Swissep 25 2 Erik Jonsson - From Idea to Scale - Antler Vietnam and the Future of Founders
Short Summary:
Erik Jonsson, head of Antler Vietnam, discusses Antler's unique approach to early-stage venture capital investment. Antler doesn't focus on existing startups but instead identifies and supports founders with nascent ideas, providing resources, funding, and a global network. They utilize AI for founder screening and employ a consensus-based investment decision process, prioritizing scalable, globally-minded businesses. Key technologies mentioned include AI and sustainable solutions; however, Antler's investment strategy is technology-agnostic. The implications are a streamlined process for early-stage funding, fostering a diverse range of startups with global potential, particularly within Southeast Asia and Vietnam. Antler's methods include a rigorous residency program, personality profiling of founders, and a strong emphasis on speed and execution.
Detailed Summary:
The transcript details Antler Vietnam's operations and investment philosophy. It can be broken down into the following sections:
1. Introduction and Antler's Model: Jonsson introduces himself and Antler, a global VC firm operating in 30 locations. He emphasizes that Antler is not an accelerator or incubator but rather an early-stage investor focusing on founders with promising ideas, not existing startups. They provide support, funding, and access to a vast global network. Vietnam is highlighted as a particularly successful location for Antler.
2. The Antler Residency Program: This section describes Antler's intensive residency program. Approximately 75 founders participate, developing 20-30 teams and ideas, with 7-10 receiving investment. They receive a 2k grant, support with incorporation and banking, and access to Antler's network. Antler uses AI for initial founder screening, processing around 2000 applications per residency.
3. Founder Profile and Investment Strategy: Jonsson shares data on the types of founders Antler works with, highlighting a high percentage of serial founders and female founders, particularly in Vietnam. Antler's investment strategy is technology-agnostic, though they've observed trends like a growing interest in sustainability and AI. They emphasize the importance of founders who have deeply considered their ideas for a long time and can demonstrate quick execution. A key metric is the speed at which founders secure their next round of funding.
4. Investment Decision Process and Key Metrics: Antler uses a consensus-based investment decision process, requiring a majority vote. They also have a "golden buzzer" system allowing a single partner to override the committee. They track several key metrics for success, including the speed of securing Series A funding and referrals from other founders. Personality testing reveals that successful founders exhibit high openness and conscientiousness.
5. Ideal Founder Profile and Future Outlook: Jonsson describes the ideal Antler founder: someone obsessed with a scalable, globally-oriented idea, capable of rapid execution, and ideally recommended by other founders. He expresses a desire to move away from over-investing in SaaS and toward more unique, impactful ventures. He also emphasizes the importance of founders daring to think bigger and avoiding outdated business models. The final section includes a Q&A session addressing the diversity of founders and the support network Antler provides. The speaker notes that while they don't have a specific percentage breakdown of Vietnamese vs. international founders, the number of international founders in their Vietnam program is increasing. They also discuss their extensive network of mentors and advisors who volunteer their time to support the startups.
Notable Quotes: "Vietnam is kicking ass at the moment," "We love founders that are obsessing about an idea," "dragging your feet means loss of opportunity," and "founders that are recommended by other founders perform way better."