BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)

Jeremy Au [https://www.linkedin.com/in/jeremyau/] breaks down the hidden math behind venture capital: why only a few startups matter, how VCs double down or walk away, and what real exits look like. Using the case of Instacart and Southeast Asia IPOs like SEA, Grab, and GoTo, he explains what separates paper value from cash returns, and why timing is everything. 01:07 VC Fund Economics and Decision Making: Covers how venture capitalists allocate time and support across their portfolio. Highlights the paradox where top performers need little help, while struggling startups consume the most resources. 04:04 Instacart IPO Case Study: Breaks down how early and late investors in Instacart performed. Shows how investment timing, conviction, and follow-on decisions shape actual returns. 08:34 Instagram vs. Snapchat: Acquisition Decisions: Compares two founders who faced billion-dollar buyout offers. One sold early and built long-term value inside a larger company. The other kept control but faced a bumpier ride. 11:20 VC Fund Performance and Metrics: Explains how to interpret MOIC and DPI. Focuses on the gap in Southeast Asia where paper returns look strong but real liquidity is still limited. Watch, listen or read the full insight at https://www.braveshttps://www.bravesea.com/blog/paper-vs-profit [https://www.bravesea.com/blog/paper-vs-profit] Get transcripts, startup resources & community discussions at http://www.bravesea.com/www.bravesea.com [http://www.bravesea.com] WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzdehttps://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e [https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e] TikTok: https://www.tiktok.com/@jeremyau [https://www.tiktok.com/@jeremyau] Instagram: https://www.instagram.com/jeremyauz [https://www.instagram.com/jeremyauz] Twitter: https://twitter.com/jeremyau [https://twitter.com/jeremyau] LinkedIn: https://www.linkedin.com/company/bravesea [https://www.linkedin.com/company/bravesea] English: Spotify [https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T] | YouTube [https://www.youtube.com/@JeremyAu?sub_confirmation=1] | Apple Podcasts [https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464] Bahasa Indonesia: Spotify [https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ] | YouTube [https://www.youtube.com/watch?v=zmSAfC8oZMQ&list=PLl9u6ECOP8_6DexuTNkCpmTwKDhRTKGcZ] | Apple Podcasts [https://podcasts.apple.com/us/podcast/brave-teknologi-asia-tenggara-singapura-indonesia-vietnam-filipina-thailand-malaysia-perusahaan-rintisan-pendiri-dan/id1729433475] Chinese: Spotify [https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR] | YouTube [https://www.youtube.com/watch?v=ZfPbq-Znr90&list=PLl9u6ECOP8_67PEJ85ml-Pa6O8igaixdS] | Apple Podcasts [https://podcasts.apple.com/au/podcast/brave-chinese-%E4%B8%9C%E5%8D%97%E4%BA%9A%E7%A7%91%E6%8A%80-%E6%96%B0%E5%8A%A0%E5%9D%A1-%E5%8D%B0%E5%BA%A6%E5%B0%BC%E8%A5%BF%E4%BA%9A-%E8%B6%8A%E5%8D%97-%E8%8F%B2%E5%BE%8B%E5%AE%BE-%E6%B3%B0%E5%9B%BD%E5%92%8C%E9%A9%AC%E6%9D%A5%E8%A5%BF%E4%BA%9A%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A-%E5%88%9B/id1734175342] Vietnamese: Spotify [https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1?si=6f62d7350b154cdf&nd=1&dlsi=1e5b79f365724ebd] | YouTube [https://www.youtube.com/playlist?list=PLl9u6ECOP8_5YJeVrhm1JWho-wUmV1tYs] | Apple Podcasts [https://podcasts.apple.com/gb/podcast/brave-vietnamese-c%C3%B4ng-ngh%E1%BB%87-%C4%91%C3%B4ng-nam-%C3%A1-singapore-indonesia/id1758749570]

Kelvin Subowo [https://www.linkedin.com/in/kelvin-subowo-035b64114/], CEO of Daily Co [https://www.linkedin.com/company/dailygroup/]., joins Jeremy Au [https://www.linkedin.com/in/jeremyau/] to share how he built one of Indonesia’s fastest growing F&B groups after seven failed ventures. They talk through how Kelvin’s early failures taught him the realities of Indonesia’s price sensitive market, how cloud kitchens initially succeeded but quickly collapsed post-Covid, and how Daily Co. pivoted by acquiring and scaling offline food brands. They explore how founder retention, backend integration, and M&A discipline enabled sustainable growth. Kelvin also explains how Chinese brands are entering Indonesia with capital and speed, and why his team is doubling down on scale, team culture, and long-term local partnerships. 05:22 He failed seven times: His early startups included a potato chip brand, a HappyFresh-style grocery delivery, a classified forum, and an Instagram-era Etsy clone, all of which failed due to underfunding, misaligned business models, and reliance on customer subsidies 11:39 The cloud kitchen model collapsed post pandemic: Customer subsidies ended, delivery and platform fees remained high, and fuel prices surged, making unit economics unsustainable and causing Daily Co. to shut down over 200 outlets by mid-2022 16:09 Kelvin acquired Bread Life and shifted to central production: The team repurposed its delivery network to support offline brands, bought the mall-based bakery chain, centralized baking to lower costs, and reopened with a profitable retail model 21:58 Daily Co. now acquires profitable founder led brands: It targets three to five times EBITDA valuations, only acquires IP and assets to avoid legacy liabilities, retains founders to run operations, and integrates backend services like HR, finance, and supply chain 29:47 Kelvin believes team loyalty helped Daily Co. survive downturns: Many team members have been with him since 2011, and instead of layoffs, they pivoted together to scale new categories like bakery, aiming to build an ecosystem focused on staple food and "share of belly" consumption across meals and snacks Watch, listen or read the full insight at https://www.braves/https://www.bravesea.com/blog/kelvin-subowo-scaling-after-shutdown [https://www.bravesea.com/blog/kelvin-subowo-scaling-after-shutdown] Get transcripts, startup resources & community discussions at www.bravesea.com [http://www.bravesea.com/] WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzdehttps://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e [https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e] TikTok: https://www.tiktok.com/@jeremyau [https://www.tiktok.com/@jeremyau] Instagram: https://www.instagram.com/jeremyauz [https://www.instagram.com/jeremyauz] Twitter: https://twitter.com/jeremyau [https://twitter.com/jeremyau] LinkedIn: https://www.linkedin.com/company/bravesea [https://www.linkedin.com/company/bravesea] English: Spotify [https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T] | YouTube [https://www.youtube.com/@JeremyAu?sub_confirmation=1] | Apple Podcasts [https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464] Bahasa Indonesia: Spotify [https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ] | YouTube [https://www.youtube.com/watch?v=zmSAfC8oZMQ&list=PLl9u6ECOP8_6DexuTNkCpmTwKDhRTKGcZ] | Apple Podcasts [https://podcasts.apple.com/us/podcast/brave-teknologi-asia-tenggara-singapura-indonesia-vietnam-filipina-thailand-malaysia-perusahaan-rintisan-pendiri-dan/id1729433475] Chinese: Spotify [https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR] | YouTube [https://www.youtube.com/watch?v=ZfPbq-Znr90&list=PLl9u6ECOP8_67PEJ85ml-Pa6O8igaixdS] | Apple Podcasts [https://podcasts.apple.com/au/podcast/brave-chinese-%E4%B8%9C%E5%8D%97%E4%BA%9A%E7%A7%91%E6%8A%80-%E6%96%B0%E5%8A%A0%E5%9D%A1-%E5%8D%B0%E5%BA%A6%E5%B0%BC%E8%A5%BF%E4%BA%9A-%E8%B6%8A%E5%8D%97-%E8%8F%B2%E5%BE%8B%E5%AE%BE-%E6%B3%B0%E5%9B%BD%E5%92%8C%E9%A9%AC%E6%9D%A5%E8%A5%BF%E4%BA%9A%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A-%E5%88%9B/id1734175342] Vietnamese: Spotify [https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1?si=6f62d7350b154cdf&nd=1&dlsi=1e5b79f365724ebd] | YouTube [https://www.youtube.com/playlist?list=PLl9u6ECOP8_5YJeVrhm1JWho-wUmV1tYs] | Apple Podcasts [https://podcasts.apple.com/gb/podcast/brave-vietnamese-c%C3%B4ng-ngh%E1%BB%87-%C4%91%C3%B4ng-nam-%C3%A1-singapore-indonesia/id1758749570]

Adriel Yong [https://www.linkedin.com/in/adrielyongcj/], Orvel Venture [https://www.linkedin.com/company/orvel-ventures/] Partner, joins Jeremy Au [https://www.linkedin.com/in/jeremyau/] to reflect on five years of career transitions from investing to building startups across Southeast Asia and the US. They unpack how American venture capital has turned inward, the unintended consequences of remote work, and why AI is upending both work and relationships. Through candid stories from fundraising dinners in San Francisco to AI-generated breakup scripts they explore how technology is transforming how we build companies, make decisions, and stay human. 03:12 American and Asian startup growth models differ: In San Francisco, startups often grow fast by selling to other startups and riding internal network effects, while Southeast Asian startups focus on capturing value chains and relationship-based sales. 06:05 Revenue in SF isn’t always real: Founders in SF can reach $10 million ARR by selling to friendly peers, but in LA or Southeast Asia, sales are slower and relationship-driven, especially in industries like entertainment. 08:53 US venture capital is becoming protectionist: Where American VCs once backed global founders, they now prioritize companies based in or from the US, making it harder for Southeast Asian startups to access funding. 11:49 AI is replacing VC advisory work: Founders now use large language models to flag red flags in term sheets before reaching out to VCs, shifting the VC’s role from explainer to final verifier and negotiation coach. 14:59 AI is eroding help-based relationships: As people ask ChatGPT instead of friends for advice, the everyday opportunities for give-and-take shrink, which could weaken social bonds especially in task-focused societies like Singapore. 18:13 Generative AI amplifies Western perspectives: Tools like ChatGPT default to American individualist values unless prompted otherwise, meaning users across Asia may unconsciously adopt Americanized ways of thinking and problem-solving. 20:53 Graduate employment in Singapore is dropping: Unemployment dipped below 80 percent as MNCs cut back due to trade wars and AI displaces entry-level roles. Many graduates prefer brand-name firms, leaving SME jobs overlooked despite being the bulk of local employment. Watch, listen or read the full insight at https://www.bravesea.com/blog/trained-by-ai [https://www.bravesea.com/blog/trained-by-ai] Get transcripts, startup resources & community discussions at http://www.bravesea.com/www.bravesea.com [http://www.bravesea.com] WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzdehttps://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e [https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e] TikTok: https://www.tiktok.com/@jeremyau [https://www.tiktok.com/@jeremyau] Instagram: https://www.instagram.com/jeremyauz [https://www.instagram.com/jeremyauz] Twitter: https://twitter.com/jeremyau [https://twitter.com/jeremyau] LinkedIn: https://www.linkedin.com/company/bravesea [https://www.linkedin.com/company/bravesea] English: Spotify [https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T] | YouTube [https://www.youtube.com/@JeremyAu?sub_confirmation=1] | Apple Podcasts [https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464] Bahasa Indonesia: Spotify [https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ] | YouTube [https://www.youtube.com/watch?v=zmSAfC8oZMQ&list=PLl9u6ECOP8_6DexuTNkCpmTwKDhRTKGcZ] | Apple Podcasts [https://podcasts.apple.com/us/podcast/brave-teknologi-asia-tenggara-singapura-indonesia-vietnam-filipina-thailand-malaysia-perusahaan-rintisan-pendiri-dan/id1729433475] Chinese: Spotify [https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR] | YouTube [https://www.youtube.com/watch?v=ZfPbq-Znr90&list=PLl9u6ECOP8_67PEJ85ml-Pa6O8igaixdS] | Apple Podcasts [https://podcasts.apple.com/au/podcast/brave-chinese-%E4%B8%9C%E5%8D%97%E4%BA%9A%E7%A7%91%E6%8A%80-%E6%96%B0%E5%8A%A0%E5%9D%A1-%E5%8D%B0%E5%BA%A6%E5%B0%BC%E8%A5%BF%E4%BA%9A-%E8%B6%8A%E5%8D%97-%E8%8F%B2%E5%BE%8B%E5%AE%BE-%E6%B3%B0%E5%9B%BD%E5%92%8C%E9%A9%AC%E6%9D%A5%E8%A5%BF%E4%BA%9A%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A-%E5%88%9B/id1734175342] Vietnamese: Spotify [https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1?si=6f62d7350b154cdf&nd=1&dlsi=1e5b79f365724ebd] | YouTube [https://www.youtube.com/playlist?list=PLl9u6ECOP8_5YJeVrhm1JWho-wUmV1tYs] | Apple Podcasts [https://podcasts.apple.com/gb/podcast/brave-vietnamese-c%C3%B4ng-ngh%E1%BB%87-%C4%91%C3%B4ng-nam-%C3%A1-singapore-indonesia/id1758749570]

Jeremy Au [https://www.linkedin.com/in/jeremyau/] breaks down the evolving power dynamics between VCs and founders in Southeast Asia, diving into board control, investor rights, and why most startups fail despite support. He shares practical lessons from both sides of the table, highlights the return of convertible debt, and explains how founders should think about conflict, dilution, and boardroom politics. 00:54 Key Investor Rights and Control: Jeremy outlines the top 10 investor rights such as drag-along, tag-along, and anti-dilution. These clauses define how power and decision-making are structured in startup financing. 03:47 Conflicts of Interest in Startups: He explains how interests between founders, board members, and shareholders evolve over time. Alignment becomes harder as companies grow and stakes increase. 08:26 Convertible Debt and Financing Trends: Jeremy describes why convertible debt is gaining traction again. In uncertain markets, it offers downside protection and upside potential for investors. 10:22 Board Dynamics and Founder Control: Founders in Southeast Asia often lose control by Series A. Jeremy explains how board decisions work, how founders can push back, and what happens when alignment breaks. Watch, listen or read the full insight at https://www.braveshttps://www.bravesea.com/blog/founder-vc-powerplay [https://www.bravesea.com/blog/founder-vc-powerplay] Get transcripts, startup resources & community discussions at http://www.bravesea.com/www.bravesea.com [http://www.bravesea.com] WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzdehttps://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e [https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e] TikTok: https://www.tiktok.com/@jeremyau [https://www.tiktok.com/@jeremyau] Instagram: https://www.instagram.com/jeremyauz [https://www.instagram.com/jeremyauz] Twitter: https://twitter.com/jeremyau [https://twitter.com/jeremyau] LinkedIn: https://www.linkedin.com/company/bravesea [https://www.linkedin.com/company/bravesea] English: Spotify [https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T] | YouTube [https://www.youtube.com/@JeremyAu?sub_confirmation=1] | Apple Podcasts [https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464] Bahasa Indonesia: Spotify [https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ] | YouTube [https://www.youtube.com/watch?v=zmSAfC8oZMQ&list=PLl9u6ECOP8_6DexuTNkCpmTwKDhRTKGcZ] | Apple Podcasts [https://podcasts.apple.com/us/podcast/brave-teknologi-asia-tenggara-singapura-indonesia-vietnam-filipina-thailand-malaysia-perusahaan-rintisan-pendiri-dan/id1729433475] Chinese: Spotify [https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR] | YouTube [https://www.youtube.com/watch?v=ZfPbq-Znr90&list=PLl9u6ECOP8_67PEJ85ml-Pa6O8igaixdS] | Apple Podcasts [https://podcasts.apple.com/au/podcast/brave-chinese-%E4%B8%9C%E5%8D%97%E4%BA%9A%E7%A7%91%E6%8A%80-%E6%96%B0%E5%8A%A0%E5%9D%A1-%E5%8D%B0%E5%BA%A6%E5%B0%BC%E8%A5%BF%E4%BA%9A-%E8%B6%8A%E5%8D%97-%E8%8F%B2%E5%BE%8B%E5%AE%BE-%E6%B3%B0%E5%9B%BD%E5%92%8C%E9%A9%AC%E6%9D%A5%E8%A5%BF%E4%BA%9A%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A-%E5%88%9B/id1734175342] Vietnamese: Spotify [https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1?si=6f62d7350b154cdf&nd=1&dlsi=1e5b79f365724ebd] | YouTube [https://www.youtube.com/playlist?list=PLl9u6ECOP8_5YJeVrhm1JWho-wUmV1tYs] | Apple Podcasts [https://podcasts.apple.com/gb/podcast/brave-vietnamese-c%C3%B4ng-ngh%E1%BB%87-%C4%91%C3%B4ng-nam-%C3%A1-singapore-indonesia/id1758749570]

Janine Teo [https://www.linkedin.com/in/teojanine/], CEO of Solve Education [https://www.linkedin.com/company/solve-education-/], returns to BRAVE after three years to explore how AI is reshaping education for marginalized youth. She and Jeremy Au [https://www.linkedin.com/in/jeremyau/] unpack the double-edged nature of AI in learning, how Solve Education [https://www.linkedin.com/company/solve-education-/] leverages gamification and AI coaching to drive motivation, and the shifting job market where entry-level roles are disappearing. They discuss how AI is widening access for underserved learners, challenging traditional career aspirations, and demanding new approaches to teaching foundational skills. Janine also shares how her team’s GAIN model: Gamification, AI, Incentives, and Network, tackles agency gaps and builds community-led learning environments for impact at scale. 02:29 AI made education more personal and accessible: Students can now learn at their own pace using AI tutors like Solve Education’s “Ad,” especially in low-resource environments where human teachers are scarce. 04:50 Students use AI to uplift their families: Many youth ask AI for advice not just for school but to help their parents, reversing traditional education roles in marginalized households. 07:42 AI reshapes career aspirations and challenges family expectations: With AI exposure, students begin to dream beyond their parents' limited career suggestions and request help from the AI to explain their goals back home. 10:29 Teaching must prioritize thinking over memorization: In the AI era, knowing how to analyze, ask questions, and apply knowledge is more important than storing facts or formulas. 13:07 Motivation is the biggest learning barrier: Solve Education focuses on building a learner agency through their GAIN framework, especially for youth surrounded by demotivating environments. 15:43 Junior jobs are being replaced by automation: With AI doing most low-level tasks, junior analysts and entry-level roles are disappearing, forcing fresh grads to upskill or pivot early. 18:08 Learning environments shape success: Solve Education combines online tools with local community leaders to create peer-driven, supportive ecosystems that keep learners engaged and progressing. Watch, listen or read the full insight at https://www.braveshttps://www.bravesea.com/blog/janine-teo-educated-by-ai [https://www.bravesea.com/blog/janine-teo-educated-by-ai] Get transcripts, startup resources & community discussions at http://www.bravesea.com/www.bravesea.com [http://www.bravesea.com] WhatsApp: https://chat.whatsapp.com/CeL3ywi7yOWFd8HTo6yzdehttps://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e [https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e] TikTok: https://www.tiktok.com/@jeremyau [https://www.tiktok.com/@jeremyau] Instagram: https://www.instagram.com/jeremyauz [https://www.instagram.com/jeremyauz] Twitter: https://twitter.com/jeremyau [https://twitter.com/jeremyau] LinkedIn: https://www.linkedin.com/company/bravesea [https://www.linkedin.com/company/bravesea] English: Spotify [https://open.spotify.com/show/4TnqkaWpTT181lMA8xNu0T] | YouTube [https://www.youtube.com/@JeremyAu?sub_confirmation=1] | Apple Podcasts [https://podcasts.apple.com/sg/podcast/brave-southeast-asia-tech-singapore-indonesia-vietnam/id1506890464] Bahasa Indonesia: Spotify [https://open.spotify.com/show/2Vs8t6qPo0eFb4o6zOmiVZ] | YouTube [https://www.youtube.com/watch?v=zmSAfC8oZMQ&list=PLl9u6ECOP8_6DexuTNkCpmTwKDhRTKGcZ] | Apple Podcasts [https://podcasts.apple.com/us/podcast/brave-teknologi-asia-tenggara-singapura-indonesia-vietnam-filipina-thailand-malaysia-perusahaan-rintisan-pendiri-dan/id1729433475] Chinese: Spotify [https://open.spotify.com/show/20AGbzHhzFDWyRTbHTVDJR] | YouTube [https://www.youtube.com/watch?v=ZfPbq-Znr90&list=PLl9u6ECOP8_67PEJ85ml-Pa6O8igaixdS] | Apple Podcasts [https://podcasts.apple.com/au/podcast/brave-chinese-%E4%B8%9C%E5%8D%97%E4%BA%9A%E7%A7%91%E6%8A%80-%E6%96%B0%E5%8A%A0%E5%9D%A1-%E5%8D%B0%E5%BA%A6%E5%B0%BC%E8%A5%BF%E4%BA%9A-%E8%B6%8A%E5%8D%97-%E8%8F%B2%E5%BE%8B%E5%AE%BE-%E6%B3%B0%E5%9B%BD%E5%92%8C%E9%A9%AC%E6%9D%A5%E8%A5%BF%E4%BA%9A%E5%88%9D%E5%88%9B%E4%BC%81%E4%B8%9A-%E5%88%9B/id1734175342] Vietnamese: Spotify [https://open.spotify.com/show/0yqd3Jj0I19NhN0h8lWrK1?si=6f62d7350b154cdf&nd=1&dlsi=1e5b79f365724ebd] | YouTube [https://www.youtube.com/playlist?list=PLl9u6ECOP8_5YJeVrhm1JWho-wUmV1tYs] | Apple Podcasts [https://podcasts.apple.com/gb/podcast/brave-vietnamese-c%C3%B4ng-ngh%E1%BB%87-%C4%91%C3%B4ng-nam-%C3%A1-singapore-indonesia/id1758749570]