At Insignia Ventures Partners, we used to have 24% of our portfolio focused on multi-markets within SEA or expanding out of SEA. Today, that number is 70%.

These are companies using Singapore as a HQ, replicating production/servicing & operational models to the markets the company is present in, with the goal of a localized ecosystem in each market.

But how do the CEOs and C-level management of these companies approach leadership of these global organizations?

We take insights from Carro’s Aaron Tan (from our 7th Annual Summit), Intellect’s Theodoric Chew (through the lens of his VP of Partnerships and Solutions Cassandra Loh), and Surfin’s Yanan Wu (in our latest podcast) on how they’ve developed culture and leadership for these increasingly global organizations

(1) Data is the performance equalizer.

When managing performance and driving results across markets, it can be difficult to account for market-specific context and how these factors impact the overall goals of the organization. One approach is to work backwards, starting from the end-result data and from there developing a deeper understanding of why each market ended up with such results. Starting with data as the performance equalizer ensures incentives are aligned, regardless of context.

“Over the years, I’ve learned that you have to believe in the data…we decided to move away from PowerPoint slide updates…a year back. I said…I only want to see dashboards. Tracking [those dashboards], making sure that your incentives are aligned with them, in the sense that, the better they do, the revenues goes up, EBITDA goes up, the more pay that they get is important.” — Aaron Tan, Carro CEO and co-founder

(2) The most effective source of leadership talent is within.

Carro leverages talent it has brought together from across the globe to develop its leadership, as opposed to spending entirely on headhunters to bring in external executives who may pose risks to company culture. Given the global nature of the organization, Carro focuses on providing opportunities for its employees to be “global citizens”, either working with cross-border teams or being relocated in markets where they may be more effective.

“Rather than hiring externally, we tend to promote from within. Training from within is extremely important. We created this management associate program [to facilitate this]. Promote our own talent within our own organization.” — Aaron Tan, Carro CEO and co-founder

(3) Finding the balance between a tight knit management outfit and bottom up leadership.

As a startup scales and handles an increasingly global operation, the company has to thread a fine line between maintaining a startup-like tight ship with its management…

“At Intellect, our team is very tight-knit. The leadership team works very closely with everyone, so it’s really a collaborative environment. We come together—three or four of us, whoever’s involved—to discuss how to prioritize things and understand the importance of a project in relation to other tasks. At the end of the day, we all want what’s best for Intellect and our users. So, with that mindset, we can easily shift our OKRs if something else becomes more important at a given moment. Being agile is essential, especially in a startup.” — Cassandra Loh, Intellect VP of Partnerships & Solutions

…while also enabling bottom-up leadership (going back to #2).

“I’d say our approach is both top-down and bottom-up. We encourage our teams to collaborate, and we have many projects that require multi-team collaboration, so they’re used to working together. From the top down, leaders lead by example. We ensure that we’re never siloed in anything we do; we make sure everyone is aware, involved, and has a say in how things are done. At the same time, we respect the executive decision-maker for a particular project. This approach makes working together much easier and more enjoyable.” — Cassandra Loh, Intellect VP of Partnerships & Solutions

(4) Live through the experiences of your different teams in different markets

An obvious point, but takes a lot of effort and patience in practice. CEOs and management need to be able to build trust and strong relationships with the teams in different markets, and part of this is truly gaining an understanding of localized pain points.

Surfin CEO Yanan Wu shares an experience in Africa during the early years of the company.

“During my early years with Surfin, I was traveling in Africa, and one experience in Kenya really stayed with me. I was launching Surfin’s business in Kenya, and on the last day of the trip, I was standing on a hill overlooking the beautiful East African Valley. A young Kenyan lady, an SME owner, approached me with handmade scarves. I initially hesitated, thinking I didn’t have room in my luggage, but she insisted. Finally, she said something that touched my heart: “If you buy one more scarf, maybe I can buy one more bottle of milk for my baby…

…Her three-month-old baby was peacefully sleeping on her back. I saw her determination and bought a scarf from her. The smile she gave me was angelic. I realized that even a small act of technology—whether it’s a mobile transaction or a simple purchase—can make a huge difference in someone’s life, even in a place as far away as Kenya.” — Yanan Wu, Surfin CEO and founder

(5) Find global thought leaders

Another advantage Surfin had been able to build as a fintech serving several markets globally with its credit scoring capabilities has been to pull together a board of directors with a calibre of experience and wisdom that match the demands of the company’s vision for financial inclusion.

“I’m not in this alone—it’s not a one-man battle or one-man work. It’s really the whole Surfin group, the 2,800 staff, collectively making the contribution to this financial inclusion dream becoming a reality. I’m also fortunate to have this great board of directors who support this vision and share the same vision as Surfin…

…You just mentioned Dr. Michael Spence, the 2001 Nobel laureate in economics. He won the Nobel Prize in economics for his work in information economics, particularly information asymmetry, which he believes can drive economic progress in any country.  One of the applications of his Nobel theory is that emerging markets, with their productivity growth, can have the opportunity to leapfrog over developed markets…

…When he heard Surfin’s story, he really saw not only the potential for financial inclusion for underserved consumers but also how emerging markets could use technology, like AI, to achieve stronger productivity growth. In local economies, this technology can support even stronger and faster growth in consumer and SME sectors, which would otherwise struggle without such advancements. He sees Surfin as a real-world example of his Nobel-winning theories…

…He’s well-traveled and has seen the different growth momentum in various countries. He shares his insights with me regularly.” — Yanan Wu, Surfin CEO and founder

(6) Extracting the upside of “delusion” with communication

The demands of seeking greater and greater goals with a global organization can be overwhelming, but it is important to temper / manage the “delusion” or optimism that is necessary for leadership at such scale with effective communication to the company’s “management class”.

“His optimism, too—he recently mentioned in an interview that being somewhat delusional can be beneficial. It makes sense because sometimes that naive optimism spreads to those of us who’ve been in the industry for a while, and we find ourselves asking, “Are you sure this is going to work?” But his journey alongside us helps…

…I’ve worked with a lot of startups during my time in corporate ventures, and I always tell Theo that what sets him apart from many others is how he leads with his heart, no matter how big Intellect grows or how busy he gets. He still cares deeply about his people, and he holds onto the same values regardless of the company’s size or the challenges we face…

…At Intellect, no one is afraid to fail. I think I can speak for everyone when I say that because it’s so collaborative. We make decisions together, back each other up, and if we fail, we pick ourselves up and move on. That’s the spirit of a startup that Theo has successfully instilled at Intellect, and it’s why we’re all so comfortable working here—we’re willing to push further and take risks together.” — Cassandra Loh, Intellect VP of Partnerships & Solutions