David Gowdey

Setting up right and strong foundations when creating a company, is a must; more important than ever before. A company needs to have a PURPOSE and VISION. These have to be set as clear as possible by the founder(s) since its inception. Then VALUES. These will trickle down and used as the guidelines for everyone in the company to think and act. These are the backbones that will set the culture of the company. Founder/CEO cant just rely on those written and framed on the office wall. Purpose, Vision, and Values should not be something the team have to memorize. Rather, something they need to do. So, as the Founder/CEO, what you need to do is to LEAD BY EXAMPLE by always WALK THE TALK. As a VC, i would love to back this kind of company and founder. Maven Asia Capital (www.maven.asia) #mavenasiacapital

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I resonate with B. Paul Santos' insightful commentary on Singapore's position in the equity markets. He speaks with the authority and understanding necessary to align the SGX with the aspirations of the startup and VC ecosystem in Southeast Asia. TL;DR: Success begins with a shift in mindset before taking action. But here’s the next challenge: Who will step up to lead this mindset shift and commit to transforming IPO opportunities for startups, even if it means risking their career? Over the past 16 years, I’ve witnessed a few courageous individuals in Singapore drive change in the startup landscape. From pioneering the iconic Block 71 and the launch of JFDI, Singapore’s first accelerator, to initiatives like IPPL-led accelerators and government-backed programs like iJAM.Reload, TiS, and SGTech commercialization grants. Change was made by bold initiatives and courage of men who stepped in to transform the startup ecosystem to what it is today. The question now is who are the next people who will see through the new change. Whether we’ll see a new wave of innovation that propels Singapore into another golden era for startups—or risk being overtaken by a rising Bursa Malaysia as the preferred destination for IPOs. https://lnkd.in/erAiiWv2

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Thanks to Kavitha N. and DealStreetAsia for featuring Collyer Capital in this interesting piece about secondaries. Glad to have contributed to the discussion as the secondary toolkit, if used right and in full transparency, can really benefit all parties involved, particularly in #ASEAN. #CollyerCapital #CCPL #ASEAN #secondaries #liquidity #transparency

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💡 SGX Needs to Rethink Its Investor Base A year ago, I returned to investing in SGX-listed stocks as part of my personal asset allocation strategy. After 25 years away, I was curious to see how things had changed. One thing that stood out was the persistence of outdated practices. For example, physical B4 white envelopes are still being sent for AGM and EGM notices, along with physical proxy forms delivered by post. While there is an online option, it’s cumbersome: you have to first know where to find the website link, download a PDF, print it, fill it in, rescan it, and then email it. Ironically, the recipient likely prints it out again. When I spoke to a fund manager specializing in SGX stocks, he pointed out that the retail investor base is primarily made up of retirees who prefer physical documents. There has also been consolidation among institutional fund managers in recent years, resulting in less active trading and lower liquidity on SGX. The focus remains on blue-chip and dividend stocks, which are popular with retirees, but the momentum and capital gains trading that defined the 1990s and early 2000s has diminished. It may be time for SGX to broaden its appeal and attract younger investors. Modernizing the documentation process would be a good start—proxy forms today look the same as they did two decades ago. Why not integrate Singpass to streamline online submissions? Looking ahead, I expect SGX will list several high-quality IPOs that could bring exciting opportunities. However, without increased liquidity from both retail and institutional investors engaging in momentum-driven trading, these IPOs could be undervalued. Image: A screenshot of a proxy form I had to fill out by hand and mail. #sgx #equitiestrading

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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 had a masterclass in Finance from one of our sharpest Limited Partners (LPs) this morning. We had a joint discussion with a to-be portfolio company where we dived deep into their model, revenue vs cost, debt-to-equity mix and how to scale their business. Simultaneously, been having conversations around the ideal portfolio construction for India at Seed, Series A and onwards. The reality of the Indian market is we are solving for very existential infrastructure solutions, be it logistics, real estate, mobility, commerce, manufacturing etc. With the growing public market interest in Indian stocks from retail investors, there's a very realistic exit possibility through public markets via SME IPOs + Main Board listings. The most important factor here is to benchmark biz metrics to public market comparables when modelling. Starting with Valuation (always a thorny topic) to operating margins, cost structures, % of revenue spends etc My personal opinion is that there's a massive scope for outcomes in the range of ₹5000-12,000 crore ($550 million to $1.5 billion) companies to be built through venture backing. Shooting for ₹20,000 - ₹30,000 outcomes (~$3 billion range) IPOs are significantly fewer. There are loads of arguments around 'Power Law' and 'Outliers'. I fully agree that Venture Capital is an outlier driven business. Where I disagree is the degree of outliers. Given rising domestic & global public markets, where returns in the ~12-15% IRR range are VERY realistic, a similar private market illiquid investment MUST generate a minimum of a ~30% IRR return to justify the risk. The second reality we must face is that it takes ~10+ years to build a strong 'real' business in India, longer than the US, which needs factoring in. A ₹635 crore ($75 million) early stage fund, standard 2% management fee (scales down to 1% for 2nd 5 year period) means the fund only deploys ~₹540 crores ($64 million) into startups. Assume equal drawdowns across 4 years - ~$18.5mn If the fund returns $300 million - That's 4x TVPI, to achieve that, the fund needs 4.6x MOIC (to turn invested capital into $300mn) Assume ~10% stake at initial investment, reserves for follow ons to maintain stake, ~7% at exit. Two winners - $~2 billion exit each - 7% stake gives ~$300mn Three greats - $350mn exit each - 7% stake gives $75mn Few more return capital - ~$5mn more Total - ~₹3,200 crore ($380mn) Assuming 1 great exit in year 6, one 1 winner in year 7, one decent in year 8, remaining in year 10, this still results in a net IRR to investors of ~21%. Sounds amazing? Not adjusted to the risk! Nifty 50 returned ~12.2% IRR Motital Oswal's Nifty 500 Index Fund returned ~19%! I love the startup space, this isn't me dissing VC. It's showcasing how hard it is to return capital to investors with meaningful returns. I'm also showcasing how important it is for funds and startups alike to focus on the capital efficiency it takes to generate returns. #venturecapital #startups

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SoftBank Sells Off Vision Fund Assets as Son Pivots to AI, Chips Masayoshi Son turns away from aggressive style of venture capital investing, leaving the fund’s reduced staff to focus on exits SoftBank Group Corp.’s flagship Vision Fund has quietly sold off or written down billions of dollars’ worth of its publicly-listed holdings in recent years, a sign of founder Masayoshi Son’s shift away from the venture capital deals that were once an obsession and toward strategic investments in semiconductors and artificial intelligence. Since the end of 2021, the world’s biggest startup fund has seen its US-listed portfolio shrink by almost $29 billion, as it sold down stakes in companies such as Coupang Inc., DoorDash Inc. and Grab Holdings Ltd. and share prices fell, regulatory filings show. That figure doesn’t include the sale of the Vision Fund’s stake in chip designer Arm Holdings Plc back to SoftBank last year. https://lnkd.in/dJX_aA4X By Min-Jeong Lee

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The Council's first SPV of 2024 is down in the books and oversubscribed. Running SPVs where we have pro rata or extra allocation in fund deals is a muscle we are building pretty late in the game as a firm. As a solo GP with a tiny team, it's crippling to think of the extra work required and risk of not meeting platform minimums to run an SPV. But 7 of our port co's have recently raised follow on funding where we had pro rata. These are awesome deals for our LPs, angel members, and syndicate community. We simply can't afford to let them slip through the cracks. These allocations are only becoming more valuable as our firm grows, so we must start NOW! Proud to say this one went off without a hitch and our syndicate community is small but THRIVING. Wish us luck as we keep building. Note our SPVs are now on Sydecar. The best way to get access is to know someone on The Council Fund team and be on our SPV email list. **What's an SPV?** An SPV is a Special Purpose Vehicle. It allows multiple angel investors to pool together into one larger investment into a company. This helps the founder keep paperwork and investor relations to a minimum (less names on the cap table = simplicity!). When people say they're investing with a "syndicate" or they are "syndicating a deal," SPV is the entity and process by which they do that. A "syndicate" is like a community of people that invest via SPVs together.

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Today, I am happy to share two pieces of excellent news. 1) We’ve hit 𝐩𝐫𝐨𝐟𝐢𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 in our core market of Singapore ( including central costs) on back of strong growth despite a tough environment. 2) As many of you will know, building/raising for startups has always been challenging, especially in the last couple of years. Against this backdrop, I’m stoked to announce that we've 𝐫𝐚𝐢𝐬𝐞𝐝 𝐔𝐒𝐃 𝟐𝟕 𝐦𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝐚𝐧 𝐚𝐥𝐥 𝐞𝐪𝐮𝐢𝐭𝐲 𝐮𝐩-𝐫𝐨𝐮𝐧𝐝 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 to drive the next chapter of our growth. These are extremely important milestones for our business and set Syfe on an exciting trajectory. We’ll double down on our offering in Singapore, launch new verticals in Hong Kong and Australia, and explore strategic investments in supporting businesses. This could not have happened without our three key stakeholders : 1️⃣ Our backers, from angels and seed investors to the our new investors who’ve led our latest round.  2️⃣ Our customers, who have trusted us with billions of dollars of their hard-earned money and let us be a part of their wealth-building journey.  3️⃣ Fellow Syfers, who have worked long and hard to beat the odds, challenge the status quo and show sheer grit - when many would move to the next shiny object. To all of the above, a heartfelt thank you! A little RnR for the team... and then onto the next stage of Syfe…. Ready. Set. Go. 🚀 In the press: TechCrunch: https://lnkd.in/gGWzTUJC The Business Times: https://lnkd.in/gGg__Vf6 South China Morning Post SCMP: https://lnkd.in/g3d4qBFv Sebastian Sieber Samantha Horton Ritesh Ganeriwal Selwyn Lim Jack Prickett Kevin Li Archit Parakh Mukesh Gupta Gaurav Seth

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Join for free 500+ family offices, VCs, venture studios, founders & angels on Zoom at the 𝐀𝐏𝐀𝐂 𝐅𝐚𝐦𝐢𝐥𝐲 𝐎𝐟𝐟𝐢𝐜𝐞 & 𝐕𝐂 𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐨𝐧𝐟 on Sept 20th. Buy network & recordings: inniches.com/apac. Must-attend if you’re investing/fundraising/partnering with Singapore, Australia, India, China, Indonesia, New Zealand, Thailand, Malaysia, South Korea, Taiwan, Hong Kong, Vietnam, Philippines & other Asia-Pacific countries. 1. How does our Single Family Office evaluate venture funds & startups? – Nitesh Aggarwal, CIO @ SFO Fund, AUM $130M, invested in 38 funds & 27 startups. 2. Panel "VC Trends in APAC in 2024" with Nruthya Madappa, Partner @ 3one4 Capital, $520M+ AUM; Ashwin Raguraman, Co-Founder and Partner @ Bharat Innovation Fund, Fund I - $100M. 3. How GPs can leverage and work with their LPs to drive more value to the investment portfolio? – William Bao Bean, Managing GP @ Orbit Startups, Chinese VC with $180M+ AUM. 4. Why and How I Invested in 315 YC Companies? – Yotam Rosenbaum, Partner @ Access Fund, raised 6 funds and invested in 315+ Y Combinator startups. 5. How to fundraise from Family Offices? – John Milanovich, Director @ Family Office Club, #1 ultra-wealthy investor club incl. 7,500+ investors: Family Offices & UHNWIs. 6. Panel "Ways to Partner between Family Offices, VCs, and Venture Studios" with Sheetal Khullar, Growth Lead & Sustainability Expert @ FutureLabs Ventures, Venture Studio & VC with 30+ multi-$100M high-growth ventures. 7. How to fundraise for the venture studio and set up relationships with investors? – Farhad Alessandro Mohammadi, CEO @ Mamazen Startup Studio & IH1, Italian venture studio with €4,5M raised and €6M own funds. 8. Venture Building and Investing in the New Economy for Traditional Family Offices – Harshit Joshi, Founding Partner @ Favcy Venture Builders, venture-builder with 30+ portcos and go-to platform for 5,000+ angel investors and family offices. 9. Panel "Family Office Allocation Strategies: in What Assets do APAC Family Offices invest?" with Shiraz Poonevala, Director Investment @ GP Group. 10. Panel "How AI is changing venture building" with Toby Cox, Partner & Chief Venture Technologist @ Paloma Ventures , portfolio valued at $250M+. 11. The Transformation Factor for Breakthrough Startup-Team Performance – Ariya Chittasy, Director @ Engenesis Ventures, Australian Venture Builder that has worked with 800+ startups. 12. Why venture studios might be interesting to Family Offices in the APAC region? – Keirn O'Connor, Single Family Office. Other speakers and moderators: Kate Park, Reporter @ TechCrunch; Leesa S., Managing General Partner @ R3I CAPITAL; Jeremy Au 区汉辉, COO of Lucence & Host of BRAVE Southeast Asia Tech podcast; Sunil Goyal YourNest Venture Capital; Subham Panda @ Xartup. More speakers will be announced soon. Tag relevant VCs, family offices & founders in APAC.

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Is working in #VC, a good career path?  If so, what to learn to break into VC ? YES, it’s seen as an aspirational / lucrative #job Why ? 1. It's an interesting job - meeting passionate people and understanding new businesses  2. It pays well / wealth creation opportunity  3. You get to learn so much    - You horizontally explore multiple sectors   - Then vertically deep dive in a few interesting ones And if you don’t succeed as a VC: → you can explore working in startups in sectors you have liked, or → Start up in the sector of your liking → Go back / try consulting ___________________________________ Nowadays I’m seeing multiple online bootcamps / courses that have come up to break into VC : Teaching people things like : What drag / tag along mean, liq. pref., anti-dilution, when they are triggered etc. There appear to be 2 sets of target audience: 1. Who are already in VC and just looking to expand their knowledge base  2. Who want to break into VC I’m sorry to say but learning something like this is utterly useless for the latter category and will contribute nothing to help break into VC. It’s like teaching someone about a whiteboard / how to use a marker for getting into coding roles in Google or Meta.  ___________________________________ So what should a candidate learn / develop (valued by VCs): 1. Inherent Startup interest Having the interest and awareness of startups, especially early-stage, helps in understanding the challenges and risks faced by startups (which is essential) 2. Investment Mindset: Being able to look at things fundamentally (first principles) and identify promising investments basis market trends, industry dynamics, disruptive technologies etc. 3. Be an outperformer In some field / aspect of life, outshine the crowd. VC is a very competitive space.  4. Deal Sourcing & Evaluation VC involves finding the best startups to invest in. Learning how to in research, identify, and evaluate high-potential businesses. 5. Interpersonal: Be a Networker (not just get into a networks) Building strong relationships with entrepreneurs, investors, and other industry players is crucial for deal flow → VC success. #VentureCapital #Career

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Last week, I had the privilege of attending Fireside Chat & ‘Ask Me Anything’ Circles with Social Entrepreneurs: The PurpoSE Agenda 2024, organized by raiSE SG. The event was a thought-provoking dive into the intersection of financial sustainability and social impact, sparking conversations on the real cost of purpose-driven work. My key takeaways are: - Financial vs. Social Bottom Line: Finding balance between these can be challenging but is essential for creating long-term impact. - Scaling Impact: How can we leverage on AI and innovative solutions to go from managing five projects to 50 using the same resources? - Hidden Costs in Social Impact Work: Many costs—team morale, mental health, and organizational culture—don’t show up on a balance sheet but are critical to sustainability. - Boundaries Matter: Protecting the well-being of teams ensures a thriving and productive work environment. It was inspiring to hear from social entrepreneurs who are redefining purpose-driven business models.

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You don't need to be an impact fund to create impact Today, at The Global Impact Investing Network conference in Amsterdam, Saison Capital's parent, Saison International Pte. Ltd. launched our inaugural impact report For us, we don't need to call ourselves an "impact fund" to make a difference. It is already embedded in our everyday operations. We do not stay on the sidelines, but to get our hands dirty in creating positive impact   Featuring companies like BroilerX and StepChange, we believe doing good and making money can mutually co-exist. With US$2.5B of debt and equity capital disbursed to 28M SMEs, of which 69% are women-led - we let the numbers do the talking Read the report at: https://lnkd.in/dPQJfHWs Towards the next 28M & more! Marie Anna Bénard / Rie Mizuno / Visa Kannan / Ziheng Li / Uday P. / RJ Balmater / Sharvin Baindur / Cheng Siong Soon / Lup Soon Soo / Claire Yong / Nicol Ng / TAN PEILING

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In this intimate fireside chat, we will learn more about the Public Investment Corporation Early Stage Fund, cleverly structured to adress a number of challenges faced by startups. Cant wait!

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EXCERPTS: Closures of food and beverage (F&B) businesses in Singapore picked up this year as an influx of Chinese brands ratcheted up the pressure on locals to hold on to customers and keep costs under control. An average of 274 F&B businesses shut down each month in the first nine months of 2024, reaching a total of 2,465, according to a new report by consultancy Knight Frank LLP. Competition was the culprit, according to the report, particularly Chinese brands trying to capitalize on Singapore’s travel boom. “In tandem with the rising number of Chinese visitors, more Chinese brands made Singapore the first stop". Many Chinese F&B chains, including tea and coffee brands Hey Tea, Chagee and Luckin Coffee, as well as spicy fish specialist Tai Er, have accelerated their overseas expansions since last year to escape a slump at home. Southeast Asia in particular has emerged as a popular destination thanks to more apparent cost advantages and consumer dividends in the region.

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As the Shasta Ventures approval deadline approaches, we're presented with a unique opportunity to observe the complexities and inherent conflicts in GP-led secondary transactions. This scenario sheds light on the considerable leverage GPs hold within the private equity infrastructure. According to the article, proposed continuation fund requires LPs to approve the transaction if they wish to roll their interests into the new structure—a stipulation that could be seen as putting undue pressure on LPs. This raises critical questions about the balance of power in private equity deals and the alignment of interests between GPs and LPs. What are your thoughts? Is it appropriate for GPs to demand such conditions for LPs to participate in a continuation fund? How do you see this impacting the broader private equity landscape and the perception of GP-led secondary transactions? Looking forward to hearing your insights and perspectives on this pivotal issue. #PrivateEquity #VentureCapital #InvestmentTrends #ShastaVentures #GPledSecondaries

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What does a surfer and entrepreneur have in common? Questions were fired and answers were candid during the a private discussion + a fireside chat at the The American Chamber of Commerce in Singapore (AmCham Singapore) with Mr Ho Kwon ping from banyan group a few weeks back. From why a multi millionaire decides to shop at Uniqlo and Muji to picking himself up after business failures. I went from nervously shaking his hand (I blame the aircon 😂) to an engaging and lively conversation with him in the room (and even letting him taste our brownie brittles!) I loved his raw honest personality. Here’s what I learnt: Surfing 🏄 and entrepreneurship have a lot in common- need skill, timing, luck(to catch the right wave) to bring you back to shore (or closing that deal)💰 🔍Find your why – what drives you to wake up each morning, fueled and focused. Don't sleepwalk through life. Live with intention. 🤔When faced with a tough business decision, I always ask myself: What are the pros and cons? And, honestly, is my ego getting in the way? ⚖️Take calculated risks: He Invest up to 25% in new ideas, never 100%. Only bet what you can afford to lose. I highly recommend his book that I’m currently devouring - Behind the Banyan So any surfers (or entrepreneurs) here identify with what he said? P.s. He nodded in approval after tasting and later mentioned (to the entire crowd) how he actually enjoyed them and said ‘her cookies are nice!’ - I was over the moon!

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