Going public—whether through an Initial Public Offering (IPO) or an Initial Coin Offering (ICO)—is one of the biggest moments in a company’s journey. It’s the grand stage where startups move from being founder-driven to becoming publicly accountable to investors.

But with that transition comes a new challenge: managing public investor expectations. In industries like tech and Web3, where volatility is the norm and hype cycles can turn overnight, striking the right balance between transparency, strategy, and storytelling is critical.

The art of managing public market expectations

Public investors aren’t just buying shares or tokens—they’re buying into a vision. Unlike venture capitalists who invest with long-term horizons and deep due diligence, public investors operate in an environment where sentiment, speculation, and market cycles dictate valuations. Managing these expectations means ensuring investors understand both the opportunities and the risks while keeping them engaged beyond short-term price movements.

Take Southeast Asia’s tech IPOs, for example. When Indonesia’s GoTo, the merged entity of Gojek and Tokopedia, went public, it was hailed as a milestone for the region’s digital economy. But as macroeconomic conditions shifted, investor sentiment turned, leading to a stock slump.

What GoTo did well was pivoting to profitability messaging rather than chasing the usual “growth-at-all-costs” narrative. By focusing on clearer monetisation strategies and operational efficiencies, GoTo reassured public investors that it was a long-term bet rather than a speculative tech play. This strategy is a reminder that going public is not just about the listing event but about continuously steering the narrative thereafter.

In Web3, a similar example can be seen with projects like Polygon. Unlike many ICOs that relied on short-term hype, Polygon’s team focused on developer adoption and enterprise partnerships. This long-term commitment helped insulate the project from market volatility, ensuring that investors saw continuous progress even when token prices fluctuated. Managing expectations in Web3 requires more than whitepapers and roadmaps—it demands consistent delivery and clear communication about ecosystem growth.

Also Read: Why tomorrow’s data scientists need storytelling skills to succeed?

Strategies for managing public investor expectations

• Set the right narrative before going public

Before launching an IPO or ICO, companies need to craft a clear and realistic narrative. Investors don’t just want to hear about total addressable market and projected revenue—they want to understand what differentiates a company from its competitors and how it plans to sustain momentum post-listing.

For IPOs, this means balancing growth ambitions with financial discipline. SEA Ltd., the parent company of Shopee and Garena, successfully went public in 2017 by emphasising its leadership in e-commerce and gaming while demonstrating a scalable business model. For Web3 projects, the key is proving real-world utility beyond speculation. Projects like Axie Infinity rode a play-to-earn hype wave but faced significant investor backlash when sustainability issues emerged. Companies need to show how their models work beyond token incentives.

• Emphasise transparency without overpromising

One of the biggest pitfalls for public companies is overpromising on timelines or revenue targets. Investors love ambitious roadmaps, but failing to meet them can be catastrophic for stock or token prices.

A great example of managing this well is Grab. The Southeast Asian superapp, which went public via a SPAC merger, faced a rocky post-listing period. Instead of making grand promises, Grab adopted a strategy of incremental improvements—highlighting steady user growth, service expansion, and cost-cutting initiatives. This approach reassured investors that while profitability might take longer, the fundamentals remained strong.

Web3 projects, on the other hand, often struggle with overhyped promises. Terra’s collapse in 2022 was a stark example of what happens when expectations aren’t managed properly. The lesson? Founders need to be brutally honest about risks and continuously update the community on milestones, even if progress is slower than expected.

• Build a strong public investor relations strategy

Investor relations (IR) isn’t just for traditional finance—it’s crucial for Web3 projects too. For IPOs, having a dedicated IR team to communicate with analysts and institutional investors ensures that expectations are properly managed.

In Web3, DAOs (Decentralised Autonomous Organisations) serve a similar function, though with mixed results. The best DAOs maintain transparent governance, frequent community updates, and clear decision-making processes. A strong example is Uniswap, which actively engages its community on governance proposals while maintaining open dialogue with stakeholders.

For traditional IPOs, SEA Ltd. maintained strong investor communications through earnings calls, market updates, and investor Q&As. This level of engagement helps stabilise investor confidence even during volatile market conditions.

Also Read: AI-powered visual storytelling is revolutionising marketing strategies

• Think beyond stock price or token price

The biggest mistake companies make after going public is focusing too much on daily price movements. Public investors want to see long-term value creation, not just short-term spikes.

NVIDIA’s growth story is a prime example. The company didn’t chase short-term gains but instead focused on investing in AI, data centers, and gaming technologies. Over time, this strategy paid off, turning NVIDIA into a trillion-dollar company. Similarly, in Web3, Ethereum has weathered multiple market cycles by consistently upgrading its network and expanding its developer ecosystem. Projects that prioritise real-world adoption over price speculation tend to build stronger investor confidence.

Looking forward: Controlling the narrative

Managing public investors isn’t about suppressing volatility—it’s about owning the narrative. Whether it’s an IPO or an ICO, founders must communicate effectively, deliver on promises, and provide transparency while keeping an eye on long-term fundamentals.

For startups preparing for an IPO, the lesson is clear: set realistic expectations, focus on sustainable growth, and engage with investors proactively. For Web3 projects, the key is consistent execution, clear governance, and demonstrating value beyond token prices. Companies that master these elements don’t just survive the public markets—they thrive, building lasting credibility and investor trust in industries defined by change and volatility.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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e27 has been nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our ‘Contributor Spotlight’ series, we shine a spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

In this episode, we feature Moch Akbar Azzihad M, an entrepreneur focused on leveraging technology to create impactful solutions. As Founder and CEO of Converco, he develops blockchain-based solutions for secure, fast, and low-cost transactions, revolutionising the traditional financial industry. Committed to innovation, he focuses on building future-ready projects that empower communities and reshape industries.

Thoughts, goals, and journey

Moch’s journey in the finance and digital marketing industry began with a strong interest in blockchain and decentralised finance (DeFi), leading him to develop expertise in these areas by combining financial knowledge with digital marketing strategies to navigate the evolving landscape of Web3 and decentralised solutions.

This year, his focus is on expanding his work in blockchain projects and building strategic collaborations with global partners in the financial sector. As the industry evolves, he closely follows key trends such as AI-driven marketing, the increasing adoption of Web3 technologies, and innovations in DeFi. By staying at the forefront of these developments, he aims to contribute to the growth and transformation of digital finance.

The driving force

He joined our Contributor Programme two years ago and has since published 16 articles, becoming one of our most-read contributors with over 100,000 content views. His insights on emerging trends and in-depth analyses have consistently engaged our audience, making a significant impact within the community.

“I joined the Contributor Programme to share insights, connect with like-minded professionals, and contribute to industry discussions,” he said.

Also Read: Celebrating community-driven growth: Top 27 contributors of 2024

Advice for budding thought leaders

According to Moch, budding thought leaders should focus on clarity, consistency, and delivering value. He believes that presenting ideas in a clear and structured manner makes insights more accessible to readers. Consistency — whether in writing frequency or thematic focus — helps establish a strong personal brand.

Most importantly, content should always provide value, whether through unique perspectives, actionable insights, or deep analysis. He emphasises that engaging in industry conversations and sharing well-researched viewpoints not only builds credibility but also strengthens connections within the ecosystem, ultimately expanding one’s influence.

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The latest developments in global finance have painted a picture of both cautious optimism and bold new ventures on 14 February 2025. As tensions simmer over trade policies, particularly with the US signalling potential reciprocal tariffs against nations like Japan and South Korea, the market’s response has been a nuanced blend of relief and strategic positioning.

Meanwhile, in the digital realm, Coinbase’s latest financial revelations signal a robust mainstream integration of cryptocurrencies, showcasing a significant pivot in investment landscapes.

The tentative global risk sentiment can largely be attributed to the recent news regarding US tariffs. President Trump’s directive to explore reciprocal tariffs has cast a long shadow over international trade relations. The market’s sigh of relief stems from the hope that these tariffs might not be as punitive as initially feared, mirroring the recent adjustments with Canada and Mexico. This development suggests a possible softening of trade war rhetoric, which could lead to more stable investor confidence in the short term.

Yet, the reaction in financial markets shows a clear dichotomy. On one hand, the MSCI US index rose by 1.1 per cent, with materials leading the charge with a 1.7 per cent gain, indicating sector-specific optimism. Conversely, US Treasury yields have seen a decline, with the 10-year yield dropping 9.2 basis points to 4.53 per cent, and the 2-year yield falling by 4.8 basis points to 4.31 per cent. This could be read as the market bracing for potentially slower growth or inflationary pressures easing off, influenced by expectations that the Federal Reserve’s favoured inflation gauge might show softer numbers than anticipated.

The US Dollar Index’s slight decline by 0.6 per cent also speaks to this complex sentiment, where the dollar’s role as a safe haven is being re-evaluated against the backdrop of trade policy uncertainty. Meanwhile, gold’s upward trajectory towards US$3,000 per ounce, with a 0.8 per cent increase, underscores the lingering search for security in traditional safe-haven assets amidst geopolitical and economic uncertainties.

In the oil markets, Brent crude held steady at US$75 per barrel, showing that despite the trade tensions, OPEC+’s supply management and US policy dynamics under the Trump administration continue to exert influence on oil prices, keeping investors’ eyes peeled for any policy shifts or supply changes that could disrupt this balance.

Also Read: How upcoming CPI data could influence fed policy and cryptocurrency prices

Turning our gaze to the equity markets, Asian equities presented a mixed bag in early trading sessions, indicative of regional variations in response to global trade news. US equity futures suggested a flat opening, perhaps reflecting a cautious approach by investors, waiting to see how these trade negotiations pan out.

Amid these traditional market movements, a more disruptive narrative is unfolding with GameStop’s exploration into alternative asset classes, particularly cryptocurrencies like Bitcoin. This move by GameStop, traditionally a retailer, into digital assets is not just a business pivot but a signal of broader acceptance and integration of cryptocurrencies into mainstream investment portfolios. The social media interaction between GameStop’s CEO Ryan Cohen and Michael Saylor of MicroStrategy underscores this shift, aligning with a trend where traditional companies are looking to diversify into digital currencies to tap into new revenue streams or hedge against inflation.

This brings us to the stellar performance of Coinbase, which has not only met but significantly exceeded Wall Street expectations in its fiscal fourth quarter. Coinbase’s revenue doubled to US$2.3 billion from the previous year, with adjusted earnings per share soaring to US$4.68 from US$1.04. The boom in cryptocurrency trading, fuelled by both institutional and consumer interest, seems to have been amplified by the political climate, particularly post-Trump’s election, which has often been seen as crypto-friendly.

The detailed breakdown of Coinbase’s revenue shows a stark increase in transaction revenue by 172 per cent, reflecting the heightened activity in cryptocurrency markets. The growth in subscription and services revenue by 15 per cent, alongside significant increases in stable coin, Blockchain Rewards, and custodial fee revenues, paints a picture of a maturing ecosystem where various facets of cryptocurrency operations are gaining traction.

This surge in Coinbase’s performance isn’t just about numbers; it’s a narrative of how cryptocurrencies are becoming less of a fringe movement and more of a central player in the financial world. The election of President Trump, perceived by many in the crypto community as favourable due to his deregulatory stance and interest in digital currencies, has likely contributed to this momentum.

Also Read: APAC’s surge in green tech is driving a global movement

The road ahead for both global trade and the cryptocurrency sector is fraught with challenges. For global trade, the effectiveness of ongoing negotiations will determine whether we see a de-escalation or a further escalation of trade barriers. For cryptocurrencies, regulatory clarity, market volatility, and the integration into traditional finance systems remain significant hurdles.

To conclude, the interplay between traditional finance and emerging technologies like blockchain and cryptocurrencies will likely define the next era of economic evolution. The cautious optimism in markets, coupled with bold moves into digital assets by companies like GameStop, and the undeniable success stories like Coinbase, suggest we are on the cusp of a new financial paradigm. Yet, the journey is as much about managing risks as it is about embracing new opportunities, a balance that will test the mettle of investors, policymakers, and innovators alike.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image courtesy of the author.

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Dear reader,

The AI funding frenzy of 2024 tells a tale of two tech worlds. While venture capital for general technology ventures declined by 12%, AI startups witnessed a staggering 62% surge in investments, amassing US$110 billion. This divergence isn’t merely about numbers—it’s reshaping the entire startup landscape.

These figures warrant careful attention for Southeast Asia’s burgeoning tech ecosystem. As the US continues to dominate with 42% of global AI investments and China emerges as a formidable player with US$7.6 billion in funding, the region faces both opportunity and challenge. The emergence of cost-effective alternatives like DeepSeek suggests a democratisation of AI development, potentially levelling the playing field for Southeast Asian startups.

Yet, the most intriguing aspect isn’t just the quantum of funding but its distribution. From Databricks’ record US$10 billion raise to the modest yet growing share of open-source AI projects, we’re witnessing a maturing market that values both infrastructure and innovation.

For Southeast Asian founders and investors, the message is clear: AI isn’t just another tech trend—it’s becoming the backbone of future innovation. The question isn’t whether to join the AI race, but how to carve out a distinctive position in this rapidly evolving landscape.

Sainul,
Editor.

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NEWS & VIEWS

AI investments surged 62% to US$110B in 2024 while overall funding dipped 12%
Last year, a full 42% (US$80.7B) of venture capital raised in the US went to AI startups, compared to just 25% (US$12.8B) in Europe and 18% across the rest of the world.

Klook secures US$100M in funding led by Vitruvian Partners
Through its expanded AI partnership with Google Cloud, the company plans to enhance customer experience, merchant operations, and internal productivity.

Atome taps BlackRock, InnoVen for expanded US$80M credit facility
Atome claims to have grown its revenue by 45% to US$280M and GMV by 35% to US$2.5B y-o-y and achieved full-year profitability | This will help to drive the growth of the company’s product suite, strategic partnerships and regional portfolio.

Finmo’s unified treasury platform attracts US$18.5M from global VCs
The investors include Quona Capital, PayPal Ventures, and Citi Ventures | Finmo empowers organisations to optimise their cash management, enhance liquidity, and mitigate financial risks—all within a single platform.

HD lands US$7.8M to grow HDmall, expand AI chatbot, enter Vietnam
The investors include MSD, SBI Ven Capital, M Venture Partners, FEBE Ventures, and Partech Partners | HD’s healthcare and surgery marketplace HDmall lists over 30,000 SKUs, has 400,000 paying customers and an annual gross transaction volume of US$100M.

Gobi invests in ArmourZero to bolster SME cybersecurity defences
The ArmourZero platform tackles issues such as high cyber threat incidence, inadequate threat containment, prohibitive costs, and limited access to integrated security systems.

OpenAI CEO Sam Altman calls Musk’s bid an attempt to ‘slow us down’
Altman said Musk’s xAI is trying to compete with OpenAI from a technological perspective | He quipped that Musk’s whole life is from a position of insecurity and he doesn’t think Musk is a happy person.

Elon Musk’s full offer letter to buy OpenAI reveals five key details
The unsolicited offer from Musk’s group comes with a specific expiration date: May 10, 2025 | Musk’s legal team says he will drop his bid to acquire OpenAI if the board commits to keeping it as a nonprofit.

Australia’s ADI invests US$8M in AC Ventures’s Climate and Sustainability Fund
The investments will be in sectors such as renewable energy, electric mobility, energy efficiency, waste management, the circular economy, and climate-smart agriculture.

Life Science Incubator expands in Singapore with new co-working lab
With the expansion, Life Science Incubator has tripled its laboratory space; it also plans to expand into the broader Asia Pacific region, with Australia as its next key market.

Agnition Ventures, Agrifood Futures launch Land x Launch to attract agritech startups to NZ
The Land x Launch programme allows startups to refine their business models for the New Zealand market and connect with farmers for real-world testing.

Coinbase eyes reentry to India
The US-based crypto exchange launched in April 2022 | Just three days later, the company had to suspend the service after India refused to acknowledge Coinbase’s operations.

FEATURES & INTERVIEWS

The DeepSeek debate: Opportunity or overhype for startups in ASEAN?
DeepSeek’s emergence marks a potential turning point for regional startups traditionally priced out of cutting-edge AI development.

‘The future of semiconductor manufacturing is regional’: Global TechSolutions CEO
Kenneth Lee discusses how Global TechSolutions leverages its regional network across Singapore, Malaysia, and Taiwan to overcome semiconductor industry challenges.

The 3 ways DeepSeek will impact industries and what business leaders can do about it
DeepSeek’s impact will unfold across three possible scenarios, depending on how AI infrastructure costs develop.

B Capital’s Yanda Erlich on the red flags he notices when investing in AI space
Erlich highlights B Capital’s strong foundation of entrepreneurs, operators, and investors as a key advantage.

Human-centric skills in the age of AI: How to never lose touch with humanity in the workplace
AI lacks the nuanced understanding and ethical reasoning that define human interactions. This is why human-centric skills remain relevant.

FROM THE ARCHIVES

Why robotics is just entering its prime phase
Looking at the positives, robotics shift human effort to focus on more creative and better remunerative jobs, pushing toward a knowledge economy.

How can AI help reduce downtime and improve lives of industrial workers
Sound-first predictive maintenance is helping reduce industrial workplace injuries across maritime, construction, manufacturing, oil, and gas industries.

Why industrial automation is the next big opportunity for startups
Industrial automation is predicted to become a US$250 billion market by 2035, thanks to the hunger for manufacturers to improve productivity.

How integrating blockchain technology can create resilient supply chains
Demand for faster delivery and high availability have resulted in a greater focus on consumer-facing experiences in supply chain management.

5 trends shaping the cross-border trade landscape
Here are the key trends and solutions that are expected to impact the future of cross-border trade and commerce.

Asia-led global supply chain needs to reinvent itself to address climate change
As omnichannel strategies become the default, supply chain officers need to work across the business to take a finance-led approach.

Enhancing cyber supply chain resilience: A vision for Singapore
As someone deeply entrenched in the cyber security domain, I believe that the human element is as critical as technological advancements.

Why it’s crucial to ease risk management in Singapore
By incorporating technology and advanced analytics, Singapore can improve its risk management practices and become more efficient and safe.

5 smart ways to decarbonise supply chains and logistics with AI
Embedding climate-conscious practices while building digital tools can reduce environmental impact and raise business efficiency.

Mastering LinkedIn: Strategies for building a compelling personal brand
Highlighting three key questions professionals face when building a personal brand on LinkedIn, focusing on unique stories, visibility, and perception.

How express delivery services can become a key differentiator for e-commerce businesses
MSMEs invest in infrastructure and services to support time-definite cross-border e-commerce delivery, amid rising e-commerce and supply chain capabilities.

THOUGHT LEADERSHIP

How eFishery lost control of its narrative
Discover the story of eFishery’s reputation crisis and the consequences of their lack of proactive engagement and transparency.

DeepSeek: The smart disruptor in the AI race
DeepSeek has sent a clear message: The AI race is far from over, and the winners will be those who innovate, not just those who spend.

APAC’s tech revolution: 8 trends shaping the future of global innovation
As global tech shifts east, APAC’s innovation hub is taking the lead in advancements across AI, robotics, and emerging technologies.

Market wrap: Inflation surprises, geopolitical shifts, and crypto’s resilience amid uncertainty
The US inflation data has dashed hopes for rate cuts in 2025, with traders now pricing in a more hawkish Fed stance.

APAC’s surge in green tech is driving a global movement
As APAC expands its green tech ecosystem, it is closing the gap with global clean energy leaders and strengthening its global position.

Why AI-driven influencer marketing is the future of B2C in 2025
AI and influencers work best together, with AI managing data and logistics while the brand’s team and influencers add creativity and a personal touch.

What is e-waste and why is it critical for Southeast Asia?
I felt the need to write this mini-series to explore e-waste management in SEA, with a strong focus on Singapore, Malaysia and Indonesia.

BR Tech: A next unicorn transforming the global industrial painting landscape
BR Tech is not merely selling cutting-edge simulators and robots; it is revolutionising the way SMEs approach painting and finishing.

Workplace safety getting a tech makeover with AI
AI-powered tools, like safety chatbots, integrate cutting-edge video analytics and IoT data, which comes with regulatory responsibilities.

The 10x ROI advantage: How AI can supercharge your business growth
The integration of AI technologies offers a practical pathway to achieving – and even surpassing – a 10x ROI.

The post Ecosystem Roundup: Global AI investments surged 62% to US$110B in 2024 | DeepSeek – ASEAN’s AI disruption or distraction? appeared first on e27.

Gushcloud International, a global creator management and licensing company, has partnered with Singapore-based fund manager Azure Capital to launch the Azure-Gushcloud Entertainment Finance Fund, an investment initiative focused on digital content creators.

The fund is designed to support high-potential creators, helping them transition from influencers to sustainable businesses. This collaboration is a direct response to the evolving creator economy, in which creators are now becoming small and medium-sized businesses.

“Creators are now the backbone of the digital entertainment industry, and equipping them with the right resources will allow them to take control of their financial futures,” stated Terence Wong, founder of Azure Capital.

This collaboration allows Azure Capital to identify and invest in top-performing creators globally.

Also Read: Gushcloud’s winning formula: Navigating authenticity, innovation, and tech in influencer marketing

The fund offers early access accredited investors a fixed annual return of 12.5 per cent, paid quarterly, and aims to empower creators with strategic financial and active management support. The initiative will enable creators to diversify their income streams, build on their intellectual property, produce more content, and expand their global reach. This involves opportunities in content ownership, brand development and ownership, licensing, and digital commerce.

Analyst projections indicate the creator industry is expected to reach US$500 billion by 2030. Gushcloud’s data shows that 60 per cent of creator income currently comes from brand endorsements and sponsorships, 30 per cent from platforms, and 10 per cent from subscriptions and merchandising. The latter two streams are increasing quickly as platforms announce larger payouts to creators. According to a release, some Gushcloud creators already earn over US$1 million annually.

Christopher Cheng, Managing Director at Azure Capital, explained, “Since launching the Azure-Lyte Fund in 2019, we have successfully provided financial solutions to professionals across various industries with zero defaults. By understanding these creators’ past, present, and future incomes, we provide capital backed by their income to help them increase revenue streams and monetize more sustainably.

Gushcloud’s focus on female categories in skincare, beauty, wellness, and fashion has yielded healthy returns. Andrew Lim, CFO at Gushcloud International, noted that female audiences tend to be loyal to the creators they follow and often buy what they watch.

Gushcloud operates in 13 offices globally, including several across Southeast Asia, such as Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam.

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