Crabs in a tub: Are Southeast Asia’s startups in a doom loop?

Let’s be honest: It’s been a tough few years for Southeast Asia’s tech scene.

As capital has receded across the region, investors and founders alike are trying to adapt to the new playing field. But how did we get here and how do we get out?

In episode 8 of the 60/40 Podcast, we go deep with Khailee Ng, managing partner at 500 Global, to diagnose what’s happening in Southeast Asia. He breaks down the emotional spiral – the “doom loop” – that’s killing founder confidence, starving startups of capital, and making the whole ecosystem feel like a bucket of angry crabs clawing each other to death.

Khailee also lays out how founders can flip the script:
– Stack options, not stress. (One VC isn’t enough – go get 10.)
– Play ladder kung fu. (Start low, climb high, and come back down swinging.)
– Rebuild founder leverage, one smart tactic at a time.

In part one of this special two-part series, Khailee asks us all to rise above our system prompts and begin to work toward something better.

Listen now on YouTube | Spotify | Apple

Timestamps
00:30 – The one-VC trap
03:00 – The origin of the “doom loop”
07:00 – “We’re already in the doom loop.”
13:30 – Buy now, panic later
18:30 – Founder fantasy vs. founder reality
22:10 – 🦀 “Crabs in a tub” metaphor
26:00 – The founder-VC power flip
35:00 – Real tactics to escape the doom loop
39:00 – Walk up the ladder, walk down with power
41:30 – Media’s role: balance or blame?
47:00 – Viral positivity is underrated
52:00 – “We’re squabbling over chairs on the Titanic.”

60/40 is a bi-weekly podcast hosted by Prashanth Ranganathan, Peter Bithos, and Maria Li.