Lok Yek Soon, Founder of Awesome Ventures: Empowering Impactful Startups for Lasting Change  

Led by an eminent team of investors and industry captains from around the world, Awesome Ventures brings together a wealth of experience in strategy planning and diverse sectors. At the helm of Awesome Ventures is Lok Yek Soon, a visionary entrepreneur with over 25 years of experience within the startup ecosystem.

Lok’s impressive career includes contributions to Singapore’s first Internet startup, the creation of the first Internet-based CRM, and involvement in the world’s first digital rights management clearing house. With his background in computing and early investments in crypto, Lok’s expertise and forward-thinking approach have strengthened his reputation as an influential figure in the startup world.With a deep understanding of market trends and disruptive technologies, Lok has successfully backed companies like 3PAR, RightNow, RedHat, Twilio, and Cloudflare, all of which have made significant impacts in their respective industries. Now, Lok is bringing his expertise and passion to the forefront with Awesome Ventures, aiming to provide invaluable support and resources to startup founders during the critical early stages of their companies.

In an exclusive interview, Lok shares his insights into startup investments, his investment strategies, and his vision for the future of Awesome Ventures, offering a glimpse into the exciting world of entrepreneurship and innovation.

What types of sectors do you look to invest in? And what’s your mental model for investing?

We believe that for every shift in technology, new markets and opportunities are created. Our investment thesis focuses on Seed to Series A B2B technology companies in the following sectors: a) ClimateTech b) FinTech c) Enterprise Software d) MedTech e) SpaceTech

What is your typical investment range and how many startups do you invest in per year in general? 

Awesome Ventures’ first fund focused only on B2B startups in the US and UK. Historically, we invest between US$25,000 to US$250,000. Currently, we are starting a new Awesome Ventures Climate Tech fund. The fund looks to invest in startups addressing climate changes our planet faces. The new climate fund will allow us to invest globally.

During our interview with Lok Yek Soon, the founder of Awesome Ventures, we delved into his investment strategies and the key factors he considers when evaluating startup growth. When asked about the key performance indicators (KPIs) he looks for, Lok emphasized that while metrics are important, there are broader areas of focus. He revealed that the team’s cohesion and experience, market opportunity, month-over-month growth, revenue growth or annual recurring revenue (ARR), and product growth and roadmap are the key aspects that capture their attention. By evaluating these elements, Awesome Ventures aims to identify startups with the potential for significant success.

In addition to discussing the factors that contribute to successful investments, Lok shared valuable insights on the mistakes he has made in the past.

Can you share any investing mistakes that you made if there are any and the lessons we can learn from it?

We have guidelines within our investment framework. We find that deviating away from our investment thesis opens us to more mistakes in our due diligence. To ensure we do not make such mistakes, we always conduct our due diligence and write an investment memo. The investment memo allows us to test our understanding just like the pitch deck helps founders crystalise their ideas.

What mistakes do you see founders make when raising money?

a. Fundraising takes up more time and energy than you think. My advice to founders is to focus on getting your MVP up and running before raising. Do one thing at a time and avoid doing things concurrently.

b. Be direct and let investors know what you are doing and how much you intend to raise. The clarity will go a long way.

What’s your advice to entrepreneurs who have a chance to meet investors like you? What are the top 3 questions that you always ask the founders?

1. Tell me more about the problem you are solving
2. What is your Value Proposition
3. Share with me about your competition

What’s your general thought about the term “Global” and What are the important factors (criteria) for local startups to consider for international expansion?

Being global and acting local has to be planned from Day 0 of the company. It starts with the problem that you are solving. Is it a problem that is only unique in your city or country? Or is it a problem faced by others? That affects your market sizing as well as the go-to-market strategies and resources needed.

Successful startups manage the expansion to the global market well because they move away from customizing solutions towards having standardized products that are advanced, functional and reliable. Secondly, as a startup founder, it is important to assess your globalization needs. Which market are you expanding into? What kind of resources or talents do you need? Are they easily available in the targeted market (or even city that you are setting up in)?

When asked about his insights on the future impact of startups and the tech industry, Lok Yek Soon, the founder of Awesome Ventures, highlighted two sectors that are poised to shape the world in the coming years. First, he emphasized the significance of Climate Tech, given the increasing global commitment to net-zero targets and the urgent need for innovative solutions to reduce carbon emissions.

Lok foresees a surge in companies dedicated to addressing climate change challenges, alongside the implementation of government initiatives and regulations. Secondly, he pointed to the Space industry, which has witnessed remarkable advancements in recent years, enabling greater access to space and the emergence of new business models driven by enhanced data and connectivity.

Lok believes that these sectors, supported by advancements in technologies such as artificial intelligence and alternative energy, will pave the way for a period of hyper-innovation and technological breakthroughs in the next decade. As the startup landscape evolves and new opportunities arise, Awesome Ventures remains committed to identifying and supporting ventures that have the potential to drive meaningful change and contribute to these transformative sectors.