Fave founder opens up on difficult exit

This week’s On the Rise looks at how Joel Neoh adjusted after Fave's acquisition and what's holding back climate tech firms. [Read from your browser]( On the Rise 🚀 Welcome to On the Rise! Delivered every Tuesday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and trends in emerging tech. If you’re not a subscriber, get access by [registering here](. --------------------------------------------------------------- IN FOCUS In today's newsletter, we look at: - [Fave founder on most ‘challenging’ exit and why he left]( - [Overstretched VinFast slows US plant opening, prioritizes Asia]( - Air New Zealand scraps its emissions target, highlighting gaps climate tech is yet to fill Hello {NAME} Have your nights become longer this past week, too? Lately, I’ve been trying to catch the Filipino Olympians’ performance in their events late at night. One particular sport that has tickled my curiosity lately is gymnastics. Coming from a country where basketball is the most ubiquitous sport, having a Filipino compete in the artistic gymnastics category in the Olympics already feels like a win. Almost every neighborhood in the country has a basketball court, but gymnastics facilities are almost exclusively available in the capital. So when our Olympian gymnast, 24-year-old Carlos Yulo, competed in the artistic all-around event last Wednesday in Paris, it was a moment of pride for the country. Yulo was shaky, and even fell, in the pommel horse event. By the weekend, however, Yulo’s life changed for good. The Filipino gymnast snagged the gold for both the artistic floor and artistic vault events - the most triumphant Olympic campaign for any Filipino athlete in history. It would be the first time an individual athlete from the Philippines will come home with two Olympic gold medals. Throughout the competition, I witnessed how gymnasts fell on their faces after trying their hardest to spin on air or find their balance after a dangerous cartwheel. They stood up, recollected themselves, and tried to do their routines once more. Sometimes they nail it the second time. Others, though, had to change their routines to ensure they finished it with both feet on the ground. I can’t help but compare these moments in the Olympics with what Fave founder Joel Neoh shared in a conversation with Tech in Asia CEO and founder Willis Wee at the TIA Kuala Lumpur Conference on July 25. In their conversation, which is featured in our Big Story, [Fave founder on most ‘challenging’ exit and why he left]( Neoh details the adjustments his team had to make after the startup was acquired by India-based Pine Labs. He shares that at one point during the transition, the vision of the employees and the founders had become mismatched. The founder then had to make difficult decisions - and hold conversations with his team - to ensure that the startup was a right fit for Pine Labs’ strategy and company culture. Neoh himself had questioned whether he had the capacity to lead Fave to further expansion as part of Pine Labs’ new vision for the startup. He had to navigate all this in the thick of the pandemic. Fave is not the only company that had to make adjustments to what it initially planned during the pandemic. Last week, [Air New Zealand]( became the first airline to completely scrap its emissions target. The company initially committed to reduce emissions by almost 29% by 2030. However, the slow pace of development on sustainable aviation fuel (SAF) has kept it from procuring new planes. A [May 2024 report]( from the Institute of Policy Studies (IPS), a US-based think tank, revealed: “There is currently no realistic or scalable alternative to kerosene-based fuels that would meet current aviation needs.” SAFs are usually [produced from agricultural waste and discarded oil]( and the IPS has raised concerns that it may incentivize an industry that is already the source of about a tenth of the world’s emissions. These are the kind of problems that the deeptech industry, which includes climate tech, aims to solve. An [industry report]( from Singapore-based VC firm Innoven Capital published last June revealed that the climate tech sector is set to attract the most investor attention in Southeast Asia this year. Data shows that in Singapore, deeptech funding has mostly gone to the agritech, mobility, and waste processing sectors. Startups that get funding under the energy transition vertical are mostly for producing electric vehicles and other infrastructure that support it. Such news from Air New Zealand shows the many gaps that climate tech firms may still fill, as well as the challenge in supporting startups that aim for moonshot solutions for our environmental problems. The IPS study has already shown there are a number of startups already pursuing to craft SAF that can fill the airline industry’s needs. The struggle lies in making it scalable enough to fulfill all of the industry’s demands. With the millions being poured into the climate tech sector, here’s hoping a solution comes sooner than later. – Elyssa  --------------------------------------------------------------- DEEP READS Also check out Tech in Asia’s coverage of the emerging tech scene [here](. 1️⃣ [Overstretched VinFast slows US plant opening, prioritizes Asia]( The Vietnamese EV company was initially bullish on heading to the US. But the country’s uncertain political future ahead of its elections in November has complicated the automaker’s plans. Analysts say the readjustment is for good measure, as VinFast is also struggling with its cash flow. 2️⃣ [ChatGPT threatens edtech startups, but founders are unfazed]( For Prep CEO and co-founder Tu Pham, ChatGPT is a “friend” of his business rather than an “enemy.” It’s a bold statement considering the service his startup offers - language learning - can technically now be done through ChatGPT after the chatbot added a text-to-voice feature. But Pham, along with other edtech founders and executives in Southeast Asia, argue that their personalized learning products will keep them relevant to the market. 3️⃣ [With smugglers and front companies, China is skirting American AI bans]( An investigation by The New York Times reveals that more than a dozen state-affiliated entities in China have purchased restricted AI chips from the US, despite the latter’s stringent measures to prevent such from happening. Even ordinary citizens in China can now purchase Nvidia chips in the Shenzhen electronics market. ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. [Tech in Asia Conference Jakarta on Oct 23 - 24]( Tech in Asia is at the forefront of uncovering the next big thing in Southeast Asia’s tech scene. Our flagship conference in Jakarta is where the region’s most promising trends converge. This year, we’re spotlighting Fintech, Cleantech, and AI – three sectors poised to revolutionize industries and create immense opportunities. Join us to gain invaluable insights and network with the region's top innovators. [Save 50% off your tickets today!]( [Startup Factory at Tech in Asia Conference Jakarta]( Are you building a startup that is on track to become the next tech frontier? Apply to Startup Arena, the hottest pitch battle judged by investors, industry experts, and a live audience. Vie for global recognition, prize money, media coverage, and other exciting prizes! [Apply now.](  [Gemini Day for Startups: Singapore on August 11]( The future of your AI-powered startup starts now. On August 22, get an exclusive preview of Google Cloud's latest AI tools and learn how to leverage their full potential. We're talking cutting-edge demos, unfiltered advice from AI veterans, and unparalleled networking that will make your LinkedIn profile a magnet for opportunity. [Apply now for an invite]( - limited seats up for grabs. [Tech in Asia’s Founders Meetup: Thailand on September 11]( Building a startup in Bangkok is a marathon, not a tuk-tuk race. Ready to accelerate your growth? Join us and connect with the city's top founders, leaders, and investors. Gain invaluable insights on navigating Bangkok's tech scene, and snag face-time with leading VCs during our exclusive Office Hours. Early-bird tickets are at a discounted price of US$10 until August 26. [Get your ticket now!]( [SYNC 2024 on October 2024]( Remember last year's SYNC? Tech in Asia handpicked 100 attendees for a day of learning, sharing, and networking, all aimed at addressing climate tech’s challenges and mapping the future of the sector. This year, we're focusing on another exciting industry, and we’re turning up the dial with even more thought-provoking sessions, inspiring speakers, and rising stars ready to disrupt. Ready to be in the know? [Register your interest today]( for the latest on SYNC 2024. Stay tuned. ---------------------------------------------------------------  That’s it for this edition - we hope you liked it! Do also check out previous issues of the newsletter [here](. Not your cup of tea? 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