Mohan Belani, CEO and Cofounder of e27, and Jeremy Au talked about how the Southeast Asia startup scene has transformed over the past decade, including the shift from early-stage exuberance to a more cautious, capital-efficient mindset, and citing specific cases like eFishery and Carousell. They touched on regional challenges, with markets as different as Singapore, Indonesia, and Malaysia, while urging investors to adopt a more hands-on, private-equity approach. They highlighted the importance of personal growth, and they advocate for curiosity and balance in leadership.

1. Southeast Asia Startup Ecosystem Evolution: The early days (2010–2015) were marked by wild “what if” dreams and a Silicon Valley mindset. By 2014–15, that excitement had given way to healthy skepticism.

2. Investor Caution: Cases like eFishery, which raised over $100M, show that excessive capital without sustainable growth can backfire.

3. Founder Maturity: Founders now, often serial entrepreneurs, are more experienced, with clear goals, as seen in companies like Carousell.

4. Regional Challenges: Scaling is tough when starting in a strong market like Singapore and expanding into countries where purchasing power drops (e.g., to Indonesia where GDP per capita is 10× lower, or Malaysia where GDP per capita is 5× lower).

5. Shift to a PE-Style Model: There’s a growing call for VCs to be more hands-on and adopt a private-equity approach to drive liquidity and realistic exit strategies.

6. Exit Realities: While VC valuations can be 10–20× revenue, public listings in Southeast Asia often fetch around 1× revenue, highlighting a significant exit gap.

7. Personal Growth & Leadership: There’s a need for curiosity and balance—staying childlike in innovation while being pragmatic—to solve problems and build great companies.

Watch, listen or read the full insight at https://www.bravesea.com/blog/southeast-asia-startup-evolution

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