Steering clear of tech startups is this Vietnam-based PE firm’s strategy

Check out our top articles for the week. [Read from your browser]( Top Stories of the Week Welcome to Tech in Asia's free Sunday newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. Hello {NAME} I like this quote from The Princess Diaries: “Because you saw me when I was invisible.” Now, venture capital investors are not secret royalty like Mia Thermopolis, but one of their jobs is to identify potential startups before these companies become real stars. In 1999, SoftBank founder Masayoshi Son bet US$20 million on Jack Ma even though the former English teacher had no business plan at the time. The Financial Times recently estimated that SoftBank's stake in Alibaba was worth US$100 billion at one point. But since 90% of startups fail, Alibaba is a rare case of a startup becoming a successful company. Mekong Capital, a well-known private equity (PE) investment firm based in Vietnam, doesn’t want to take such risks. The PE firm says it only invests in consumer-driven businesses that have proven unit economics. At the time when everyone is talking about and pursuing profitability, this approach seems to be even more relevant. However, without investors willing to bet on tech startups when their ideas are just on paper, what would we miss out on in terms of innovation? -- [Thu Huong Le]( journalist at Tech in Asia  --------------------------------------------------------------- TOP STORIES THIS WEEK 1️. [Why this Vietnam-based PE firm doesn’t bet on startups]( Mekong Capital partner Chad Ovel says there’s an overhang in valuation expectations among many predominantly tech businesses in Vietnam. 2. [Grab’s GMV is stagnant. 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To make things easier, we have compiled a detailed list of the most recent VC funds for our subscribers. --------------------------------------------------------------- TECH IN ASIA'S FOUNDERS MEETUP: VIETNAM  Join us and share the hardest challenges you’ve faced as a founder If you’re an entrepreneur based in Vietnam, you’re invited to Tech in Asia’s Regional Founders Meetup, which will be held on June 28 at The Sentry in Ho Chi Minh City (2/F Sonatus Building, 15 Le Thanh Ton, District 1) from 5:30 p.m. to 7:30 p.m. Join us and share the hardest challenges you’ve faced as a founder. To help you find solutions, we’ll introduce you to fellow founders who have been there and done that. Starting up doesn’t have to be a lonely journey. [Register]( for this exclusive event here today. Tickets are priced at US$12.50 per person, inclusive of light bites and one drink. Slots are limited and are available on a first come, first served basis. 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