- 60% of VC capital today is flowing into what Endeavor calls ‘elsewhere’
- Connect Malaysian firms to the world, bridge gap between them and corporates
A global network with access to the founders of LinkedIn and MercadoLibre. A US$540 million (RM2.28 billion) co-investment fund that boasts 63 unicorns in its portfolio. A rigorous validation process so effective that 92% of its investee companies are still operating after a decade. Endeavor, a nonprofit organization that fuels high entrepreneurship around the world, offers all this. Yet its Malaysian chapter is grappling with a puzzling problem: Malaysian entrepreneurs are not seizing the opportunity for global market expansion by applying to join the Endeavor network. And only two of the 63 unicorns Endeavor has stakes in are from Malaysia.
This is the challenge facing Tay Shan Li, the new managing director of Endeavor Malaysia. Her biggest fear, she admits, is that this powerful, globally-connected platform goes under-utilised by the very people it was designed to help. “Malaysian founders aren’t tapping into this network globally,” states the clearly vexed exec. “And I aim to change this,” she firmly states, setting a clear tone for her tenure.
The new captain: Who is Tay Shan Li?
Tasked with bridging this gap, Tay brings a unique blend of experience. A former auditor turn banking exec turn founder, she has navigated the challenging early stages of a startup, and in fact, left her most recent startup, Swipeless launched in Jan 2024, a community platform designed for singles to connect in person, to take up the Endeavor role, but not before finding someone to run it.
Her first founder experience was in 2011 as co-founder of Babydash, one of Malaysia’s pioneering e-commerce platforms for the baby market, selling her stake to her co-founder in 2018. However, she remained in the startup world with a six year stint as managing partner at Scaleup Malaysia, a venture accelerator.
With such a background, her vision is clear. “My role is to connect Malaysian companies to the world, bridge the gap between companies and corporates, and play an ecosystem role. We’re definitely not competing with VCs, she hastens to add.”
The Endeavor value proposition
At the heart of Endeavor’s offering is the Endeavor Catalyst Fund, an innovative investment vehicle with over US$500 million in assets under management across its funds. Its model is designed for collaboration, not competition. “We don’t lead any rounds, we only co-invest up to 10% of a round, capped at US$2 million,” Tay explains. “I tell other VCs, we’re not competing with you. If you need to top up funding for your startups, up to 10%, we’re there.”
The fund’s structure is founder-friendly, with zero management fees and a 50% carry, half of which is reinvested back into the fund to support future generations of entrepreneurs. To date, the fund has invested in over 360 companies, but only two are from Malaysia. (Carry is a term in the VC world that means a share of the profits VCs earn from successful investments.)
Beyond capital, Endeavor’s true power lies in its unparalleled global network. It is a community where entrepreneurs can connect with giants of the industry—LinkedIn’s co-founder Reid Hoffman serves on Endeavor’s board. Tay shares a recent example of this network in action: “We had an entrepreneur from Ukraine who wanted to meet Mark Chang, the original founder of JobStreet, as he wanted to hear his story.” Chang, a director at Endeavor Malaysia, obliged and a zoom call was arranged, much to the delight and gratitude of the founder.
[Correction: An earlier version incorrectly stated that the meeting was held in person.]
The Malaysian Challenge: A Crisis of Confidence?
Despite this access, a critical piece is missing. When asked for specific examples of Malaysian companies that have successfully expanded into new markets and generated revenue through the network, Tay is candid. “I would say not enough companies have leveraged that, and that’s one of the reasons why I’m excited to take on this role.” It is going to be a huge challenge. She shares that currently, “no Endeavor Malaysia founders are actively using the network for market expansion.”
This inaction stands in stark contrast to the ambitions of other Endeavor country organizations, who are “constantly sending entrepreneurs here, from the Philippines, Indonesia, and even as far as Ukraine,” she said.
Trying to place her finger on problem here, Tay diagnoses the local hesitation as a cultural issue: imposter syndrome. “Asians still have imposter syndrome—we don’t go out there like western founders do,” she observes.
The global shift: Why “elsewhere” is the new frontier
This inaction also means Malaysian founders risk missing a massive global shift in capital. According to Tay, emerging markets today contribute 61% of the global population and 38% of GDP, but receive only 8% of private capital. However, the tide is turning. While 90% of VC funding went to the US in 2005, by 2025 that figure is projected to fall to just 40%.
The other 60% is flowing into what Endeavor calls “elsewhere”—markets outside the dominant six of the US, China, India, Germany, UK, and Israel. This is where Endeavor has found its sweet spot. “Endeavor Catalyst has the most unicorns invested in ‘elsewhere’—more than Tiger Global, more than SoftBank,” Tay claims. With 25% of the world’s 1,400 unicorns now hailing from “elsewhere,” the opportunity for Malaysian companies to join these ranks is immense.
The Secret Sauce: “Selection as a Service”
One key hurdle that has prevented many founders from joining Endeavor is the perception that its entry bar is impossibly high. But Tay is quick to debunk this. The key criterion isn’t revenue—companies with less than US$1 million have been accepted. Rather, the key to getting accepted is all about the nature of the problem being solved. “Small companies must be solving a huge problem, and with potential to scale,” she said. She cites ELSA from Vietnam, an AI-powered app that helps non-native speakers with English pronunciation, as a prime example of a startup that scaled successfully thanks to Endeavor. ELSA was a small startup when it applied to join.
Crucially, the value begins long before selection, and founders gain a lot of value even if they don’t get accepted. Tay frames the process itself as a form of “Selection as a Service.” Entrepreneurs who enter the pipeline gain access to invaluable mentorship. “Where else will you present to major figures in the world of finance like Tunku Ali Zakri or bounce financial ideas off Dr. Grace Lee of Astro?” she asks. Many who go through it, even if they don’t ultimately pass, come out with refined business models and priceless insights, she contends.
A direct appeal to Malaysia’s ecosystem
With a portfolio where 92% of companies are still in operation after ten years—a stark contrast to the 50% failure rate seen in most startup funds—Tay is making a direct appeal to the local venture capital community. She wants them to use Endeavor’s rigorous membership process as a third-party validation tool for their own investment prospects.
Her primary message, however, is for the founders themselves. For Malaysian entrepreneurs with global ambitions, the question she poses is simple: “why try to do it all on your own when a purpose-built platform—with capital, connections, and a proven track record—is waiting to help you scale?”
Endeavor is the co-organising partner of AWS Unicorn Day Malaysia, happening on 29 July 2025.
Chong Jinn Xiung is a Senior Contributing Writer to DNA.
(Except for the headline, this story has not been edited by PostX News and is published from a syndicated feed.)
