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In focus
- Why investors should go against the grain and plant seeds early
- The double-edged sword of Apple’s success in China
- NUS’ US$116 million fund aimed at powering deep tech dreams
Hello reader,
How much would you be worth today had you been a seed investor in Apple?
The answer is north of US$1 trillion – an eye-watering sum, especially considering it would have cost you just US$250,000. That’s the amount Mike Markkula put into the company as an angel investor in 1977.
The former Intel executive sold most of his shares before the iPhone was even a twinkle in Steve Jobs’ eye. He may not be worth a trillion, but I doubt he’s poor either. Still, the story shows just how big the upside can be when you back a breakthrough early, before the rest of the world catches on.
That’s the logic behind the call to double down on the seed stage.
In an Insights piece, two Iron Key Capital general partners make a case for zagging while others zig as going early means less competition, better terms, and a shot at the next Apple.
Of course, no successful company’s story stops at its seed round, and neither did Apple’s. Our second piece features a Q&A with Patrick McGee, a journalist who’s spent years studying the company’s complex – and increasingly fraught – relationship with China.
Backing a winner is one thing; staying ahead as the ground shifts is another.
Peter Cowan, engagement editor
Top Stories
1️⃣ Markets are down, but you should double up on seed-stage checks
Image credit: Timmy Loen
Seed funding in Southeast Asia was down 50% in the first half of 2025 compared to the second half of 2024, but the writers of this piece say that’s a big missed opportunity.
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