Startup mafias: here, there and everywhere

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“You may say I’m a dreamer, but I’m not the only one,” sang John Lennon in his song Imagine. It appears countless successful entrepreneurs would agree with the legendary singer and songwriter.

Industry-disrupting startups produce a steady stream of ex-employees who go on to found influential companies. And in the world of business media, these powerful alumni networks are fondly called mafias.

Startup mafias appear all over the world. In China, we have the Alibaba mafia, Indonesia has the Gojek mafia, and India has the Flipkart mafia.

My personal favorite is the PayPal mafia, which includes the founders of YouTube and LinkedIn, as well as Tesla founder Elon Musk (arguably the group’s most notable member).

Today, we dissect the Lazada mafia’s web of influence.

Today we look at,

• The Lazada mafia
• A Hong Kong property tycoon’s leap onto the metaverse bandwagon
• Other newsy highlights such as edtech firm Cakap scoring US$10 million in funding and Investible raising US$36.8 million for its second fund

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The makings of a startup mafia

Image credit: Timmy Loen

With so many startup mafias out there, I’ve often wondered how they come about. I believe the intense experience of working for a fast-growing startup in a fiercely competitive landscape forges strong bonds and taps into the entrepreneurial spirit. It is also not uncommon for startups to lose some of its prized talent after a significant milestone such as funding rounds, acquisitions, or IPOs.

Some attribute the proliferation of former Lazada bosses who became entrepreneurs or CEOs after 2016 to cultural conflicts with the new Alibaba-appointed management. However, others say that this does not provide the full picture.

• Rough seas make stronger sailors: Lazada’s journey has been far from smooth sailing, yet the company has churned out a number of influential entrepreneurs. Ex-Lazada bosses and executives are now at the helm of notable tech companies like Branded Group, Vestiaire Collective, Pomelo, Ula, Aspire, and BukuKas, just to name a few.

Real, ahem, I mean virtual estate