Épisodes

  • 🎙️ EP 17: 680 Million People. 11 Regulatory Systems. 1 Opportunity: Turning ASEAN’s Chaos into Capital.

    🎙️ EP 17: 680 Million People. 11 Regulatory Systems. 1 Opportunity: Turning ASEAN’s Chaos into Capital.
    Oct 29 2025
    THIS WEEK'S REALITY CHECKThe 47th ASEAN Summit just wrapped in Kuala Lumpur. Trump was there. China's Premier showed up. Everyone talked about integration.Meanwhile, the smartest founders in Southeast Asia are betting on something completely different: That the chaos isn't a bug—it's the entire competitive moat.This episode unpacks why ASEAN's fragmentation might be its biggest strategic advantage, and what founders need to do in the next 24 months before the window closes.WHAT WE COVER🌏 The ASEAN Integration ParadoxWhy 58 years of "working toward unity" might be missing the pointThe middle child syndrome: Too big to ignore, too fragmented to dominateWhy EU-style integration would probably destroy what makes SEA interesting💰 Why Silicon Valley Keeps Failing HereGoogle, Uber, Amazon—the graveyard of Western tech in Southeast AsiaHow Grab succeeded where Uber failed (hint: it's not just execution)The competitive moat that only local players understand🎯 The Strategic Non-Alignment PlaybookMalaysia's simultaneous partnerships with China, UK, and U.S.Singapore's multi-ecosystem strategyHow to become the Switzerland of the tech cold war🏙️ The Tier One City ThesisWhy KL has more in common with Bangkok than with Alor SetarHow to think about regional expansion without waiting for perfect alignmentThe borderless team concept that actually works⏰ The 24-Month WindowWhy the next 2 years determine the next 2 decadesWhat happens when ecosystems lock inFive tactical moves that separate exits from shutdownsKEY QUOTES"What looks like chaos is just Southeast Asia building its own operating system." - Kevin"Grab took 12 years to navigate 11 different regulatory systems. That's not a bug. That's the training ground that creates anti-fragile companies." - Kimberly"The tier one cities have more in common with each other than they do with tier two cities in their own countries." - Kevin"Strategic non-alignment isn't fence-sitting. It's positioning yourself as the translator when two superpowers don't speak the same language." - KimberlyFEATURED DATA POINTS🌏 ASEAN population: 680 million people (3rd largest market globally) 💰 Combined GDP: $4+ trillion 📊 ASEAN age: 58 years old (middle-aged in geopolitical terms) 🚀 Grab market presence: 12 years across 8 countries 🏢 SEA Group: 10+ years building in fragmented markets 🏛️ Number of ASEAN regulatory systems: 11 different frameworks 💳 Payment structures: 10+ different systems across regionTACTICAL TAKEAWAYS FOR FOUNDERSIf you're fundraising:Default to regional thinking from day onePlan for 24-30 month runways (not 18)Map policy advantages across markets systematicallyIf you're scaling:Build borderless teams with deep local knowledgeStudy government priorities in each marketEngage regulators as partners, not obstaclesIf you're entering SEA:Don't wait for perfect alignment—it's never comingFocus on tier one cities firstBuild for fragmentation, not uniformityRESOURCES MENTIONED📄 47th ASEAN Summit Outcomes (May 2025) 📄 Malaysia-US Trade Agreement Details 📄 ASEAN Digital Economy Framework 📄 Startup ASEAN Summit Agenda🔗 CONNECT WITH US:💼 LinkedIn: Kim Yeoh and Kevin Brockland 📧 Newsletter:https://seaofstartups.substack.com/ALSO ON: Apple Podcast and Youtube TAGS:ASEAN, Southeast Asia, startups, venture capital, regional expansion, fragmentation, competitive strategy, market entry, emerging markets, Grab, SEA Group, government relations, cross-border business, tech ecosystem, strategic partnerships This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com
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    35 min
  • 🎙️ EP 16: The $1 Trillion AI Feedback Loop: Why OpenAI's Circular Deals Will Either Create the Future or Collapse Like Cisco in 2000

    🎙️ EP 16: The $1 Trillion AI Feedback Loop: Why OpenAI's Circular Deals Will Either Create the Future or Collapse Like Cisco in 2000
    Oct 16 2025
    Your grandmother probably thinks AI is just fancy autocomplete. Your investors think it’s the next industrial revolution. Both might be right. And that’s exactly the problem.Welcome to the most expensive game of musical chairs in human history.In October 2025, OpenAI—the company that made you question whether your job is safe—signed roughly $1 trillion worth of deals. Not over decades. Not in theoretical future value. One trillion dollars in commitments that locked together the biggest names in tech like a high-stakes game of Twister.Nvidia committed up to $100 billion to OpenAI’s data centers. AMD followed with tens of billions more. Oracle inked a $300 billion cloud contract. Each company took equity stakes in OpenAI while simultaneously becoming its customer and supplier.It’s beautiful. It’s terrifying. And if you’re building anything in Southeast Asia, it’s about to force your hand.The Flywheel That Might Break the WorldHere’s what’s actually happening beneath the surface of those press releases.OpenAI needs computing power—not just a lot, but an almost incomprehensible amount. We’re talking 20 gigawatts worth of data centers. That’s the output of 20 nuclear reactors, running continuously, just to train the next generation of AI models.They can’t pay for this upfront. So they’ve structured deals where chipmakers like Nvidia essentially finance OpenAI’s infrastructure in exchange for guaranteed orders. Nvidia’s money buys data centers filled with... Nvidia chips. Which OpenAI uses to train AI models. Which drives demand for more Nvidia chips. Which justifies Nvidia’s stock price. Which gives Nvidia more currency (in the form of valuable equity) to invest in... OpenAI.See the loop?Now multiply this across AMD, Oracle, Microsoft, and a web of cloud providers and startups. Everyone is simultaneously the investor, the customer, and the supplier. Capital flows in a perfect circle, each deal reinforcing the next, each rising stock price validating the previous bet.This is either the most sophisticated value-creation flywheel ever constructed, or it’s vendor financing on steroids.The Cisco Parallel Nobody Wants to Talk AboutIf you’re over 35, you remember what happened to Cisco Systems.Late 1990s. Internet boom. Cisco was the arms dealer of the dot-com gold rush—selling routers and networking equipment to every startup that raised venture capital. Their stock went parabolic. They briefly became the most valuable company on Earth.Then came the vendor financing strategy. Cisco would invest in or loan money to internet companies... so those companies could turn around and buy Cisco equipment. Revenue exploded. Wall Street cheered. Cisco executives became billionaires.Until the music stopped.When the dot-com bubble burst in 2000, Cisco discovered that a huge chunk of their “revenue” was actually just their own money cycling through customer companies. Those customers went bankrupt. Cisco’s stock dropped 90%. The playbook that seemed genius became the textbook example of bubble economics.Nvidia’s $100 billion stake in OpenAI looks uncomfortably similar.Is this time different? Maybe. AI is real in a way many dot-com businesses weren’t. ChatGPT has 200 million users. Companies are deploying AI in actual workflows, not just buying vaporware.But here’s the uncomfortable question: How much of AI’s current growth is real demand versus artificially inflated demand created by these circular financing arrangements?Why This Matters for Southeast Asia (And Why You Have Less Time Than You Think)While this trillion-dollar poker game plays out in Silicon Valley and Shenzhen, Southeast Asia is being forced to make a choice it didn’t ask for.Do we join this ecosystem on whatever terms we can get? Or do we try to build our own capabilities knowing we’re years behind?The honest answer: We need to do both. And we have maybe 24 months before the window closes.Here’s why the timeline is so tight.Right now, these mega-deals are still being structured. Standards are still fluid. The technology stack is still evolving. There’s room for regional players to position themselves as integration layers, deployment partners, or specialized service providers.But once these circular deals lock in—once Nvidia’s chips only work seamlessly with Microsoft’s cloud which only optimizes for OpenAI’s models—the interoperability window slams shut. You’re either inside the ecosystem or permanently outside it.And if you’re outside? Good luck competing when your opponent has access to computing power you can’t afford, AI models you can’t replicate, and partnership networks you can’t penetrate.This is the new digital divide, and it’s being drawn right now.The Robot Revolution Nobody’s Pricing InIf the AI investment loop was just about software and cloud services, we could debate whether it’s sustainable. But there’s a second wave coming that changes everything: ...
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    50 min
  • 🎙️ EP 15:When Regulators Win: What Singapore's Robotaxi Rollout Reveals About the Future of Deep Tech"

    🎙️ EP 15:When Regulators Win: What Singapore's Robotaxi Rollout Reveals About the Future of Deep Tech"
    Oct 9 2025
    When Regulators Win: What Singapore's Robotaxi Rollout Reveals About the Future of Deep TechWhile Silicon Valley's AV companies fought regulators and burned billions, Singapore just orchestrated the future of transportation. WeRide partnered with Grab. Pony.ai partnered with ComfortDelGro. Both launching in 2025.This isn't just about self-driving cars. It's about how deep tech scales when you work WITH regulators instead of against them.Meanwhile, Series A funding collapsed 23% year-over-year. Fundraising timelines stretched to 3.5 years for many companies. The easy money era is over.This episode connects autonomous vehicles, strategic partnerships, and the brutal fundraising reality of 2025. If you're building deep tech or raising in Southeast Asia, this is required listening.WHAT WE COVER🚗 The Singapore AV StrategyWhy WeRide + Grab partnership changes everythingWhat Pony.ai brings to ComfortDelGroHow Singapore's Land Transport Authority orchestrates (not just approves) innovation💸 The Series A ApocalypseFunding down 23%, deal volume down 18%Median time Seed→Series A: 20 months (but 3.5 years for many)Hot sectors vs cold sectors: Where money is actually flowing🎯 Strategic Partnerships vs Solo ExecutionThe question every deep tech founder must askWhy being a vendor means you have no leverageHow to become a strategic partner instead🔥 The AI Hype Reality CheckWhat investors actually ask about AI startupsHow to tell if you're AI-washing your pitchWhen to force the AI angle (hint: never)📊 What's Actually Working in 2025The death of triple-triple-double-double-double5 things Southeast Asia founders must internalizeWhy government backing is your fastest path to scaleIn This Episode:[00:00] Intro: Continuing from climate tech and policy dynamics [02:01] WeRide + Grab and Pony.ai + ComfortDelGro partnerships in Singapore [05:22] US vs Singapore AV playbook: Chaos vs orchestration [10:13] Why Punggol is the perfect testbed for autonomous vehicles [15:16] Building trust through strategic partnerships and familiar brands [18:24] The fundraising apocalypse: Series A down 23%[22:06] Hot vs cold sectors: What's actually getting funded in 2025 [25:12] The death of triple-triple-double-double growth expectations [27:24] Why Southeast Asia needed this correction[31:52] Practical advice: Extended runway planning for founders💡 KEY TAKEAWAYS:✅ Strategic partnerships > solo execution in deep tech✅ Series A funding is down 23% YoY—plan for 2x longer fundraising timelines ✅ If you're a vendor, you have no leverage. Be a strategic partner. ✅ Singapore's government-orchestrated approach scales faster than Silicon Valley's chaos ✅ Extended runway (24-30 months) isn't optional—it's survival📊 FEATURED DATA POINTS & SOURCES :📉 Series A dollars deployed: Down 23% YoY 📉 Series A deal volume: Down 18% YoY ⏱️ Median Seed→Series A time: 20 months (up to 3.5 years for many) 🚗 WeRide autonomous driving: 50M+ kilometres 🚗 Waymo 2024 rides: 4M+ rides, 96M projected miles by mid-2025 🇸🇬 Pony.ai-ComfortDelGro MoU: July 2024 🇸🇬 Grab Ai.R launch: September 2025SOURCES: Grab Singapore press release (Sept 2025) Pony.ai investor relations announcements (Sept 2025)Land Transport Authority AV trial dataCarta Series A market reportWaymo operational metricsFOR FOUNDERS LISTENINGIf you're fundraising right now:Plan for timelines 2x longer than you thinkRaise 24-30 months runway, not 18Have burn reduction plan BEFORE you need itIf you're building deep tech:Identify established players who need youPosition as strategic partner, not vendorWork WITH regulators, not around themIf you're in Southeast Asia:Stop copying Silicon Valley playbooksGovernment isn't your enemy—it's your accelerantBuild for the market you're actually in🎙️ ABOUT SEA OF STARTUPS:Sea of Startups is your weekly reality check for building in Southeast Asia. Hosted by Kimberly Yeoh and Kevin Brockland, we cover what's actually happening in the ecosystem—no fluff, no hype, just the truth about fundraising, regulation, and what it takes to build here.🔗 CONNECT WITH US:💼 LinkedIn: Kimberly Yeohhttps://www.linkedin.com/in/weiisyuenyeohacmacgma/ | Kevin Brockland:https://www.linkedin.com/in/kbrockland/📧 Newsletter: https://seaofstartups.substack.com 📌 MENTIONED IN THIS EPISODE:WeRide (autonomous vehicle technology)Grab (Southeast Asia ride-hailing)Pony.ai (Chinese AV company)ComfortDelGro (Singapore transportation)Waymo (Google's AV division)Cruise (GM's AV company - shut down SF operations)Land Transport Authority SingaporeCarta (startup cap table platform)🏷️ TAGS:#AutonomousVehicles #Singapore #StartupFunding #SeriesA #SoutheastAsia #VentureCapital #Waymo #Grab #WeRide #PonyAI #DeepTech #AIStartups #FundraisingTips #StartupStrategy #TechInvestment #SmartCities #Robotaxi #ComfortDelGro #LandTransportAuthority #SEAStartups💬 JOIN THE CONVERSATION:What are you seeing in your market? Are strategic ...
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    33 min
  • 🎙️ EP 14: Heat, Hype & Hard Truths: Why Climate Tech Keeps Failing in Southeast Asia’s Torture Chamber (And How Founders Can Survive It)

    🎙️ EP 14: Heat, Hype & Hard Truths: Why Climate Tech Keeps Failing in Southeast Asia’s Torture Chamber (And How Founders Can Survive It)
    Oct 1 2025
    Your battery just died. Not your phone—your entire business model. This week on Sea of Startups, we're diving into why most climate tech fails within months in Southeast Asia, how tropical conditions are a torture chamber for hardware, and why the smartest founders are turning brutal constraints into billion-dollar competitive advantages. Plus: Why Chinese AV companies are playing a completely different game in Singapore, and fresh Series A data that might make you cry into your pitch deck (but also why this might be the best time to build).What You'll Learn:Why 90% of battery technologies fail in tropical conditions and what to do about itThe four frameworks climate tech founders need to survive Southeast Asia's regulatory mazeHow software-defined adaptation is beating hardware brute forceWhy Singapore's autonomous vehicle strategy looks nothing like Silicon Valley's approachThe brutal truth about Series A fundraising in 2025Featured Topics:Tropical Batteries Report 2025 from Malaysia's SEDA and CiceroClimate tech hardware survival strategiesEnergy policy challenges across Southeast Asia marketsAutonomous vehicle partnerships in Singapore (Pony.ai, WeRide)Series A fundraising reality check with Carta dataTimestamps: 00:00 - Introduction: Heat, Hype, and Hard Truths 01:15 - The Adapter That Couldn't Adapt 05:30 - Tropical Batteries Report 2025: Why Hardware Dies in SEA 09:45 - Three Engineering Strategies (And Why Software Wins) 15:20 - The Policy Problem: When Regulators Block Innovation22:40 - Four Frameworks for Climate Tech Survival 28:48 - Segment Transition: From Climate Heat to AV HypeKey Quotes:"Southeast Asia isn't just a market. It's a torture chamber for hardware.""If your adapter can't survive Southeast Asia, neither can your startup.""Don't think of tropical conditions as a constraint. Think of them as a feature.""The real competitive advantage isn't having the best technology. It's having technology that regulators understand, incumbents can partner with, and customers can actually deploy."Resources Mentioned:Tropical Batteries Report 2025 (SEDA Malaysia & Cicero)Malaysia's Sustainable Energy Development Authority (SEDA)PTT, EGAT, Petronas, Pertamina energy programsShell LiveWire programHosts:Kimberley (Kim) Yeoh - @WeiiSyuenYeohKevin Brockland - @KevinBrocklandSEGMENT 1: TROPICAL CLIMATE TECH - THE TORTURE CHAMBER (00:00 - 28:48)The Core Problem: Most battery storage technologies were designed for temperate climates (Silicon Valley garages, German engineering labs), not Southeast Asia's brutal conditions:Daily temperatures: 35°C+ (surface temps hit 60°C on rooftops)Humidity: 90% for months at a timeSalt spray near coastsBiblical rain patternsThermal cycling causing mechanical stressReal-World Impact:Lithium-ion cells that should last 10 years only reach 60% of expected lifespanElectronic components corrode rapidlyHousing cracks from thermal cyclingWarranty claims sink company valuationsThe Report: Tropical Batteries Report 2025 from Malaysia's SEDA (Sustainable Energy Development Authority) and CSIRO provides the first comprehensive playbook for hardware founders building in tropical markets.https://www.csiro.au/en/research/technology-space/energy/Electricity-transition/Southeast-Asia/tropical-batteries-MalaysiaMalaysia's Context:Target: 70% renewable energy by 2050Battery storage is critical for grid stabilityBut current technologies aren't built for these conditionsThree Engineering Strategies:Engineer the Environment (Reactive)Active cooling systemsHeat-dissipating materialsSmarter packagingProblem: Adds cost and complexity without solving root causeDifferent Chemistry (Better, but limited)Sodium-ion batteries: Better heat tolerance, less energy denseIron-air batteries: Incredibly robust, slower charge/dischargeSand batteries: Trap and hold heat (Vietnam example)Problem: Still competing on manufacturing scale with Chinese giantsSoftware-Defined Adaptation (The Winner)Predictive thermal managementDynamic load balancingWeather-aware charge/discharge algorithmsAdvantage: Compete on intelligence, not manufacturing scaleStartup-friendly and defensibleThe Policy Elephant: Technology is only half the battle. Energy policy often works against startups:Thailand Example:Ambitious renewable goals on paperReality: Energy sector dominated by massive incumbentsPeer-to-peer energy trading technically feasible but legally grayResult: "Behind-the-meter" projects only (on-site consumption, can't scale to grid)The Structural Challenge:What works in Singapore doesn't work in IndonesiaWhat's legal in Malaysia might be restricted in VietnamDifferent regulatory approaches across 11 Southeast Asian marketsDifferent incumbent interests and political sensitivitiesFour Survival Frameworks:Framework 1: Environmental Design ThinkingDon't just stress test in labsGet into real tropical conditions ASAPPartner with universities in Malaysia, Indonesia, PhilippinesSet up test installations in actual field ...
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    30 min
  • 🎙️ EP 13:The $12B Unicorn Teaching This Malaysian Founder How to Scale Without Losing His Soul

    🎙️ EP 13:The $12B Unicorn Teaching This Malaysian Founder How to Scale Without Losing His Soul
    Sep 25 2025
    This conversation explores the messy middle of entrepreneurship through Ryan Ng’s unique journey of building YouDigital while leading APAC expansion at $12B unicorn Deel. We dive into cultural barriers holding back Southeast Asian professionals, the myth of work-life balance, and what it really takes to build something meaningful while maintaining financial stability.⏱️ Key Topics DiscussedThe Deel Experience (05:00–10:30)Inside the world’s largest remote companyScaling across ASEAN’s complex regulatory landscapeFrom LinkedIn’s “bullet train” to Deel’s “rocket ship”Managing 24/7 Slack notifications across time zonesThe Paiseh Problem (17:00–22:30)Southeast Asia’s cultural humility vs. global visibility requirementsWhy opportunities go to the most visible, not the best personThe cost of staying silent in today’s professional landscapeBreaking free from “let your work speak for itself” mentalityThe YouDigital Origin Story (20:00–27:00)The moment Ryan couldn’t not build somethingFrom LinkedIn DMs to TikTok content in Bahasa MalaysiaThe nine-month transformation of a bypassed professionalExpanding from Malaysia to inquiries from Botswana and SpainBuilding While Employed (27:00–35:00)Why Ryan didn’t quit his day job (and why that’s strategic)The unfair advantage of financial stability while buildingTransparency with managers and avoiding conflicts of interestChoosing harmony over balance: “Balance is a trap”Family Dynamics (35:00–47:00)Honest conversations with his wife about opportunity costsThe end of weekly “Fridates” and adjusted holiday schedulesRaising a three-year-old while juggling two demanding rolesWhen your toddler crashes Zoom calls with enterprise clientsThe Visibility Challenge (47:00–52:00)“You don’t have to be loud to be powerful”Leadership without a leadership titleThe infrastructure of professional development in Southeast AsiaCultural authenticity as competitive advantage💬 Memorable Quotes“The opportunities always go to not the best person but the person that’s most visible.”“You shouldn’t try to aim for balance, right? Try to aim for harmony instead, because balance is a trap.”“Hit that post button. Post something honest. Just post that being genuine and hit that button.”⚡ Rapid Fire InsightsBiggest fear holding back SEA professionals: Fear of being visible before feeling 100% readyMonthly question every professional should ask: “What do they want to be known for? And how are they showing up?”Key mindset shift for side project builders: Don’t be a perfectionist – be comfortable with uncertainties and different seasonsOne action to improve visibility this week: Hit publish on something honest and genuine🔗 Resources MentionedYouDigital → youdigital.asiaDeel → Global HR tech unicorn valued at $12BTikTok Content → Career advice in Bahasa MalaysiaSlush’D Penang → Where Kim and Ryan first connected👤 Connect with Ryan NgYouDigital → youdigital.asiaLinkedIn → Ryan Ng LinkedIn Profile📝 About Ryan NgRyan Ng is a Southeast Asian thought leader in career and personal branding, with over 18 years of experience spanning Canon, LinkedIn, Deel, and now YouDigital. Followed by more than 35,000 on TikTok and widely recognised for his thought leadership on LinkedIn, Ryan makes career insights relatable, practical, and actionable for today’s talent.Currently Founder & CEO of YouDigital, Ryan partners with universities, corporates, and government agencies to help students, founders, mid-careerists, and professionals build visibility and opportunity readiness. He also serves as an Adjunct Mentor at INTI, guiding design-thinking projects and mentoring the next generation of leaders.Previously at LinkedIn, Ryan led public sector workforce programmes across Malaysia, working alongside government agencies to shape employability and economic growth strategies. At Deel, the world’s fastest-growing HR tech startup, he drove regional expansion across ASEAN, advising multinationals on global hiring and compliance.Ryan has been a speaker at Slush’d Penang, AmCham, Taylor’s University, UiTM, MDEC, and TalentCorp events, and served as a panel judge for TalentCorp’s Life at Work Awards, underlining his commitment to strengthening Malaysia’s and ASEAN’s talent ecosystem.Through his work, Ryan believes in a simple truth: the best opportunities don’t always go to the most qualified — they go to the most visible. His mission is to ensure Southeast Asians are not just ready for opportunities, but noticed and chosen. In a world where AI can replicate skills, the one thing it can’t replace is your brand.🌊 SEA of Startups — Support & Stay Connected🙌 Support the ShowIf this episode made you rethink what “ecosystem building” really means:👉 Tap Follow on Spotify🔔 Turn on notifications so you never miss a new drop⭐ Leave us a 5-star rating & review📤 Share this...
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    1 h et 2 min
  • 🎙️ EP 12:The Great Reality Check: How SEA's Tech Scene Finally Grew Up (And Why Silicon Valley Should Pay Attention)

    🎙️ EP 12:The Great Reality Check: How SEA's Tech Scene Finally Grew Up (And Why Silicon Valley Should Pay Attention)
    Sep 17 2025
    "We went from the whole growth at all costs mentality to, can you actually make money? All within the span of about 18 months."Hey everyone, News flash- That's not some venture capitalist pontificating from a Palo Alto coffee shop. That's Kevin Brockland describing the most dramatic pendulum swing in tech history—happening right now, in Southeast Asia, while everyone else is still arguing about AI regulations.Here's the uncomfortable truth Silicon Valley doesn't want to admit: While they've been obsessing over who gets to build the next ChatGPT, SEA quietly solved the profitability problem. Not through another productivity hack or growth framework, but through something much more radical: growing the hell up.Forward this to anyone ready for the adult conversation about tech growth.The 18-Month Reckoning Nobody Saw ComingPicture this: You're hosting the ultimate tech house party. Microsoft, Amazon, Google all show up. But so do Tencent, Huawei, Alibaba. Everyone wants cheap land, low electricity, and proximity to Singapore's financial hub.Sounds perfect, right?Then reality crashes the party.Malaysia—capturing 60% of Southeast Asia's new data center capacity—suddenly realizes something Silicon Valley forgot decades ago: infinite growth meets finite resources. Water that keeps data centers cool is the same water Singapore needs to drink. Energy that powers AI training is the same energy families need for air conditioning.The result? Malaysia did something unthinkable in today's tech landscape: they pumped the brakes voluntarily.Not because they lacked demand. Not because they couldn't raise capital. But because sustainable growth beats breakneck expansion every single time.The $30 Million Reality CheckWhile Silicon Valley founders pitch "AI for everything" with hockey stick projections, Vietnam's FPT Corporation just signed a $30 million, multi-year AI transformation deal with one of Southeast Asia's largest industrial conglomerates.Not $30 million in potential future revenue. Not $30 million in theoretical market size. $30 million in actual, committed, pay-the-bills revenue.This isn't venture theater. This is what happens when you skip the "fake it till you make it" phase and jump straight to "build something people will actually pay for."The difference? FPT didn't try to revolutionize everything overnight. They proved value at each step, built capabilities layer by layer, and focused on problems that keep CFOs awake at night.The Death of Growth-at-All-Costs (And Why That's Actually Good News)Here's the data that should terrify every burn-rate optimized startup:* First half of 2024: Only 229 equity deals in SEA, totaling $1.85 billion* That's the weakest deal-making pace in over six years* Yet late-stage companies with strong fundamentals are still raising at good valuationsTranslation: The tourist capital left. The hot money chasing momentum disappeared. What remains is capital that actually understands the region and believes in building durable businesses.This isn't a bug. It's a feature.Remember the e-fisheries scandal that rocked the ecosystem? The alleged fraud at companies everyone thought were poster children for Southeast Asian innovation? That wasn't a market failure. That was the market working exactly as designed—punishing unsustainable models and rewarding authentic value creation.The B2B Revolution Nobody PredictedWhile consumer super apps burned billions chasing the next billion users, something interesting happened in the shadows: B2B services became profitable.Enterprise SaaS. AI transformation consulting. Cloud migration services. Digital infrastructure for traditional industries.All the "boring" stuff Silicon Valley VCs wouldn't touch because it didn't have hockey stick user growth? That's where the actual money was hiding.Vietnam's largest energy corporation didn't want a consumer app with millions of downloads. They wanted their factories to run more efficiently. FPT delivered that. For $256 million over five years.The Geopolitical Chess Game (Or: How to Win When Superpowers Fight)Here's where it gets interesting. While the US and China wage their trade war through semiconductor export bans and data center restrictions, Southeast Asia is playing a different game entirely.Chinese data center giant GDS Holdings spun off their overseas operations into "Day One"—literally starting fresh to avoid geopolitical pressure. Meanwhile, Thailand built their own Large Language Model called Typhoon, backed by one of the country's largest banks.Not copying OpenAI. Not licensing from Google. Building their own.This isn't East versus West. This is Southeast Asia writing its own playbook while everyone else fights over yesterday's rules.What This Means for Your Career (Whether You Realize It or Not)If you're entering the workforce without AI skills, you're already behind. Not because AI will replace you, but because someone who understands AI integration will replace you.If you're a startup ...
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    36 min
  • 🎙️ EP 11: The Trust Equation: Why Corporate VCs Aren't the Villain in Your Startup Story

    🎙️ EP 11: The Trust Equation: Why Corporate VCs Aren't the Villain in Your Startup Story
    Sep 10 2025
    The Trust Equation: Why Corporate VCs Aren't the Villain in Your Startup Story"One yes can open doors you didn't know existed. One no from the wrong person can kill dreams before they start." — Pavel Veselovsky, Corporate Venture StrategistHey everyone,Let's address the elephant in every founder's pitch deck.You know that moment when a corporate VC shows interest in your startup? That split second where you feel simultaneously validated and terrified? Like getting asked to prom by the most popular kid in school who also happens to be your biggest competition.Yeah, that feeling. We need to talk about it.🚀 Thanks for diving into SEA of Startups. If you're into raw convos, sharp takes, and real stories from Southeast Asia's startup trenches—Subscribe for free to get new drops straight to your inbox. No fluff. No FOMO. Just the good stuff.The Great Corporate VC MythologyHere's what every founder whispers at startup events:"Corporate money comes with strings attached." "They'll steal your idea and build it themselves." "It takes six months to get a decision, then they want to control everything."Sound familiar? I thought so.But here's the plot twist: Pavel Veselovsky, who's navigated both sides of this equation—from running PWC's venture programs to now advising startups across Southeast Asia—just shattered every assumption I had about this space.The numbers tell a different story than the horror stories:28% of all venture-backed companies globally now have at least one corporate investorSoutheast Asia is seeing explosive CVC activity, especially in ThailandYet 95% of founders are still operating on outdated Silicon Valley mythologyThe Real Game: One Yes vs One NoHere's the insight that stopped me cold during our Bangkok recording:Traditional VCs: You need ONE yes. One believer who writes the check. That's your path to success.Corporate VCs: You can have every executive saying yes, but ONE no from legal, cybersecurity, or procurement can kill everything.It's not about speed versus slowness. It's about offensive disruption versus defensive innovation. Two completely different games with completely different rules.Pavel put it perfectly: "Corporates can spend one year discussing which color the button should be."The irony? This "weakness" might actually be your startup's protection, not your threat.The Corporate Zombie PhenomenonWe discovered something I've never heard anyone discuss: corporate zombies.These aren't the walking dead. They're innovation projects that become impossible to kill even when they've clearly failed. Pavel explained it like this:"Sometimes it's easy to start funding an initiative, but it's harder to stop funding. We spent so much money on this for five years—it can't be easy to say it's not viable anymore."Think about that. While founders fear corporates will steal their ideas and execute them faster, the reality is most corporates struggle to execute anything quickly. They're often drowning in their own bureaucratic complexity.Your real competitive advantage isn't just your speed—it's your ability to pivot, kill projects that don't work, and start over. Corporates often can't.Why Southeast Asia Is Playing Chess While Silicon Valley Plays CheckersWhile everyone assumes Singapore is the only game in town, Thailand is quietly becoming a CVC powerhouse. And it's not copying anyone.The data Pavel shared from TechSauce Summit:K-Bank, SCBX, Krungsifineret: dozens of internal innovations in just one yearRetail giants like CP Group and Lotus: building their own innovation enginesEnergy companies like Big Rim and Banpoo: leading corporate innovationBut here's the kicker: Thailand built its own Large Language Model called Typhoon (backed by one of the country's largest banks). Not copying OpenAI. Not licensing from Google. Building their own.This isn't about East versus West. It's about integrated global innovation networks where the best ideas win, regardless of geography.The Five-Element Framework That Actually WorksWhen traditional VCs and corporate VCs co-invest (which happens more than you think), Pavel breaks down what makes it work into five elements:Strategy: Clear mission, vision, and alignment with leadershipPeople: Right hires with the right mindset and backgroundOrganization: Formal structure connecting to VC networksOperations: Processes, tools, decision-making mechanicsMetrics: Performance measurement and reportingIt's like competitive ballroom dancing. Both partners need the same vision, complementary skills, structured choreography, flawless execution, and a way to measure performance.When it works, it's electric. When it doesn't, everyone steps on each other's toes.The Authenticity AdvantageHere's what caught me off guard: the best corporate VCs aren't playing defense anymore. They're actively seeking disruption.Pavel's insight: "Most of the time, corporates are not capable to do the same because they can spend one year discussing which color the button should be....
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    47 min
  • 🎙️ EP 10: The $40B GenAI Reality Check: Why 95% of Enterprise AI Projects Are Failing (And What the 5% Winners Know)

    🎙️ EP 10: The $40B GenAI Reality Check: Why 95% of Enterprise AI Projects Are Failing (And What the 5% Winners Know)
    Sep 4 2025

    🎙 EP 10: The $40 Billion AI Reality Check | MIT's Brutal Wake-Up Call on Enterprise AI's 95% Failure Rate

    🛰 Everyone's chasing AI transformation. 95% are just burning money.

    This week, Kevin Brockland and Kim Yeoh tear apart MIT's Project NANDA report — the most brutal reality check the AI industry has seen. Despite $30-40 billion in enterprise AI spending, 95% of companies have exactly zero ROI to show for it.

    No buzzwords, no consulting deck theater, just the uncomfortable truth about why most AI initiatives die in "pilot purgatory" while a shadow economy of employees quietly uses free tools anyway.

    Kevin is a tech investor and startup advisor focused on Southeast Asia's emerging markets. Kim is an ACMA, CGMA qualified finance professional turned startup ecosystem builder. Together, they've watched the AI hype cycle from the inside — and they're not buying the LinkedIn transformation posts.

    This episode is raw honesty about: How the "GenAI Divide" became wider than the Grand Canyon Why your expensive AI tools can't remember yesterday's feedback The beautiful rebellion of employees using ChatGPT in secret And what the 5% getting AI right actually do differently

    💡 What You'll Learn

    Why 95% of AI projects are expensive screensavers that never leave pilot phase What MIT calls "the learning gap" — and why your AI has goldfish memory How 68% of workplace ChatGPT users are flying under corporate radar Why Southeast Asia's experimental culture beats Western AI ethics committees The difference between AI that demos well vs AI that delivers ROI Why augmentation > replacement for sustainable AI adoption

    🔎 Key Takeaways

    Third-party AI tools have significantly higher success rates than in-house builds Back-office automation drives more ROI than sexy front-end applications Smaller companies dominate AI success because they lack bureaucratic friction The real opportunity lies in AI agents that learn your business context Southeast Asia's speed advantage could leapfrog Western AI adoption

    🧠 Sound Bites

    "It's like the Emperor's new AI clothes — all slides, no substance" "95% of AI projects are expensive screensavers tucked into the 'didn't work' folder" "Your 10X dev is now 100X, but the bottom tier hasn't changed at all" "People are reverting to ChatGPT because the enterprise tools don't fit their workflow" "We're performing AI transformation rather than actually doing it" "Easy money is gone, but the real money is just getting started"

    ⏱ Chapters

    00:00 – Kevin's Radical Honesty: The AI Theater Performance 01:28 – MIT Drops the 95% Zero ROI Bombshell04:35 – Why Most Companies Are Just Pretending to Transform 06:59 – The Learning Gap: Why AI Has Amnesia 12:24 – Pilot Purgatory vs The 5% Success Club 18:51 – Third-Party vs In-House: The Failure Rate Divide 25:43 – Back-Office Gold Mine: Where Real ROI Lives 29:25 – The Shadow AI Economy: 68% Flying Under Radar 36:28 – Southeast Asia's Speed Advantage 43:00 – Tough Love for AI Startup Founders 46:32 – The GenAI Divide: Temporary or Permanent? 49:03 – What to Remember: Revolution is Real, Just Messier

    🙌 Support the Show

    If this reality check saved you from becoming part of the 95%: 👉 Tap "Follow" 🔔 Turn on notifications ⭐ Leave us a 5-star rating📤 Share this with someone stuck in pilot purgatory

    💬 Let's Connect

    🎙 Kim Yeoh → https://www.linkedin.com/in/weiisyuenyeohacmacgma/ 🎙 Kevin Brockland → https://www.linkedin.com/in/kbrockland/ 📬 Join 500+ founders & VCs reading our newsletter → Subscribe on Substack - https://seaofstartups.substack.com/

    🌊 SEA of Startups is where the region's real startup stories live. No puff pieces. No fluff. Just what's actually happening under the surface.



    This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit seaofstartups.substack.com
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    54 min