So, working theory: businesses reflect the capital structure of their ecosystems (like how animals evolve to fit their environments), and judging an ecosystem for not having enough startups is a bit like saying there aren’t enough polar bears in a tropical rainforest.
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Silicon Valley is set up to spit out venture-funded startups, the same way that South East Asia is set up to create family-run conglomerates that expand via JVs.
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SV investors are primed to look for the next Stripe; SEA investors are primed to look for the next Wilmar International.
(Not entirely accurate; because an existing conglomerate might want to get in on the action by doing a JV with the small business; but directionally right).
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Wilmar is one of the more focused ones... professional and focused on palm oil. YTL, Berjaya, or any of the smaller Singapore banks might be examples?
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But Robert Kuok bought Wilmar a few years after his nephew founded it. I was going for that as an analogy!
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Everyone in govt has read that WW II and Cold War spending is what kick started Silicon Valley and so tries their own version. It could be that they underestimate just how much you need to spend to kick start AND keep the flywheel spinning.
scaruffi.com/svhistory/sil3
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