Jeffrey Paine

[Published in July 2024] 💰 Singapore has invested nearly US$1 billion in deeptech startups, but the ecosystem faces challenges in attracting investors and retaining talent, making it difficult to execute the government's deeptech ambitions. 📈 Deeptech startups require longer gestation periods and larger investments, making them less attractive to Southeast Asian VCs who are accustomed to faster-growing companies. 💪 Despite the challenges, the government is taking a long-term approach, supporting venture builders and encouraging startups to expand globally, while the local ecosystem is working to attract more deeptech-focused investors and talent.

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It’s always inspiring to be talking to people who share your vision and understanding of our world’s most complex challenges. Zal Dastur is definitely one of those people! Thank you for having me on The Impact At Scale Podcast With Zal Dastur 🙏 Telling authentic stories about climate is a must for us to catalyse a change in narrative of how we can all do better - and how we can continue preventing and adapting to climate change across all levels of our society. #climateTech #southeastAsia #storytelling

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Useful compass for founders in Singapore: startups can leverage various grants to drive innovation and growth. Programs like the Startup SG Founder grant and the Enterprise Development Grant provide essential financial support and resources, helping new ventures scale and thrive in a dynamic entrepreneurial landscape. Check out more details here: https://lnkd.in/gfYVJ62t #startup #singapore #entrepreneurship

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Kok Song NG and I had breakfast with David Su , founder and managing partner at Matrix Partners China, a venture capitalist, David focuses on software, technology and healthcare investments. He also cofounded San Si Institute, a community of entrepreneurial leaders who are committed to tackle big societal challenges. David who is a graduate of NTU, helps serve on boards of Nanyang Technological University Singapore ,CapitaLand & EDBI Pte Ltd ,has been investing in China for the last two decades , some investments include DiDi , Baidu, Inc. , Focus Group , Heptagon, Bona Films +++++. Was great to chat about geopolitics, Chinese (H share) equity markets, global macro, foreign exchange and about Chinese history. Some of these heavy conversations are best had with roti prata and a cup of coffee ! #venture #vc #venturecapital #geopolitics #macro #globalmacro #policy #healthcare #tech #technology #investments #medtech #biotech #deeptech

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🇸🇬What’s the case for Singapore deep tech? The title sounds doom and gloom but Elyssa Lopez from Tech in Asia has spoken to some esteemed ecosystem players in this well-balanced article that is worth a read. Of course, she didn’t fit our hour long interview in there so I’ll summarize my bull case here: 1️⃣Catching the Wave Any surfer 🌊will tell you to anticipate the wave instead of chasing after it. Deep tech ecosystems take around 30 years of R&D to seed, and quickly mature from there. Singapore’s RIE schemes have run for 30 years with $60Bn in spending thus far, with more to come. This is the BIGGEST wave we will see in a generation. That’s why elev8.vc is investing today to catch the wave as it comes. 2️⃣Playing to our strengths Singapore is often called the world’s greatest startup. But in recent years, this startup’s competitive advantages are getting eroded as other Asian countries stepped up their education. What does a good startup do when competition catches up? Build the next competitive advantage, of course!💡 I can think of few defensive moats stronger than $60Bn of investments over 30 years 🧐. 3️⃣Making it worthwhile Singapore is pragmatic. It’s not going to work if there’s no money💰 to be made. Good news (for investors)! Singapore’s deep tech startups are undervalued. By a whopping ❗️40-60% ❗️on average Why? One word: “Obscurity”. What happens if we invest in obscure assets and put them under the spotlights? Three letters: “ROI”. Of course, there are speed bumps and it’s not easy. Yet, nothing worth doing is ever easy. Let’s build the next generation 🚀

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Got to publish an article with e27 (Optimatic). I wrote this many years ago and updated it. This is an article on why introductions should not be so flippant in Asia. In recent days, I have been travelling across the SEA region connecting with many new business relationships. It is natural for me to direct them to TRIVE's own startups, because I trust my CEOs to handle my relationships with utmost respect. Do have a read to better understand how relationships should be handled in Asia. #businessrelationships

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Last night I went to a DFDL event hosted by OUR Startup Community on "Are SAFE and KISS contracts possible in Thailand?", and led by the amazing Ted Thetnaungsoe. Check out Yvan Goudard's comprehensive report on what happened. #startupfunding #convertibleinstruments #thaitechecosystem #safecontracts #kisscontracts #venturecapital #legaldevelopments #ppsme

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Venture Studio and Open Innovation (OI) Partners: Join us for the third edition of EDB's Corporate Venture Launchpad (CVL) programme.   We are looking for partners to shape the future of #CorporateVenturing in #Singapore. The past editions of CVL programme saw the conception of exciting ventures such as agritech platform DayaTani  and hydrogen market intelligence platform HySights which continue to make an impact in Singapore and the region. This year, we are expanding from venture creation to feature support for another mode of corporate venturing: startup partnerships.   If you are a venture studio with a strong track record in launching corporate ventures, or an OI player with expertise in fostering effective corporate-startup partnerships, we invite you to apply.    ✔ Venture Studio Partners will work with participating companies to fuel venture creation and launch globally-leading businesses from Singapore.   ✔ OI Partners will help participating companies institutionalise best practices and deliver impactful business outcomes through startup collaborations.   Applications close on 28 June. Learn how to become a CVL 3.0 partner: https://lnkd.in/dPr3nb2S   #VenturesMadePossible #VentureBuilding #VentureCapital #Startup Singapore Economic Development Board (EDB) Heng-Tong CHOO Alvin Cai Glenda Tan Yuan Chun Ling Christine Giam Wai Yee Leong

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As a venture capitalist, TRIVE's focus is on exits for my SouthEast Asian based portfolios, and IPOs are one of the main avenues to achieve an exit and a return on my investments. 5 of our startups are considering their IPO plans in the coming 3 years. After advisory from the M&A advisors and internal consideration, the NASDAQ is the choice for 4 of 5 of them. Only one decided on the local SGX as it is on a more traditional path. Nevermind if these startups are primarily operating in SEA and naturally should find familiarity with SGX to list. Unfortunately, they see better valuations, liquidity and brand recognition by listing on the NASDAQ. It has been a long-time complex issue to energize the SGX and to ask our SEA startups to call it home. It is a pity because Singapore is the prime location for private equity and venture capital fundraise for startups in the region. But SGX barely sees any of our SEA unicorns listed on it. I for one, am a believer of a regional bourse to support the aspirations of the startups. And I hope more deeper conversations with the Singapore government and our relevant associations will one day see the SGX building that vision. Thanks to See Kit Tang for a very insightful long-form article and allowing me to be a part of it to bring my thoughts to it. #venturecapital #sgx #ipo https://lnkd.in/g_kzvyGa

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I am attending Cleantech Forum Asia, May 7-8 in Singapore, to connect with professionals with big ideas and meet leaders with the power to deliver a cleaner, cooler world. Start-ups, scale-ups, investors, corporates, and other leaders in the cleantech innovation ecosystem attend this two-day event to build their network, get deals done, and learn from each other to stay ahead of trends. I invite you to secure your spot today at Cleantech Forum Asia and feel free to use this special discount code to save $100 (use the code EURAZEO24 at checkout). https://lnkd.in/eFaAm4sc I make time for this event every year and wanted to share the details with you. In previous years, portfolio companies BluSmart, Magenta Mobility, and 5B have taken part in the startup innovation showcase. This year's event includes a presentation by enjoyelec Tech Ltd. Come meet me in Singapore to discuss companies in your portfolio and/or your own startup's efforts at scaling an energy transition product or service. #ctf2024 #cleantechforumasia #sustainableinnovation #energytransition #ventureinvestment #AItechnologies #adaptation #blueeconomy #wastetoenergy #hydrogen #electricmobility #resilience #carbon #biodiversity #sustainability #naturepositivity #ecosperity

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As the CIO of Asia Pro Ventures, I am encouraged to see the Singapore government's continued commitment to boosting private-sector investments into deeptech startups. The additional S$440 million ($332 million USD) injection into the Startup SG Equity scheme demonstrates Singapore's strategic focus on supporting innovative, high-growth companies in emerging technologies. 🚀 The global decline in venture funding this year is certainly a concern, but Singapore's proactive approach to stimulating private investment through co-investment and expanding funding support is a prudent move. Deeptech startups often face higher barriers to success due to the complexity and capital-intensive nature of their work, so having a well-funded government program to de-risk private investment is crucial. 💰 Raising the cap on government equity investment to S$12 million ($9 million USD) per startup is also a positive step, as it will allow more runway for deeptech companies to grow and scale. Collaborating with global VC firms to co-invest in these startups is an intelligent strategy to bring in expertise and networks beyond just the capital. 🌍 The other initiatives announced, such as the StageOne program to connect local and global startup communities, and the various open innovation challenges, demonstrate Singapore's holistic approach to fostering its startup ecosystem. Enabling cross-border partnerships and tapping into global innovation pools will be key to helping Singaporean deeptech companies succeed internationally. 🌐 As the CIO of a regional venture firm, I'm particularly interested in how these enhancements to Singapore's startup support infrastructure can benefit the broader Asian startup landscape. Singapore's position as a leading innovation hub, combined with its strong ties across the region, means that strengthening its deeptech capabilities could have positive spillover effects for the entire Asia Pacific ecosystem. 🌍 Overall, this announcement reaffirms Singapore's commitment to its RIE 2025 and upcoming RIE 2030 plans, with a clear focus on cultivating a vibrant deeptech startup environment. I'm optimistic that these measures will translate into more investment opportunities and greater success for innovative companies in our portfolio. 📈 #Singapore #Deeptech #VentureCapital #Startup #investor #investing #angelinvestor #Innovation #technology #SWITCH #SWITCH2024 #InvestmentOpportunities #familyoffice

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At the Dialogue session hosted by Prof Lily Kong from Singapore Management University, PM Lawrence Wong urged us to focus on 3 megatrends that all of us should familiarize ourselves : 1. Technological advancement, 2. Sustainable Development, 3. the Rise of Asia. I am very heartened to hear these 3 megatrends from our PM, because these are the same 3 Pillars that OSG Youth Alliance is driving continuously within our community - 1. Global-ready, 2. Sustainability and 3. Innovation. OSG Youth Alliance believes strongly in the identification and development of future-ready youths who are inspired to be global change makers that lead us to a more sustainable and equitable future.🤟🤟🤟 #sustainability #innovation #globalcompetencies

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Genesis Alternative Ventures’ latest move to close its second debt fund at $125M, despite being at the lower end of its target, highlights the changing dynamics in Southeast Asia's startup ecosystem. As venture valuations remain depressed and the global economic outlook remains uncertain, the pressure on founders to prove sustainable growth without relying on equity is higher than ever. This fund underscores a growing trend: venture debt is increasingly becoming a lifeline for start-ups. With traditional equity funding harder to come by, especially for high-risk, unprofitable ventures, debt financing is emerging as a critical tool for startups to sustain operations. But while venture debt provides temporary relief, it's important to recognize the potential risks it poses for companies lacking assets or profitability. 💡 Key Risks: Taking on high-interest loans when a business is unprofitable and lacks collateral can be a slippery slope. Without a clear path to profitability, startups relying on venture debt may find themselves in a deeper financial hole: 1. Mounting Debt: High-interest loans accumulate quickly, and if a company fails to reach profitability, repaying this debt can become an overwhelming burden. 2. Limited Options: Startups that fail to improve their financial health while carrying debt will have fewer funding options moving forward, as investors and lenders alike may shy away from a struggling company. 3. Increased Risk of Insolvency: Without profits or assets to fall back on, startups may be forced to rely on more debt to cover their expenses, which increases the risk of insolvency if growth targets are not met. 📉 While venture debt can provide crucial runway for growth, it’s not a substitute for a solid, sustainable business model. For many startups, taking on debt without a clear and achievable path to profitability could be a short-term solution with long-term consequences. I also cannot help but wonder if lenders are not too optimistic here, they are chasing higher return on their money, but risking they will later be worried about the return of their money.

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【Temasek’s Bold $10 Billion Investment in India 🇮🇳】 -- A Strategic Move Amid China Slowdown In a move that underscores India’s growing significance on the global investment landscape, Singapore’s sovereign wealth fund, Temasek Holdings, has announced plans to invest $10 billion in India over the next three years. 🇨🇳 This ambitious investment comes at a time when the performance of #Chinese markets has been lackluster, underscoring #India’s importance as one of Temasek’s top two preferred markets globally, alongside the #US. 🇸🇬 Looking at Temasek's #trackrecord, it's impressive to note that they have already deployed around $37 billion in India over the past two decades.. 💡As of 2023, India now makes up 7% of Temasek’s global portfolio by underlying assets, up from 4% in 2020. In 2023 alone, they invested a record $3 billion in the country. What stands out to me is their perspective on India's market dynamics: "India has always commanded a premium due to its growth potential. By identifying and investing in the right businesses, consistently achieved returns that justify the higher valuations" "The capital markets and deal sizes in India have been steadily increasing, thanks to the expanding and maturing financial markets. The current high valuations are justified by the potential for above-average returns," Temasek’s #InvestmentStrategy in India will focus on several key areas, including technology, financial services, healthcare, and consumer goods. 🌡️ For instance, Temasek’s portfolio, Sheares Healthcare Group, healthcare investor, recently invested almost $2 billion in Manipal Health Enterprises Pvt. Ltd, Indian leading muli speciality hospital operator, with total stake of 59% (new 41%) at $4.9 billion valuation. This valuation is justified by Manipal’s strong financial performance, including 1) a revenue of around $488 million, 2) an EBITDA margin of 24% for FY 2023, 3) several millions patient as sticky customers and 4) potential for free cash flow generation. Later, they sold 8% stake to Abu Dhabi sovereign wealth fund, Mubadala while holding majority shares. Very successful story and foreseen investment. I reckon their increasing investment in India reaffirms the country's status as a pivotal destination for global investors. As someone keenly observing these developments, it's clear that India's market offers tremendous opportunities, and Temasek’s commitment only strengthens this outlook. Ravi Lambah Alex Lin #startup #Singapore #Investment

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If you get excited by new logos but don’t track advocacy, you’re setting yourself up for disappointment. Per Rick Song, the founder of Peronsa: “The biggest challenge for a lot of early-stage startups is that they lie to themselves about customer satisfaction. It’s a common trap at this stage to have customers who like but don't love or need your product. I use the relationship analogy a lot internally at Persona: knowing when someone likes but doesn’t love something is very, very difficult but if you’ve ever been in the friend zone, you know that answer.” Sales are only the first step in product-market fit. Don’t wait around for a high churn rate to upend your assumptions, be proactive by measuring the enthusiasm of your deal champions and user advocates. — I help honest #founders stress test the PMF of their #startups. Hit me up at the link in my bio to learn how.

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Bennett Lee, CFA, CAIA, Partner at Velocity Ventures, was recently interviewed and featured in the ACE.SG (Action Community for Entrepreneurship) corporate newsletter. In the interview, he shared his insights on what distinguishes exceptional founders. According to Lee, there are five main criteria: humility, resilience, foresight, leadership, and adaptability. To gain more insights from Bennett's Interview, visit the page below. #Startups #Foudners #Fundraise #VentureCapital

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Zhang Yiming, the founder of Bytedance, shared that he thinks the most important qualities of a founder are two -- small ego and resilience. I resonate a lot to that, especially the small ego part. This is really not easy. A lof of founders have had beautiful CVs before founding their startups. And we might think that we know what we are dealing with because we've graduated from a good school or have achieved something great in our career. Sometimes it's not even that we think we know, it's the expectations that we feel we should know. Expectations from colleagues, from investors, from people around you that think you are doing well. I attended a road show organized by Transsion Group in Shenzhen in April. And it was a mind blowing experience for me. Without the rest of the world realizing, Transsion has been transitioning from Africa's largest mobile phone brand to the biggest tech startup ecosystem in China for Africa, and this is led actively by the founder himself . What I felt there was so different from what I generally felt living and breathing in the our startup ecosystem. In summary is that, these people there know that "they don't know" and they are open about it, while we here are putting so much of effort to show that "I know". We got lost in chasing shining titles such as "xzy amount raised"/ "xxx awarded"/ "abc invested"/ "xxx graduated", that we forget to reconnect ourselves with that little person who wanted to start something to solve a real-life problem -- the naked fragile little person that started with no title, no achievements, no expectations, but only a vision that's truly to his heart.

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What resonates : Providing hands-on assistance and strategic guidance can make a significant difference in navigating the challenges of building a successful business. The testimonial from Abel Teo, Co-Founder & CEO of Castomize, adds credibility to VentureBlick services, showcasing tangible results achieved through your support. Directing potential clients to a video testimonial and your website allows them to learn more about how VentureBlick can empower their startup with the right connections, resources, and strategies. Overall, it's a compelling message for startups in need of strategic support.

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