Vietnam Market Dive, Bull (Education, FDI, Friendshoring) vs. Bear (Exit Pathing, Stock Market, Banking Liquidity), Anti-Corruption Campaign and Patient Capital - E256

Jeremy Au and Gita discussed the challenges of doing business in Indonesia, particularly the issue of "preman" (gangster) culture, its effects on businesses, and potential ways to mitigate this issue. They also addressed systemic corruption, the importance of legal reforms, and how emerging markets can better integrate informal sectors. 02:55 Understanding Preman Culture: Gita explains the origins and persistence of "preman" (gangster) culture in Indonesia, which has been affecting businesses since the colonial era. 06:25 Challenges in Emerging Markets: The conversation delves into the systemic challenges businesses face in emerging markets, focusing on rent-seeking behavior and law enforcement inefficiencies. 13:53 Public Sector and Corruption: Gita discusses the impact of low wages in Indonesia's public sector, which fosters rent-seeking behavior and creates a corrupt environment, affecting businesses of all sizes. 16:27 Taxation and Revenue Challenges: The difficulties of implementing effective tax systems in Indonesia are explored, highlighting inefficiencies in tracking citizens and businesses, further complicating the economic landscape. 18:50 Empowering Local Leaders: Gita proposes a solution to collaborate with local citizenry groups by offering them formal roles and contracts to integrate them into the formal economy. 20:29 Fragmented Organizations and Turf Wars: Gita explains how Indonesia's informal preman groups are fragmented, with turf wars between different factions and some being backed by political entities, making it hard to address the issue centrally. 24:13 Fraud Confession and Its Implications: The discussion touches on the eFishery founder's fraud confession and its wider implications for the Indonesian startup ecosystem, where systemic issues of dishonesty and lack of legal consequences persist. Watch, listen or read the full insight at https://www.bravesea.com/blog/indonesia-gangsters-vs-byd-vinfast Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au breaks down how Limited Partners shape the Southeast Asia venture capital landscape and why founders should care. He explores the hidden motivations of sovereign wealth funds, endowments, corporations, and family offices, and how they quietly influence funding decisions. Jeremy reveals how startups move through brutal funding stages, why VCs compete fiercely at the same stage yet collaborate across them, and how different VC fund strategies from index portfolios to venture builders change founder outcomes. Finally, he dives into the race for proprietary information, sharing how top VCs win deals before competitors even know they exist. This conversation is essential for founders navigating opaque markets and VCs fighting to stay sharp in a crowded field. 00:00 LP Motives Shape VC Bets: Jeremy reveals how sovereign funds, endowments, and corporates invest with different goals that impact founders' funding journeys. 01:54 Hidden Pressures Behind LP Capital: LP expectations for returns, diversification, and learning create invisible forces that shape VC-founding dynamics. 04:11 Brutal Startup Journey & Death Valleys: From FFF to IPO, Jeremy explains why early-stage founders face tough gaps and why VCs step in selectively. 08:41 Four VC Fund Playbooks Explained: Jeremy breaks down index portfolios, concentrated bets, multistage giants, and venture builders and what each means for startups. 14:23 Winning in the Sourcing Race: Why speed, proprietary information, and reference checks separate top VCs from the rest in Southeast Asia's fast-moving markets. Watch, listen or read the full insight at https://www.bravesea.com/blog/ventures-invisible-war Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au reconnects with Maria Li to explore how Tech in Asia is navigating Southeast Asia’s startup winter, generative AI disruption, and corporate acquisition pressures while maintaining community-first values. Together, they discuss AI experimentation, acquisition integration, leadership dynamics, and balancing the demands of modern media and parenthood. The discussion highlights lessons in adapting to rapid change, staying transparent, and making intentional choices in business and life. 01:36 Tech Winter and Paywall Strategy: Maria explains how Southeast Asia’s startup slowdown pushed Tech in Asia to loosen its paywall, balancing revenue with keeping the community informed during tougher times. 03:51 Navigating AI and Market Changes: AI disrupted the media landscape. Maria shares how they are experimenting with AI-generated content and new product ideas to stay relevant and useful for their audience. 05:20 The SPH Acquisition Experience: The acquisition brought benefits but also slower corporate processes. Maria highlights protecting startup culture by selectively opting into SPH’s systems while keeping focus on core operations. 10:15 Reflections on the COO Role: Maria describes how market pressures shifted her COO role towards sales, HR, and nimble operations, emphasizing clear communication and alignment with CEO Willis. 19:01 AI’s Impact on Media and Proprietary Data: With AI commoditizing general news, Maria sees proprietary startup data and scoops as key advantages that keep Tech in Asia essential and differentiated. 27:54 The Role of Media in Information Distribution: Media reduces opacity in Southeast Asia’s tech scene. Maria cites Glass Wall as a tool that surfaced hidden industry knowledge, helping founders avoid bad actors. 40:27 Parenting in the Digital Age: Maria shares her parenting approach limiting social media, allowing moderated screen time, and using AI for productive learning while delaying harmful exposure. Watch, listen or read the full insight at https://www.bravesea.com/blog/maria-li-parenting-publishing-and-ai-panic Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au and Shiyan discuss Singapore’s election outcomes, unpacking voter behavior, opposition growth, independent candidates, and future policy challenges. They reflect on global trends, local issues like housing and education, and how politics, tech, and business intersect in a rapidly changing world. 01:27 Surprising Election Results: PAP exceeded expectations, rising above 66% vote share. Workers' Party retained voter support in key wards. Analysts underestimated incumbency and voter desire for stability. 06:10 PAP's Communication Strategy: Lawrence Wong and other leaders used podcasts and longer formats effectively. Jeremy highlights how this humanized the PAP and resonated with younger, thoughtful voters. 15:50 Independent Candidate Jeremy Tan: Jeremy Tan stood out with tech-forward and well-researched policies. His CPF Bitcoin idea drew mixed reactions but sparked debate. Other proposals, like scam prevention, were seen as creative. 22:15 Future Challenges and Hopes: Jeremy and Shiyan express concerns about AI, education readiness, and global trade risks. Singapore faces the challenge of adapting its economy if East-West trade tensions become permanent. Watch, listen or read the full insight at https://www.bravesea.com/blog/incumbents-hold-strong Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au shares how venture capital evaluates startups, using examples from crypto confusion, post-WWII VC history, and power law returns. He explains why founders often misunderstand their market type, how tech repeats old cycles, and how VCs structure investments. Speaking practically, he highlights why founders must communicate clearly and how VC math rewards big winners and tolerates many losses. 1. Founders often believe in Blue Ocean, but many are in Red Oceans. Almost all founders think their idea is unique, but many just add features. 2. Red Ocean founders should expect slower, efficient growth. VCs advise Red Ocean founders to grow carefully, accept slower returns. 3. Blue Ocean founders must clearly explain their differentiation. VCs become jaded and need clear explanations to believe in new categories.  Watch, listen or read the full insight at https://www.bravesea.com/blog/vc-judgement-patterns Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au chats with Jed Ng, founder of AngelSchool.vc, about why he chose angel syndicates over VC funds as a faster, more flexible path to financial freedom. They discuss the current venture downturn as a rare opportunity, the gaps in angel education, and how Jed scaled his 1,400-member syndicate globally. Jed also shares how he evaluates founders and the hard truths of building solo in Southeast Asia’s venture scene. 1. Syndicate over fund by design: Jed explains why syndicates offer faster execution, greater flexibility, and more personal freedom compared to the 10-year commitment of VC funds. 2. Angel investing as a freedom strategy: He views angel investing not just as a financial play, but as a path to independence through systematic access to outsized returns. 3. Downturns are entry points: Jed frames the current venture slowdown as a rare opportunity—where long-term investors can “buy the dip” and build for the next upcycle. 4. Angel education is broken: While founders and VCs have support systems, angels don’t. Jed built Angel School to give new investors real tools—not just theory—to operate effectively. 5. Built global from day one: His syndicate scaled to 1,400 LPs across 14 countries using digital tools and inbound growth, proving that solo-led syndicates can operate at global scale. 6. Diligence isn’t just data: Jed looks beyond pitch decks to assess founder-market fit, sweat equity, and grit—focusing on long-term behavior over short-term polish. 7. Founder romanticism is risky: Not everyone should raise venture. Jed calls for filtering out hobbyist founders and backing only those who demonstrate true commitment and resilience. Watch, listen or read the full insight at https://www.bravesea.com/blog/syndicates-over-funds Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au and Rachel Wong unpack eFishery's founder’s public confession to systematic fraud. They dive into how cultural pressures, ecosystem gaps, and misplaced investor trust contributed to the fallout. They discuss the challenges of cross-border enforcement, the limits of traditional due diligence, and the real-world consequences for Southeast Asia’s startup reputation. Together, they reflect on how founders, investors, and regulators must learn from these failures to rebuild trust and resilience in the next cycle. 1. Founder confessed openly: The eFishery CEO admitted in a Bloomberg interview to falsifying numbers, directly exposing himself to criminal and civil legal risks. 2. Cross-border enforcement is weak: Rachel explains that without strong local enforcement or overseas assets, penalties against founders in emerging markets are hard to execute. 3. Culture of normalized fraud: The founder justified faking numbers by claiming it was common practice among Indonesian startups, though Jeremy and Rachel reject this excuse. 4. Investors and auditors missed the fraud: Despite hiring PwC and visiting farmers, due diligence failed because the founder orchestrated systematic deception through subsidiaries and coached farmers. 5. Utilitarian morality used to rationalize: The founder defended his actions by claiming the fraud helped fishermen and employees, which Rachel critiques as dangerous self-gaslighting. 6. Civil lawsuits unlikely: They points out that expensive litigation, low recovery odds, and coordination problems among investors make civil action improbable. 7.Southeast Asia’s startup credibility at risk: Both argue that if regulators fail to act on this clear case, it will cause long-term damage to trust and investment in the region. Watch, listen or read the full insight at https://www.bravesea.com/blog/efishery-fraud-founder-confession Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au shares insights into how venture capitalists evaluate early-stage startups in Southeast Asia. Speaking directly to aspiring founders, he breaks down how investors assess potential through three core lenses: exponential growth, clarity of thinking, and personal trust. Drawing on personal stories, failed bets, and breakout wins, he explains that execution matters more than the idea itself, and that successful fundraising often comes down to preparation, communication, and timing. He also demystifies how power shifts when founders build momentum moving from pitching for approval to choosing among term sheets. The conversation is a practical roadmap for anyone serious about turning a startup into a venture-backable business. 1. VCs bet on growth and execution: Investors look for startups that can grow 4–9x in two years, led by 10x teams solving painful problems with strong economics. Execution beats ideas. 2. Pitching is a clarity test: A good pitch clearly shows the problem, market, and revenue model. Demos work better than words. VC money is high-risk, high-reward—founders must know the trade-offs. 3. Trust drives fundraising leverage: Founders earn trust through credibility and results. When momentum builds, investors compete—like Rewind AI’s 170 term sheets via Google Doc. Watch, listen or read the full insight at https://www.bravesea.com/blog/outperform-or-fade Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au reconnects with Milan Reinartz to explore how angel investing evolved into a community-led platform, why Southeast Asia’s VC math doesn’t work, and how late-stage private markets offer new opportunities for retail millionaires. They talk through founder quality, opaque incentives, and the need for real diligence in a fragmented region. It’s a grounded take on what needs to change in early-stage investing and what’s already shifting. 1. From solo investing to a platform: Milan started out deploying his own capital but realized he needed to pool investors to access better rounds. 2. Backing experienced founders only: He avoided pre-revenue startups and focused on tier-one operators with track records and strong fund backing. 3. Bundling small checks to access big rounds: The club combined smaller investments into a single vehicle to meet the $100K+ minimums of top-tier deals. 4. Vetting with the right experts: The community cross-checks deals with vertical operators like SaaS leaders or commodities experts to assess traction and founder integrity. 5. Southeast Asia’s exit math problem: Milan explains how capital raised outpaces available exit value, making traditional VC returns nearly impossible at scale. 6. Filtering out bad faith actors: Milan and Jeremy discuss how investors can use networks and peer validation to spot red flags early. 7. Giving accredited investors better access: Milan’s platform opens up late-stage private tech companies like SpaceX and OpenAI to “retail millionaires” without large ticket sizes. Watch, listen or read the full insight at https://www.braves ea.com/blog/rebuilding-venture-capital Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts

Jeremy Au reconnects with Anthea Ong for a candid conversation on what it means to lead with integrity, empathy, and independence. They trace her journey from corporate leadership into the social sector and eventually into Parliament as a Nominated Member of Parliament (NMP). Anthea shares how she first declined the NMP role, then later accepted it after realizing that structural change especially around mental health and vulnerable communities required policy influence. She recounts her unconventional first speech in Parliament, starting with three collective breaths to bring mindfulness into the chamber. They discuss how debate still matters in a supermajority system, why recent mid-term resignations have damaged the credibility of the NMP scheme, and the need to rethink Singapore’s political structures in light of global democratic shifts. Anthea also talks about her current work leading WorkWell Leaders, a nonprofit that helps CEOs prioritize employee wellbeing and lead more sustainably. 1. Anthea declined the NMP role in 2011 but said yes in 2018 after realizing that structural change, not just grassroots work, was needed to support mental health and social equity. 2. Her nomination came through the National Volunteer and Philanthropy Centre, and she was selected despite thinking she had performed poorly in the final interview. 3. She made history by starting her first Parliament speech with a short breathing exercise to center presence bringing mindfulness into a space built for debate. 4. She used her platform to speak against discriminatory hiring practices, particularly those that asked job applicants to disclose mental health history. 5. She argued that even in a supermajority Parliament, debate still matters because it influences implementation, sets public tone, and archives dissent for future accountability. 6. She criticized the recent mid-term resignations of two NMPs who joined political parties, warning that it erodes public trust and turns the scheme into a talent pipeline. 7. Today, she leads WorkWell Leaders, where she works with over 80 companies to show how a CEO’s personal wellbeing is directly linked to employee health and business performance. Watch, listen or read the full insight at https://www.braves ea.com/blog/human-centered-governance Get transcripts, startup resources & community discussions at www.bravesea.com WhatsApp: https://whatsapp.com/channel/0029VakR55X6BIElUEvkN02e TikTok: https://www.tiktok.com/@jeremyau Instagram: https://www.instagram.com/jeremyauz Twitter: https://twitter.com/jeremyau LinkedIn: https://www.linkedin.com/company/bravesea English: Spotify | YouTube | Apple Podcasts Bahasa Indonesia: Spotify | YouTube | Apple Podcasts Chinese: Spotify | YouTube | Apple Podcasts Vietnamese: Spotify | YouTube | Apple Podcasts