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SEA of Startups

SEA of Startups

Auteur(s): Decoding the Pulse of Founders Capital & Conviction in Southeast Asia.
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 🎙 SEA of Startups Decoding the pulse of founders, capital, and conviction in Southeast Asia. This isn’t another “startup success” show — it’s the real conversation behind what actually works (and what doesn’t) when you’re building, funding, or navigating the region’s wild, ambitious ecosystem. From Singapore’s capital corridors to Jakarta’s chaos, Manila’s energy to Ho Chi Minh’s grit — we unpack how ambition, culture, and capital collide. Expect deep dives into founder psychology, venture strategy, and the unspoken truths shaping Southeast Asia’s next decade. Hosted by Kim Yeoh and Kevin Brockland, it’s where strategy meets psychology — a mirror to the builders and believers shaping Southeast Asia. Part strategy, part soul — unfiltered, intelligent, and entirely real.

seaofstartups.substack.comSea of Startups Gestion et leadership Économie
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  • 🎙EP 20: Singapore did it...again: How the SGX–NASDAQ Dual Listing Bridge Rewrites Southeast Asia’s Exit Game

    🎙EP 20: Singapore did it...again: How the SGX–NASDAQ Dual Listing Bridge Rewrites Southeast Asia’s Exit Game
    Dec 4 2025
    Heyyyy guys,🧠 TL;DR — What Actually Changed* SGX × NASDAQ dual listing is a real regulatory breakthrough — but U.S. liquidity remains unproven* The fintech “funding collapse” was actually capital consolidation into Singapore* Southeast Asia is shifting from emerging → maturing, with real scaffolding for a capital stack* Founders + investors have a 24-month window before this becomes table stakesThe Setup: Why This Moment MattersSGX and NASDAQ just launched a dual-listing bridge — something Southeast Asia’s growth-stage founders have wanted for a decade.But here’s the twist:This isn’t about IPO convenience.It’s about Singapore silently building its own version of Silicon Valley’s capital stack — adapted for Southeast Asia’s geopolitical reality.And it’s happening while the rest of the ecosystem is still parsing the headline.We are at an inflection point,but not for the reasons most people think.1. SGX × NASDAQ Dual ListingReal Liquidity or Ego Liquidity?**What It IsA streamlined structure allowing ~$2.5B+ companies to list simultaneously on SGX and NASDAQ without:* duplicate filings* conflicting disclosures* multi-jurisdictional legal chaosA real regulatory achievement.What Everyone Assumes“Finally! A viable U.S. exit path for Southeast Asia tech.”What It Actually IsA partial solution — with one massive unanswered question:Does this create real U.S. liquidity, or just better press releases?Regulatory friction? Solved.Liquidity, analyst coverage, and market-making? Not solved.Let’s be blunt:* Who in New York is covering a $3B ASEAN B2B SaaS they’ve never used?* Who is trading your stock at 2 a.m. EST?* How do you compete for attention against trillion-dollar tickers?In Singapore, you matter.In the U.S., you are… a symbol on a screen.Who Wins (Right Now)?* SGX — they can pitch “NASDAQ access” to the entire region* Founders — they gain optionality and cleaner paperworkWill U.S. liquidity appear?TBD.Yes, AvePoint dual-listed in 2025 — but one data point does not equal a trend.2. The Fintech Funding ‘Collapse’ That Wasn’tIf you only saw the headline:“SEA fintech funding down 39% YoY.”You missed the real story:Singapore captured 84–88% of all fintech dollars.Capital didn’t disappear — it moved to safety.The Numbers* $829M raised (SEA fintech, first 9 months of 2025)* Singapore → 84% (with multiple quarters at 88%)* Mega rounds continued quietly:* Thunes — $150M Series D* Airwallex — $150M Series FThis isn’t contraction. It’s radical selectivity.When markets tighten, capital flies to clarity.In Southeast Asia, clarity has a postal code — Singapore.The Nuance No One MentionsMany “Singapore rounds” are Singapore TopCos with operations elsewhere.But even adjusting for that, the trend is undeniable:Singapore is becoming the gravitational center of SEAs capital stack.If You’re Building Outside Singapore…You need a Singapore strategy now, not “when we hit Series B.”* Entity structure* Regulatory setup* Investor relationships* Capital accessYou cannot retrofit a cap table at scale.If You’re a Seed Investor…Your job just became extremely difficult.You must identify the 10–15% of founders who:* can reach late stage* understand jurisdiction strategy* can navigate regulatory complexity* know how to design an intelligent capital stackMost seed funds will not do this.The ones who do will win disproportionately.3. From Emerging → MatureIs Southeast Asia Finally Growing Up?**Silicon Valley is built on a simple assumption:Build → Scale → Exit on NASDAQ.Because the infrastructure exists.Southeast Asia has never had that luxury.Grab went to NASDAQ.Sea went to NYSE.No major regional champion listed on SGX — because the liquidity + coverage didn’t justify it.What’s Shifting Now?Singapore is positioning itself as the region’s public-market on-ramp:* SGX × NASDAQ dual listing* Extreme fintech capital concentration* Temasek + GIC reallocating toward deep tech and infrastructure* Robust IP protection* $28B RIE2025 deep-tech planTo become a mature ecosystem, you need:* A complete capital stackSeed → A → Growth → Pre-IPO → Public markets* Exit pathways that convertNot theory — execution.* Signaling mechanismsReal wins → real returns → capital recycling.We’re not fully there.But for the first time, the scaffolding is real.4. The Implicit Geopolitical SubtextU.S.–China decoupling has reshaped global capital flows.China still owns ~75% of Asia biotech funding…but diversification is accelerating fast.And Singapore is playing its hand masterfully- clever and very typical.Singapore is now:* Neutral* Globally aligned* Legally predictable* Highly trustedSignals:* Biotech capital shifting to Singapore & South Korea* Flagship Partnering × A*STAR: $100M deep-tech commitment* Talent and IP migrating to strong-jurisdiction hubsThis isn’t incremental.It’s a generational repositioning. (See it now?)5. What ...
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    35 min
  • 🎙EP 19: While We Argue About Electricity, Google Is Moving Compute to Space. Southeast Asia Has 36 Months to Wake Up.

    🎙EP 19: While We Argue About Electricity, Google Is Moving Compute to Space. Southeast Asia Has 36 Months to Wake Up.
    Nov 20 2025
    THIS WEEK'S REALITY CHECKGoogle just published research that makes every data center in Southeast Asia look obsolete.Project Suncatcher: Space-based AI data centers hitting cost parity with terrestrial operations by 2035. Launch costs dropped from $10,000 to $1,500 per kilogram. SpaceX is targeting $200/kg.This isn't science fiction. It's a $100 billion economic shift happening right now—and Southeast Asia has exactly 24-36 months to position itself as the ground station hub or watch the value flow elsewhere.This episode breaks down why orbital compute is inevitable, what it means for AI and agriculture in the region, and the moves founders need to make before the infrastructure moats lock in.WHAT WE COVER🚀 The Economics That Just FlippedLaunch costs: $10K → $1.5K per kg (and falling to $200/kg by 2035)Why Google's betting on orbital over terrestrial8x more solar efficiency + free cooling in vacuum of spaceHow SpaceX made the impossible economically viable☀️ Project Suncatcher BreakdownWhat Google's actually building (and why now)Technical challenges: maintenance, thermal radiation, data latencyWhy StarCloud just launched NVIDIA-powered mini data center into orbitThe radiation hardening problem (and how it's getting solved)🌾 The $400B Agriculture Angle Nobody's ConnectingHow satellite-based Earth observation transforms Southeast Asian farmingThailand could gain $8-12B annually from precision agricultureReal-time insights: soil health, planting windows, pest predictionWhy AcerX raised $30M+ to build this infrastructure now🏗️ Infrastructure Gets Its God's-Eye ViewMining companies using orbital imaging for mineral explorationUtilities gaining real-time grid monitoring capabilitiesWhy Southeast Asia's equatorial position = massive strategic advantageGround station networks as the next critical infrastructure moat💰 Who's Building What (And Who's Getting Funded)AcerX (Singapore): $30M+ for satellite data platformsOne Orbit: $12M for environmental monitoringLunaSat (Malaysia): Affordable small satellite manufacturingPlanet Labs: $500M raised, largest Earth observation constellation⏰ The 24-36 Month WindowWhy regional coordination matters right nowWhat happens when infrastructure moats lock inFive tactical moves for AI, agriculture, and infrastructure foundersPolicy frameworks that need to exist yesterdayKEY QUOTES"While Malaysia debates water usage for data centers and Singapore worries about electricity grids, Google's preparing to bypass all of it with orbital compute." - Kim"Southeast Asia is either positioning itself as the ground station hub for the orbital economy, or it's watching $100 billion in economic value flow elsewhere." - Kevin"Agriculture in this region is a $400 billion industry that's been fundamentally inefficient for centuries. Space-based analytics running in orbit and beaming down real-time insights changes everything." - Kim"The window for Southeast Asia to position itself in this ecosystem is 24-36 months. After that, the players are locked in and we're customers, not builders." - Kevin"I have to give credit where it's due: Elon Musk basically came in and inspired everyone to look at space as economically viable. Nobody was thinking about private sector space before SpaceX." - KevinFEATURED DATA POINTS🚀 Launch cost trajectory: $10,000/kg (2005) → $1,500/kg (2025) → $200/kg target (2035)☀️ Solar collection efficiency: 8x more productive in space than terrestrial panels💰 Economic opportunity: $100B+ potential GDP contribution to Southeast Asia🌾 SEA agriculture market: $400B annually📊 Thailand agriculture gains: $8-12B potential annual productivity increase⚡ Power advantage: Constant solar (if positioned in dawn-dusk synchronous orbit)❄️ Cooling advantage: Thermal radiation in vacuum = no water consumption💸 Funding activity:AcerX: $30M+ raised (Singapore satellite data platforms)One Orbit: $12M raised (environmental monitoring)Planet Labs: $500M raised (largest Earth observation constellation)⏱️ Latency advantage: 1-7ms orbital (vs 150ms trans-Pacific)🛰️ StarCloud: NVIDIA-powered orbital data center launched November 2025TACTICAL TAKEAWAYS FOR FOUNDERSIf you're building AI:Map which workloads could migrate to orbital compute (training jobs especially)30-40% cost reduction potential on frontier model trainingBuild relationships with space tech companies now (AcerX, One Orbit)Factor orbital into your Series B infrastructure assumptionsIf you're in agriculture:Pilot satellite data integration immediately (don't wait for perfect tech)Partner with companies deploying Earth observation analyticsOperational knowledge compounds—5-year head start mattersThailand, Vietnam, Indonesia = massive precision agriculture TAMIf you're infrastructure/utilities:Real-time satellite analytics for grid monitoring, pipeline integrityGround station partnerships should be strategic priorityAsset tracking, disaster resilience, environmental ...
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    43 min
  • 🎙EP 18: 400% Returns: How Transformational M&A and AI Will Redefine Southeast Asia’s Next Decade

    🎙EP 18: 400% Returns: How Transformational M&A and AI Will Redefine Southeast Asia’s Next Decade
    Nov 6 2025
    Episode Title: 400% Returns vs S&P: The 6 M&A Habits Turning Acquisitions Into Capability MachinesTHIS WEEK'S REALITY CHECKCompanies that transform while they transact are delivering 400%+ returns vs the S&P 500 over the last decade.That's not incremental. That's a different category of value creation entirely.Deloitte just mapped how they do it: Six habits that separate transformational acquirers from traditional ones. Grab mastered 5 out of 6. Most Southeast Asian corporates? Still haven't shown up to the fight.This episode breaks down the playbook—and why Southeast Asia keeps getting M&A backwards.WHAT WE COVER📊 The Numbers That MatterWhy 400% outperformance isn't a fluke—it's a patternHow transformational M&A differs from traditional sequential approachesWhy most Southeast Asian corporates are still using outdated playbooks🎯 The Six Habits of Transformational AcquirersLeadership Mandate: C-suite strategy, not finance functionAlways-On Portfolio: Capability P&Ls, not just revenue P&LsTransform As You Transact: Concurrent, not sequentialAI at the Core: Business model shift, not cost optimizationPower in Collaboration: Ecosystem plays, not solo executionWorkforce for Tomorrow: People as bedrock, not afterthought🏢 Southeast Asia Case StudiesGrab: Programmatic capability stacking (but still not profitable)PropertyGuru: Pre-SPAC ecosystem building that attracted $1.1B private take-outDBS Bank: The 27,000-person tech company that happens to do banking🤖 The AI M&A FutureHow AI changes targeting, diligence, integration, and synergy captureWhy build vs buy calculus is shifting (and M&A volume will increase)The vibe coding question and what it means for Southeast Asia⏰ The 24-Month WindowWhy the next 2 years determine the next decadeWhat founders should do this quarterWhy most local corporates will still get it wrongKEY QUOTES"If your M&A strategy is still 'integrate first, transform later,' you're bringing a butter knife to a lightsaber fight." - Kevin"Dead weight kills optionality. And Southeast Asian corporates are carrying a LOT of dead weight." - Kimberley"You're not buying revenue. You're buying capabilities. You're not integrating headcount. You're integrating ecosystems." - Kevin"Grab didn't succeed because they had the best technology. They succeeded because they built teams that understood Jakarta differently than Singapore." - Kimberley"The companies that move in the next 24 months will define the next decade. The ones that wait will watch the window close." - KevinFEATURED DATA POINTS📈 Transformational M&A returns: 400%+ vs S&P 500 (over 10 years) 📊 Deloitte report: Six habits of transformational acquirers 🏢 Grab acquisitions: Kudo, Bento, GrabInvest, Jaya Grocer, digital bank license 💰 PropertyGuru exit: $1.1B private take-out by EQT (2024) 🏦 DBS workforce: 27,000 people (tech company that does banking) ⏱️ Traditional integration timeline: 18+ months ⚡ AI-enabled integration: Near real-time synergy capture 📉 SEA M&A volume: Historically low, ticking up slowly 🎯 Timeline prediction: 3-5 years for local corporates to adopt programmatic M&ATACTICAL TAKEAWAYSFor Founders:Five Decision Audit: Label last 5 strategic calls as defense vs offense. Rebalance if skewed.Live Capability Target List: 10 companies/partners/tech you could buy/partner/replicate. Refresh monthly.Board Agenda: Put transformation on board agenda with 3-5 year capability map.For Corporates:Treat M&A as C-suite strategy, not finance functionBuild capability P&Ls, not just revenue P&LsStart transformation pre-deal, not post-integrationEmbed AI at the core of M&A processBuild corp dev function if you don't have oneFor Investors:Track which companies are stacking capabilities vs chasing revenuePrioritize teams that understand ecosystem playsWatch for AI-enabled M&A processes as competitive advantageRESOURCES MENTIONED📄 Deloitte Transformational M&A ReportSHOW NOTES (DETAILED TIMESTAMPS)[00:00] Cold open: The gut check every SEA founder needs [01:01] The 400% number: Why transformational M&A outperforms [01:30] Six practices from Deloitte's new playbook [02:32] Old M&A vs transformational M&A: What actually changed [04:38] Southeast Asia receipts: Grab, PropertyGuru, DBS [08:21] PropertyGuru's capability thesis pre-SPAC [09:48] DBS masterclass: 27,000-person tech company [11:39] The build vs buy calculus is shifting [13:57] Vibe coding and what it means for M&A in SEA [17:12] Deloitte's six habits breakdown begins [18:30] Always-on portfolio: Capability P&Ls vs revenue P&Ls [21:20] Will startups still want to be acquired? [24:09] AI at the core: Not cost-out, business model shift [25:17] Power in collaboration: Why SEA is designed for this [27:34] The next 3-5 years: M&A volume predictions [28:52] AI-enabled M&A: Targeting, diligence, integration [31:05] Programmatic M&A: Will SEA corporates adopt it? [33:31] Catalyst analysis: What drives M&A volume increase [34:44] Family businesses and ...
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    39 min
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