SEA startups need more cheerleaders, less gossiping: 500 Global partner

Throughout his long career as an angel investor and venture capitalist, Khailee Ng has had numerous conversations with founders eager to scale their businesses and make an impact. Building a business, however, is not just about pursuing growth; it also comes with tough realities such as funding struggles and operational challenges.

That’s part and parcel of the startup journey, Ng shared in his keynote speech at the Tech in Asia Conference held in October 2023. These challenges are already hard enough, but the constant griping and gossip-mongering about Southeast Asian startups makes things even more difficult.

“I’m inviting you to not badmouth or spread rumors about various companies. And it’s not even [just] about the public companies, it’s about series B and C companies as well,” said Ng, who is managing partner at VC firm 500 Global.

“And why do you want to bitch about them? […] I’m sure everyone’s going through a hard time,” he added.

Instead of succumbing to gossip and negativity, the startup community should embrace a mindset of positivity and encouragement, creating an environment where founders can thrive and learn from each other, Ng explained.

However, he pointed out that cheerleading goes beyond just celebrating successes. It should also involve fostering a culture of support, collaboration, and resilience.

Going through a phase

Southeast Asia has evolved from its early days, when everything seemed fantastic, to a period that Ng likens to a teenage growth spurt.

“You want to be cool, do the cool thing,” he said. “Startups became so cool, but now we’re getting schooled. Now we’re getting some harsh lessons.”

But as the title of his keynote – Southeast Asia at the Crossroads – suggests, the region’s tech landscape is maturing out of its teenage years. And with this transition, stakeholders must take a broader and more strategic view of the challenges and opportunities ahead.

One area that needs attention is the funding landscape, Ng stressed. Many founders struggle to secure funding, and the process can be daunting and time-consuming.

It is also crucial to focus on growth and sustainability. Many founders grapple with the pressure to scale quickly but without compromising on profitability.

This point hits close to home for eFishery CEO and founder Gibran Huzaifah, whose company is part of 500 Global’s investment portfolio. According to Ng, Huzaifah is dead set on not crossing into the red after growing his aquaculture tech firm from US$10 million in 2019 to US$372 million in 2022.

See also: EFishery takes on global aquaculture in a balancing act

Beyond SEA