Bikesh Lakhmichand

My recent post on Southeast Asia’s funding scene saw very polar views. Some agreed on numbers, while others felt more active risk-taking was needed to progress. To add more flavour to it, let’s ponder the question: Will SEA produce the next ### unicorns? I’d say eventually with time, sure. The region has great growth, a tech-savvy young population and more FDI flowing into it.  Plenty of tailwinds for success. It boils down to the right timing and approach. (That aside, I believe measuring ecosystem health purely with “# of unicorns” is an incomplete yardstick.) Southeast Asia’s current market dynamics and current maturity of the region simply imply that it’ll be a long shot in the short term. 1/ SEA is a fragmented market with no regional exchange 2/ Investors need repeatable exits to return a gain for their LPs 3/ LPs need to see DPI to justify reinvesting more capital Doubling down on funds hunting for elusive unicorns 🦄 … In the short-term it looks rosy. Many funding rounds will be done with huge buzz generated. But this is not without consequence. What most miss are incentive structures that force careless allocation. To allocate quickly, VCs will investing in many startups, hoping 1-2 winners will carry the portfolio. This has been proven to work in markets like the USA. But we haven’t seen irrefutable evidence it does as well here for majority of funds. 🔺The hit rate for unicorns is low. 🔺Our current exit environment doesn’t support mega exits. The numbers simply won’t make sense, for now at least. Instead, the result is a lot of failure and weak DPIs. Layoffs ensue, markets crash and LPs pull out never to return. --- What you can find are Zebras 🦓 Sustainable businesses generating good cash flow & predictable rev. Eventually, they get to a steady state of profitable metrics without heavy reliance on capital to still deliver a good return. That’s what we look for at Tin Men Capital. My point is - I may come across as pessimistic.  But on the contrary, I'm positive that our region will grow with patience and the right strategy. We have to accept capital cannot solve all problems to ensure growth happens immediately. Our region is unique. So we’d do well to avoid an approach built for another. When the region’s success is proven, it’ll attract deeper, more patient, sophisticated capital We can build upon that and build the next game-changing tech companies. What do you think?

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Recently, I experienced a significant mindset shift: skill power (tactics) can be equally or even more important than willpower. We often highlight willpower in stories because it creates compelling narratives. Jenson Huang once said, "My will to survive exceeds almost everybody else's will to kill me." It made me think, "Wow, what a founder with strong willpower!" However, such quotes can create high mental barriers to entry. What changed my perspective was an interview between Adam Grant and Steven Bartlett on "The Diary of A CEO" (link in comment). Adam explained that the famous marshmallow test, often attributed to willpower, is more about skill power. For instance: 1️⃣ One child sat on their hands to slow down their reach. 2️⃣ Another covered their eyes to avoid temptation. 3️⃣ A third smooshed the marshmallow into a ball and bounced it. These simple tactics made me realise how much I've over-emphasised willpower in the past. Willpower is a big word, like mindset, determination, grit, and values that define a person’s core qualities. When things go right, willpower makes a powerful story. But when things go wrong, I find over-focusing on willpower can lead to very ineffective conversations. On the other hand, asking, “What is the simplest action that can make a difference here?” can make situations more actionable. This is something I am deliberately practising in both work and life. Skill power, like “sitting on hands” from the kid in the marshmallow test, might seem mundane, but these are the repeatable scripts running in our operating system every day—they are habits, mind rules, inner voices, and routines. Also, one great thing is that skill power can be greatly enhanced by technology. As a founder of a habit-building startup, I am constantly building habits myself and with my team and helping our clients to build atomic habits to improve their overall workplace wellbeing. I’m curious: What simple tactics, mind rules, habits, and routines have significantly impacted your work and life? Picture from James Clear Atomic Habit #MindsetShift #SkillPower #FounderCommunity #Habits

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Always good catching up with Nicko Widjaja on the #venturecapital and #startup space in the region. What are the high potential verticals? What are reasonable #DPI metrics for a #VCfund in today’s market? How will the VC space evolve in the current 5 years? And so much more… Always a pleasure! ————— Hi there! I built my first tech company in 2009 after spending the first years of my career in consulting and banking 📊 I went through highs and lows in hashtag #entrepreneurship, washed cars and started selling fireworks 💥 in high school, saved money during my corporate years, then burnt all my savings to build a global 🌎 fashion brand (sold in 15 countries), built an e-commerce company from my living room in my PJ's 🛌, raised millions in VC money 💰, hyper-scaled a bizz and employed 500+ people (got acquired!), and am currently building Workmate (which also got acquired!) to the next level 🚀 Now I speak and write about #entrepreneurship, #highperformance, and #leadership. Follow me Andrew Senduk for more 🧠 or listen to my podcast on everything #venturecapital at The Masters of Cashflow podcast

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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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Reflecting on a Year of Growth 🚀 At NEXT176 Ventures, we’ve had a dynamic year filled with innovation, partnerships, and scaling opportunities. 🔍 Here’s what we achieved: ⭐We engaged with 35 startups and closed 5 investments along with 2 follow-ons. ⭐Our startups excelled: ✅ The Awareness Company and Jem HR won Startup Awards with Startup Club ZA and Mathew Marsden. ✅ Vault22 was awarded FNB App of the Year. ✅ JOBJACK won the Africa Tech Festival pitchathon. ⭐Events that built connections: 14 hosted/sponsored events, including: ✅ Product Meetups with Annu Augustine. ✅ NEXT176 Summit. ✅ Female Founder Events with WomHub. ✅ NEXT176 Founder Meetup. ⭐Designed 5 theses: WhatsApp, Web3, Protect Income, Debt, and BNPL. ⭐Validation & Launches: ✅ 7 businesses validated: Notable mentions include Paystachio (Alpha) by Byte Orbit, Craft (MVP), and NextData (GTM). ✅ Relaunched Craft, launched NextData, and scaled Reveal. We’re proud of the people, ideas, and innovations that shaped our journey. Here’s to more partnerships, bold moves, and impact ahead. 💬 What’s been your proudest milestone this year? Let’s celebrate growth together. #VentureCapital #Innovation #Startups #GrowthMindset #NEXT176Ventures

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Focus on Revenue Generation Over Fundraising ? ? ? 🚀 Today, I had an enlightening intro call with Mr. Jing Zhi Chua, CEO of ALLWIN. He shared a fascinating perspective that has really resonated with me as a startup advisor and mentor. When discussing fundraising, Jing Zhi Chua posed an insightful question to his team: 🤔 How much time would it take to raise $1-2 million if we gave it our full energy? The answer was 6 months to a year. Then he asked: 🤔 How much time would it take to generate $1-2 million in revenue if we focused all our energy on the business? The answer was also around 9 months to a year. Given that Allwin has a negative customer acquisition cost, they realized that focusing on generating revenue could be equally effective, if not more so, than focusing on raising funds. This approach challenges the conventional wisdom in the startup world where the primary focus is often on fundraising. While raising capital is essential for growth, particularly for certain business models, it’s crucial to consider alternative paths to success. For example, concentrating on business operations and revenue generation for SaaS businesses might lead to profitability faster than extensive fundraising efforts. This mindset shift can be a game-changer. Founders need to evaluate where their focus and energy will yield the best returns. Prioritizing revenue generation not only strengthens the business but also reduces dependency on external funding. 💡 Key takeaway for founders: Assess whether focusing on your business operations and driving revenue could be a more effective strategy than fundraising. It’s all about finding the right balance and strategy that works for your specific business model and market conditions. Let's reimagine growth strategies and empower startups to achieve sustainable success! 🚀 #Startup #Entrepreneurship #RevenueGeneration #Fundraising #BusinessGrowth #StartupAdvice #Mentorship #SaaS

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More startups in Southeast Asia are winding up or will very soon. But…it might be just what we need. Hear me out: I feel for founders and fellow fund managers out there. It’s very tough and many will not be able to make it. We see the peak and troughs of the market crown winners and wash away those that might not make the cut. This is not limited to our market. Capital sitting on the sidelines because they are more cautious than ever. We return to the mean. This is where mettle is tested. This is where we’ll see who’s left standing when the dust settles. It’s painful to bear the failures, but it’s necessary for us to start over again. We got here because force-fitting an investing approach popularised by Silicon Valley to Southeast Asia did not produce the expected results: Backing too many companies, seeking excessive blowout growth When the startups and funds fail to deliver on these expectations, It hurts the ecosystem’s prospects for some time. For SEA, most will realise we don’t actually need MORE companies. We need more startups and funds that are BUILT FOR THE REGION: 🔸Startups that create real value and are sustainably run. 🔸Funds that run their long-term thesis and deliver actual returns to LPs 🔸Funds and startups need to transcend simply lifting strategies and models that worked in mature markets. 🔸What worked elsewhere may not work here. Especially in Southeast Asia where we’re maturing and need to generate results and a track record for the longevity of the region. Let’s use this reset to look inwards and have the courage and audacity to play our own unique game.

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When I co-started Adagia Partners it was not a spur-of-the-moment decision. It was the inevitable next step and now a €1.2 bn platform. My journey was rooted in the belief that the strategic insights I provided to companies could be applied with greater impact through investment. As CEO at Roland Berger, I embraced an intrapreneurial spirit, launching a private equity fund that successfully raised €210 million—a testament to the power of thinking big while operating within an established framework. Alongside this venture, my fascination with artificial intelligence deepened. I authored The Fall of the Human Empire: Memoirs of a Robot, exploring how AI could reshape our future. This curiosity led to an investment club, initially not for profit, but driven by the desire to collaborate with sharp minds. Eventually, this evolved into Alpha Intelligence Capital—a full-fledged venture capital fund with 400m USD under management. Through these experiences, I learned the value of "light footprint management": building teams that work on equal footing, raising capital collaboratively, and investing alongside insightful partners to navigate an uncertain world. It’s a model of leadership that embraces flexibility, tactics over rigid strategy, and the ability to innovate with a minimal footprint. Each phase, from establishing private equity to founding Alpha Intelligence Capital, was a lesson in the importance of strategic partnerships and adaptability. What pivotal decision has shaped your career the most?

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𝗜𝗻𝗻𝗼𝘃𝗮𝘁𝗶𝗼𝗻 𝗮𝘁 𝗶𝘁𝘀 𝗙𝗶𝗻𝗲𝘀𝘁: 𝗔 𝗡𝗲𝘄 𝗘𝗿𝗮 𝗳𝗼𝗿 𝘁𝗵𝗲 𝗦𝘁𝗲𝘁𝗵𝗼𝘀𝗰𝗼𝗽𝗲 Yesterday, I got to spend time with one of my favourite healthtech entrepreneurs and friend, Jhonatan Bringas Dimitriades, MD, CEO of Lapsi Health, and to experience Keikku, the ground-breaking digital stethoscope that is set to revolutionise healthcare. As a healthcare leader in the UK and Saudi Arabia, I’m excited to explore how this remarkable technology can transform patient care and clinical practice. For centuries, the stethoscope has been a cornerstone of diagnosis, yet its design has remained largely unchanged—until now. Keikku is more than a stethoscope; it's a sophisticated Ai-powered diagnostic tool that empowers clinicians with unmatched precision while also putting vital health insights directly into patients’ hands. There's so much talk about Ai, its future application, what it will bring to transforming, accelerating and supporting healthcare. Keikku is already here, already making a difference, already demonstrating the power of Ai curated for clinicians, by clinicians. 𝙃𝙚𝙧𝙚’𝙨 𝙬𝙝𝙮 𝙆𝙚𝙞𝙠𝙠𝙪 𝙨𝙩𝙖𝙣𝙙𝙨 𝙤𝙪𝙩: 🔹 𝗨𝘀𝗲𝗿-𝗖𝗲𝗻𝘁𝗿𝗲𝗱 𝗗𝗲𝘀𝗶𝗴𝗻: Thoughtfully developed with both clinicians and patients in mind, Keikku is intuitive and requires little to no instructions—reminiscent of a top-tier Apple device. 🔹 𝗨𝗻𝗽𝗿𝗲𝗰𝗲𝗱𝗲𝗻𝘁𝗲𝗱 𝗗𝗶𝗮𝗴𝗻𝗼𝘀𝘁𝗶𝗰 𝗔𝗰𝗰𝘂𝗿𝗮𝗰𝘆: With real-time noise cancellation, gesture controls, and AI analysis, it detects subtle cardiovascular and respiratory abnormalities. 🔹 𝗜𝗻𝘁𝗲𝗿𝗼𝗽𝗲𝗿𝗮𝗯𝗶𝗹𝗶𝘁𝘆 & 𝗦𝗶𝗺𝗽𝗹𝗶𝗰𝗶𝘁𝘆: The sleek, compact device integrates seamlessly with existing apps, EPR/EMR systems, and IoT-driven healthcare ecosystems, making adoption effortless. 🔹 𝗘𝗺𝗽𝗼𝘄𝗲𝗿𝗶𝗻𝗴 𝗣𝗮𝘁𝗶𝗲𝗻𝘁𝘀: Provides actionable health data, fostering better self-management and proactive care. 🔹 𝗧𝗲𝗹𝗲𝗺𝗲𝗱𝗶𝗰𝗶𝗻𝗲 𝗥𝗲𝗮𝗱𝘆: Perfectly suited for remote care and virtual wards, enabling clinicians to monitor patients anytime, anywhere. As I shared with Jhonatan yesterday, Keikku gives me a sense of #InterstellarHealth—it’s a leap not just for primary care but for how we envision healthcare delivery altogether. I’m thrilled to announce that I will be piloting this ground-breaking technology in primary care to evaluate its transformative potential in real-world settings. This is a shining example of how thoughtful, user-centred innovation can transform tools we’ve relied on for centuries, bringing them into the digital age while keeping patient and clinician needs at the forefront. Congratulations to Lapsi Health for this remarkable achievement! Keikku is a glimpse into the future of diagnostics—a future where technology bridges the gap between patients and providers, delivering better outcomes worldwide. #DigitalHealth #AIInHealthcare #PrimaryCare #Innovation #UserCentredDesign #MedTech #Telemedicine #FutureOfHealthcare #RemoteCare #PatientCentricCare #Ai

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𝐔𝐧𝐥𝐨𝐜𝐤𝐢𝐧𝐠 𝐧𝐨𝐭 𝐨𝐧𝐞, 𝐛𝐮𝐭 𝐭𝐰𝐨 𝐧𝐞𝐰 𝐦𝐢𝐧𝐢 𝐦𝐢𝐥𝐞𝐬𝐭𝐨𝐧𝐞𝐬! Early this month, I visited Beep's office and interviewed their co-founders Benjamin Long and Kristoffer Jacek Soh Zhi Wei for SEAmplified's Trailblazers series. And two new mini-milestones were unlocked for me: 1️⃣ 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐢𝐧𝐠 𝐚 "𝐭𝐰𝐨-𝐢𝐧-𝐨𝐧𝐞" 𝐢𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 While I've interviewed quite a few profiles for this series, it was my first time interviewing two people in one interview, and there was a lot to learn in the process, such as: 🤔 What questions should I ask to make sure that both their perspectives are featured in the same interview? 🤔 What kind of information do I want to get from each of them that would be of interest or value to readers? 🤔 And the biggest question-- how should I conduct a two-person interview since I've never done it before? Luckily, my mentor Julian Wong gave me some advice on how I can approach the interview. But the biggest advice and takeaway was really to practice on the job, and be focused and intentional during the interview because new and unexpected information may arise along the way! 2️⃣ 𝐂𝐨𝐧𝐝𝐮𝐜𝐭𝐢𝐧𝐠 𝐚 𝐬𝐡𝐨𝐫𝐭-𝐟𝐨𝐫𝐦 𝐯𝐢𝐝𝐞𝐨 𝐢𝐧𝐭𝐞𝐫𝐯𝐢𝐞𝐰 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 Also, in an attempt to make Trailblazers more exciting on social media, I conceptualized a "3 Questions with" short-form video series by getting the interviewees to answer three short questions, get it recorded, and edit the video to keep it within 90 seconds. 🤯 It was a huge challenge editing the video, especially when there was a lot of information that seemed relevant, and selecting which ones to cut out was a "painful decision". 🧑‍💻 But it was fun to learn and explore quite a few functions on CapCut, the video editing software that I used to edit the video on. I must also say that Benjamin and Jacek have great chemistry and that made the whole experience much more enjoyable. So I hope that readers enjoy the newsletter and the "3 Questions with Trailblazers" on our Instagram this week, as this is part of our effort to switch things up at SEAmplified. As always, please let me know if you have any suggestions on how we can make SEAmplified more engaging for you to find out more about youths in Southeast Asia! PS: Check out the article in the reshared post below, and the video via the link in the comments below!

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HealthBridge AI is excited to be featured on GenAI Fund’s ASEAN Generative AI Startup Market Map in the HealthTech sector! Being highlighted among the leading companies in the region, particularly in the HealthTech sector, underscores our commitment to improving patient outcomes and streamlining clinical processes. Thank you GenAI Fund! 🙏🏼 We’ve already secured some important strategic partnerships that will help us create powerful solutions to solve for the critical pain points of our customers. Watch this space! #HealthTech #AIinHealthcare #Innovation #Startup #HealthBridgeAI #MarketMap

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Rayson Choo interviews 185 grit-crunching entrepreneurs and counting. If you are a fan of Business Wars, you’ll like The Raygacy show too. Do check it out here! https://lnkd.in/gFs9-wmm The Raygacy Show is the channel where we pick the brains of the best entrepreneurs you have in this world such as Gary Vee, Grant Cardone and etc to find out from them what are some of the simple and effective steps that millennials can take to experience success in the swiftest and most effective way possible. If you are tired of spending 80% of your time doing things that you dislike and only 20% doing things that you are passionate about, then this is the right place for you.

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B2B is picking up speed in Southeast Asia. It’s not just us saying it has promise anymore. Favour Capital’s comprehensive Southeast Asia B2B report showcases the growing share of B2B in the region. Since the ‘pivot’ to profitability and sustainable business, B2B as a category has become much more attractive to investors in the current climate. I especially like their coverage of how global companies looking to expand are bringing capital to our region. It aligns with our own thoughts at Tin Men Capital on the matter. Acquirers typically acquire for the following reasons: → Tap into the growth of SEA → Acquire tech that can transform/protect their business (e.g. hardware manufacturers seeking complementary software) → Adding an adjacent product benefitting from their well-formed GTM Local companies can thrive here and create value that global tech players want for themselves. The fragmented nature of SEAsia poses difficulty for entrants unfamiliar with its dynamics and offers smaller and more agile players an edge. While the small players lack deep pockets and well developed GTM reach, their intimate knowledge of customers becomes their advantage. As bigger players seek to diversify, M&A activity can be an accelerator and a viable path to exits/ DPI. It’s not to say that we don’t need B2C startups in the mix, As B2B has been overlooked for so long, it’s just nice to see it recognised for the unique opportunities it can unlock in our rapidly digitalising region. Nice work compiling this by the Favour Capital folks.

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Malaysia's deep tech growth hinges on a strong private sector driving innovation, investment, and market access. The government's role is crucial in supporting this with policies, funding, and infrastructure. Together, they create a powerful synergy, making Malaysia a hub for high-tech innovation. Private sector leads, public sector supports—this is the formula for success. #DeepTech #Innovation #Startups #PPP #Malaysia

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EPISODE 3▫️Diary of a Delulu CEO Reflection exercises like Odyssey Planning is what helped me switch from being an engineer to a product manager, and eventually, to pursuing my dream career as a media entrepreneur and investor! It’s like a roadmap that helps you weigh up different career and life choices based on what you love, the impact you want to make, and the cash you want to earn. Super handy for anyone looking to map out their next big move. Comment your email below if you want me to send you the template so you can try it yourself! ✨ Can’t wait to see what all your next big moves are 🥰 #diaryofadeluluceo #storytellingcoach #dreamcareer #lifeplanning

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Grab vs GOTO : The Race To Profitability. No doubt. They are the 2 largest Super Apps in South East Asia. No doubt also. They are probably the 2 largest South East Asia startups making huge culmulative losses thusfar. So, it is just natural that all eyes are on them. Are they are going to turn things around? Gojek has just recently announced another quarter of losses. While at the same time, Gojek said that it is "on track" for profitability. On the other hand, Grab has made quarterly gains in the last quarter of 2023. It has also just raised full year 2024 profitability forecast. Both have resorted to roughly similar methods to try to achieve profitability: cost cuttings. It also tells us one thing. Gone is the growth at all costs. Gone is the myth that startups can just expand and expand without regards to costs, without regards to profitability. Because business fundamentals are the same for all businesses! You got to be cash flow positive! You got to be profitability! You got to be sustainable! So, if you are a startup founder or a founder wannabe, then you should really know these. Know how to turn a profit. Know how to manage your cash flows. #finance #business #startups #management #ceoinsights #singapore #indonesia Gojek Grab https://lnkd.in/eGSVnsF7

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Pre-Retrenchment Retrenchment used to be a scary word. When rumors spread around the office that the company missed a few quarters and plans to streamline operations, everyone would get anxious. But nowadays, in the tech industry, retrenchment feels almost routine. Government policies, taxes, fines, and advancements in technology can lead to layoffs, even for long-time employees. Many people still believe it won't happen to them, but the truth is, these decisions aren't based on personal feelings. They're driven by numbers from annual reports, forecasts, and various other factors. So, what should you do if you get retrenched? First, don't wait until you're retrenched to make a plan. Assume that in an industry where hiring and firing are common, long-term employment and benefits might not be guaranteed. Identify a few side hustles and start working on them! Attend workshops, training sessions, and networking events. Push yourself to learn new things, explore the world a bit more, and look beyond your comfort zone. Invest in yourself by paying experts to guide you and provide the right knowledge and experience. Don't try to save money by relying solely on free resources. If you lose your job, you'll have plenty of time but no income. I also encouraged a few friends in their 40s and 50s to consider starting their own businesses. Websites like https://startupstorm.asia/ offers valuable insights and resources. After all, these are lessons we've learned, curated, and shared with the public to help those at risk understand the basics of starting a business.

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Today’s announcement has been months in the making. I’m very happy to share a significant milestone for VentureBlick in Singapore: our appointment as an official programme partner of the Startup SG Accelerator programme! 🇸🇬   In my decades long healthcare career, I’ve witnessed firsthand the struggles faced by startups in this space.   It’s not just about having a groundbreaking idea; it’s about navigating the complex landscape, finding the right resources, and most crucially, connecting with the right people.   Many startups need more than just guidance; they need someone to hold their hand through the journey and make those meaningful connections that can push them forward.   That’s precisely what we aim to do for healthcare at VentureBlick, and that’s what Startup SG aims to do for Singapore startups.   VentureBlick’s appointment as a programme partner of the Startup SG Accelerator’s programme partner network is a testament to our dedication to fostering innovation and driving real, tangible impact in the healthcare sector.   We’re on a mission to enable healthcare entrepreneurs to not just dream big but to turn those dreams into reality.   To all the visionary entrepreneurs out there, remember: you’re not alone in this journey. 💪🏼   Startup SG is an initiative of Enterprise Singapore. Thank you Enterprise Singapore, for placing your trust in us. 💚   #VentureBlick #HealthcareInnovation #Partnership

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