As a Singapore-based VC, I've witnessed how innovation ecosystems evolve naturally when properly supported. Singapore initially emphasised deep tech but allowed market forces to shape developments organically.

Critiques of New Zealand's funding imbalance misses a crucial point: successful startups need significant market power quickly, regardless of their technological depth. Creating numerous small non-deep tech ventures won't deliver the economic impact New Zealand seeks. You need to continue to focus on both.

Three focused recommendations:

1. Establish a national coordination body with a hands-on advisory panel of experienced entrepreneurs and investors who can directly mentor founders to scale globally. This addresses both fragmentation and practical scaling challenges.

2. Develop diverse funding mechanisms prioritizing ventures with global potential rather than simply increasing startup quantities. Government initiatives on grants, fund of funds support should continue with momentum but understand the signs of change and adapt to it.

3. Implement more talent development/retention programs, one example to take note of is Singapore's NUS Overseas College, which immerses students in innovation hubs like Silicon Valley, creating globally-minded entrepreneurs with valuable networks. Net new migration into New Zealand needs to be positive over time, but this is likely to be the toughest challenge yet.

New Zealand should focus more on building globally competitive companies with proper ecosystem support. I know you can do it. You know you can do it. Whāia te iti kahurangi - pursue that which is precious.

Investing in Southeast Asia for many years now, I’ve witnessed cycles of growth, correction, and reinvention. Yet, the current moment feels uniquely challenging—and transformative. The sectors emerging at the forefront for the next few years—B2B and deep tech—are ones where many of us have struggled to find consistent success over the last decade, especially compared to B2C and fintech. At the same time, our fund sizes have grown larger than ever, but the market size we operate in hasn’t proportionally expanded. This mismatch creates a tension that demands we rethink how we approach risk, ambition, and execution.

Since the 2022-2023 crash, large VC funds have increasingly gravitated toward safer, private-equity-like deals while becoming more multi-stage. It’s understandable; preserving capital feels prudent in uncertain times. But playing it safe won’t build the future. We cannot afford to give up on audacious founders—those who dare to think big and aim for transformative impact. These are the people who will unlock new markets, redefine industries, and create outsized returns—not just for investors but for society as a whole.

To thrive in this new era, we must retool and reinvent ourselves as investors. This means recalibrating how we assess risk, developing deeper expertise in emerging sectors, and being smarter and more calculated in our bets (keeping Power Law Distribution firmly in mind). It’s not about reckless optimism; it’s about supporting bold ideas with discipline and clarity.

This is a call to action: let’s not retreat into comfort zones or limit our vision. Let’s figure out what needs to change—within ourselves, our teams, our ecosystems, our founders, and our strategies—and make those changes happen. The future belongs to those willing to take calculated risks on founders with big dreams. Let’s ensure we’re part of building that future.