Dear reader,

As TikTok faces a looming April 5 deadline to divest from its Chinese parent company ByteDance or risk a ban in the US, a flurry of high-stakes bids is emerging.

Amazon has reportedly submitted a last-minute offer to acquire the entirety of TikTok, according to The New York Times. However, insiders suggest the bid is not being taken seriously by key stakeholders involved in the deal.

Meanwhile, a more viable bid appears to be taking shape around Oracle, backed by major American investors. The Financial Times reports that venture capital firm Andreessen Horowitz (a16z) is in talks to join the Oracle-led consortium, leveraging its track record in social media investments—including early backing of Facebook and Instagram, as well as a US$400 million investment in Elon Musk’s Twitter acquisition.

In addition to Oracle and a16z, other major players like Blackstone and Susquehanna International Group are reportedly exploring ways to provide capital or participate in bids to keep TikTok under US control.

With President Trump expected to meet officials this week to determine TikTok’s future, the outcome of these competing bids could reshape the social media landscape—and the geopolitical tensions surrounding it.

Sainul,
Editor.

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REGIONAL NEWS

Southeast Asian nations, among hardest-hit by Trump tariffs, seek talks
Vietnam, slapped with 46% tariffs, called for talks with Washington in order to reconsider “unfair” US duties | Thai PM said she would pursue negotiations to try to reduce the 37% rate her country faces – far greater than the 11% it had expected.

Maybank sees acquisition of Gojek to be the most favourable scenario for Grab
The research house said in a note that if Grab acquires Gojek, it sees synergy net present value (NPV) of US$2.4B, leading to 10% NPV accretion for Grab while balance sheet cash will still be a strong US$3.2B.

Qualcomm expands AI R&D with acquisition of MovianAI from Vietnam’s Vingroup
The integration of MovianAI’s expertise promises to accelerate Qualcomm’s development of next-generation AI solutions for a wide array of applications.

SG-based early-stage VC fund launches, concludes US$746K angel round
Wild Ventures is an early-stage fund focusing on AI-powered brands | It currently has three internally developed brands: Wild Palace, Poositive Pets, and Future Paper.

Wavemaker Impact launches Nūl with US$500K investment to tackle fashion overproduction
Nūl helps fashion brands transition to zero-waste production by combining agentic AI with data science and ML to improve stock planning, allocation, and replenishment.

FEATURES & INTERVIEWS

“Don’t ‘out-bro’ your male colleagues”: Kickstart’s women leaders on gender diversity in VC
They say female VCs should instead focus on building authentic relationships with startup founders and providing support by sharing experiences, insights, or connections.

‘The future is on-chain’: Nansen CEO on AI, staking, and new growth plans
Nansen CEO Alex Svanevik discusses Robert Leshner’s board appointment, platform evolution, AI integration, staking expansion, and future DeFi innovations.

Decoding roles: A guide to the varied job titles within a VC firm
Understanding the difference between each role in a VC firm enables founders to be more strategic in their networking approach.

INTERNATIONAL NEWS

Tesla records worst deliveries in two years amid Elon Musk backlash
The dip in sales comes as Musk continues leading DOGE, the “advisory body” that has laid off thousands of federal employees | His involvement in the government has not only proven controversial but also unpopular.

Amazon reportedly submits last-minute bid to acquire TikTok
The last-minute bid comes as TikTok faces an April 5 deadline to shed its Chinese ownership or face a ban in the US | President Donald Trump is scheduled to meet with officials to discuss the app’s fate on Wednesday.

A16z said to consider TikTok investment as part of Oracle-led bid
This move comes as TikTok faces a potential ban in the US on April 5, unless it transitions to non-Chinese ownership | The Oracle-led proposal is reportedly one of the leading options under consideration.

Hong Kong IPOs surge as AI hype fuels investor interest
Hong Kong saw 15 IPOs in Q1 2025, raising US$2.27B, its strongest start since 2021 | Six IPOs surpassed US$128.5M, compared to just one last year | Support from Beijing and stock exchange rule changes have encouraged listings.

Crypto markets slide after Trump tariff announcement
Bitcoin fell 5% to US$81,849.63, while ether and solana dropped 7% and 13%, respectively | The broader stock market also declined, with the S&P 500 set for its worst day since September 2022.

Musk’s US$1T federal spending cuts worry tech investors
The proposed cuts could hit companies that rely on government contracts, as the federal government is expected to spend around US$40B on software and cloud services in 2025.

TikTok may face US$553M fine over EU data transfer violations
The penalty from Ireland’s Data Protection Commission stems from the unauthorised transfer of European user data to China, where it was accessed by engineers.

Bitcoin-related startups see 50% surge in pre-seed funding
According to Trammell Venture Partners, from 2021 to 2024, pre-seed deals jumped by 767%, with early-stage bitcoin startups attracting nearly US$1.2B over four years | This surge comes despite a general slowdown in tech venture capital.

Tesla faces decline in China sales as local competitors grow
Tesla’s sales of China-made vehicles dropped by 11.5% in March, with 78,828 cars sold | Local competitors like BYD and Geely outperformed Tesla in growth | BYD’s sales rose by 23%, while Geely saw a 167% increase.

SEMICONDUCTOR

Singapore semiconductor firms eye Malaysian bourse as IPO momentum builds
UMS Holdings and Grand Venture Technology recently received approval to pursue listings on Bursa Malaysia | The move comes as Malaysia’s stock market continues to buck global trends, maintaining strong IPO numbers amid sluggish activity elsewhere.

GlobalFoundries explores merger with Taiwan’s UMC
This is part of a long-shot deal aimed at creating a more resilient manufacturer of older-generation semiconductors | The US chipmaker has a market value of roughly US$20B, while the Taiwanese firm is worth about US$17B.

ARTIFICIAL INTELLIGENCE

Singapore isn’t just watching the AI hardware boom — We’re building it
The island nation’s AI hardware revolution is here: We’re shipping smart glasses with edge AI, real-time data & global SDK integration — no waiting.

How AI is reshaping the future of leadership
In an AI-driven world, leaders who embrace adaptability, ethics, and mentorship can navigate disruption and drive the next wave of innovation.

AI and cybersecurity: Pillars of Malaysia’s economic growth and regional leadership
Malaysia is driving digital growth with AI and cybersecurity investments, aiming for a 25.5% GDP contribution by 2025 and global leadership.

2024 in tech: AI’s rise, developer growth, and what’s next
AI shaped 2024, redefining work and tech; as 2025 begins, global collaboration and innovation continue to accelerate.

Dynamic content in the era of machine learning
With machine learning, each variation is automatically crafted for the individual consumer, catering to unique tastes and interests.

THOUGHT LEADERSHIP

Beyond the announcement: The ripple effects of liberation day on global assets
Trump’s “Liberation Day” tariffs take effect today, shaking global markets as investors brace for economic and trade fallout.

Trump’s tariff bombshell: A US$660B shake-up for global trade
The US President’s sweeping new tariffs reshape global trade, impacting markets, inflation, and key industries with uncertain outcomes.

For Web3 to take off, we need to fix the rigidity problem of smart contracts
The immutable aspect of smart contracts makes it a double-edged sword, if Web3 developers cannot easily patch known vulnerabilities.

Unlikely mentors: What kids can teach you about entrepreneurship
Just like curious kids, you must seek out information, grow new theories, convert theories into actionable ideas, and then execute them | Asking questions and taking a game-based approach to critical thinking will make sure you remain nimble.

Bull-proof, bear-proof: How smart startups win in every market cycle
Startups thrive in bull markets but only the best survive bear cycles—mastering treasury, margins, and strategy ensures long-term success.

Expert tips for crafting an effective pitch deck from a seasoned early-stage investor
Pitch decks are a “teaser” that can help you get on the path of investment. Find out what investors think a good pitch deck should cover.

Pitching from home: How to get investors’ attention in a virtual world
Golden Gate’s Vinnie Lauria shares his quick advice on getting a “yes” to an investor pitching, and making it a home run.

The slow death of financial flexing and the rise of financial fundamentals in the startup world
Below are five common startup accounting mistakes and how founders can avoid them while running their companies.

Key metrics for B2B SaaS companies: How to ensure monitoring success
What are the key metrics to track to ensure the right understanding of your business and the sustained longevity of your SaaS company?

Diverse paths to profits: Exploring exit strategies beyond IPOs and M&A
The pickup in IPOs and M&A deals in the region bodes well for the possibility of high-value exits for investors.

Know thy customer: The only rule for startups looking to build trust on social media
We explore the social media best practices that startups of all types can use as a guide to drive customer engagement and brand recognition.

Why you should start a business in your 40s
Through your many years of work experience, you will have figured out your strengths and been able to use them to your advantage.

The post Ecosystem Roundup: Amazon, a16z eye TikTok | Maybank backs potential Gojek-Grab deal | Tesla delivery slump appeared first on e27.

On April 4, 2025, the US stock market experienced its worst single-day performance in years, shedding approximately US$2.5 trillion in value as investors fled to safe-haven assets like US Treasuries and gold. The MSCI US index plummeted by 4.9 per cent, with particularly brutal declines in the energy sector, down 7.5 per cent, and information technology, which fell 7.0 per cent.

Meanwhile, defensive sectors like consumer staples, up 0.7 per cent, and utilities, down just 0.6 per cent, managed to weather the storm far better than their cyclical counterparts. This dramatic shift in market sentiment has been fuelled by fears that Trump’s tariffs—the steepest increase in American trade barriers in over a century—could choke economic growth, drive up inflation, and potentially tip the US economy into a recession.

Trump’s latest tariff policy, announced after the market closed yesterday, imposes a blanket 10 per cent tariff on imports from every country in the world, effective April 5. Citing his authority under the International Emergency Economic Powers Act of 1977, the president framed the move as a necessary step to protect American industries and workers. However, economists are sounding the alarm about the near-term consequences. Higher tariffs are widely expected to increase the cost of imported goods, pushing up prices for American consumers already grappling with inflationary pressures.

At the same time, retaliatory measures from trading partners could dampen US exports, further slowing economic activity. Some analysts warn that the combination of higher prices and weaker growth could create a stagflationary environment, while others see a full-blown recession as a real possibility if the tariffs remain in place for an extended period. With markets now laser-focused on Friday’s US jobs report and an upcoming speech by Federal Reserve Chair Jerome Powell, investors are desperate for clues about how policymakers might respond to this escalating crisis.

The bond market has also reacted decisively, with Treasury yields dropping as expectations of Federal Reserve rate cuts grow. The 10-year Treasury yield fell 10.2 basis points to 4.03 per cent, while the 2-year yield slid 17.7 basis points to 3.68 per cent, reflecting heightened recession fears and a flight to safety.

The US dollar index, meanwhile, shed 1.7 per cent, continuing its downward trend as investors reassess the outlook for US growth. Gold, a classic safe-haven asset, held steady at US$3,100 per ounce despite a modest 0.6 per cent dip, buoyed by persistent demand amid the uncertainty.

On the commodities front, Brent crude oil took a significant hit, tumbling 6.4 per cent to US$70 per barrel as traders worried that tariffs would sap global demand growth just as OPEC+ ramps up supply. Asian equities followed Wall Street’s lead, opening sharply lower, and US equity futures suggest stocks will start the day down an additional 0.2 per cent, signalling that the pain may not be over yet.

Also Read: Trump’s tariff bombshell: A US$660 billion shake-up for global trade

The cryptocurrency market has not been immune to this turmoil, with Bitcoin experiencing a sharp decline in tandem with other risk assets. After hitting an intraday high of nearly US$88,000 less than 24 hours ago, Bitcoin plunged to a low of US$81,300—a drop of more than seven per cent—before recovering slightly to trade around US$83,000 as of this writing. The sell-off reflects broader market dynamics, as investors pull back from speculative assets in favour of safer bets.

Ethereum, the second-largest cryptocurrency by market cap, has also struggled. After failing to hold above the US$1,850 level, ETH dipped as low as US$1,751 and is now consolidating below the US$1,820 mark and its 100-hourly simple moving average. Technical indicators suggest resistance near US$1,840, with a bearish trend line forming at US$1,810 on the hourly chart. For Ethereum to mount a meaningful recovery, it would need to break through these levels and push toward US$1,880, but the current market mood makes that a tall order.

In my opinion, Ethereum’s performance is critical to sparking a broader crypto bull market—carries significant weight given its central role in the digital asset ecosystem. Ethereum remains the backbone of decentralised finance (DeFi), powering a vast array of applications from decentralised exchanges (DEXs) to non-fungible tokens (NFTs). Recent data underscores its resilience: in March 2025, Ethereum reclaimed its position as the leading blockchain for DEX trading, overtaking Solana with a trading volume of US$64 billion compared to Solana’s US$52 billion.

Platforms like Uniswap and Curve Finance have driven this surge, reinforcing Ethereum’s dominance even as it grapples with challenges like a historically low ETH burn rate and declining transaction fees following the implementation of EIP-1559. The drop in the burn rate has led to an increase in ETH’s total supply, raising concerns among some investors about inflationary pressures within the network. Yet, Ethereum’s ability to hold its ground amid these headwinds speaks to its enduring strength and adaptability.

Solana’s fading momentum in the DEX space, meanwhile, highlights the shifting tides in the crypto market. The hype around Solana-based meme coins, which fuelled much of its trading volume on platforms like Raydium and Pump.fun, has dissipated, allowing Ethereum to reassert its supremacy.

This resurgence is a testament to Ethereum’s robust infrastructure and developer community, which continue to innovate despite high gas fees and scalability concerns. For a bull market to take hold, Ethereum would indeed need to lead the charge, setting the tone for smaller altcoins and driving renewed investor confidence.

Also Read: Exploring Sri Lanka’s potential as a premier global IT hub

However, the current macroeconomic environment—marked by Trump’s tariffs, a faltering US economy, and a risk-off sentiment—poses a formidable obstacle. If Ethereum can break through its technical resistance levels and capitalise on its DeFi leadership, it could spark the kind of momentum you envision. But for now, the broader market’s woes are keeping a lid on that potential.

Stepping back, the implications of Trump’s tariff measures extend far beyond the immediate market reaction. The US has long prided itself on economic exceptionalism, underpinned by robust growth, a strong dollar, and a dominant position in global trade.

Yet, this latest policy risks unraveling that narrative. Higher tariffs could disrupt supply chains, erode corporate profits, and alienate trading partners at a time when geopolitical tensions are already running high. The flight to haven assets suggests that investors are bracing for a prolonged period of uncertainty, and the upcoming US jobs report will be a critical litmus test.

A weak report could amplify recession fears, prompting the Fed to accelerate rate cuts—a move that might cushion the blow to stocks and crypto but could further weaken the dollar. Powell’s speech will also be pivotal, as markets look for any hint of how the central bank plans to navigate this tariff-induced storm.

In my view, the markets are at a crossroads. The tariff announcement has exposed vulnerabilities in the global economy that were previously masked by optimism about US growth and technological innovation. While defensive assets like gold and Treasuries may offer short-term refuge, the longer-term outlook hinges on how businesses and consumers adapt to higher costs and slower growth.

For risk assets like stocks and cryptocurrencies, the path forward looks treacherous, but opportunities could emerge if the Fed steps in decisively or if the tariffs are scaled back under political pressure. Ethereum’s role as a crypto bellwether adds another layer of intrigue—its ability to rally despite these headwinds could indeed signal a turning point for the digital asset space.

“For now, though, caution reigns supreme, and the world is watching closely as this high-stakes drama unfolds.” — Anndy Lian

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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.

AI-generated image via ChatGPT (OpenAI).

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Singapore has overtaken San Francisco as the city with the highest concentration of rapidly expanding startups for the first time, according to the 2025 Hypergrowth Startup Index released today by HubSpot for Startups.

The annual report, produced in partnership with PitchBook, analyses the top 100 fastest-growing companies and unicorns. The findings indicate a significant evolution in the startup ecosystem, with sustainable business models and strategic partnerships now prioritised over unchecked rapid growth and massive funding rounds.

Also Read: The DeepSeek debate: Opportunity or overhype for startups in ASEAN?

The report reveals a notable shift in investment trends. While monthly deal counts have decreased by 50 per cent from 20,000 in 2021 to 10,000, the average deal size has increased by nearly 43 per cent, rising from US$35 million in 2023 to US$50 million in 2024. This suggests investors place greater emphasis on long-term viability rather than sheer scale.

Asia is becoming a central force in global innovation, with China’s emerging presence in Shanghai and Beijing alongside Singapore’s leading position. While other hubs like London continue demonstrating strong performance, the focus is shifting eastward.

Artificial intelligence (AI) is significantly reshaping the startup landscape, with a particular emphasis on sustainable growth strategies.

Interestingly, traditional sectors are exhibiting surprising strength in growth rates. The energy sector leads with a 37 per cent growth rate, slightly ahead of IT at 36 per cent and B2B companies at 35 per cent. Commercial services companies are also strong performers, with an average growth rate of 30 per cent.

“This data validates what we’ve been seeing across our startup ecosystem. Companies that focus on building strong customer relationships from day one are outperforming those that prioritise rapid scaling above all else,” said Laurence Butler, Head of HubSpot for Startups.

Strategic partnerships are proving to be highly valuable in the current market. Joint ventures are seeing average deal sizes of US$9.9 billion, four times larger than traditional buyout deals. Early-stage venture capital remains robust, accounting for 46 per cent of deals in the fastest-growing segment, with seed-stage deals maintaining stability at approximately 50 per month.

Also Read: Small business, big impact: How AI is democratising entrepreneurship

Exit patterns are also evolving, with mergers and acquisitions dominating at 43 per cent, while initial public offerings (IPOs) represent only 6 per cent of recent exits. However, there was nearly a 50 per cent increase in IPOs between 2023 and 2024, hinting at a potential rebound in public markets.

HubSpot for Startups aims to support the next generation of successful companies by offering discounted software and resources. HubSpot Ventures has also invested in companies like Clay and G2.

The post Singapore surpasses San Francisco as world’s top hyper-growth startup hub appeared first on e27.

Southeast Asia’s tech startup ecosystem witnessed a slight uptick in funding activity in March 2025, with total funding reaching US$99.5 million across 22 rounds.

This figure represents a notable 10.31 per cent increase compared to the previous month, February 2025.

However, the total funding for March 2025 was a steep 82.1 per cent lower than the funding secured in the same month last year.

Also Read: Singapore surpasses San Francisco as world’s top hyper-growth startup hub

According to data compiled by startup intelligence platform Tracxn for March 2025:

• The region reported 15 seed-stage, six early-stage, and 0ne late-stage rounds.
• Iterative emerged as the most active venture capital firm in the region, participating in seven rounds, including Seedflex and six others.
• Other active VCs during the month included 1982 Ventures, TheVentures, and Ignite House.
• Notable deals included Higala and Filum, each closing one round of funding.

Also Read: Fundraising remains tough in ASEAN despite capital stabilisation: January Capital report

According to a recent report by January Capital, overall funding for ASEAN technology companies began stabilising in the latter half of 2024.

However, the total number of deals completed witnessed a 23 per cent year-on-year decrease, with seed and early-stage funding experiencing the most significant contraction.

A closer examination of funding by stage indicates a growing scarcity of dedicated seed capital. While the seed-stage deal count saw the most significant decline in H2 2024, Series A and B financing stages show signs of stabilisation.

Notably, the amount of capital deployed stabilises, with Series A, B, and C deal values showing either half-on-half or year-on-year improvement in the latter half of 2024. Nevertheless, the seed stage remains the most constrained in terms of capital availability.

Having said that, fundraising remains a paramount challenge for founders in Southeast Asia, with 74 per cent of surveyed founders identifying it as one of their top three hurdles.

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The answer is very easy: just get the sales function handed over to someone outside your core teams.

There’s a seductive temptation to outsource the messiest, toughest function in business: sales. It’s not hard to see why. You’re battling product development, raising funds, managing a team, and building infrastructure, so why not hand sales to the “experts” while you focus on what matters, right?

Wrong!

Sales: The heart of your startup

Outsourcing sales in a startup is like outsourcing your soul;  it’s an integral part of your business, your culture, and your lifeblood. You give it away, you lose touch, and you’re left with little control over the single most important metric: growth.

When you’re in the early stages of building a business, your product is a moving target. It’s evolving, iterating, and refining with every user interaction. Sales is the frontline of feedback.

Your core team needs to be embedded in this process to understand customer pain points, needs, and preferences. This isn’t something you want to delegate to someone whose only stake is a paycheck and who has sold only standard easy-to-sell packs of banner inventory. When you outsource, you risk missing the unfiltered, raw insights that lead to better product decisions.

Also Read: How to use the psychology of gamification to grow e-commerce sales

If your team isn’t hearing customer objections, pricing concerns, and product feature requests firsthand, you’re disconnected from reality. That detachment slows progress. Salespeople aren’t just closers; they’re data gatherers who are essential to product development.

The dangers of outsourcing sales too early

Outsourced sales teams thrive on process, repetition, and predictability. But startups, especially in the early stages are messy, full of unknowns and pivots. Your product isn’t standardised yet, your customer base is still being defined, and your positioning is evolving. Outsourced teams excel at selling standardised packages, not fluid concepts that are in the experimental phase.

Outsourcing before you’ve hit a point of inflection, before your product has matured, can result in poor customer experiences and lost opportunities. Sales is more than just pitching; it’s about teaching and evangelising. You need people who know the company inside and out, people who are passionate about the mission, not mercenaries who are just passing through.

Outsourcing can often attract gravy train artists – people who’ve spent their careers selling established products, with clear price tags, to clients who already know what they want. They’re used to hopping on the train after it’s left the station, and they’re not the kind of people you want on your team. You’re in the trenches, grinding it out, and they’re just trying to make a quick buck by riding your coattails.

Startups demand hustlers who are comfortable with uncertainty, people who can roll with the punches and think on their feet. The gravy train artists are uncomfortable with ambiguity and friction; they don’t understand the hard work of creating something from nothing.

Then there are the “advisors” who promise to bring in big deals or land major clients if you just give them a few percentage points of equity. Here’s the truth: if someone is willing to trade their time for a sliver of your company, they’re not betting on your future; they’re hedging their bets on you doing the hard work. These promises are almost always smoke and mirrors. No one will sell your company as effectively as you and your core team will.

Your equity is sacred, and giving it away to anyone who says they can deliver isn’t just dangerous — it’s reckless. Save your equity for those who are in it for the long haul and who actually contribute to your growth in a measurable, tangible way.

Also Read: How to attract the first thousand users to your marketplace

Sales isn’t just another function, it’s a core strategic lever in your business. Handing it off too early is like outsourcing your product development or your culture. At the heart of every great startup is a deep connection between the team and the customer, and sales is the bridge that holds it all together.

Until you hit a point where your product is standardised, your customer base is defined, and you have repeatable, scalable processes in place, sales belong to the founders and the core team. Only then, once the foundation is solid, can you think about bringing in an external team to scale the operation.

Final thoughts

If you’re building a startup and are not hell bent on killing it in the first 12 months, keep sales in-house. Own it. Live it. Breathe it.

Sales is more than closing deals — it’s about learning, adapting, and pushing your company forward. You can’t outsource that. Not until you’ve hit that magical point of inflection where the sales process is so refined that it practically runs itself. You will know when you get there.

Until then, keep it close and beware of those who promise shortcuts, they’re almost always detours.

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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 credit: Canva Pro

This article was first published on September 16, 2024

The post How to kill a startup in one move appeared first on e27.