Épisodes

  • 🎙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)đŸŒŸ 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 nowđŸ—ïž 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 AsiađŸŒŸ 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)đŸ›°ïž 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 bankingđŸ€– 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
  • đŸŽ™ïž EP 17: 680 Million People. 11 Regulatory Systems. 1 Opportunity: Turning ASEAN’s Chaos into Capital.

    đŸŽ™ïž 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 warđŸ™ïž 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 đŸ›ïž 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:đŸ’Œ 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
  • đŸŽ™ïž EP 16: The $1 Trillion AI Feedback Loop: Why OpenAI's Circular Deals Will Either Create the Future or Collapse Like Cisco in 2000

    đŸŽ™ïž 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
  • đŸŽ™ïž EP 15:When Regulators Win: What Singapore's Robotaxi Rollout Reveals About the Future of Deep Tech"

    đŸŽ™ïž 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 insteadđŸ”„ 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 inđŸŽ™ïž 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:đŸ’Œ 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)đŸ·ïž 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
  • đŸŽ™ïž EP 14: Heat, Hype & Hard Truths: Why Climate Tech Keeps Failing in Southeast Asia’s Torture Chamber (And How Founders Can Survive It)

    đŸŽ™ïž 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
  • đŸŽ™ïž EP 13:The $12B Unicorn Teaching This Malaysian Founder How to Scale Without Losing His Soul

    đŸŽ™ïž 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 connectedđŸ‘€ 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 & reviewđŸ“€ Share this...
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    1 h et 2 min