I often describe my career in venture capital as something of a happy accident. I didn’t set out with a grand plan to be part of Southeast Asia’s startup story. Like many others, I simply followed my curiosity and ended up in the middle of a generational shift.
In a recent conversation with Michael, my former colleague at SeedPlus and Raz over at The Generalist, I reflected on how the ecosystem has evolved over the past 15 years.
When I started my career, the idea of starting a tech company in Singapore was still met with raised eyebrows. Much of the early momentum came from the corridors of NUS, where a small community of founders tried to figure out what it meant to build software companies here.
Back then, working in a startup wasn’t a legitimate career choice. It was a risk few were prepared to take seriously. The success of companies like tenCube (acquired by McAfee), Zopim (which Zendesk later acquired) helped shift perceptions. Over time, the trendline moved steadily upward—more founders, more capital, more belief that Southeast Asia could produce enduring technology businesses. It’s easy to forget how recently that was.
Today, we’re at another crossroads. After years of abundant capital and high valuations, the mood has become more cautious. Some of this is healthy—a natural correction after periods of excess. But there’s also an undercurrent of unease.
Many of us feel as though we’re waiting for another shoe to drop. The collapse of high-profile ventures and scandals like eFishery have exposed the fault lines that emerge when too much money chases too few fundamentals.
I’ve seen firsthand how founder misconduct and poor stewardship can erode trust. At the same time, I think the willingness to talk openly about these failures is itself a sign of maturity. A decade ago, most of these conversations were whispered, if they happened at all.
One thing I’m encouraged by is how the talent landscape has evolved. In 2009, it was hard to find people who wanted to work in startups at all. Today, there’s no shortage of ambitious founders and early employees willing to take the leap.
Part of this was driven by Rocket Internet. For all their critics, they trained a cohort of operators who went on to build and lead their own companies. ShopBack in particular is a great example of one of the “Rocket Cubs”.
Yet there are still gaps. We don’t have enough “one downs”—the first senior leaders who can professionalise teams and scale beyond the founder phase. This layer of experience will take time and repetition to develop.
On the capital side, funds like Jungle, Openspace, and Wavemaker—many seeded by Temasek—have matured into credible multi-strategy platforms. That’s been an important step. But growth capital remains uneven, especially now that some of the global players have pulled back.
If there’s one challenge that overshadows the rest, it’s liquidity. We still lack consistent, credible paths to exit. Without them, the ecosystem can’t recycle talent and capital or create the flywheel effect we see in more developed markets.
In Silicon Valley, multiple generations of successful companies have become role models, mentors, and investors in the next wave. Here, those stories are still rare. Until we can build deeper capital markets and reliable exit pathways, this will remain a structural constraint.
Even so, I remain fundamentally optimistic. The last couple of years, with fewer distractions and less noise, have been a good time to invest. There’s been more room for thoughtful conversations about what makes a sustainable business.
One thing I try to remember is that venture is cyclical by nature. Our job is to be a counterweight: to stay optimistic when the mood is bleak, and measured when the mood is exuberant. To do what is principled, not just what feels easy or popular.
This includes prioritising company-friendly structures that ensure the enterprise can outlast any one founder or investor. When fraud or short-term thinking takes hold, it damages not just the company, but the entire ecosystem.
So, what’s next? Looking ahead, I’m particularly excited about the impact of AI and generative models. They’re reshaping what’s possible in almost every category.
One question I often ask founders these days is:
If you were rebuilding your business from scratch, knowing everything you’ve learned about AI over the past two years, what would you do differently?
I frequently ask this question at every board meeting, and for some companies, it has resulted in valuable outcomes that positively influenced product roadmaps, organizational structure, and strategic directions. From an investment perspective, this has also led us to discover intriguing opportunities in Southeast Asia.
Check out the interview here and I look forward to hearing from you.
Leave a Reply