<p>在显而易见的地方隐藏着一种安静的模式。</p>
<p>创意科技的声霸在 1989 年为全球 PC 音频设定了标准，使公司在六年内从 540 万美元增长到 12 亿美元的收入。</p>
<p>雷蛇总部设在新加坡和加利福尼亚，现在是全球领先的游戏外设品牌之一。</p>
<p>Secretlab 由两位 20 多岁的电子竞技老兵创办，起初只有 5 万新元的储蓄，2020 年售出了第百万把椅子。现在它的产品已运送到 60 多个国家，其中北美的销售额占其总销售额的一半以上，而新加坡仅占 5%。</p>
<p>这个模式？每个都是从第一天起就全球化思考的新加坡产品公司，面向高 GDP 市场，同时利用该地区的结构性优势。</p>
<p>这不是巧合。在我们看来，这看起来像是一个可重复的操作手册，而这个手册仍然出人意料地未被充分利用。</p>
<h3>在新的全球秩序中导航亚洲</h3>
<p>获取洞察信息，送到您的邮箱。</p>
<h2>一种看似简单的配方</h2>
<p>这个公式通常始于扎根于新加坡的深思熟虑的产品设计，利用人才密集度和区域竞争力的成本结构，同时几乎完全面向西方消费者销售。</p>
<p>新加坡作为这一模式的总部，似乎远超其实际规模。它提供 C 级和产品领导人才；世界级的知识产权保护；以及至关重要的高度挑剔的消费者基础，成为零到一产品开发的自然推动力。</p>
<p>一个会拒绝任何平庸产品的挑剔本地客户，在许多方面，比一个在更大市场中宽容的客户更有价值。</p>
<p>另见</p>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9239eea36e6419e712decbb2669a8d2dd4824895415883a515ee94cf8614bddc/query-dz0yNDAGZHByPTEGZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9239eea36e6419e712decbb2669a8d2dd4824895415883a515ee94cf8614bddc/query-dz0yNDAGZHByPTEGZj13ZWJw"/></p>
<h3>建立 AI 工具让我对风险投资的认识</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fa8d48114a16cdf6c55c24ca1d517a615bee7ca0f64150479b0c7a990f192406/query-dz0yNDAGZHByPTEGZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fa8d48114a16cdf6c55c24ca1d517a615bee7ca0f64150479b0c7a990f192406/query-dz0yNDAGZHByPTEGZj13ZWJw"/></p>
<h3>超越低谷：风险投资如何押注于印度尼西亚的韧性</h3>
<p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6567e6db32ea57ff8783b35833d882e7038340468a65042578d4849d7bf49a17/query-dz0yNDAGZHByPTEGZj13ZWJw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6567e6db32ea57ff8783b35833d882e7038340468a65042578d4849d7bf49a17/query-dz0yNDAGZHByPTEGZj13ZWJw"/></p>
<h3>2025 年不是加密货币消亡之年；而是加密货币就业之年</h3>
<h2>一个正在扩大的结构性优势</h2>
<p>几种力量正在扩大该地区的优势，有些速度比大多数创始人预期的要快。</p>
<p>关税环境悄然使 “新加坡制造” 成为一个更具吸引力的提议。</p>
<p>新加坡扮演着两种不同且互补的制造角色。第一是最后一公里的组装。作为一个受信任的、与条约相连的中心，新加坡为面向美国和欧洲市场的产品提供了一个可信且无摩擦的最终组装点——在供应链来源从未如此重要的时刻。</p>
<p>第二是先进制造。2025 年经济发展局的数据显示，新加坡贡献了全球半导体产量的 10% 以上和全球半导体设备生产的 20%。这得益于大量的政府补助和研发支持，可以在很大程度上降低在这里建设硬件的资本要求。</p>
<p>对于懂得如何利用这两个杠杆的创始人来说，新加坡无疑提供了一个其他地方难以复制的制造故事。</p>
<p>区域人才套利似乎也是真实存在的。越南的工程支持；菲律宾的客户成功和销售；马来西亚和柔佛的后勤职能——在我们看来，一个结构良好的东南亚团队可以在不牺牲质量的情况下，提供全球竞争力的成本基础。</p>
<p>无论是通过合作伙伴关系还是直接的人才获取，中国的产品和制造专业知识在很大程度上是无与伦比的，并且往往对总部位于新加坡的公司比对试图复制相同模式的西方品牌更为可及。</p>
<h2>问题所在——这很重要</h2>
<p>这一切本身并不是护城河。有三条硬真相值得比通常更坦诚地对待。</p>
<p>首先，硬件中的产品护城河往往是感知上的而非实际的；并且比创始人预期的更容易侵蚀。</p>
<p>Secretlab 的故事从来不是关于捍卫专利壁垒，而是关于不断迭代客户喜爱循环。真正不会被侵蚀的是建立在真实社区忠诚基础上的品牌，配合一个能够持续将产品在正确的时间呈现给正确客户的分销机器。</p>
<p>其次，可服务市场几乎总是比看起来要小。定位于小众市场的硬件品牌——这是最强烈的早期客户喜爱所在——可能面临痛苦的天花板。</p>
<p>从早期收入基础跨越到持续规模似乎不仅需要更好的产品，还需要根本不同的市场进入架构。根据我们的经验，许多品牌在这一过渡中并未生存下来。</p>
<p>第三，库存管理可能会破坏已建立的许多成果。2022 年和 2023 年经历了全球大规模的库存减记。对于资本轻型的东南亚硬件公司来说，如果在现金周期纪律之前追求增长，这仍然是一个重要风险。</p>
<h2>下一步的框架</h2>
<p>在这一领域中，建立持久公司的旅程往往遵循一致的顺序逻辑。获得前进的权利在每个阶段都有显著变化。</p>
<p>在早期阶段，唯一重要的衡量标准是客户是否真正喜爱该产品。</p>
<p>根据我们的经验，一个小而热情的客户基础远比广泛但肤浅的认知更有价值。目标是深度，而非广度。我们看到成功的品牌是那些找到产品真正不可或缺的小众市场，并抵制过早优化其他任何东西的诱惑。</p>
<p>在增长阶段，战场往往转向分销。</p>
<p>拥有客户喜爱的产品越来越成为基本要求。我们看到的在这一点上停滞不前的品牌，往往并不是因为产品失败，而是因为市场推广策略从未演变以匹配其雄心。</p>
<p>渠道架构、区域销售存在和供应链效率无疑需要以与产品本身相同的严谨性来构建，同时在整个过程中保持单位经济的完整性。</p>
<p>在规模阶段，我们观察到无论是产品还是分销都不再是主要的防御杠杆。</p>
<p>品牌价值往往占据主导地位。在这一点上，最持久的品牌似乎不再主要在于功能或可用性，而是品牌对客户的意义，以及这种意义在他们的身份和习惯中有多深植。</p>
<p>那些似乎能够达到这一阶段并保持在此的品牌，往往是那些早期进行了情感投资的品牌——在收入让其感觉有必要之前很久。</p>
<p>我们的两个投资组合公司生动地体现了这一点。Montigo 在区域科技圈并不常被提及。这个由 RPG Commerce 在吉隆坡创立的饮具品牌，在过去三年中收入增长了六倍，同时连续六个季度保持净利润正增长。该公司在马来西亚、新加坡、印度尼西亚、泰国和中东拥有超过 70 家零售店，平均资本支出回收期为六个月。这是一个安静的成果，悄然建立。这正是要点所在。</p>
<p>最近，这一理论使我们主导了 myFirst 的 800 万美元 A 轮融资。这家总部位于新加坡的儿童科技公司打造了专为全球父母和儿童设计的设备、家庭安全平台和以儿童为中心的社交网络，精心设计，具有区域竞争力的成本结构，并且零售和电信合作伙伴已经包括沃尔玛和百思买。他们正在执行相同的策略。</p>
<h2>回归基本原则</h2>
<p>东南亚以前曾产生过全球产品冠军。值得注意的是，Vertex 与这一理论的历史可以追溯到对 Creative Technology 的早期投资，该公司首次将新加坡带入全球科技地图，推出了 Sound Blaster。</p>
<p>如今，创造下一代全球品牌的条件似乎比以往任何时候都要好。</p>
<p>关税顺风；越南和泰国的制造选择；中国供应链的接入；以及新加坡在全球科技生态系统中作为高信任节点的日益重要角色——这些结构性优势是真实存在的，我们相信它们正在不断积累。</p>
<p>该地区已经回答了是否能够为世界制造产品的问题。Creative Technology 在 1989 年给出了答案。</p>
<p>尚未解决的问题是，这里的下一代创始人是否具备像那些公司一样的顺序纪律和耐心去构建。</p>
<p><strong>作者是 Vertex Ventures 东南亚和印度的高级执行董事</strong></p>
<p>解码亚洲通讯：您在新全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的收件箱。免费。</p>

创新科技

<p>创意科技、雷蛇和 Secretlab 展示了新加坡在打造全球品牌方面的潜力。创意科技在六年内从 540 万美元增长到 12 亿美元，而雷蛇和 Secretlab 也取得了显著的成功。这些公司利用新加坡的人才、制造优势以及对产品质量的高要求，设计面向高 GDP 地区的产品。然而，诸如产品护城河的认知、市场规模的限制以及库存管理风险等挑战依然存在。成功的关键在于客户忠诚度以及在公司扩张时调整市场策略</p>

<p>THERE is a quiet pattern hiding in plain sight.</p>
<div class="lb-trans"><p>在显而易见的地方隐藏着一种安静的模式。</p>
</div><p>Creative Technology’s Sound Blaster set the PC audio standard for the world in 1989, growing the company from US$5.4 million to US$1.2 billion in revenue within six years.</p>
<div class="lb-trans"><p>创意科技的声霸在 1989 年为全球 PC 音频设定了标准，使公司在六年内从 540 万美元增长到 12 亿美元的收入。</p>
</div><p>Razer, dual-headquartered in Singapore and California, is now one of the world’s leading gaming peripheral brands by revenue.</p>
<div class="lb-trans"><p>雷蛇总部设在新加坡和加利福尼亚，现在是全球领先的游戏外设品牌之一。</p>
</div><p>Secretlab, started by two 20-something e-sports veterans with S$50,000 in savings, sold its millionth chair in 2020. It now ships to more than 60 countries, with North America alone responsible for more than half its sales, while Singapore accounts for just 5 per cent.</p>
<div class="lb-trans"><p>Secretlab 由两位 20 多岁的电子竞技老兵创办，起初只有 5 万新元的储蓄，2020 年售出了第百万把椅子。现在它的产品已运送到 60 多个国家，其中北美的销售额占其总销售额的一半以上，而新加坡仅占 5%。</p>
</div><p>The pattern? Each is a Singapore product company that thought globally from day one, building for high-GDP markets while leveraging the structural advantages of this region.</p>
<div class="lb-trans"><p>这个模式？每个都是从第一天起就全球化思考的新加坡产品公司，面向高 GDP 市场，同时利用该地区的结构性优势。</p>
</div><p>This is not a coincidence. It looks, to us, like a repeatable playbook and one that remains surprisingly underutilised.</p>
<div class="lb-trans"><p>这不是巧合。在我们看来，这看起来像是一个可重复的操作手册，而这个手册仍然出人意料地未被充分利用。</p>
</div><h3>Navigate Asia in  a new global order</h3>
<div class="lb-trans"><h3>在新的全球秩序中导航亚洲</h3>
</div><p>Get the insights delivered to your inbox.</p>
<div class="lb-trans"><p>获取洞察信息，送到您的邮箱。</p>
</div><h2>A deceptively simple recipe</h2>
<div class="lb-trans"><h2>一种看似简单的配方</h2>
</div><p>The formula tends to start with thoughtful product design anchored in Singapore, leveraging talent density and a regionally competitive cost structure, while selling almost entirely to Western consumers.</p>
<div class="lb-trans"><p>这个公式通常始于扎根于新加坡的深思熟虑的产品设计，利用人才密集度和区域竞争力的成本结构，同时几乎完全面向西方消费者销售。</p>
</div><p>Singapore appears to punch far above its weight as a headquarters for this model. It offers C-suite and product leadership talent; world-class intellectual property protection; and, critically, a highly exacting consumer base that serves as a natural forcing function for zero-to-one product development.</p>
<div class="lb-trans"><p>新加坡作为这一模式的总部，似乎远超其实际规模。它提供 C 级和产品领导人才；世界级的知识产权保护；以及至关重要的高度挑剔的消费者基础，成为零到一产品开发的自然推动力。</p>
</div><p>A demanding local customer who will reject anything mediocre is, in many ways, worth more than a forgiving one in a larger market.</p>
<div class="lb-trans"><p>一个会拒绝任何平庸产品的挑剔本地客户，在许多方面，比一个在更大市场中宽容的客户更有价值。</p>
</div><p>SEE ALSO</p>
<div class="lb-trans"><p>另见</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/9239eea36e6419e712decbb2669a8d2dd4824895415883a515ee94cf8614bddc/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/9239eea36e6419e712decbb2669a8d2dd4824895415883a515ee94cf8614bddc?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>What building an AI tool taught me about venture capital</h3>
<div class="lb-trans"><h3>建立 AI 工具让我对风险投资的认识</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/fa8d48114a16cdf6c55c24ca1d517a615bee7ca0f64150479b0c7a990f192406/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/fa8d48114a16cdf6c55c24ca1d517a615bee7ca0f64150479b0c7a990f192406?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>Beyond the dip: How VCs can bet on Indonesia’s resilience</h3>
<div class="lb-trans"><h3>超越低谷：风险投资如何押注于印度尼西亚的韧性</h3>
</div><p><img src="https://imageproxy.pbkrs.com/https://cassette.sphdigital.com.sg/image/businesstimes/6567e6db32ea57ff8783b35833d882e7038340468a65042578d4849d7bf49a17/query-ZHByPTEmZj13ZWJwJnc9MjQw" alt="" original-src="https://cassette.sphdigital.com.sg/image/businesstimes/6567e6db32ea57ff8783b35833d882e7038340468a65042578d4849d7bf49a17?w=240&amp;dpr=1&amp;f=webp"/></p>
<h3>2025 was not the year crypto died; it was the year crypto got a job</h3>
<div class="lb-trans"><h3>2025 年不是加密货币消亡之年；而是加密货币就业之年</h3>
</div><h2>A structural edge that is widening, not narrowing</h2>
<div class="lb-trans"><h2>一个正在扩大的结构性优势</h2>
</div><p>Several forces are widening the region’s advantage, some faster than most founders appreciate.</p>
<div class="lb-trans"><p>几种力量正在扩大该地区的优势，有些速度比大多数创始人预期的要快。</p>
</div><p>The tariff environment has quietly made “Made in Singapore” a more compelling proposition.</p>
<div class="lb-trans"><p>关税环境悄然使 “新加坡制造” 成为一个更具吸引力的提议。</p>
</div><p>Singapore plays two distinct and complementary manufacturing roles. The first is last-mile assembly. As a trusted, treaty-connected hub, Singapore offers a credible and friction-free final assembly point for products destined for US and European markets – at a time when supply chain provenance has never mattered more.</p>
<div class="lb-trans"><p>新加坡扮演着两种不同且互补的制造角色。第一是最后一公里的组装。作为一个受信任的、与条约相连的中心，新加坡为面向美国和欧洲市场的产品提供了一个可信且无摩擦的最终组装点——在供应链来源从未如此重要的时刻。</p>
</div><p>The second is advanced manufacturing. Figures from the Economic Develpment Board in 2025 indicated that Singapore contributed more than 10 per cent of global semiconductor output and 20 per cent of global semiconductor equipment production. This is backed by substantial government grants and R&amp;D support that can meaningfully de-risk the capital requirements of building hardware here.</p>
<div class="lb-trans"><p>第二是先进制造。2025 年经济发展局的数据显示，新加坡贡献了全球半导体产量的 10% 以上和全球半导体设备生产的 20%。这得益于大量的政府补助和研发支持，可以在很大程度上降低在这里建设硬件的资本要求。</p>
</div><p>For founders who know how to use both levers, Singapore arguably offers a manufacturing story that few other locations in the world can replicate.</p>
<div class="lb-trans"><p>对于懂得如何利用这两个杠杆的创始人来说，新加坡无疑提供了一个其他地方难以复制的制造故事。</p>
</div><p>The regional talent arbitrage also appears to be real. Engineering support in Vietnam; customer success and sales in the Philippines; back-office functions in Malaysia and Johor – a well-structured South-east Asia team can, in our view, deliver a globally competitive cost base without sacrificing quality.</p>
<div class="lb-trans"><p>区域人才套利似乎也是真实存在的。越南的工程支持；菲律宾的客户成功和销售；马来西亚和柔佛的后勤职能——在我们看来，一个结构良好的东南亚团队可以在不牺牲质量的情况下，提供全球竞争力的成本基础。</p>
</div><p>Chinese product and manufacturing expertise, whether via partnerships or direct talent access, remains largely unrivalled and tends to be more accessible to Singapore-headquartered companies than to Western brands trying to replicate the same model.</p>
<div class="lb-trans"><p>无论是通过合作伙伴关系还是直接的人才获取，中国的产品和制造专业知识在很大程度上是无与伦比的，并且往往对总部位于新加坡的公司比对试图复制相同模式的西方品牌更为可及。</p>
</div><h2>The catch – and it matters</h2>
<div class="lb-trans"><h2>问题所在——这很重要</h2>
</div><p>None of this is a moat in itself. Three hard truths deserve more candour than they typically receive.</p>
<div class="lb-trans"><p>这一切本身并不是护城河。有三条硬真相值得比通常更坦诚地对待。</p>
</div><p>First, product moats in hardware tend to be more perceived than real; and faster to erode than founders expect.</p>
<div class="lb-trans"><p>首先，硬件中的产品护城河往往是感知上的而非实际的；并且比创始人预期的更容易侵蚀。</p>
</div><p>The Secretlab story was never about defending a patent wall. It was about relentlessly iterating on a customer love loop. What tends not to erode is a brand built on genuine community loyalty, paired with a distribution machine that consistently gets the product in front of the right customer at the right time.</p>
<div class="lb-trans"><p>Secretlab 的故事从来不是关于捍卫专利壁垒，而是关于不断迭代客户喜爱循环。真正不会被侵蚀的是建立在真实社区忠诚基础上的品牌，配合一个能够持续将产品在正确的时间呈现给正确客户的分销机器。</p>
</div><p>Second, the serviceable market is almost always smaller than it looks. Hardware brands with niche positioning – which is where the strongest early customer love tends to live – can face a painful ceiling.</p>
<div class="lb-trans"><p>其次，可服务市场几乎总是比看起来要小。定位于小众市场的硬件品牌——这是最强烈的早期客户喜爱所在——可能面临痛苦的天花板。</p>
</div><p>Crossing from an early revenue base to a sustained scale appears to require not just a better product, but a fundamentally different go-to-market architecture. Many brands, in our experience, do not survive that transition.</p>
<div class="lb-trans"><p>从早期收入基础跨越到持续规模似乎不仅需要更好的产品，还需要根本不同的市场进入架构。根据我们的经验，许多品牌在这一过渡中并未生存下来。</p>
</div><p>Third, inventory management can undo much of what has been built. The years 2022 and 2023 had global large-scale inventory write-offs. For capital-light South-east Asian hardware companies operating lean, this remains a meaningful risk if growth is pursued ahead of cash cycle discipline.</p>
<div class="lb-trans"><p>第三，库存管理可能会破坏已建立的许多成果。2022 年和 2023 年经历了全球大规模的库存减记。对于资本轻型的东南亚硬件公司来说，如果在现金周期纪律之前追求增长，这仍然是一个重要风险。</p>
</div><h2>A framework for what comes next</h2>
<div class="lb-trans"><h2>下一步的框架</h2>
</div><p>Across the companies in this space that have built durably, the journey tends to follow a consistent sequencing logic. What earns you the right to advance changes meaningfully at each stage.</p>
<div class="lb-trans"><p>在这一领域中，建立持久公司的旅程往往遵循一致的顺序逻辑。获得前进的权利在每个阶段都有显著变化。</p>
</div><p>In the early stage, the only measure that matters is whether customers genuinely love the product.</p>
<div class="lb-trans"><p>在早期阶段，唯一重要的衡量标准是客户是否真正喜爱该产品。</p>
</div><p>A small but fervent customer base is, in our experience, worth far more than broad but shallow awareness. The goal is depth, not reach. The brands we have seen succeed here are those that found a niche where their product felt genuinely indispensable, and resisted the temptation to optimise for anything else too soon.</p>
<div class="lb-trans"><p>根据我们的经验，一个小而热情的客户基础远比广泛但肤浅的认知更有价值。目标是深度，而非广度。我们看到成功的品牌是那些找到产品真正不可或缺的小众市场，并抵制过早优化其他任何东西的诱惑。</p>
</div><p>In the growth stage, the battleground tends to shift towards distribution.</p>
<div class="lb-trans"><p>在增长阶段，战场往往转向分销。</p>
</div><p>Having a product that customers love increasingly becomes table stakes. The brands we have seen stall at this point often did so not because the product failed, but because the go-to-market strategy never evolved to match the ambition.</p>
<div class="lb-trans"><p>拥有客户喜爱的产品越来越成为基本要求。我们看到的在这一点上停滞不前的品牌，往往并不是因为产品失败，而是因为市场推广策略从未演变以匹配其雄心。</p>
</div><p>Channel architecture, regional sales presence and supply chain efficiency arguably need to be built with the same rigour that was once applied to the product itself – while keeping unit economics intact throughout.</p>
<div class="lb-trans"><p>渠道架构、区域销售存在和供应链效率无疑需要以与产品本身相同的严谨性来构建，同时在整个过程中保持单位经济的完整性。</p>
</div><p>In the scale stage, our observation is that neither product nor distribution remains the primary defensibility lever.</p>
<div class="lb-trans"><p>在规模阶段，我们观察到无论是产品还是分销都不再是主要的防御杠杆。</p>
</div><p>Brand equity tends to take over. At this point, the most durable brands appear to compete less on features or availability, and more on what the brand means to a customer and how deeply that meaning is embedded in their identity and habits.</p>
<div class="lb-trans"><p>品牌价值往往占据主导地位。在这一点上，最持久的品牌似乎不再主要在于功能或可用性，而是品牌对客户的意义，以及这种意义在他们的身份和习惯中有多深植。</p>
</div><p>The brands that seem to reach this stage and stay there are often the ones that made that emotional investment early – long before the revenue made it feel necessary.</p>
<div class="lb-trans"><p>那些似乎能够达到这一阶段并保持在此的品牌，往往是那些早期进行了情感投资的品牌——在收入让其感觉有必要之前很久。</p>
</div><p>Two of our portfolio companies bring this to life. Montigo is not a name that gets much airtime in regional tech circles. The drinkware brand, built by RPG Commerce out of Kuala Lumpur, grew its revenue sixfold over the last three years while staying net profit positive for six consecutive quarters. The company has more than 70 retail stores across Malaysia, Singapore, Indonesia, Thailand and Middle East that average a six-month capital expenditure payback. It is a quiet outcome, built quietly. Which is rather the point.</p>
<div class="lb-trans"><p>我们的两个投资组合公司生动地体现了这一点。Montigo 在区域科技圈并不常被提及。这个由 RPG Commerce 在吉隆坡创立的饮具品牌，在过去三年中收入增长了六倍，同时连续六个季度保持净利润正增长。该公司在马来西亚、新加坡、印度尼西亚、泰国和中东拥有超过 70 家零售店，平均资本支出回收期为六个月。这是一个安静的成果，悄然建立。这正是要点所在。</p>
</div><p>More recently, this same thesis led us to lead myFirst’s US$8 million Series A. The Singapore-based kids’ tech company builds purpose-designed devices, a family safety platform, and a kids-first social network, thoughtfully crafted for a global audience of parents and children, with a regionally competitive cost structure and retail and telco partners already including Walmart and Best Buy. They are running the same playbook.</p>
<div class="lb-trans"><p>最近，这一理论使我们主导了 myFirst 的 800 万美元 A 轮融资。这家总部位于新加坡的儿童科技公司打造了专为全球父母和儿童设计的设备、家庭安全平台和以儿童为中心的社交网络，精心设计，具有区域竞争力的成本结构，并且零售和电信合作伙伴已经包括沃尔玛和百思买。他们正在执行相同的策略。</p>
</div><h2>Going back to first principles</h2>
<div class="lb-trans"><h2>回归基本原则</h2>
</div><p>South-east Asia has produced global product champions before. It is worth noting that Vertex’s own history with this thesis stretches back to an early investment in Creative Technology, the company that first put Singapore on the global tech map with the Sound Blaster.</p>
<div class="lb-trans"><p>东南亚以前曾产生过全球产品冠军。值得注意的是，Vertex 与这一理论的历史可以追溯到对 Creative Technology 的早期投资，该公司首次将新加坡带入全球科技地图，推出了 Sound Blaster。</p>
</div><p>The conditions to produce the next generation of global brands appear to be better today than they have been in a long time.</p>
<div class="lb-trans"><p>如今，创造下一代全球品牌的条件似乎比以往任何时候都要好。</p>
</div><p>Tariff tailwinds; manufacturing optionality across Vietnam and Thailand; Chinese supply chain access; and Singapore’s increasingly valuable role as a high-trust node in the global tech stack – the structural advantages are real and, we believe, compounding.</p>
<div class="lb-trans"><p>关税顺风；越南和泰国的制造选择；中国供应链的接入；以及新加坡在全球科技生态系统中作为高信任节点的日益重要角色——这些结构性优势是真实存在的，我们相信它们正在不断积累。</p>
</div><p>The region has answered the question of whether it can build products for the world. Creative Technology answered it in 1989.</p>
<div class="lb-trans"><p>该地区已经回答了是否能够为世界制造产品的问题。Creative Technology 在 1989 年给出了答案。</p>
</div><p>What remains open is whether the next generation of founders here will have the sequencing discipline and the patience to build the way those companies did.</p>
<div class="lb-trans"><p>尚未解决的问题是，这里的下一代创始人是否具备像那些公司一样的顺序纪律和耐心去构建。</p>
</div><p><strong>The writer is senior executive director, Vertex Ventures South-east Asia and India</strong></p>
<div class="lb-trans"><p><strong>作者是 Vertex Ventures 东南亚和印度的高级执行董事</strong></p>
</div><p>Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.</p>
<div class="lb-trans"><p>解码亚洲通讯：您在新全球秩序中导航亚洲的指南。点击此处注册以获取解码亚洲通讯。直接发送到您的收件箱。免费。</p>
</div>

创新科技、雷蛇、Secretlab——从新加坡打造全球品牌的策略是什么？