2025年释放东南亚科技：面对现实提升抱负报告（英文版）-GP.Bullhound

DECEMBER2024

SoutheastAsiaReport

UNLEASHINGSOUTHEASTASIATECH:CONFRONTINGREALITIES&LIFTINGAMBITIONS

Thisreportisintendedforprofessionalinvestorsonly;seethebackofthereportforimportantdisclosures.GPBullhound

CorporateFinanceLtdandGPBullhoundAssetManagementLimitedareauthorisedandregulatedbytheFinancialConduct

Authority.GPBullhoundIncisamemberofFINRA.GPBullhoundLuxembourgS.à.r.l.isregulatedbytheCSSFinLuxembourg.

2

Contents

04THEVIEWFROMGPBULLHOUND

05FOREWORD

06KEYTAKEAWAYS

07CHAPTER1

Currentstateofplay

13EXPERTVIEWHianGoh,

Openspace

14EXPERTVIEW

JamaludinBujang,GobiPartners

16EXPERTVIEWAmeliaOng,OSKVentures

17CHAPTER2Perspectives

21EXPERTVIEW

MagnusGrimeland,Antler

22EXPERTVIEW

ChanYipPang,VertexVentures

24EXPERTVIEW

MattvanLeeuwen,Sunway

26EXPERTVIEW

DatukHishamHamdan,Khazanah

28CHAPTER3

Trendsintheregion

31EXPERTVIEWErnestChew,Carro

33EXPERTVIEWJasonTan,

Rainforest

3

35EXPERTVIEWAdzimHalim,NinjaVan

37EXPERTVIEWAlexHuntgate,Grab

41EXPERTVIEWShaileshNaik,MatchMove

43EXPERTVIEW

JeffersonChen,Atome

47EXPERTVIEW

MicheleFerrario,StashAway

49EXPERTVIEW

KamarulAMuhamed,Aerodyne

51EXPERTVIEWDato'SriWong,MSIA

52CHAPTER4

Futureoutlook

55EXPERTVIEWNickKhaw,

Khazanah

59EXPERTVIEWRaymondSiva,FormerlyMDEC

61EXPERTVIEWChiaLiYeung,EDBI

64EXPERTVIEWKhaileeNg,

500Global

66ABOUTGPBULLHOUND

67ABOUTNORTHRIDGEPARTNERS

68DISCLAIMER

4THEVIEWFROMGPBULLHOUND

Theview

FROMGPBULLHOUND

“TheSoutheastAsiatechecosystemhasrapidlyaccelerated,navigatingasomewhatchallengingtechcycleoverthepastfiveyears.Whilesomestandoutcompanieshaveemergedasleadersintheirmarket,there’snoshortageofvaluablelessonstobelearned.

Welookforwardtoinvolvingourselvesmoreinthisvibrantecosystemasitcontinuestodevelopandflourishoverthenextdecade,andbeyond.”

HUGHCAMPBELL

FounderandManagingPartner,GPBullhound

“Fromaninvestorlens,whilsttheEUalreadyhasakeyroleinSoutheastAsia,thereremainhugeopportunitiesfortheregiontocollaborateandbenefitfromaEuropeancorridor.

GPBullhoundisexcitedtonowhavealocalpresence,notonlytopursuenewopportunitiesforourlatestfund,butalsotoexplorehowourown

platforminvestmentscouldpotentiallythriveintheregion.”

BENPRADE

Partner,InvestmentManagement,GPBullhound

“SensingthatAsia’sgrowthwoulddriverapiddigitaladoption,North

RidgePartnersestablishedaSingaporebasetenyearsago.OurpartnershavelivedintheregionandadvisedAsiancompaniessincethe90s,andmarryauthenticlocalinsightsonbuildingandexitingtechcompanies

withglobalfinancialmarketsexpertise.

Havingnavigatedventurecapital’semergence,thepandemic,andatechdownturn,we'reproudtohavecementedanallianceasGPBullhound’spartnerinAsiaPacificatatimewhentheecosystemismaturinganda

surgeofcapitalisseekingliquidity.”

JOHNMOORE

Partner,HeadofAsia,NorthRidgePartners

GP.Bullhound

FOREWORDFROMKWAP5

Foreword

FROMKWAP

HAZMANHILMISALLAHUDDINChiefInvestmentOfficer

KumpulanWangPersaraan(KWAP)hasbeencommittedinbuildingandnurturingavibrantprivatemarketsecosysteminMalaysiaandtheregionthroughourinvestmentsinfundsanddirectinvestments,executed

throughvariousinitiativessuchasDanaPerintisandDanaPemacu,aimedtoaddressthedevelopmentofprivatemarketsecosystemcoveringVentureCapital,PrivateEquity,InfrastructureandRealEstate.

Overthelastdecade,SoutheastAsia(SEA)hasseenaremarkabletransformationofitsdigitaleconomy

withnotablestartupsevolvingtobecomemajorsuccesses.Malaysiaisseentobeprimingitselftobecomea

significantcontributorofthatregionaldigitaleconomybuildingatthebackofdecadesoftechnologycapabilityinAdvancedManufacturing,especiallyinthesemiconductorspace.Overall,MalaysiaandSEAregionis

expectedtobeapromisingandexcitingmarketdrivenbyayoungpopulationwithincreasinglygrowingsocio-economicmobility.

AsoneofMalaysia’sleadinginstitutionalinvestorsandlong-termcapitalprovider,KWAPaimstobea

significantdriverofthatdomesticdigitaleconomybyfuelingthegrowthofpromisingstartupsandtech

ventures.Thisistobedoneonthebackofaresilientfoundationforinnovationandentrepreneurship,which

willbenefitfromtheoverallvibrancyofthedigitaleconomyinconjunctionandinpartnershipwithother

domesticandregionalpublicandprivateinitiatives.WebelievethatSEAregioncanestablishitselfasaglobalhubfortechnologicaladvancementandeconomicdynamism,elevatingMalaysia’srolebeyondthatofacapitalprovidertothatofanecosystemenablerandlong-termpartner.

WewelcometheroleofinternationalmanagerslikeGPBullhoundtocontributetothisoverallecosystem

buildinginitiative.Whetheritisaboutnurturinglocaltechandventureexpertise,helpinglocalfounders

connecttobroadermarketsandbemoreattractivetointernationalcapitalorevenconnectingcompanies

fromdistantgeographiestoSEAmarketsthatcanalsoleadtolocalemploymentgeneration,partnershipswithforeignGPsandadvisoryoutfitsformakeycomponentofthegrandapproach.

Weenvisionafuturewherelocalentrepreneursfeelempoweredtobuild,grow,andthrivebothwithinandbeyondMalaysia(andtheregion),inspiredbyasupportiveecosystemthatattractstalentandcapitalalike.

GP.Bullhound

GP.Bullhound

6KEYTAKEAWAYS

KeyTakeaways_

Early-stageAccesstofundingattheearlierstagesisgrowing,

capital

nurturingopportunitiesacrossthetechecosystem

Accessto

growthcapital

Alackoflater-stagegrowthcapitalintheecosystem

hasmeantthatlate-stagegrowthroundsarestilllargelydominatedbyinternationalfunds,versusregionalplayers

Governmentinitiatives

Entrepreneurshiphasbeenoneofnationalgovernmentskeyfocus,providingfiscalincentives,taxbreaksand

otherschemesinplacetohelpstart-upsflourish

Localisationiskey

Businessmodelsneedtobeintunewithlocalculture

tosucceed.Thosebuiltwithsocialawareness,languagenuanceandculturalsensitivityattheirheartaremore

likelytosucceed

RiseofB2B

softwareneeds

Fuelledbytherapiddigitaladoption,continuedrising

internetpenetrationandsmartphoneusage,incumbentandnewercompaniesarevyingformoredigitalsolutions

Politicalneutrality

SoutheastAsia'suniquepositionandgeopoliticalstancehasseenaflourishofactivityset-up,withglobalsupplychainsshiftingandadoptingamulti-presencestrategy

Trends

Keysectorshavehelpedpropeltheregion’secosystemsuchasE-commerce,FintechandArtificialIntelligence&Infrastructure

Secondary

marketboom

Withnovisibilityofexitsonthehorizon,early-investorsarelookingtothesecondariesmarkettocrystallise

theirgains

Lack

ofexits

Lackofsuccessfulexitsintheecosystemhasmeantlotsofcapitalistrappedinasmallnumberofcompanies,

unabletoberecycled,starvingthefuturegenerationofinnovativenewcompanies

CHAPTER17

Currentstateofplay

AtechnologicalrenaissanceinSoutheastAsia

SHAHRILHAMDANSeniorAdvisor

GPBullhound

Theworldistransitioningfromanestablishedorderofalargelysingularhegemonanchoringthetermsofglobalengagementandcapitalflows.

WhiletheU.S.dollarremainsdominant,itsshareinglobalreserveshassteadilydecreased,fromover70%intheearly2000stoaround59%asof2023.

Simultaneously,emergingmarketshavedevelopedtheirowncapitalandinnovationecosystems,reducingrelianceonWesternmarkets.

Intechnologyandventure,thismultipolartrendisevenmorepronounced.SiliconValleyremainsfor

themoment,thepreeminentcentre.ButChina,India,andEuropehaverapidlygrownasmajorhubsintheirownright.

Chinanowboastsnearly300unicornstartups,builtonanexpansivedigitaleconomy.India,withits

“IndiaStack”initiative,hasleveragedopenAPIstofosteroneoftheworld’smostdynamicfintech

landscapes,contributingtoarecord-breaking20unicornsin2023alone.Europe,too,hasincreasinglyasserteditself,withcitieslikeBerlin,London,andParisbecomingpreferredforearly-

stagecapital,asthecontinentproducedaround50unicornsinthepastfewyears.

Atthesametime,thetermsofengagementhavebecomeincreasinglycontested.Everywherewe

look,barriersarecomingup.Decisionsonresourceallocationnowhaveasmuchtodowithoptimisinggeopoliticsandopticsastheydowithmaximisingthedollar.

ItisinthisstateoffluxthatSoutheastAsiaemergesasabeneficiaryofthetimes.Inrecentyears,theregionhasbuckedglobaltrends-attractingrecordlevelsofinvestment,withventurecapitalinflowssurgingfourfoldoverthelastdecade.

Wecanpointtothingslikeayoungpopulation,urbanisation,attractiveunitlabourcostsanddigital

savvinessashelpfulfactors.ButitisSoutheastAsiaIsuniquepositionandposturinginthismomentofglobaltransition,thatmakesitextrainterestingforthosecuriousenoughtolook.

ItisoneofthefewplacesonEarththatcancrediblyclaimneutralityinthecurrentGreatPower

Competition.FirmsareredomicilingfromChinatoVietnamtosidestepthefencesbeingbuilt.In

Malaysia,tensofdatacentersservingbothChineseandWesternmarketsarebeingbuilt–oftenclosetoeachother.Singaporeisattractingrecordnumbersoffamilyofficestosetupinthecitystate.LargeconsumermarketslikeIndonesiacontinuetoattractcapitalfromeverywherelookingforreturns

beyondtraditionalhubs.Thingsarelookingup.

ButthefullstoryiscontingentonwhetherSoutheastAsiacanconvertthisinfluxofcapitalandinterestintolasting,self-sustainingecosystems.Lestweforget,globalcapitaltendstorecalibrateinresponsetonewopportunities.Theworldmaylookverydifferentin2030,nevermind2035.Thechallengenowliesintransformingthiswindowofinvestmentandattentionintoafoundationforlong-termgrowththatcanmorepermanentlyanchorSoutheastAsia’spositioninamultipolarworld.

GP.Bullhound

8CURRENTSTATEOFPLAY

Awaveofinnovationawaits…

Rapidgrowthfuelledbythedesiretodisrupt

Aswithallecosystems,layingdownconcretefoundationstobuildastronginfrastructureiskey,notonlytoallowforthenextgenerationofstart-upstobuild,butalsotoadvancetheoveralldigitaleconomy.

In2021,theSoutheastAsiantechecosystemsawasurgeofcapitalinjected,withventurecapitalistsandinvestorsseekingtoridethetailwindsofglobalshiftstoonline.

Morerecently,andpost-COVID,ecosystemshavebeenbattlingwithuncertainty,risinginterestrates,growingmacroeconomicheadwindsandescalatinggeopoliticaltensionsmeaningthatinvestorshavetakenamuch

morecautiousapproachasoflate,however,muchgroundworkwasmadeintheyearspriorwhichpropsSoutheastAsianupforfutureinnovation&success.

DECADESOFECOSYSTEMGROWTHINJUST10YEARS

1100

1000

820

850

690

34.7

50048050018.2

600

15.2

25010.16.8

35011.311.8

1.22.23.54.5

20132014201520162017201820192020202120222023

FOUNDATIONBUILDING

INTERNETECONOMYBOOM

SOFTWARE\

INNOVATIONS/

2013

2023

Totalcapitalraised($bn)Numberoffundingrounds

SOUTHEASTASIA

UNITEDSTATES

EUROPEANUNION

INTERNET

ECONOMYBOOM

SOFTWARE

INNOVATIONS

19901995200020052010201520202025

FOUNDATIONBUILDING

INTERNETECONOMYBOOM

SOFTWAREINNOVATIONS

FOUNDATIONBUILDING

Source:GPBullhoundinsights,Pitchbook

9

CURRENTSTATEOFPLAY

…buildingonafast-evolvingecosystemofalreadysuccessfultech

180

THAILAND

scenD

money

185

PHILIPPINE

340

VIETNAM

INDONESIA

traveloka

。Dana

tiket小com

》xendit

860

MALAYSIA

280

1,780

SINGAPORE

AcronisbolttechCr。usellCARRO

ninjavanHyalReute’Gider-apat·nap··asiILicoNBOX···

VPACEMatrPrt

Techstart-upsasaDec-23

Source:Pitchbook,TechinAsia,BrighterTimesAheadforSoutheastAsia’sTechSectorin2024

GP.Bullhound

10CURRENTSTATEOFPLAY

GP.Bullhound

Unicornsintheregion

TheChampionsLeaguethatbuildstheecosystem

Overthepastdecade,SoutheastAsiahascelebratedtheriseof38techunicorns,highlightingtheregion'srapidecosystemgrowthanditsburgeoningpositionasaglobalinnovationhub.

2014

2019

2024

SOUTHEASTASIAMINTEDUNICORNSATANEXPONENTIALRATE

VALUATION

ATYEAR

NO.OFNEW

UNICORNS(1)

REPRESENTATIVE

UNICORNS

U门G

+$3BN

3

+$23BN

+10

bukalapakGb

Acronis

ogojek

traveloka

tokopedio

cenD

one

mn

共Biofourmis

bottechCNRSOME

HyalRsuteJ8uuivspACE

+$70BN

+38

ninjavanNIUM

YEARSTAKENTOREACH10UNICORNS

SOUTHEASTASIA

4years

17years

38

Unicorns

14Fintech 6SaaS

5Logistics

Source:GPBullhoundinsights,Pitchbook,TechInAsia

Note:(1)TotalnumberofUnicornsincludeallcompaniesthathavereportedtohavereachedthe$1.0bnvaluationmark

CURRENTSTATEOFPLAY11

GP.Bullhound

OneofthefastestgrowingeconomiesWhathastheecosystemgotrightoverthelastdecade?

KEYSUCCESSFACTORSACROSSSOUTHEASTASIA

7GOVERNMENTINITIATIVES

Governmentshavemadeentrepreneurshiponeoftheirkeyfocuses,providingfiscalincentives,taxbreaksandotherschemesinplacetohelpstart-ups

EARLY-STAGECAPITAL

Accesstofundingattheearlierstagehasnurturedathrivingtechecosystemandwidereconomicbenefits,suchasemployment,upskillingandservices

7RISINGECONOMICCURVE

Despitethevolatilityintheglobalmarketsoverthelastfewyears,theregionhasbeenoneofafewtoconsistentlyprovidesteadyeconomicgrowth

SURFINGTHEGEOPOLITICALWAVE

ShiftinggeopoliticallandscapeandthemovetowardsmorediversifiedsupplychainsposesanopportunityforSoutheastAsiatoentrenchthemselvesfurtherintoglobaltrade

“Today’secosystemismuchdifferentto

howitwaswhenIstarted.Initiallythere

weren’tmanyfundsaround,hencewhy

wewereself-funded.Fundsweremore

“cheerleaders”intheecosystematthetime.

Nowadays,andfromafundinglandscape,Ithinkthere’splentyofearly-stageinvestorswhowanttosupportstart-ups,butIstill

thinkMalaysiahasawaytogoforlater

stagefunding–especiallyincomparisontoEuropeortheUS.”

Founder&CEOAerodyne

“Comparedwithotherpartsoftheworld,thepoliticalstabilityhasinmymind

actuallymadethisregionagreatlocationforglobalinvestors.

Singaporeinparticularhasattracteda

lotofgoodglobaltechcompaniesandis

nowaverydifferentplacefromadecadeago,everythinghastransformed.Sothisisreallypositive.”

Co-Founder&CEO

AdvanceIntelligenceGroup

12CURRENTSTATEOFPLAY

GP.Bullhound

CaseStudy–Penang,Malaysia

Doublingdownonanecosystemtocapitaliseonthewindowofopportunity

Theworldisseeingacompoundingoffactorsthathavecreatedauniqueopportunity.Theadvent

ofGenerativeAIanditsever-growingthirstformorecomputehasgreatlyincreasedthedemandfor

semiconductorsandchipsofallforms.Whilsttheundercurrentofgeopoliticaltensionsandpressures

haveforcedtheneedforthediversificationofsupplychainsawayfrommoreestablishedcentres.ThesecoalescingdrivershaveopenedtheeyesofmanytothepossibleopportunitiesforexpansioninSEA.

Malaysiahasalong-establishedtrackrecordofbeingapartofthesemiconductorsupplychain,thusit’salreadyestablishedknowledge-base,afriendlyandsupportivegovernmentanditswell-priced,Englishspeaking,experiencedworkforceandabundantlandhasmadeittopofthelistformanytoexpandin.

Thefree-traderegionofPenang,hasbeenthebeatingheartofMalaysia’ssemiconductorindustryfor50

yearspropellingittothepositionof6thlargestsemiconductorexporterintheworld.Thegovernmenthasbeenproactivetoavoidsomeofthepastcomplacencyandreallydrivehomeit’sadvantageaheadofsuchalargeopportunity.

FOREIGNINVESTMENTISSOARINGINPENANG(RINGGITBN)

3.0

4.0

67.0

1.5

10.0

1.5

6.5

50.01.0

0.8

0.5

1.0

0.5

0.5

0.8

2.5

2.5

3.0

2.0

3.0

12.0

4.5

20132014201520162017201820192020202120222023

ForeignDomestic

Theenhancingoftop-downtargetedschemessuchastheNationalSemiconductorStrategyandlocalbodieslikeInvestPenangareoverseeingthemassiveboostininvestmentintheregiontogiveitthebestchanceofcausingsustainablegrowthandreplicatethemarketcapturethattheymanagedsowellpreviously.

Theneedforalocalchampionhasnotgoneunnoticed,asuccessstorythatthelocalecosystemcanrally

aroundandhelpsnowballotherstartups.Amongstalltheforeigndirectinvestment(FDI)therehasbeen

apushfromgovernmenttoenhancethepublic/privatecollaboration.TherecentlylaunchedBlueChip

VenturesandtheirsigningtocollaboratewithsovereignwealthvehiclesonaMalaysianSemiconductorfundshowsaprimeexampleofallstakeholdersfocusingonpushingthebenefitsoftherecentspikeinFDIout

intothelocalplayers.

KEYGROUPSANDINITIATIVES

Source:Pitchbook,GPBullhoundanalysis,MalaysianInvestmentDevelopmentAuthority

GP.Bullhound

EXPERTVIEW:OPENSPACEVC13

Expertview

CO-FOUNDER|OPENSPACEVC

Early-stageVC

"Mythesishoweveristhat

Malaysiahasthecapabilityto

HIANGOH

doalotofthethingsthat

Singaporeofferstechcompanies,butatamuchlowerbase."

YOU'VEPUBLICLYSAIDTHATYOU'REBULLISHONMALAYSIA,ESPECIALLYINTHETECHSECTOR.ASANON-MALAYSIAN,WHATMAKESYOUSOOPTIMISTICABOUTITSTECHINDUSTRY?

Yes,definitely.IhavenoticedafewthingsaboutthetechindustryinMalaysia.Malaysia’sproblem

isrelativelysubtle.Ithasastrongdomesticmarket,buttoinvestors.It’snotasbigasIndonesiaor

Singapore,andsoyoureachthisdichotomywhereitfeelslikethe“middlechild”ofSoutheastAsia.

MythesishoweveristhatMalaysiahasthecapabilitytodoalotofthethingsthatSingaporeofferstech

companies,butatamuchlowerbase.ThenetresultI’veseenisthatcompanieshavefoundthetech

engineeringslightlymorechallenging,buthavebeenabletoachieveprofitabilitymuchfasterthaniftheywereonaSingaporeancostbase.Ifeellikethistrendwillonlycontinue,asonlythebiggestandbesttechcompaniescanaffordtopaythepremiumthatSingaporedemands.

Additionally,Malaysiahasitsowncentreofexcellence-themanufacturingofsemiconductorsandchip

design.Ibelievethisisasstrongasanyotherplaceglobally.Therearealotofchipdesigncompanies

whichhavebeendoingworkforTaiwanesecompanies,whichisironic,asTaiwanesecompanieshavebeenknowntobeverycosteffective.

Lastly,I’malsoseeingasignificantproliferationofdata-centres,ordata-centrelicensesbeingissued-

I’vebeentoldmorethan40licenses.Theideawiththesedatacenters,isthatthey’regoingtobefilledAIhardware,butthereasonitcanbedoneinMalaysiaisduetoitsrelativeneutrality.

INYOUROPINIONARETHEREANYCONCERNSYOUMIGHTHAVEREGARDINGTHEECOSYSTEM?

IthinkthereareafewconcernsthatIcanmentionmoregenerally,andthensomeareasspecifictoMalaysia.

Firstly,Ithinkeverycountrycanalwayshaveastrongerandbetterworkforce.There’sstillalotofroomto

growthere.Secondly,Ithinkthatthegovernmentpaperworkisnotasseamlessas,forexample,China,soitdoestakeabitofcoordinationandlocalpresence.Thirdly,Idothinkthere’sasmallamountofcurrencyrisk.And,lastly,Ithinkwiththecurrentgovernmentbeingacoalitionadministration,there’salotofstop,startincertainpolicies;decisionscanbemadeandthenchangehalfwaythroughanditmeansthatbusinessesneedtoreacttothesechangesveryquickly.

FINALLY,HOWDOESMALAYSIACOMPARETOOTHERSOUTHEASTASIANCOUNTRIESINTERMSOFTECHNOLOGICALADVANCEMENTANDINNOVATION?

Inmyopinion,Ithinkthisisjustpurecodingskills.IfyoulookatVietnamforexample,wherethere’salotofpeopleveryskilledatcoding,Malaysiacandefinitelyimprove.However,thatbeingsaid,thisistheoneracethatnoone’sparticularlycrackedyet.

GP.Bullhound

14EXPERTVIEW:GOBIPARTNERS

Expertview

MANAGINGPARTNER|GOBIPARTNERS

Early-stageVC

JAMALUDINBUJANG

"Idothinkthatthereisstillsomefrictionforforeigntalenttoenterthecountrywhichwouldhelpwith

attractingtalentandentrepreneurssettingupbusinesses."

HOWHASTHEMALAYSIANTECHECOSYSTEMEVOLVEDOVERTHEPASTDECADEINTERMSOFSTARTUPGROWTHANDINVESTMENT?WHATHASCHANGEDACROSSTHETECHLANDSCAPE?

IthinkthereareafewthingsthatI’venoticedoverthepastdecade.Backintheearly2000’s,itwasall

first-timeentrepreneursthatwereintheecosystem,whereasnowI’mnotonlyseeingalotmoreserial

entrepreneursaroundtheecosystem,butMalaysianentrepreneurswhohaveworkedforlargeoverseas

techcompaniesandarereturningtotheecosystemtostartontheirown.Equally,Ithinkalotoffirst-timeentrepreneursaremuchyoungerandarecomingstraightoutofuniversitywithveryspecificskills,take

computerengineeringforexample,andstartingabusiness,whichisgreattosee.

I’vealsonoticedcertainsectorshavereallyflourished.WhenIwasinvestingoutofMavcap,therewerealotofcompaniesdoingsystemintegration,digitaladvertising,contentcreationforexample.Nowwehaveareallystronglogisticsindustry,fintechandevenmoreSaaStypebusinesses.

INYOUROPINION,WHATHAVEMALAYSIAGOTRIGHT,ORYETTOGETRIGHT,WITHINTHEMALAYSIANTECHECOSYSTEM?

Thebiggestconcernadecadeagowas“isthereenoughentrepreneursinthedigitalspace”.Theyounger

generationweretypicallygoingtouniversityupongraduating,leavingtojoinlargecorporates,however,I

haveseenalotmoregovernmentfundingandsponsoredprograms,aswellasVCs,sovereignwealthfundswhichareplayingtheirpart.

Idothinkthatthereisstillsomefrictionforforeigntalenttoenterthecountrywhichwouldhelpwith

attractingtalentandentrepreneurssettingupbusinesses.IbelievethenewKL20initiativeandstartupconciergewillhelpimprovethisthough.

FINALLY,TOENSURETHETALENTPIPELINEISSECURE,WHATWOULDYOUCHOOSETOIMPROVESOTHATBUSINESSESPICKMALAYSIATOGOTO

Idon’t’thinkwehavemuchaproblemintermsofgettingtalent,Ithinkitiskeyhowevertohelpretainthatlocaltalent&knowledgesothatthiscanbepassedontothenextgeneration.Thisissomethingweshouldallencourage.

Anotherareaforimprovementinmyopinionisjusttheoverallsupporttoentrepreneurswhostarton

theirown,helpingthembecomepartofthesupplychainandwiderecosystemsothatthesebusinessescanflourish.

GP.Bullhound

15

CURRENTSTATEOFPLAY

Governmentinitiatives

Thekeytomaintaininganacceleratingecosystemisthoughtfulandunrestrictivestrategicsupporttocompoundingindustries

GovernmentsaroundSoutheastAsiaarelaunchingnumerousinitiativestotryandstimulatetheirdigital

economies,infrastructureandboosttheirtalentpool.Nationsmustensurethattheseprogrammesprovidesupportacrossallstagesofalocal,startupcompany’slifecycle,ensuringtherearenobottlenecksthat

preventvaluefrombeingcreated.

Techboomasadriverofholisticregionaldevelopment

Holisticinitiativesasacatalystfortechboom

FUNDING&INCENTIVES

4IRCatalystGrant

ENERGY&INFRA

INITIATIVES

ECOSYSTEM&EDUCATION

Advanceddigitalsolutions

EXAMPLESOFKEYECOSYSTEMBUILDERS

edbi

Source:GPBullhoundinsights

GP.Bullhound

16EXPERTVIEW:OSKVENTURES

Expertview

CEO|OSKVENTURES

Early-stageVC

"OSKVIprovidesprivate

AMELIAONG

marketsolutionstoinvestorsandasourceoffunding

andexitsforentrepreneursacrossSoutheastAsia."

HOWDOYOUASSESSTHEGROWTHPOTENTIALANDSCALABILITYOFSTARTUPS?WHATMETRICSORINDICATORSDOYOUCONSIDERIMPORTANTINEVALUATINGTHEIRLONG-TERMVIABILITY?

WebelievethatSEAisahigh-growthmarketwithgoodfounders,talentandgrit.AsOSKVIinvestsinpost-commercialisationcompaniesandprovidessupportforvaluecreationactivitiessuchasmarketaccess,

clientreferrals,processre-engineering,sustainabilitydevelopment,reporting,andgovernance,welookoutforproductsandservicesthatarepurposefulinnature,managementteamsthataretrustworthy,

forwardlooking,havegrowthmindsetsandopentofeedbackandpivots.

ItisalsoimportanttonotethatOSKVIusesspecificmetricstoevaluateandmonitorthecompaniesbasedontheirindustries,forexampleinsurancetechcompaniesversusenterprisesoftwarecompanies.With

thatinmind,wearethenabletoevaluatethemanagementteam’sunderstandingoftheirownmediumtolong-termstrategy,forexample:iftheyarebuildingasustainablebusinessorontheflipside,usingitasameanstoanend.

WHATCHALLENGESHAVEYOUSEENOVERTHELASTFEWYEARS,ANDHOWDIDOSKVIANDITSPORTFOLIOCOMPANIESOVERCOMETHESE?

TheobviouschallengeoverthelastfewyearshasbeenCOVID,geopoliticalrisksandtheforeignexchangerisksandnavigatingtheimpacttobothourselvesasthefundmanageraswellastotheportfoliocompanies.

WhenCOVIDhit,wewereabletoleanonourriskmanagementframeworktoworkoncashflows

projectionsandbusinessstrategies,ensuringthattheportfoliocompani