Ankit Upadhyay, Founder of A2D Ventures, on the impact of giving back

My journey began in Silicon Valley, where I initially interned as an analyst at a consulting firm. This role allowed me to gain a macro perspective on businesses while diving into data analysis. Over the next 13 years, I focused on the high-tech sector, particularly semiconductors—essentially the chips that power everything from smartphones to electric vehicles.

I spent over a decade with advanced manufacturing companies in Silicon Valley, like SanDisk, and had the opportunity to work with semiconductor manufacturers in Japan and China. In Southeast Asia, including Thailand, the Philippines, and Malaysia, I either worked directly for these companies or consulted for them.

Eventually, I was approached by one of the largest semiconductor assembly and testing companies, United Test and Assembly Center (UTAC), which had multiple facilities in Thailand. They needed someone to help drive their operational excellence and growth. Within a year, I developed a deep understanding of the local workforce and culture, leading to the establishment of three facilities in Thailand and employing thousands of people. It was eye-opening to realise that many consumer devices, including chips in smartphones, cars, home appliances, and tablets, are produced in Thailand—a fact that often goes unnoticed by the average consumer.

As consumer technology began to flourish in Thailand with companies like Shopee and Lazada, I made the leap from McKinsey to Shopee, where I spent nearly four years. I started as Head of Supply Chain, then took on the role of Head of Operations to launch Shopee India, and later led transformation efforts for Shopee Thailand. This experience helped me understand the Thai consumer mindset, especially during the pandemic as we navigated challenges and scaled the business multi-fold.

Now, all of these experiences have fuelled my passion at A2D Ventures, where we aim to democratise and enable cross-border access to venture capital. We’re helping Southeast Asian startups tap into global liquidity and providing the mentorship and guidance they need to scale their businesses from the ground up.

I co-founded A2D Ventures in 2023 alongside my business partner, Sivach Sornchaitanasuk, who hails from a respected family of Thai entrepreneurs known for their widely recognised brand, Hale’s Blueboy, famous for its vibrant red syrup that has become a staple in many households. Together, we share the vision of creating a platform similar to AngelList in the US, connecting angel investors with startup founders. The idea is straightforward: when a founder is ready to raise their first round of funding, they often start by reaching out to friends and family for support. If they believe they have a scalable business, they then look for venture capital from angels to help them grow faster.

Venture capital is a high-risk investment; it’s about believing in the founder, their vision, and their solution without any collateral. The hope is that this investment will yield significant returns, sometimes even a 100x multiplier. This is where angel investors come in. They provide early capital and, importantly, access to a network of mentorship and connections, which is vital for getting a startup off the ground.

Typically, angel investors are former operators, founders, tech executives, business owners, or early employees of successful startups who have built wealth and knowledge in this space. At A2D Ventures, we aim to identify high-potential startups and founders across Southeast Asia. Our goal is to cultivate a robust community of angel investors and family offices, ideally comprising experienced individuals who understand various ecosystems and stages of business growth.

Our team is actively involved in scouting, conducting due diligence, and presenting investment opportunities on our platform, allowing global investors to back startups from Thailand and beyond.

I would say my time at McKinsey has had the most significant impact on me, both personally and professionally. First, the diversity of incredibly talented individuals in the firm was eye-opening. I experienced imposter syndrome, often questioning my place there. However, the collective knowledge and talent around me were incredibly uplifting. It pushed me to evolve and perform at a level I had never experienced before, tackling some of the biggest challenges faced by major corporations and government agencies.

Secondly, I had my first daughter as soon as I got into McKinsey, so I didn't get to spend a lot of time with her. However, the quality of the time I had with her during weekends was incredibly valuable. My wife, Isha, has been an amazing mother and a constant source of support throughout my career, making me believe that anything is possible as we took risks with these transitions together. As we navigate life and parenthood together with two daughters, I've found that being a parent has helped me understand people better. It brings a new perspective on empathy and the importance of nurturing relationships, which is essential in both personal and professional aspects.

Additionally, I’ve always felt I had the intelligence and instincts to create value, but I hesitated to take the entrepreneurial leap, especially coming from a middle-class background with financial responsibilities like a mortgage and car loans. However, being surrounded by exceptional entrepreneurs who built billion-dollar businesses was inspiring. I remember a multi-billionaire from Indonesia sharing his simple yet profound approach: he identified a significant problem in the mining industry and committed to finding the best solution to solve that problem. This resonated with me and made me realise that if I had a knack for problem-solving, pursuing entrepreneurship was likely in my near future.

Thailand is a significantly underserved market when it comes to the essential tools that founders need to succeed, including capital, mentorship, and the right mindset to go global. There’s a wealth of talent here that could fuel the growth of their ventures, but founders often struggle to raise seed money. While there are many VCs in Thailand, most are corporate-backed venture capitalists (CVCs). These corporations tend to invest with the expectation of finding synergies with their main business, whether as a customer, supplier, or by pivoting into high-tech, which limits a founder's potential to acquire global customers early on.

While corporate VCs play a vital role once companies mature, early-stage startups often require angel investors and venture capital that embraces higher risk. This is where I see a significant opportunity to fill the gap in Thailand's ecosystem. My goal with A2D Ventures is to bring together various ecosystem players, including government agencies, corporations, and investors, to foster better outcomes for startups.

The broader impact of this initiative focuses on nation-building. Entrepreneurs are crucial for driving job creation, economic growth, and overall enterprise value. In rapidly developing countries like China and India, startups contribute 30 to 40 percent of their economic growth, supported by government programs designed to enable that success. Singapore serves as a prime example, with its government actively investing in entrepreneurs. By prioritising this aspect of nation-building, we can set strong precedents for generations to follow.

In the startup ecosystem, I’ve observed that many promising founders are Thai-Indians. They possess a unique mindset shaped by their parents and previous generations, who have historically come to this country to hustle, build businesses, and provide for their families, ultimately creating value for society. This communal spirit drives Thai-Indians to share their successes and give back to the community. Growing up in such an entrepreneurial environment gives them a distinct advantage.

Our Venture Spark program is Thailand's first accelerator designed to help founders transition from zero to one. We support early-stage entrepreneurs who may have just an idea or a prototype by providing mentorship and access to our corporate partners, including InnoSpace Thailand, which comprises the country's 17 largest corporations as shareholders. Additionally, we partnered with the Digital Economic Promotion Agency (DEPA), which offers grants and connects founders to an extensive support network featuring an impressive lineup of mentors, including Thai-Indian entrepreneurs.

Importantly, Venture Spark is open to both Thai and Expats. To maximise the program’s effectiveness, we aim to cultivate a diverse array of mindsets and skill sets. This diversity enriches the experience for all participants and enhances their potential for success.

One significant challenge is that many successful Thai-Indian entrepreneurs often hesitate to invest outside their immediate family circle. While they may readily support a relative's ventures, they are less willing to take risks with broader investments. At A2D, we encourage our angel investors to start with as little as USD 3,000 or THB 100,000, as fostering a diverse investment landscape strengthens the ecosystem. It's essential to recognise that some startups could directly benefit your own business. For instance, a young entrepreneur with tech solutions could enhance your operations—taking a chance on them can create valuable synergies.

Another challenge is the need for a supportive community. There’s a cultural shift occurring, but access to like-minded individuals who can share their experiences and challenges is still limited. Silicon Valley thrives because of its vast network of collaborators who genuinely support each other rather than compete. Many organisations are making strides in this area, but the community remains somewhat fragmented. Expats often associate with other expats, while Thais and Thai-Indians do the same. We aim to bridge these gaps and foster collaboration by building a strong foundation of coaching capital and societal support. It's a starting point, and we hope to cultivate a more interconnected ecosystem.

Now is the perfect time to be an entrepreneur. The internet sparked a big wave of technological advancement, and we are currently on the brink of another with AI. This technology is set to fundamentally change how we consume, build, educate and operate, shaping the next century of humanity. By leveraging AI, you can create prototypes and test your ideas much faster and at a fraction of the cost. The barriers to innovation are lower than ever, as the reliance on experts and developers is diminishing.

I encourage you to dive in, experiment, and scale your efforts. Embrace this opportunity to engage actively and learn through hands-on experience. Additionally, for Thai-Indians, it’s crucial to recognise the remarkable growth happening in India. Companies there are expanding at an unprecedented rate, and a reverse brain drain is occurring, with many top entrepreneurs returning to build for India. If you can connect with the Indian market—whether to sell products or tap into talent—now is your chance to bridge that gap and capitalise on this momentum.