Daryl is currently an Investor at Trihill Capital, investing in early-stage startups across South-East Asia & Founder of The Next Batch.
He was previously at Hypotenuse AI (YC S20) and Deskimo (YC S21), wearing multiple hats across Growth, Product, Partnerships, Marketing and Analytics.
Guest Author: Daryl Lim
🙌 Welcome back to Startup Wednesdays, featuring #VCs, #founders & #operators here in South-East Asia. For this week, we have Elena Chow, Founder of ConnectOne
💭 What motivated you to start Connect One?
After leaving a 15-year corporate career at Procter & Gamble, I initially planned to focus on homemaking following the birth of my fourth child. However, an invitation from a friend directing startup programs at NUS Enterprise introduced me to the burgeoning startup ecosystem in 2012.
Despite my corporate background, I was inspired by the energy & potential of these early-stage startups. Recognising their need for support beyond funding & technical expertise, I founded ConnectOne over a decade ago to help startups build successful teams & navigate the challenges of scaling their businesses.
💭 What has been the biggest challenge building Connect One?
The biggest challenge in building ConnectOne was initially grappling with self-doubt, particularly in the uncertain landscape of the nascent startup ecosystem. Despite this, I persevered, leveraging traditional consulting work to sustain myself.
A pivotal moment occurred when a Series B startup from the UK enlisted our help, opening doors to further opportunities.
However, attracting talent posed another hurdle, requiring me to rely on trusted connections to join my mission. While maintaining trust with clients & delivering quality work was consistent, instilling belief in my vision & attracting top talent remained ongoing challenges.
💭 How has Singapore startup ecosystem evolved in the last decade?
Initially, attracting top talent was challenging due to perceived risks, requiring active pitching & alignment of values with the startup’s mission. However, the ecosystem has matured, with increased recognition of the career growth & learning opportunities startups offer.
Recent surveys show a shift in mindset, with 40% of respondents willing to join startups at Series A to B stages. While there was previously a perception of startups as risky with potential pay cuts, this view is changing, especially among Gen Z & younger millennials who see startups as avenues for career acceleration & learning maximization.
💭 What has been the biggest issue regarding talent in startups in SEA?
The primary talent issue in SEA startups stems from compensation challenges. A surge in hiring from 2020-2022 led to inflated compensation packages, particularly in tech & product roles, driven by post-Covid funding. However, as some startups face financial constraints, convincing employees to accept lower pay becomes challenging.
Additionally, there’s a declining interest in equity ownership among employees, unlike in Silicon Valley, where it’s a key motivator. This lack of interest complicates motivation & retention strategies, especially given underwhelming performance in some startups over recent years.
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