan tumbuh dari $20,7 miliar pada tahun 2022 menjadi $31,6 miliar pada tahun 2023. Jadi tren yang cukup menarik yang terjadi. (05:52) Shiyan Koh: Ya, maksud saya, saya pikir ada banyak alasan untuk menarik diri, jika orang merasa valuasi sudah tinggi. Mereka ingin mempertahankan modal untuk mendukung perusahaan-perusahaan portofolio yang ada. Mereka ingin menyimpan bubuk kering karena mereka pikir harga akan turun. Sulit untuk berspekulasi tentang berbagai hal. Dan tentu saja, saya pikir Saudi dan dana pemerintah Timur Tengah lainnya mengalami tahun yang sangat baik karena harga minyak. Dan mereka memiliki banyak modal untuk dikerahkan. (06:14) Jeremy Au: Ya, saya pikir, ini bukan hanya masalah Singapura, bukan? Maksud saya, hampir semua dana seperti menarik diri dari penempatan karena, seperti yang Anda katakan, ketidakpastian pasar, suku bunga. Jadi, orang-orang hanya menunggu dan mencoba melihat apa yang terjadi. Namun, dana kekayaan negara di Teluk, tidak hanya Arab Saudi, tetapi juga Abu Dhabi, Qatar, semuanya juga meningkatkan penempatan dana mereka di dana kekayaan negara. Jadi cukup menarik untuk dilihat. Saya rasa Anda dan saya telah mendiskusikan tentang informasi baru-baru ini tentang bagaimana banyak dana VC sekarang terbang ke Timur Tengah untuk mengumpulkan dana lagi. (06:42) Shiyan Koh: Maksud saya, setelah insiden Khashoggi, saya rasa orang-orang sangat terkejut dan berusaha menjauhkan diri dari hal tersebut. Tapi saya pikir karena sumber-sumber modal lain telah mengering atau melambat, maka seperti, mengapa Anda merampok bank? Karena di situlah uang berada. Jadi, Anda harus pergi ke tempat uang berada. Dan orang-orang terus meningkat dari, maksud saya, bukan hanya orang Saudi, bukan? Ada lebih dari segelintir, dua segelintir negara di Timur Tengah yang mengerahkan dan mencoba melakukan diversifikasi, seperti itulah bagian dari hal tersebut. Sepertinya, mereka tahu bahwa ekonomi mereka sangat bergantung pada energi dan mereka harus bisa melakukan diversifikasi. Jadi mereka cukup agresif di sana. (07:13) Jeremy Au: Ya, ini mengingatkan saya tentang bagaimana orang lupa bahwa begitu banyak cerita seperti reli teknologi misalnya, ada Uber, Didi, bahkan Grab, banyak perusahaan besar yang ada di luar sana, banyak dari mereka didanai oleh South Bank, yang kita tahu, dan saya pikir orang terkadang lupa bahwa South Bank terutama didanai oleh Middle Eastern Capital, bukan? (07:32) Shiyan Koh: Mm hmm. (07:33) Jeremy Au: Jadi itu adalah pernikahan yang unik antara tim investasi Jepang pada saat itu, ditambah dengan modal Timur Tengah. Dan saya ingat VC AS ini mengatakan kepada saya bahwa dari sudut pandang mereka, seolah-olah Death Star muncul di luar Silicon Valley, jadi, dari sudut pandang mereka, karena ukuran total kendaraan South Bank yang mereka miliki, dengan modal Millicent yang mereka miliki, secara efektif merupakan jumlah total semua VC AS pada saat itu. Jadi seolah-olah, seperti Death Star yang muncul di atas Alderaan, dan semua orang seperti, apa ini, mengapa ada begitu banyak modal dan bagaimana mereka akan menggunakannya? Tentu saja, saya pikir Silicon Valley terinspirasi oleh hal ini dan mulai mengumpulkan modal besar, pool juga, yang kemudian memulai tren dan momentum pertumbuhan ekuitas tahap akhir yang sangat besar, yang sekali lagi menarik tahap awal. Sekali lagi, ini juga merupakan bagian dari era kebijakan suku bunga nol. Namun cukup menarik untuk melihat bahwa Anda semua seperti bersatu untuk itu. (08:22) Shiyan Koh: Ya. RIP lingkungan suku bunga rendah. (08:25) Jeremy Au: R. I. P. R. I. P. Z. I. R. P. (08:29) Shiyan Koh: ZIRP RIP ZIRP. (08:30) Jeremy Au: Maaf, itu kaos yang lucu. Ini seperti salah satu kaos lelucon. Sepertinya tidak ada yang mengerti apa artinya kecuali saat itu adalah saat-saat yang menyenangkan, saya kira. (08:36) Shiyan Koh: Ya. Sesuatu hanya bisa tetap gratis atau murah untuk waktu yang lama, bukan? untuk menjadi kekuatan korektif. (08:41) Jeremy Au: Maksud saya, Jepang masih memiliki tingkat suku bunga yang lebih rendah secara rata-rata dibandingkan dengan yang lain. Maksud saya, mereka masih berusaha untuk mendapatkan lebih banyak inflasi yang mereka cari, menstimulasi ekonomi lebih lanjut. (08:50) Shiyan Koh: Ya. (08:51) Jeremy Au: Anda tahu, saya pikir pada akhirnya, apa yang saya dengar dari orang lain yang menggalang modal dari Timur Tengah adalah bahwa otoritas investasi ini sangat fokus, tidak
…
) Shiyan Koh: Lelucon ayah, bukan hanya untuk ayah. (12:24) Jeremy Au: Ini dia. Jadi, salut untuk duo
…
berbagi lebih banyak lagi, Shiyan? (12:47) Shiyan Koh: Ya, saya rasa siapapun yang memiliki anak
…
) Shiyan Koh: Maksud saya, Anda berada di ruangan yang bersih, bukan? Seperti, mereka harus memakai
…
Singapore: Silicon Box Unicorn, TheAsianParent Acquisition and Sovereign Wealth Fund Investment Shifts (GIC, Temasek) with Shiyan Koh - E380
…
bagaimana cara menentukan ukuran yang tepat dan arus kas yang positif. (15:32) Shiyan Koh: Lucu juga ya
…
Sequoia Capital Spins Off HongShan 红杉 & Peak XV, Apple Vision Pro and Societal Impact of VR & AR - E284
, it would be a lot more interesting and have a more interactive quality." - Shiyan Koh Sure? EDIT
…
say hi to? Shiyan Koh: (01:57) Oh, the Prefer guys met them today. They're making bean-less coffee
…
Au: (01:12) Morning, Shiyan. Shiyan Koh: (01:12) Good morning, Jeremy. How's it going? Jeremy Au
…
things." - Shiyan Koh Sure? EDIT During a discussion between Jeremy Au and Shiyan Koh, several key
…
caffeine. So, ready to go. Shiyan Koh: (01:23) Let's do it. It's been a busy week on the news side. Jeremy
…
Kebangkitan TikTok Trump vs Biden Melarang, Debat "Too Big To Fail" Grab & PHK Terbaik di Kelasnya bersama Shiyan Koh - E401
mereka menjual ke AS, mengakuisisi pusat data AS yang benar. Jadi, itu menarik. (02:49) Shiyan Koh: Ya
…
memulai perusahaan baru." - Shiyan Koh Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy Au membahas
…
pemutusan hubungan kerja di berbagai yurisdiksi. (01:43) Jeremy Au: Pagi Shiyan. Shiyan. (01:44) Shiyan Koh: Pagi
…
Kebangkitan TikTok Trump vs Biden Melarang, Debat "Too Big To Fail" Grab & PHK Terbaik di Kelasnya bersama Shiyan Koh - E401
…
populer di TikTok. Dia memiliki jutaan penonton. Dan kau tahu, (02:26) Shiyan Koh: Jadi, saya kira ini
…
intelektual tercipta dan orang-orang belajar banyak hal." - Shiyan Koh "Bank memiliki kemampuan unik
…
Conferences: Bad Event Organizers, Speaker & Moderator Hacks and Democracy vs. Republic Audience Engagement - E347
events, Thanksgiving events. (02:22) Shiyan Koh: Well, I do think it's funny that we celebrate
…
that insight out.” - Shiyan Koh Sure? EDIT In this discussion, Shiyan Koh, Managing Partner of Hustle
…
here. (02:09) Shiyan Koh: I know, it's like the F1 Super Return Switch Fintech Festival Q4 Madness
…
and helpful to them.” - Shiyan Koh Sure? EDIT “You don't necessarily need to have a point of view
…
@gofluid.io to learn more. Sure? (01:58) Jeremy Au: Hey, Shiyan. (01:59) Shiyan Koh: Hey Jeremy
…
TikTok Trump vs. Biden Ban Resurrection, Grab "Too Big To Fail" Debate & ShopBack Best-In-Class Layoffs with Shiyan Koh - E401
things.” - Shiyan Koh “Banks have the unique ability to be too big to fail because of the
…
) Shiyan Koh: Well, so, I guess it's not so much a ban as the forced sale, right? (02:31) Jeremy Au: Ooh
…
centers. So, which is interesting. (02:49) Shiyan Koh: Yeah, I mean, I don't know. I know people are
…
and get recycled back through the ecosystem, or even start a new company.” - Shiyan Koh Shiyan Koh, Managing
…
code seanbrave7 today. (01:43) Jeremy Au: Morning Shiyan. Shiyan. (01:44) Shiyan Koh: Morning, Jeremy
…
TikTok Trump vs. Biden Ban Resurrection, Grab "Too Big To Fail" Debate & ShopBack Best-In-Class Layoffs with Shiyan Koh - E401
…
Tech Collective Southeast Asia: Keep the pulse on the scene: 8 must-listen podcasts for tech startups in Asia in 2024
Monday session covers weekly tech news and debate with Shiyan Koh, Managing Partner of Hustle Fund
…
Singapura: Transisi Perdana Menteri Baru, Asimilasi Imigrasi & Sekolah, serta CTO & Kelulusan Teknik - E419
juga!
(01:29) Jeremy Au: Pagi, Shiyan. (01:30) Shiyan Koh: Selamat pagi. Saya baru setengah jalan
…
membahas tiga tema utama: 1. Transisi Perdana Menteri Baru: Jeremy Au dan Shiyan Koh membahas transisi
…
. (Shiyan Koh: Tapi tidak ada yang harus terjadi. Tidak ada yang harus terjadi sampai setelah pemilu
…
eksposur kepada orang lain." - Shiyan Koh "Saya akan mengadvokasi teknologi, CTO pass. EntrePass
…
terintegrasi dan beragam." - Shiyan Koh Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy Au
…
Pencucian Uang $3 Miliar Kantor Keluarga Singapura, Integrasi AI Apple & Labirin Penipuan VC dengan Shiyan Koh - E437
buruk ini sangat buruk bagi ekosistem." - Shiyan Koh, Managing Partner Hustle Fund "Bagian yang sulit
…
. Bagaimana kehidupan Anda? (02:01) Shiyan Koh: Baik. Saya berada di pinggiran kota Shanghai
…
Pencucian Uang $3 Miliar Kantor Keluarga Singapura, Integrasi AI Apple & Labirin Penipuan VC dengan Shiyan Koh - E437
…
) Jeremy Au: Hei, pagi, Shiyan. (01:58) Shiyan Koh: Pagi, Jeremy. Apa kabar? (01:59) Jeremy Au: Baik
…
-anak saya untuk belajar adalah melalui pencelupan bahasa seratus persen, bukan? (02:16) Shiyan Koh: Saya
…
dana." - Shiyan Koh, Managing Partner Hustle Fund
Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy
…
Singapore: New Prime Minister Transition, Immigration Assimilation & Schools and CTO & Engineering Pass with Shiyan Koh- E419
all of that. It's really good sign, actually. And so they split the part. (01:54) Shiyan Koh: But
…
: Jeremy Au and Shiyan Koh delved into the transition of Prime Minister leadership from Lee Hsien Loong
…
:29) Jeremy Au: Morning, Shiyan. (01:30) Shiyan Koh: Good morning. I'm only like halfway through my
…
Singapore: New Prime Minister Transition, Immigration Assimilation & Schools and CTO & Engineering Pass with Shiyan Koh- E419
…
of having a more integrated and diverse student population.” - Shiyan Koh Shiyan Koh, Managing
…
exposure to other folks.” - Shiyan Koh "I'm going to advocate for the tech, CTO pass. The EntrePass is for
…
Krisis PR Arbitrase Disney+, Ide Sci-Fi Startup yang Baik vs yang Buruk & Kebangkitan Teknologi Pertahanan dengan Shiyan Koh - E464
Hustle Fund Shiyan Koh, Managing Partner Hustle Fund, dan Jeremy Au membahas tiga poin utama: 1
…
. Pada dasarnya, apakah ada kecocokan antara pendiri dengan masalah yang dihadapi?" - Shiyan Koh, Managing
…
tidur delapan setengah jam. Jadi saya akhirnya bisa mengejarnya. (01:56) Shiyan Koh: Ooh, astaga
…
: Selamat pagi, Shiyan (01:51) Shiyan Koh: Apa kabar, Jeremy? (01:52) Jeremy Au: Baik. Akhirnya bisa
…
Krisis PR Arbitrase Disney+, Ide Sci-Fi Startup yang Baik vs yang Buruk & Kebangkitan Teknologi Pertahanan dengan Shiyan Koh - E464
…
, hal tersebut mempersempit pilihan Anda pada jenis masalah tertentu." - Shiyan Koh, Managing Partner
…
Disney+ Arbitration PR Crisis, Good vs. Bad Startup Sci-Fi Ideas & Defence Tech Rise with Shiyan Koh - E464
Disney+ Arbitration PR Crisis, Good vs. Bad Startup Sci-Fi Ideas & Defence Tech Rise with Shiyan Koh - E464
…
, that narrows your options to a specific type of problem.” - Shiyan Koh Shiyan Koh, Managing Partner of
…
get a crown? (02:01) Shiyan Koh: Yeah, it rates your sleep and then you look at the app. So every
…
a founder-problem fit at the core?” - Shiyan Koh “I often think about history and sci-fi because I
…
ones.
(01:50) Jeremy Au: Good morning, Shiyan (01:51) Shiyan Koh: How's it going, Jeremy? (01:52
…
) Shiyan Koh: Ooh, gosh. Do you have an Oura ring? Did you get crown? (01:59) Jeremy Au: Oh, what? Do you
…
Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au talked about three main points: 1
…
Billionaire Cagematch (Elon Musk vs. Mark Zuckerberg), Grab & GoJek Layoffs and Singapore Press Holdings Audit Findings - E288
, Shiyan. Shiyan Koh: (01:23) It's morning for me. It's 6:00 AM. Jeremy Au: (01:26) Yep. 9:00 PM for me
…
hypotheses and wild guesses about the future. Shiyan Koh: (01:58) Well, we better put on a good
…
shine.” - Jeremy Au Sure? EDIT Jeremy Au and Shiyan Koh engaged in a discussion covering various topics
…
first American I guess listener I guess, it's always interesting times. Yeah. Shiyan Koh: (01:46) I
…
explain. Why was your money at Zuck? Shiyan Koh: (02:46) He's younger. He's been posting videos of
…
51% SE Asia Favor China (vs. USA), Sequoia & GGV VC Decoupling & Mobility Competitor Game Theory with Shiyan Koh - E410
holders.” - Shiyan Koh Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au talked about three
…
51% SE Asia Favor China (vs. USA), Sequoia & GGV VC Decoupling & Mobility Competitor Game Theory with Shiyan Koh - E410
…
pushing on. (01:39) Shiyan Koh: This is my third engagement this morning. Let's do it. (01:42) Jeremy
…
of family, go check out Grain. (01:33) Jeremy Au: Morning, Shiyan. (01:34) Shiyan Koh: Good morning
…
.” - Shiyan Koh “It's great to get liquidity in any format in this environment for investors, but I think
…
Au: I feel, I feel better. Like I didn't wake you up in the morning. (01:45) Shiyan Koh: Coffee
…
Singapore: AI Job Disruption, Hiring Shift & Youth Unemployment with Shiyan Koh - E552
faster?” - Shiyan Koh, Managing Partner of Hustle Fund “How do I take this and turn my interests, my
…
just landed this morning. Yeah. So very dedicated to this recording. So (01:11) Shiyan Koh: I've
…
Singapore: AI Job Disruption, Hiring Shift & Youth Unemployment with Shiyan Koh - E552
…
something and do it?” - Shiyan Koh, Managing Partner of Hustle Fund “Whatever we think of AI today is
…
.” - Shiyan Koh, Managing Partner of Hustle Fund
Shiyan Koh, Managing Partner of Hustle Fund, and Jeremy Au
…
evolving market.
(00:59) Jeremy Au: Hey, Shiyan, really excited to have you back. (01:02) Shiyan Koh: Super
…
See more