The Venture (Leap by McKinsey)

Cardiovascular disease remains the number one killer in every developed country, but only one in ten US patients with severe heart ailments received treatment in 2022. Egnite, a healthcare start-up, has ambitious plans to dramatically improve treatment of heart disease by harnessing the power of AI and big data to identify patients who fell through the cracks after being diagnosed. Egnite was spun out from Edwards Lifesciences, a California-based medical technology company, in early 2021. Egnite’s digital platform, CardioCare, steadily gained acceptance among clinicians, physicians, and hospitals, as the industry rapidly adopted new technology during the pandemic. Don Bobo, corporate vice president at Edwards, and Joel Portice, president and CEO of egnite, sat down with McKinsey’s Andrew Roth to discuss the CardioCare platform, the relationship between egnite and Edwards, and the lifesaving capabilities of AI and big data.

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In this episode of The Venture, we share a conversation with Tirayu Songvetkasem, also known as Mac. He is the head of Maknet and chief digital officer of Siam Makro, the Thai branch of a multinational serving the hotel, restaurant, café and catering sector (HoReCa). Makro recently leveraged the mothership's market experience and network of partners to launch Maknet, an online marketplace that’s already Thailand’s leading B2B for food products and services. Songvetkasem sat down with McKinsey’s Tomas Laboutka to discuss Maknet’s mission to bridge the divide between start-ups and incumbents, its funnel-based approach to attracting talent, and the importance of always remaining agile and open to disruption. 

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The global coleader of Leap by McKinsey discusses the firm’s latest global survey, which finds that business leaders and investors are bullish on building new businesses.

Despite ongoing economic uncertainty, businesses are increasingly enthusiastic about creating new ventures, according to McKinsey’s latest global survey on new-business building. More than 50 percent of surveyed CEOs cited new-business building as one of their top three priorities—unlike in the previous two years. And a majority of CFOs see business building as the single most likely strategic action on the corporate agenda. Investors are equally excited, valuing each dollar created in adjacent businesses at two times the rate of each one generated by the core business. In this episode of The Venture, Paul Jenkins, senior partner and global coleader of Leap by McKinsey, sat down with McKinsey’s Tomas Laboutka to discuss the survey’s findings, which include a priority on creating green and gen AI−related businesses, why the current climate favors incumbents, and the need to adopt a portfolio approach to corporate business building. 

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The leader behind one of Turkey’s top banking apps shares how an initiative from the country’s largest bank disrupted a crowded fintech market.

With over 600 fintech competitors, İşbank’s Nays app carved its own path by delivering a gamified user experience that attracted 1 million users in its pilot and 3 million in just 12 months. Ceyda Yalçın, leader of the Nays app, joins McKinsey’s Andrew Roth to explore how innovative features, strategic marketing, and simplicity helped Nays stand out and win over Turkey’s young, tech-savvy customers. Beyond growth, Yalçın delves into the challenges of maintaining a startup mindset, while continuing to innovate and scale in an increasingly competitive market.

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The founding partner of a Southeast Asian VC fund explains his company’s global ambitions to create economic opportunity, promote sustainability, and reduce carbon emissions.

Human activity began altering the climate in the mid-19th century, when the industrial revolution began unleashing unprecedented amounts of carbon into the atmosphere. But an innovative new VC climate tech venture builder is trying to mitigate some of the ensuing catastrophic climate change with a laudable and lofty goal: reducing 10 percent of global carbon emissions by 2035. Wavemaker Impact plans to reach this goal by funding what it calls 100x100 companies, sustainability start-ups able to mitigate 100 megatons of emissions in 10 years while generating $100 million in revenue. Wavemaker Impact founding partner Steve Melhuish sat down with McKinsey’s Tomas Laboutka to discuss the genesis of the venture, why it chose Southeast Asia as the first of 15 global hubs, and why business model innovation is sometimes more important than technological innovation.

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The CEO of a leading Southeast Asian steel distributor explains why he decided to launch a venture designed to reuse steel, reduce carbon emissions, and disrupt his core business.

If the many infrastructure projects across Southeast Asia have a common denominator, it’s steel. And in just 12 years, Singapore-based Mlion has become the region’s largest supplier of steel material for the construction of roads, bridges, ports, waterways, and underground tunnels, with offices in Malaysia, the Philippines, Indonesia, Thailand, Taiwan, and China. In 2021, Mlion launched GoListid, an online B2B steel marketplace designed to solve an industry-wide problem by allowing contractors to buy and sell used steel, saving money by eliminating the need to scrap it prematurely and reducing carbon emissions by prolonging its lifespan. Mlion chairman and CEO Eric Leong sat down with McKinsey’s Tomas Laboutka to discuss the creation of GoListid, why he thought it made sense to disrupt his core business, the importance of culture and talent, and his plans to eventually spin it off.

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The CEO of a cutting-edge fintech explain how his start-up offers investment services once reserved for the ultra-wealthy to successful professionals.

As the eight cofounders of Singapore-based Arta Finance got to know one other during their years together at Google, they recognized a massive market gap for investment services aimed people like themselves: successful professionals who were doing well, but not well enough to access top-tier financial services. With a total addressable market in the trillions, they decided to launch a fintech start-up offering these elite services at scale, using a digital platform powered by AI. The venture quickly attracted prominent investors and VC funding in excess of $92 million, is already doing business in the US, and will begin operating in Singapore by early 2024. Caesar Sengupta, CEO of Arta Finance, sat down with McKinsey’s Tomas Laboutka to discuss Arta’s mission to automate public market investing and provide access to alternative assets by offering clients the services of a digital private bank and family office.

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Dan Vahdat, the founder and CEO of Huma, is on a mission to change how the healthcare industry approaches research, treatment, and care.

Growing up in a family of doctors, Dan saw how 24/7 treatment of patients often deteriorates as soon as they leave the hospital – which is typically when complications occur. To fix this, he started Huma in 2011, a London-based company focused on making healthcare more proactive. Huma’s digital platforms are now used by over 3,000 hospitals and millions of people around the world. Recently, Huma raised over $80 million in funding to support its new AI-powered platform. In this episode of The Venture, Dan talks with McKinsey’s Timothy Yap about how AI and wearable technology are playing a key role in improving healthcare and why success still relies more on people than technology.

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Jonathan Sudharta, the co-founder and CEO of Indonesian telemedicine company, Halodoc, is making healthcare more accessible in the world’s fourth-largest country.

When Jonathan started his career as a pharmaceutical sales rep, he spent a lot of time in waiting rooms, watching patients wait—often for hours—just to see a doctor. He recognized an opportunity to address a lack of healthcare access in Indonesia and, in 2016, launched Halodoc, a telehealth app that now connects millions of Indonesians to over 20,000 healthcare professionals, clinics, labs, and pharmacies. Since then, Halodoc has raised $80 million in 2021 and another $100 million in 2023. In this episode of The Venture, Jonathan speaks to McKinsey’s Timothy Yap about Halodoc’s mission-driven culture, how the company reduced patient wait times from hours to minutes, and how it rose to the challenges of the COVID-19 pandemic.

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In this episode of The Venture, we share a conversation with Thomas Gros, CEO and cofounder of circulee, a Berlin-based distributor of pre-owned digital hardware. The German start-up provides smaller businesses with a green and cost-effective alternative to new IT devices, offering them professionally tested and warrantied hardware previously leased by large corporates. Gros sat down with McKinsey’s Tomas Laboutka to discuss the central importance of the circular business model, the challenges of pioneering a new business category, and the advantages of being backed by a corporate investor with a ready supply of high-quality, pre-owned devices.

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In this episode of The Venture, we share a conversation with Oi-Yee Choo, CEO of ADDX, a full-service capital markets platform based in Singapore. The fintech start-up uses blockchain and smart contract technology to provide access to a range of securities previously unavailable to mass affluent investors. And in less than three years, ADDX’s innovative approach has managed to attract funding from some high-profile regional financial institutions. Oi-Yee sat down with McKinsey’s Andrew Roth to discuss ADDX’s mission to democratize investing, create a performance-based culture, and recent efforts to expand their customer base to financial enterprises as well. At the close of the interview, McKinsey Partner, Anutosh Banerjee weighs in.

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In this episode of The Venture, we share a conversation with Brian Clark, chief product officer of Ascend Bit, a Bangkok start-up recently spun off from the Ascend Group, itself a part of Thailand’s C.P. Group. 

Ascend Bit’s mandate is to leverage blockchain solutions on behalf of the group, focusing on applications for businesses and tokenization for consumers. Current efforts focus on productizing, loyalty, and gamification, with an emphasis on tokenizing non-traditional assets for consumers. Clark sat down with McKinsey’s Andrew Roth to discuss the challenges and promise of blockchain, smart contracts and Web3. At the close of the interview, McKinsey’s Dilip Mistry weighs in.

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In this episode of The Venture, we share a conversation with Moritz Hartmann, global head of Roche Information Solutions for Roche Diagnostics, one of the Swiss multinational’s two divisions. Adapting to constant technological change and disrupting via science has fueled the 125-year-old company’s longevity, which now uses digital tools and data science to provide insights, drive outcomes, and deliver personalized healthcare. Hartmann sat down with McKinsey’s Anand Swaminathan to explain his mission to innovate the company’s diagnostic solutions through the adoption of new technology, giving product teams the freedom to operate without interference from above, and never forgetting to let patient needs guide the business.

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   Listen to the podcast (duration: 27:11) >  In this episode of The Venture, we breakdown the Clone vs Create debate. Aaron Tan, the CEO and founder of Carro, shares how he has dramatically grown Carro, now the #1 automobile marketplace in Southeast Asia, since 2015. We discuss how to break out from the crowd, address capability gaps in order to grow and scale, and cultivate an open culture that attracts talent to a new business.

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   Listen to the podcast (duration: 30:39) >  In this episode of The Venture, we discuss why culture matters to drive long term impact. Glenn Estrella from Globe Telecommunications' corporate incubator, 917Ventures, explains how Globe has become the largest mobile network operator in the Philippines. We also discuss how corporates can leverage their existing partnerships and assets, and build an innovative culture within their organization.

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   Listen to the podcast (duration: 35:47) >  In this episode of The Venture, we discuss why building new businesses is essential for growth and reinvention for large organizations. Bernd Vindevogel, chief analytics officer at True Digital Group, shares the company’s journey to building and scaling an in-house analytics organization from scratch. We also discuss the critical dynamics between a new business unit and its parent organization.

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   Listen to the podcast (duration: 35:41) >  In this episode of The Venture, we discuss how incumbents collaborate with start-ups to build an innovation ecosystem across all business units. Anne O'Riordan and Michael Poon from Jardine Matheson, a 188- year-old Asian conglomerate, share the company’s journey to bring speed, capability building, and innovation methodology of test and learn to support their portfolio businesses.

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   Listen to the podcast (duration: 39:11) >  In this episode of The Venture, we discuss the role of VCs in new businesses - how they evolve to be more value add and how is their relationship different from the incumbent and new business. Pieter Kemps, Principal at Sequoia Capital explains why it sometimes makes sense to delay monetization to focus on growth, the difference between “type one” and “type two” decisions, and the importance of being customer obsessed.

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   Listen to the podcast (duration: 25:24) >  In this special episode of The Venture, join us for a season recap of all the learnings from past episodes of 2020 with leaders from incumbents True Digital, Jardine Matheson, and Globe Telecom; venture-capital firm Sequoia Capital; and digital attacker Carro. Andrew Roth and Tomas Laboutka from Leap by McKinsey share the recipe for business building and the nuances incumbents need to take into account when they’re building and scaling new businesses.

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   Listen to the podcast (duration: 21:53) >  In this episode of The Venture, we discuss how to introduce a proven business model in different markets, localize that model for the new region, and fertilize it to become the market leader. Joel Leong, CEO and cofounder of ShopBack, explains how the company positioned itself as a pre-shopping destination to cement user loyalty, how it used performance marketing to unearth and exploit unexpected customer segments, and its upending of the established pay-per-click model with a cost-per-sale approach—one it intends to transplant into the offline space.

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In this episode of The Venture, we discuss the challenge of entering a highly competitive Chinese market without a local partner, the importance of being data driven to understand the customer, and how to embrace a culture of failing and learning in order to scale. Jesper Jos Olsson, group CEO and founding partner of White Peak Real Estate, explains the company's unshakeable commitment to green and sustainable development and its innovative, community-based concept for urban living.

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   Listen to the podcast (duration: 40:41) >  In this episode of The Venture, we discuss the challenge of launching a traditional utility player on a path of innovation and how an organization can build sustainability into its strategy, promote a culture of innovation within the organization, and reinvent its business for the future. Austin Bryan, senior director of innovation for CLP Holdings, a Hong Kong–based regional energy supplier, shares his commitment to transform a 120-year-old company through digitization and decarbonization into an innovative provider of sustainable energy that helps customers reduce consumption.

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   Listen to the podcast (duration: 45:19) >  In this episode of The Venture, we discuss the importance of establishing dominance in the core business before branching out, key success factors for a company to win in new marketplaces, and the need to constantly reexamine your key differentiator. Lai Chang Wen, CEO and cofounder of Ninja Van, a Singapore-based express delivery company in Southeast Asia, shares how the company has thrived due to a vast addressable market, an equal emphasis on technology and human nature, and a commitment to relentless innovation.

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   Listen to the podcast (duration: 34:42) >  In this episode of The Venture, we discuss the importance of a programmatic approach to acquiring and scaling brands, and the multiple advantages of business-building on the world’s largest e- commerce platform–Amazon. JJ Chai, CEO and cofounder of Rainforest, a Singapore-based, e-commerce brand aggregator, shares how his previous start-up experience helps him identify, acquire, and scale Asian “solopreneurs” targeting US consumers on Amazon’s marketplace.

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   Listen to the podcast (duration: 39:08) >  In this episode of The Venture, Andrew Roth shares a conversation with Alvin Cai, vice president of New Ventures, the corporate business-building arm of Singapore’s Economic Development Board. Cai talks about his group’s new Corporate Venture Launchpad, a S$10 million pilot program designed to help corporates build Singapore- based start-ups by partnering with established venture studios, and why he believes success depends on agility and autonomy from the mothership.

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   Listen to the podcast (duration: 39:31) >  In this episode of The Venture, Andrew Roth shares a conversation with Jakob Angele, CEO of Foodpanda APAC, part of Delivery Hero’s global network of food-delivery services. Angele talks about building a business based on delivering a restaurant meal to someone’s home, which at the time was something new to consumers and restaurants alike. Angele describes Foodpanda’s emphasis on speed, scale, and brand to build market share even as competitors entered the market.

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   Listen to the podcast (duration: 26:17) >  In this episode of The Venture, Andrew Roth shares a conversation with Edward Ying, former director of planning and transformation at Indonesian telco Telkomsel, and Trio Lumbantoruan, vice president of by.U, the carrier’s fully digital start-up. Telkomsel is Southeast Asia’s largest wireless provider, with more than 170 million subscribers and a 66 percent market share. In 2019, it launched by.U to win new customers in the Gen Z market and develop a brand with digital natives. Ying and Lumbantoruan talk about the thinking behind the start- up, the adoption of continuous innovation in the mothership, and the transformative impact the by.U team has had across its corporate parent.

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   Listen to the podcast (duration: 38:18) >  In this episode of The Venture, Andrew Roth shares a conversation with Hugh Yao, CEO and founder of LingoAce, a Singapore-based online language learning service aimed at children. Hugh founded the company in 2017, and after a couple years of deliberately glacial growth, the business exploded during the pandemic, growing some 4,000 percent and attracting students in more than 100 countries. Hugh talk about the genesis of LingoAce, why he kept his foot on the brake for so long, and how the company is dealing with its rapid global expansion.

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   Listen to the podcast (duration: 35:57) >  In this episode of The Venture, Andrew Roth shares a conversation with Josh Tetrick, CEO and cofounder of Eat Just, a California-based company that makes eggs from plants and produces meat from animal cells. The company was founded in 2011, and has sold the equivalent of more than 200 million eggs via JUST Egg, a plant- based egg made from mung beans. In 2017, the unicorn announced its intention to develop cultivated meat, and in 2020, Singapore became the first place to approve the sale of its chicken. Josh talks about his mission to change the nature of meat production, convincing consumers to accept unconventional meat, and the challenges of scaling a new industry.

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   Listen to the podcast (duration: 38:39) >  In this episode of The Venture, Andrew Roth shares a conversation with Samuel Rhee, Chairman, Chief Investment Officer, and cofounder of Endowus, a Singapore-based financial technology company that transformed the city-state’s cumbersome social security investment process into a fully digital experience. It’s now the only investment platform in Singapore approved for the investment of all funds, an eye-popping trillion-dollar wealth market. Samuel talks about Endowus’ mission to solve the retirement adequacy problem with financial literacy, expert advice, lower costs, elimination of hidden fees, and a corporate culture that puts the client first.

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   Listen to the podcast (duration: 33:25) >  In this episode of The Venture, Andrew Roth shares a conversation with Andre Menezes, cofounder and CEO of Next Gen Foods, a Singapore-based, food tech start-up. Its first product, TiNDLE, a plant-based chicken, is already making waves with chefs and diners in Singapore, Hong Kong, and Amsterdam. It recently debuted in the US, and helped Next Gen secure $100 million in funding. Andre talks about how Next Gen designed TiNDLE around three core elements, its decision to target restaurants before supermarkets, and why sustainability should be baked into a product, rather than the main selling point.

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