This article first appearedВ on Nikkei Asia.В ItвЂ™s republished here as part of 36KrвЂ™s ongoing partnership with Nikkei. He said that many of them in their 20s or 30s may be thinking, вЂњI need to do a startup sometime in my life.вЂќ вЂњCOVID really forces people, entrepreneurs, to think very clearly about what theyвЂ™re trying to do as stuck at home,вЂќ he said. Ong pointed out that the pandemic has ignited entrepreneurship in Southeast Asia. In addition, several companies this year obtained unicorn status, or a valuation of over USD 1 billion, including SingaporeвЂ™s online car marketplace Carro.ДЄccording to data compiled by Singapore startup-tracker DealStreetAsia, a Nikkei group company, fundraising by Southeast Asian startups pulled in about USD 11.6 billion in the first half of 2021, more than double that of a year earlier. New York-listed online gaming and e-commerce group Sea has become the regionвЂ™s most valuable listed company, while ride-hailing super app Grab gears up for its IPO. Since the pandemic emerged, Southeast Asian startups have been gaining traction globally. вЂњHaving exit and having some level of liquidity allows the scouts to invest in seed investors,вЂќ he said, noting that these entrepreneurs are willing to give back to the ecosystem by helping subsequent generations. Ong said Venture Scouts probably would not have gotten off the ground seven years ago when MonkвЂ™s Hill was founded. The program reflects Southeast AsiaвЂ™s growing ecosystem: The region now has more successful entrepreneurs with vast networks and deep pockets. He stressed that personal relationships carry a great deal of weight in the venture capital sector. The Venture Scouts program might also give MonkвЂ™s Hill an edge over rival investors, as the program provides вЂњat least an indirect relationshipвЂќ with new entrepreneurs, Ong said. вЂњIвЂ™m hoping for north of 50 deals from this group of scouts over the next two years or so,вЂќ Ong said. This freedom of action keeps the scouts more engaged when seeding startups. Both the scout and MonkвЂ™s Hill become shareholders, but the shares are controlled by the scout, including voting rights and timing of selling. Scouts typically use both their own money and that of MonkвЂ™s Hill for the investment. One of the scouts is Achmad Zaky, co-founder and former CEO of Indonesian e-commerce giant Bukalapak, which went public in August.ДЄn investment through the scout program is typically less than USD 100,000 for seed-stage startups, according to OngвЂ“funds that help entrepreneurs flesh out ideas and build a team. What I need to realize is that there are startups that are coming up that we didnвЂ™t know about.вЂќ over the last four years, itвЂ™s just exploded. вЂњIt wasnвЂ™t that big a community in Southeast Asia. вЂњWe used to have a network where we knew everybody who was starting companies,вЂќ said MonkвЂ™s Hill co-founder and managing partner Peng T. Among other portfolio companies is Elsa, a US-based edtech founded by a Vietnamese CEO. While helping established entrepreneurs, the program also builds relationships with new entrepreneurs, with the aim of 50 new investment deals over the next two years.ДЇounded in 2014, MonkвЂ™s Hill has poured money into some of the regionвЂ™s most prominent startups, including Singapore logistics operator Ninja Van, which just announced a USD 578 million fundraising deal backed by Alibaba Group Holding. Singapore-based MonkвЂ™s Hill Ventures, which targets Southeast Asian startups, has launched a program called Venture Scouts, in which the company allows the вЂњscoutsвЂќ-or partner entrepreneurs-to use its money to seed startups. One regional investor has started a unique program, teaming up with about 20 veteran entrepreneurs across the region to identify promising young companies. This has attracted venture capitalists looking to seed promising next-generation startups that might become the next Grab or Gojek. The COVID-19 pandemic has energized Southeast AsiaвЂ™s startup ecosystem, with increasing numbers of companies attaining unicorn valuations while closing in on IPOs.

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