Dear Founders

Dear Alternate Protein Startup Founders

During my tenure at Temasek, I had the privilege of meeting many of you.

The capital markets had not been kind to fundraising and the inflationary pressures slowed consumer adoption of plant based alternatives. 

As advocates of alternative protein products, we recognize the urgent need for sustainable food systems. We understand that addressing global challenges like climate change and food insecurity demands nnovative solutions, even if they take time to gain widespread acceptance.

I want to share a story about my former boss in the music industry with you.  His visionary ideas were ahead of their times.

In early 2000, David quit his music executive career and to found a start up, gogo.com, a model similar to what Spotify is today. 

The venture did not take off due to limitations of internet connectivity - back in those dayswe used dial up via a phone lines at 456kb speeds. 

Undeterred, his second venture focused on pre-loading music onto mobile phones as an unique phone feature.  This time the solution was in sync with technology. Also the music industry was ready to license the music for such services.  It predated Apple Music. 

Today his recognized as Billboard’s International Power Player in 2024. He invests in music catalogues, emphasizing the value of content and importance of respecting artists behind it - the copyright philosophy behind Taylor's Version.

David's experiences teach us valuable lessons about market timing, technological readiness, and the importance of adapting to the current landscape. His story underscores the importance of perseverance, resilience, and continuous learning in the face of setbacks.

Alternative protein products represent a forward-thinking approach to addressing sustainability in our food system.  It is the music catalogue.

Remember, even if your first attempt doesn't succeed, it doesn't mean your idea or vision is invalid; it might just mean the timing or circumstances aren't right yet.

Stay focus on the few principles I've shared with you.

• Financial discipline is paramount.

• Spend 20% of your time looking in the rear view mirror and allocate 80% of your time looking at the road ahead.

• Embrace accountable.  Assess what worked, what did not, and what to do next honestly.

• While inaccurate data can lead to wrong decisions, analysis paralysis leads to inaction. 

• Manage your cash wisely; only hire when absolutely necessary.

• Prioritize product development over the valuation of your business.

The beauty of a startup lies in its capacity to learn from failure. Keep pushing forward.

Unicorns, the folklore version, are special because they have a magical aura, a symbol of hope, and the guardian of nature. I hope you will continue to chase your unicorn dream, not just the valuation.

Yours Truly,

Elaine