Name: 亞洲的科技新疆域：風險投資大舉押注的地方 (Asia’s New Tech Frontiers: Where VCs Are Betting Big)
Uploaded: 2025-09-26T18:56:29.000Z
Duration: 27 min 27 s

基礎被動語態

This episode of Beyond the Valley is sponsored by the Singapore Week of Innovation and Technology by Enterprise Singapore.

本期《超越山谷》節目由新加坡企業發展局主辦的新加坡創新科技周贊助。

情態副詞

Investors are always on the hunt for the next big opportunity, especially when it comes to tech.

投資者總是在尋找下一個重大機遇，尤其是在科技領域。

Over the past decade, an increasing amount of that attention has shifted towards Asia.

在過去十年中，越來越多的注意力轉移到了亞洲。

At the heart of this story is Singapore, a small city-state that's become a major gateway for companies and investors looking to tap into Asia's booming tech market.

新加坡是這個故事的核心，這個小城市國家已成為希望進軍亞洲蓬勃發展的科技市場的公司和投資者的主要門戶。

But how did Singapore build this reputation and what makes it such a critical player in the global tech landscape?

但是，新加坡是如何建立起這一聲譽的，又是什麼讓它在全球科技領域扮演如此重要的角色？

您好，歡迎來到 Beyond the Valley。

I'm Arjun Karpal and this is the first episode in a three-part series exploring Singapore's rise as an Asian tech hub.

我是阿爾瓊-卡帕爾（Arjun Karpal），這是探索新加坡作為亞洲科技中心崛起的三部曲中的第一集。

From serving as a home to major investors to becoming a key outpost for the world's biggest tech firms, I'll unpack how Singapore has carved out its role in an ever-changing industry.

從作為主要投資者的家園，到成為全球最大科技公司的重要前哨，我將解讀新加坡如何在瞬息萬變的行業中扮演自己的角色。

My guest for this episode is someone who knows this space inside out.

本期節目的嘉賓是一位對這個空間瞭如指掌的人。

Raj Ganguly, co-founder and co-CEO of global venture capital firm B-Capital.

拉吉-甘古利（Raj Ganguly），全球風險投資公司 B-Capital 的聯合創始人兼聯合首席執行官。

Raj, thanks so much for joining me on Beyond the Valley.

拉吉，非常感謝你參加 "超越山谷 "節目。

謝謝你，阿瓊，謝謝你邀請我。

Raj, you co-founded B-Capital in 2015 and you were investing in Asia early on.

拉吉，你在 2015 年共同創立了 B-Capital，很早就開始在亞洲投資。

What was it about the region that was exciting you at the time?

當時，該地區有哪些地方讓你感到興奮？

I've always found Asia to be really exciting.

我一直覺得亞洲非常令人興奮。

I was born in India and even though I grew up in the US, I spent a lot of my time as a kid back in India.

我出生在印度，雖然我在美國長大，但小時候有很多時間是在印度度過的。

I think what really excited me was in 2009, I got the opportunity to come out to Asia as part of my old firm, Bain Capital.

真正讓我感到興奮的是 2009 年，我有機會作為老公司貝恩資本的一員來到亞洲。

They were building Bain Capital's first funds in Asia.

他們正在建立貝恩資本在亞洲的第一批基金。

I was just really blown away by how different the innovation was from what people in the valley thought it was.

這種創新與山谷中人們的想象大相徑庭，讓我大開眼界。

I think in the valley, we thought that what was happening in Asia was that there was people who were taking business models that were proven in the US and bringing them to China or bringing them to India and building copycatting.

我認為，在山谷中，我們認為亞洲正在發生的事情是，有人將在美國得到驗證的商業模式帶到中國或印度，並進行山寨。

What I saw was there was fundamental innovation happening in Asia.

我看到的是亞洲正在發生根本性的創新。

Unlike the US, Asia is not a single country.

與美國不同，亞洲不是一個單一的國家。

I spent a lot of time between India, China, Japan, and Southeast Asia and was just really impressed by the ambition of the founders, by how there was true innovation happening here.

我花了很多時間往返於印度、中國、日本和東南亞之間，創始人的雄心壯志和真正的創新給我留下了深刻印象。

Third, the VC ecosystem here was just really small back then.

第三，當時這裡的風險投資生態系統還非常小。

When my partner, Eduardo, and I got a chance to partner up, we knew that Asia was going to be a big part of our thesis.

當我和我的搭檔愛德華多（Eduardo）有機會合作時，我們就知道亞洲將是我們論文的重要組成部分。

There's some really interesting points you made, Raj.

拉傑，你提出了一些非常有趣的觀點。

When I was working in China for CNBC for three years, a lot of people would say to me, it's just all copycat stuff out there.

當我在中國為 CNBC 工作三年時，很多人對我說，外面都是山寨貨。

They're just copying the phones, the apps, and everything else.

他們只是在複製手機、應用程序和其他一切。

I was like, no, there's actually real innovation happening.

我當時就想，不對，這才是真正的創新。

Actually, what you are seeing is some of the US companies trying to imitate, to some extent, what China was doing with, say, WeChat or look at TikTok and things like that.

事實上，你看到的是一些美國公司試圖在某種程度上模仿中國的做法，比如微信，或者看看 TikTok 和類似的東西。

Do you think that perception has changed at all now?

你認為這種看法現在有什麼改變嗎？

我認為這絕對已經發生了變化。

I think just some of the companies that you mentioned from TikTok, WeChat, even some of the companies that we see in the biotech space and the deep tech space, there's real fundamental innovation that happens across Asia.

我認為，你提到的嘀嗒、微信等公司，甚至我們在生物技術領域和深度技術領域看到的一些公司，都是整個亞洲真正的基礎創新。

I think now founders in the US are often saying, hey, we want to learn about what's the latest things happening in China or India or just broadly in Asia because they're thinking about how can they bring models from Asia to the US.

我認為，現在美國的創始人經常會說，嘿，我們想了解中國、印度或亞洲的最新情況，因為他們在考慮如何將亞洲的模式帶到美國。

It's fairly ironic that over a period of 15 years, how much more globalized the world of innovation has become.

頗具諷刺意味的是，在 15 年的時間裡，創新世界變得更加全球化了。

Of course, you have a big office in Singapore.

當然，你們在新加坡有一個很大的辦事處。

I think your co-founder is based out there, Eduardo, as well.

我想你的聯合創始人愛德華多也在那裡。

We've seen a lot of investors start setting up shop there as well.

我們也看到很多投資者開始在那裡開店。

You've seen companies setting up their APAC headquarters, big global companies setting up their APAC headquarters in Singapore.

你已經看到一些公司在新加坡設立亞太區總部，一些大型跨國公司在新加坡設立亞太區總部。

What's happened and why do you think that's been the case?

發生了什麼，為什麼會出現這種情況？

It's often just better to be lucky than good.

My co-founder, Eduardo, was based in Singapore when we were thinking about where should we have our Asian and international headquarters.

當我們考慮在哪裡設立亞洲和國際總部時，我的聯合創始人愛德華多就在新加坡。

I think there was never a question that it should be in Singapore.

我認為，從來沒有人懷疑過它應該在新加坡。

It is so accessible to India, China, Southeast Asia.

它與印度、中國和東南亞的交通非常便利。

Frankly, the government here, the innovation ecosystem here, when we were starting off in 2015, we just found it to be a very pro-business, pro-innovation agenda.

坦率地說，這裡的政府、這裡的創新生態系統，當我們在 2015 年起步時，我們就發現這是一個非常親商、親創新的議程。

Frankly, everyone loves Singapore Airlines.

坦率地說，每個人都喜歡新加坡航空公司。

It's the easiest way to get around the region.

這是在該地區最便捷的交通方式。

I think for us, we got here really early.

我認為對我們來說，我們來得很早。

Since then, what we've seen is that in the last decade, so many firms are saying that Singapore is the place to set up an Asian or international headquarters.

從那時起，我們看到，在過去十年中，許多公司都說新加坡是設立亞洲或國際總部的理想之地。

Frankly, to the point where now I think Singapore is the default choice of doing business in Asia.

坦率地說，現在我認為新加坡是在亞洲做生意的默認選擇。

我認為這種情況還會繼續下去。

It's just one of the most pro-business, pro-innovation countries that I've ever gotten to experience.

這是我所經歷過的最支持商業、最支持創新的國家之一。

In terms of how Singapore compares for its investor ecosystem to some of the big other hubs in the world, when you look at London has become a key part of that.

就新加坡的投資者生態系統與世界其他一些大型中心相比，倫敦已成為其中的關鍵部分。

Of course, the West Coast of the US as well.

Where does Singapore stand in relation from the investor point of view?

從投資者的角度看，新加坡的地位如何？

I still think that Silicon Valley and Beijing are probably the two most diverse tech ecosystems in the world.

我仍然認為，硅谷和北京可能是世界上最多樣化的兩個科技生態系統。

Singapore, for being a small country, is really punching above their weight class.

新加坡是一個小國，但它的實力確實超群。

Singapore does so well because of the access that it provides to India, Indonesia, China, just three of the biggest markets in Asia.

新加坡之所以發展如此之好，是因為它提供了通往印度、印度尼西亞和中國這三個亞洲最大市場的通道。

I think the industry ecosystem, what's so cool compared to, I love California, it's where I've been for the last two decades.

我喜歡加州，過去二十年我一直待在那裡。

To me, it is the mecca of the global innovation ecosystem.

對我來說，這裡是全球創新生態系統的聖地。

I will say that what's cool about Singapore is that it is such a friendly ecosystem.

我要說的是，新加坡最酷的地方在於它是一個如此友好的生態系統。

I think we all know that it's important for the whole ecosystem to succeed.

我想我們都知道，整個生態系統的成功非常重要。

As much as I love being part of the tech ecosystem of the West Coast of the US, I've really enjoyed being a visitor.

雖然我很喜歡作為美國西海岸科技生態系統的一部分，但我也非常享受作為遊客的感覺。

My co-founder, Eduardo, is firmly the guy who's really built our presence here across Asia.

我的聯合創始人愛德華多是真正讓我們在亞洲立足的人。

It's just such a cool and friendly tech ecosystem.

這是一個很酷、很友好的技術生態系統。

One of the things I find interesting about Singapore is it seemed to become a key hub for investors.

我覺得新加坡有趣的一點是，它似乎已成為投資者的重要中心。

As I said, some of those big headquarters for global firms as well.

正如我所說的，其中還有一些全球性公司的大總部。

It hasn't had a huge amount of big homegrown tech firms and successes.

這裡沒有大量的本土大型科技公司和成功案例。

What do you think is the reason behind that paradox that's happened?

你認為出現這種悖論的原因是什麼？

I'll start off by saying I think that there are tremendous companies like SIA, which is over $100 billion market cap.

我首先要說的是，我認為像新航這樣市值超過 1000 億美元的公司非常多。

What Forrest has done with that, I think you look at companies like Grab that didn't start in Singapore.

福瑞斯特在這方面所做的工作，我認為你可以看看像 Grab 這樣的公司，它們並不是在新加坡起步的。

They're based out of Singapore now and have had huge success.

目前，他們的總部設在新加坡，並取得了巨大成功。

I absolutely agree with you, Arjun, that the tech ecosystem here has not had as many of the big wins.

阿瓊，我完全同意你的觀點，這裡的科技生態系統沒有那麼多的大贏家。

I think we've all been excited about India as an example for so long.

我想我們都對印度這個例子興奮了很久。

Only in the last few years are you seeing really big tech IPOs in India.

只有在最近幾年，你才能在印度看到真正大型的科技公司首次公開募股。

Hopefully, we'll see a few more this year and even more next year.

希望今年能看到更多，明年能看到更多。

What really has driven India is very different from what drove China.

真正推動印度發展的因素與推動中國發展的因素截然不同。

中國擁有令人難以置信的中國市場。

The domestic market is incredible in China.

中國的國內市場令人難以置信。

India really started off as much more of a cross-border enterprise SaaS market.

印度一開始更多的是一個跨境企業 SaaS 市場。

I think what's really changed about India in the last couple of years has been the local public market and the ability to IPO.

我認為，過去幾年印度真正發生變化的是當地的公共市場和首次公開募股的能力。

I think what we need in Southeast Asia is we need founders who want to build really big companies and not just take smaller exits.

我認為，我們在東南亞需要的是那些想建立真正大公司的創始人，而不僅僅是那些只想退出小公司的人。

Second, we need the ability for these companies to be able to access multiple markets.

其次，我們需要這些公司能夠進入多個市場。

You can't be a single market leader in Southeast Asia.

在東南亞，你不可能成為單一市場的領導者。

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亞洲的科技新疆域：風險投資大舉押注的地方 (Asia’s New Tech Frontiers: Where VCs Are Betting Big)

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