My first encounter with Vietnam’s legal market was in 1996. I was a young deal architect, navigating a groundbreaking joint venture between Vietinbank, KDB, and the International Finance Corporation. Vietnam then felt like a raw, exciting startup nation, brimming with impossible possibilities.

Thirty years on, I’ve watched this country transform into Asia’s investment darling, attracting over US$92 billion in cumulative Korean investment alone, alongside significant capital from Japan, China, and other global players.

After three decades of orchestrating billion-dollar ventures and running GE Capital Korea’s commercial finance operations, I thought I’d seen every market quirk imaginable. Yet, Vietnam’s legal landscape presented a paradox unlike any other: a nation with more small Korean legal offices on the ground than anywhere outside of Korea—typically well over 10 firms, each staffed by just one or two Korean lawyers.

Imagine arriving in a city boasting five-star restaurants, only to find that every Korean in town is still ordering takeout from a small, Korean-run pizza joint down the street. It’s not because the pizza is superior; it’s because it speaks their language, remembers their order, and makes them feel understood. This analogy perfectly encapsulates the strange reality of Vietnam’s multi-hundred-million-dollar foreign legal market.

The unseen paradox: Why big firms lose to small offices

What initially defied logic was observing Korea’s largest corporations—companies with billions invested in Vietnam—consistently choosing these small Korean branch offices over Vietnam’s most prestigious Tier-1 law firms. The explanations were always the same: “It’s the language,” or “It’s the HQ relationship”.

Having contributed to outlets like e27 and the Korea Economic Daily where I’ve explored the deeper forces driving tech, innovation, and market behaviour across Asia—this particular phenomenon immediately caught my eye. It wasn’t just a quirk of legal practice; it echoed a broader structural blind spot I’ve seen before.

The more I dug, the more fascinating it became. This market is not saturated or hyper-competitive ; it has been systematically overlooked due to institutional blind spots. It brought to mind the old adage about the quarter-inch drill: in-house counsels don’t ultimately want legal opinions; they want their business problems solved by someone who truly understands their world. The small firms were winning not because they were better lawyers, but because they understood the business language, made clients feel understood, and offered the kind of visibility larger firms often lacked.

That’s when it hit me: this wasn’t a legal problem—it was a visibility, access, and trust deficit disguised as a market inefficiency. And sometimes, the biggest opportunities are hiding in plain sight, waiting for someone to connect the dots.

Quantifying the gap: A multi-hundred million dollar opportunity, untouched

Let’s quantify this gap. Korean investment in Vietnam includes over 10,000 active projects and US$92 billion+ invested. The estimated annual legal spend generated is roughly US$40-70 million USD/year, based on global legal-to-capex benchmarks. Yet, the share captured by Vietnamese Tier-1 firms is less than 15 per cent. The rest flows to Seoul HQs of Korean firms (offshore work), small Korean-run law offices in Vietnam, or simply remains unserved due to lack of trust, visibility, and business fluency.

Also Read: 71% of Vietnam’s students use AI, but concerns linger over misinformation, ethics

This is not a legal competency issue. It’s a strategic positioning failure. Korean General Counsels don’t want legal memos—they want business problems solved by someone who speaks their language, shares their culture, and earns their trust.

The trust chasm: Why conventional fixes fall short

Many might consider straightforward solutions: “Why not simply hire a foreign-language speaking lawyer?” or “Why not engage an experienced legal business development (BD) specialist?” These seemingly logical approaches, while well-intentioned, are fundamentally transactional and fragmented. They utterly fail to grasp the long-term, complex nature of expertise-based trust building required for professional services.

Such tactics might yield incremental growth, but they are incapable of delivering exponential growth or securing market leadership. Hiring a bilingual lawyer doesn’t change the fact that the firm still lacks the institutional mindset and visibility needed to lead in this market. Similarly, a conventional BD approach, detached from deep legal expertise, cannot cultivate the profound, sustained trust that sophisticated foreign clients demand. HQ legal teams in Korea demand more than bilingual support—they need real jurisdictional insight paired with cultural fluency.

The true scale of this market, often underestimated due to significant ‘offshore’ legal spend handled by home-country firms, demands more than piecemeal solutions. Capturing it requires a strategic, long-term journey to position a firm as both the absolute expert and a trusted ally. This is a high-trust, high-value opportunity, necessitating a sophisticated, integrated, and strategically patient approach through consistent expertise sharing and relationship capital investment, far beyond any transactional shortcut.

The path forward: Building the “bridge counsel”

The missing model is what I call a “Bridge Counsel” strategy—a hybrid legal practice that combines:

• Vietnamese litigation capability
• Foreign business fluency (starting with Korean)
• High-trust engagement and continuity
• Culturally intelligent content, outreach, and BD

The firm that systematically offers robust Vietnamese litigation capability, genuine foreign business fluency, high-trust relationship design, and senior legal credibility with account continuity will rapidly emerge as the de facto partner for foreign companies navigating Vietnam’s regulatory, contractual, and dispute environments. This “Bridge Counsel” model, once proven with Korean clients, is replicable across other under-engaged FDI groups like Japanese and Chinese enterprises, unlocking a multi-hundred-million-dollar opportunity.

This strategy doesn’t require hundreds of hires or fancy technology. It requires:

• One or two senior Korean-speaking relationship managers
• Vietnamese bilingual lawyers trained in cross-border business etiquette
• A multi-lingual content engine (newsletters, LinkedIn, legal explainers)
• Regular engagement with Korean CEOs, CFOs, and General Counsels

The replicable revolution

Once the Korean template is proven, the same architecture can be copy-pasted to:

• Japanese clients (lifetime wallet: US$350 million)
• Taiwanese semiconductor fabs (US$220 million)
• Singaporean REITs eyeing industrial parks (US$180 million)

The combined TAM is north of US$1 billion in lifetime legal spend currently untouched by any Vietnamese firm.

Also Read: The D&I advantage: How inclusion fuels growth in Vietnamese real estate

Why 2025 is the inflection year: A call to arms

Three macro triggers are converging:

• Vietnam’s upcoming Labour Code amendments, effective July 2025, are expected to trigger widespread compliance reviews and legal restructuring, particularly among foreign-invested enterprises.
• As Korea and Vietnam deepen collaboration across the EV supply chain, evolving incentive frameworks and localization mandates increasingly require real-time regulatory interpretation and policy alignment.
• VinFast’s precedent-setting dual-jurisdiction listing, along with ongoing corporate restructuring moves by firms like SK Ecoplant, signals a broader shift toward cross-border transactions that demand multi-jurisdictional legal coordination and disclosure strategy.

The first firm to combine Korean-grade client experience with Vietnamese enforcement strength could shape the market standard and become the trusted anchor for cross-border clients in the years ahead,” says a Hanoi-based lawyer.

In tech we celebrate product-market fit. In legal, we rarely admit the product can miss the market entirely. Vietnam’s Tier-1 firms have Michelin-star capability but are losing to the legal equivalent of a food truck—because the truck speaks Korean and delivers at two am. The Bridge Counsel model is not a marketing tweak; it is a category reset. And the window is already half-closed.

Epilogue: A challenge to readers

If you’re a Korean GC reading this on the 15th floor of Bitexco, ask yourself: When was the last time your Vietnamese counsel sent you a risk memo that referenced both Article 150 of the Labour Code and Samsung’s 2024 ESG covenant? If the answer is “never,” you now know why the pizza joint still wins

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Starting a new company comes with a steep learning curve. Statistically, nearly 90 per cent of startups fail, and about two in ten businesses collapse in their first year. These sobering figures highlight why it’s critical for aspiring founders, startup accelerators, and tech entrepreneurs to understand the mistakes first-time founders make.

By learning from common startup mistakes and steering clear of them, new businesses can increase their chances of success. In practice, many industry experts note that the mistakes first-time founders make tend to cluster around areas like market misjudgment, funding, and team building. For example, ignoring market risk is the single biggest reason companies fail.

We’ll explore why poor market research, weak financial discipline, team and product issues, and other flaws rank among the biggest mistakes entrepreneurs make, and how they translate into startup mistakes to avoid. For aspiring entrepreneurs, understanding the biggest mistakes first-time founders make — by learning from insights like these — can greatly increase their chances of success.

Market and product mistakes

One of the biggest mistakes is skipping market validation. Entrepreneurs assume their idea will sell without verifying demand, instead of taking the time to validate your idea with real customers. Building a product that “no one wants” is a classic first-time founder mistake. Not doing enough customer research is one of the startup mistakes; Ryan Carrigan of moveBuddha notes that many new owners “underestimate how competitive their market can be” when they skip research.

Founders should identify a clear customer need and test assumptions early. Ignoring early user feedback is one of the startup mistakes to avoid since continuous customer input is key to finding product-market fit. Just understanding the competitive landscape and listening to prospects helps new startups avoid costly mistakes.

Planning, strategy, and execution mistakes

Not planning is another big mistake. Many first-time founders dive into execution without setting clear goals or a roadmap. Pursuing “vague business goals” is “one of the biggest mistakes new business owners can make. Without defined objectives, teams can drift and waste resources.

Launching without a business plan is a critical oversight — without a business plan it’s much harder to know what to do next. Founders should write even a rough plan to outline their vision, target market and key milestones. This discipline helps avoid strategic mistakes; in essence it highlights which startup mistakes to avoid early on.

Financial management mistakes

Money makes or breaks a startup. Poor financial management is the number one culprit in early failures. Review42 reports that 82 per cent of failed startups didn’t manage their cash flow properly. For example, mismanaging cash flow is often cited as one of the biggest mistakes entrepreneurs make early on.

Common mistakes include underestimating runway, overspending on fixed costs (office space or salaries) or neglecting basic bookkeeping. The number one reason businesses fail is running out of money. Founders must build conservative budgets, track burn rate and secure enough funding or reserves to weather slow periods. In short, budgeting and smart spending are startup mistakes to avoid — without them even a great idea will run out of steam.

Team and hiring mistakes

The people you work with matter a lot. Team issues are one of the mistakes first-time founders make. Data shows nearly a quarter of startup failures are due to poor team fit or culture.

Common mistakes include hiring too fast — for example, taking the first candidate who says yes — or not defining roles clearly. Hiring too fast usually backfires: inexperienced hires or cultural mismatches can kill productivity and morale.For example, poor hiring practices are one of the biggest mistakes entrepreneurs make because the wrong team can derail execution. Founders should hire deliberately, focusing on needed skills and shared values.

Avoid nepotism or hiring unvetted acquaintances is one of the startup mistakes to avoid; a thoughtful hiring process and clear role definition are key. Advisors or mentors can help fill in the blind spots. Overall building a strong well matched team is key to avoiding early mistakes.

Advice, feedback, and adaptation mistakes

Where founders get advice and how they adapt based on feedback can create pitfalls. Taking well-meaning but ill-informed advice is dangerous. First-timers will hear lots of opinions, but few apply universally. Founders should be skeptical of tips from friends and family who lack startup experience. Instead, founders should consult seasoned entrepreneurs or industry mentors. Equally, ignoring customer feedback is a fatal error.

“Embracing feedback and continuous iteration is the best way to prevent rookie errors.” — Joseph Chukwube, founder of StartUp Growth Guide.

For example, treating every suggestion as gospel is one of the biggest mistakes entrepreneurs make, because it can lead a startup down the wrong path. Skipping early user interviews or dismissing beta tester input is a startup mistake to avoid; continuous customer input is essential for refining the product. In short, balancing advice with market data helps avoid making mistakes.

Growth and scaling mistakes

Getting the pace of growth right is tricky. Many new founders swing to the extremes. Growing too fast — by ramping up hiring or expenses prematurely — can collapse a startup if systems aren’t ready. Expanding headcount or burn rate faster than revenue can cause serious cash shortages. Conversely, some teams grow too slowly, delaying product launch or market expansion until momentum is lost.

A related pitfall is ignoring marketing: underestimating long-term marketing expenses is one of the biggest mistakes entrepreneurs make”, since even the best product needs promotion. Founders should scale in step with demand, building processes for each stage. Staying flexible — and pivoting when needed — is key. Failing to pivot is not a failure; it’s resilience”. In practice, recognising these hazards helps new teams identify which startup mistakes to avoid and prepares them to scale responsibly.

Founder burnout and personal mistakes

Many oversights come from personal strain and mindset. First-time founders work crazy hours, thinking that hustle solves everything. But research shows productivity plummets beyond a certain point. Beyond about 50 hours a week, extra effort yields minimal return. Chronic overwork leads to burnout, bad decisions and health issues.

Likewise personal biases or overconfidence can introduce errors. For example skipping rest or ignoring work-life balance is a common startup mistake that leads to burnout and bad decisions. Founders should schedule downtime, delegate effectively and maintain perspective. Avoiding burnout and arrogance is one of the startup mistakes to avoid; a clear mind and balanced life help good judgment.

Conclusion

The biggest mistakes first-time founders make are simple: underestimating the market, not planning and mismanaging resources. By knowing these common mistakes new founders can avoid them. Key takeaways are to validate assumptions with real users, write a basic business plan, budget carefully, hire wisely and be flexible.

Learning from past failures is priceless. Ultimately turning mistakes into lessons gives first-time founders an advantage: by knowing what mistakes entrepreneurs make and following the advice, many of the early mistakes become stepping stones. For aspiring founders just knowing what to avoid can make all the difference in building a strong startup.

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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.

This episode features Sebastian Tai Jian Haw, a digital and e-commerce strategist with 13+ years of experience driving growth at Abbott, Mettler-Toledo, and Lazada.

He mentors students through GMI and supports talent development in the e-commerce industry, helping young professionals navigate digital careers with confidence. With deep expertise in B2B, marketplaces, and transformation, he also joined the Antler Cohort to validate an AI-enabled engagement platform for the pharma sector and expand his startup knowledge.

Sebastian joined our contributor community in June and has been actively contributing since. Over the past quarter, his writing has explored themes across startup leadership, digital transformation, and the health and medtech sectors in Southeast Asia. With a cross-disciplinary background, he brings a practical and thoughtful lens to some of the region’s most dynamic challenges.

In the sections below, he reflects on his journey, the lessons he’s learned, and what keeps her going.

How I got here

I once left a steady company for a faster track and a bigger role. On paper, it looked like a bold career move. Six months later, the startup shut down.

That experience didn’t break me, it refined me.

I stopped chasing titles and started pursuing alignment. Every step since has been more intentional, more grounded, and more human.

If I had to explain my work to a kid

I help people and companies become better versions of themselves.

Imagine if your favourite toy shop knew exactly what made you happy and surprised you with it. I help businesses create that kind of experience for their customers.

I also support individuals who feel stuck. Some need help getting strong again, like in gym class. Others just need someone to remind them of their value.

My job is to help people grow: in work, in life, and in confidence.

Lessons learned along the way

I used to think success meant moving up. Now I know it’s about moving forward. Sometimes that means sideways. Sometimes through.

My path has taken me from food science to restaurant trainee, to high-growth roles in e-commerce and digital transformation, to startup validation, and even personal training.

Reinvention isn’t the backup plan anymore. It’s the real plan.

Also Read: The power of automation: How Sabrina ‘Princessa’ Wang uses AI to create time for what matters most

What more people should notice

We often glorify disruption and overlook relevance.

While exploring a startup idea at Antler, I focused on how pharma brands could better engage doctors in underserved markets. It wasn’t flashy, but it was real.

The real opportunity often lies in solving unglamorous yet deeply important problems. The kind that rarely make headlines but quietly change lives.

Why I write

I’ve mentored students and young professionals, and I’ve seen how isolating it can feel to be in the middle of change. Writing became a way to pass the torch and offer the kind of clarity I once needed.

I usually write when something I’ve lived through keeps echoing in my mind. That is when I know it is no longer just for me.

My advice for aspiring thought leaders

Speak from experience, not performance. The most powerful messages come from real moments, not rehearsed lines.

Whether I am mentoring, coaching, or leading teams, I have learned that clarity, honesty, and purpose connect more than polish ever will. Say it like it matters, because to someone, it will.

What drives my curiosity

I’m fascinated by what makes people begin again. Whether it’s someone returning to the gym, rebuilding after burnout, or chasing a dream that scares them, I’m drawn to the quiet, private moment when they choose not to give up. That is the kind of strength I never stop learning from.

Influences that shaped me

Michelle Obama taught me to lead with honesty. James Clear sharpened how I think about habits and momentum. Percy Jackson, yes, the teen demigod, reminded me that even unlikely heroes have a place, and that strength often begins with self-doubt.

My late mother-in-law showed me that dignity does not ask for attention. My parents modelled persistence without needing praise. And my four cats have taught me the value of stillness, boundaries, and knowing when to walk away.

Take a look at Sebastian’s articles here for more insights and perspectives on his expertise.

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Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem.

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In this fireside chat at Echelon Singapore 2025, Nicko Widjaja of BRI Ventures explored the evolution of Indonesia’s startup ecosystem. The conversation, moderated by Michael Smith of Oracle, traced key phases, from the B2C boom to the disruptions of COVID-19 to the ongoing challenges, such as fraud.

Widjaja emphasised the importance of healthy valuation practices and warned against the “zero-sum game” mindset that fuels inflated valuations. He contrasted the Silicon Valley model with State Ventures’ strategic approach, which is focused on market access rather than rapid exits.

The discussion highlighted a pivot toward AI and blockchain technologies, signalling a shift from traditional IPOs to tokenisation and Web3 frameworks. Governance and due diligence were underscored as critical foundations for sustainable innovation. The session concluded with a call for recalibrated investment norms that reflect regional realities and a maturing ecosystem.

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Singapore has emerged as the Silicon Valley of Southeast Asia.

With its robust intellectual property (IP) framework, tax incentives, global connectivity, and pro-innovation governance, it offers fertile ground for AI-driven startups aiming to commercialise intangible assets.

Whether you’re building large-scale machine learning models or developing proprietary algorithms and digital services, Singapore’s legal and economic infrastructure provides strategic advantages for scaling and protecting your ideas.

Startups today don’t just compete on product; they compete on ideas. And in the AI space, ideas are intangible, complex, and highly replicable—making IP protection not a legal formality but a competitive moat.

Singapore understands this nuance deeply. That’s why its positioning as a launchpad for AI ventures is not just about capital or connectivity, but about building systems that help protect, monetise, and export innovation.

Launching an AI startup in Singapore: Six IP essentials

• Incorporate in Singapore and conduct R&D locally

Why it matters: Incorporation unlocks access to the Enterprise Innovation Scheme (EIS), IP Development Incentive (IDI), and other IP-focused tax relief.

Action: Create a Singapore entity or partner with accelerators like SGInnovate to root operations in a jurisdiction known for digital IP strength.

This isn’t just about tax efficiency. By anchoring R&D in Singapore, startups can also access top-tier talent from local universities, plug into tech-driven public sector pilots, and join ecosystems where regulators are actively co-developing frameworks with innovators.

• Secure IP early via IPOS digital services

Why it matters: Protecting algorithms, data models, and training datasets is essential for valuation.

Action: Use IPOS Digital Hub to file patents, trademarks, and copyrights efficiently. Fast-track options include the Accelerated Initiative for Artificial Intelligence (AI2) and FinTech patent routes.

Also Read: Singapore ranks second globally in AI readiness, leading Asia Pacific

Most AI founders underestimate the value of early-stage IP filings. But even provisional applications—particularly for unique datasets or training processes—can later become cornerstones of valuation during funding rounds or acquisitions. Filing early also signals seriousness to investors who increasingly scrutinise IP defensibility.

• Design an IP strategy that enables monetisation

Why it matters: Beyond protection, IP can serve as a growth lever through licensing, franchising, and collaborations.

Action: Leverage IP Business Clinics the IP Office of Singapore to translate your portfolio into revenue channels. Singapore supports cross-border IP flows and commercialisation.

Founders should stop thinking of IP as a shield and start thinking of it as an engine. Licensing your APIs, white-labelling your algorithms, or bundling services under a patent portfolio can create recurring revenue streams. Some of the most enduring AI companies aren’t the ones that scale fastest, but those that convert IP into compounding income.

• Build a defensive IP perimeter

Why it matters: IP litigation can derail early growth. Strong protections upfront mitigate future disputes.

Action: Utilise border enforcement programs and register with Singapore Customs. For high-stakes issues, the World Intellectual Property Organisation’s Arbitration Centre (WIPO) and the Singapore International Commercial Court (SICC) provide resolution pathways.

In AI, the risk isn’t just copycats—it’s data leakage, training model misuse, and competitive espionage. A defensive perimeter isn’t just patents; it includes NDAs, employee IP clauses, and operational hygiene. Singapore’s ecosystem allows founders to harden their startups early, avoiding expensive litigation down the line.

• Expand internationally through treaties

Why it matters: If your AI product has global ambitions, Singapore’s participation in WIPO, the Paris Convention, and Patent Cooperation Treaty (PCT) means streamlined international protection.

Action: Singapore is a member of WIPO, the Paris Convention, and the PCT. File once via PCT to enter multiple markets.

Singapore’s alignment with international IP treaties isn’t just bureaucratic—it provides AI companies with first-mover advantage in fast-growing emerging markets across Asia, the Middle East, and beyond. Global ambitions must be matched by global protections, and Singapore offers that runway.

• Tap public support for IP-heavy innovation

Why it matters: Government grants reduce capital risk during R&D and go-to-market.

Action: Apply for grants under Startup SG Tech and EDB’s R&D incentives. Monitor IPOS and EnterpriseSG for tech pilot calls and IP acceleration programs.

Don’t just chase VCs. Singapore’s public sector often acts as the first believer—providing both credibility and early capital. For AI companies building foundational infrastructure, this can mean the difference between surviving the valley of death or scaling with confidence.

The AI lab: A Singapore case study

As AI adoption accelerates across industries, the recent collaboration between the Singapore Government, Nanyang Polytechnic (NYP), and Kokua Technologies to launch a dedicated AI Lab signals a shift toward more applied, sector-specific experimentation.

By focusing on use cases like live video commerce and cross-border payments, the lab reflects a growing recognition that AI innovation doesn’t just happen in research papers — it happens when public institutions and private players align to test ideas in-market.

Also Read: AI is changing work in Singapore — Confidence is the missing link

Such initiatives offer more than infrastructure. They create pathways for startups to validate products, access IP expertise, and tap into talent networks — all critical to turning prototypes into scalable solutions.

This initiative also reflects a larger trend: the convergence of IP development, use-case testing, and AI productisation within a single, state-supported sandbox. Such labs serve as safe zones where startups can prototype with institutional partners, validate ideas, and generate valuable IP—before entering the market.

Final thoughts: Innovation needs infrastructure

Singapore’s IP frameworks aren’t just defensive, they’re catalytic. When combined with its grants, treaties, and digital governance, the country becomes a natural launchpad for AI solutions destined for global markets.

As AI models become commoditised, differentiation will come from proprietary data, problem-specific applications, and intelligent distribution. All of which hinge on one thing: well-protected, scalable IP. Singapore’s playbook doesn’t just support this reality—it accelerates it.

For founders with ideas to protect and scale, Singapore doesn’t just welcome innovation, it knows how to safeguard it.

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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.

Enjoyed this read? Don’t miss out on the next insight. Join our WhatsApp channel for real-time drops.

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