For founders still trapped in the 24/7 loop of product development, emerging from isolation only when a product is “perfect”, you need to hear this – your strategy is no longer viable. Not in today’s hyper-accelerated market, where the startup journey demands external engagement from day one.
Her counsel carries the weight of nearly two decades of personal involvement across the enterprise ecosystem. Since 2004, when she was still an undergraduate at the National University of Singapore (NUS), she had founded, scaled and exited several ventures.
In 2003, the real estate major joined the NUS Overseas Colleges programme, which aims to provide aspiring entrepreneurs with global experiential learning and entrepreneurial development. The US stint, with the University of Pennsylvania in Philadelphia, exposed Ms Goh to the fast-paced world of technology entrepreneurship and laid the foundation for the ventures she would pursue over the next 12 years.
In 2016, Ms Goh swopped the invigorating startup scene for the equally dynamic world of venture capital and management consulting, first with Quest Ventures and then with McKinsey & Company. For nine years, she immersed herself in new business development, venture capital, private equity and product management across Asia. Her extensive experience is why industry players trust her recommendations – they are time-tested, practical and rooted in market reality.
The debut of FORMAS.AI’s public beta in November in 2025 marked the convergence of Ms Goh’s real estate roots, tech entrepreneurship and business savvy. The two co-founders, heavyweights in their own rights, are Ms Goh and multi-award-winning architect and designer Professor Carlos Bañón; Professor Bãńon is Chief Product & AI Officer of the startup.
NOT ALL GREAT IDEAS GET FUNDED
Brilliant ideas will naturally attract capital, believe confident founders. The hard truth is encapsulated in one simple word: No.
For novice founders raising their first round, the typical scenario would be one of intense initial interest from multiple parties, but no commitment. “This is often where the funding stalls,” Ms Goh informs. “Everyone is watching, but no one is stepping up to lead the round, establish the valuation, and set the terms.”
The serial entrepreneur shares that in reality, institutional fundraising rounds are rarely built on cold outreach or standard pitch decks. As a case in point, “by the time FORMAS.AI’s first official call with institutional investors was made, the deal was largely assembled, and that’s as a result of long-term relationship building and proof of momentum”.
This past April, the company closed an oversubscribed US$3.98-million pre-seed round which had drawn solid interest from both private and institutional investors. Calling the overwhelming interest a “good problem”, Ms Goh also acknowledges the warm welcome that the community extends to returning entrepreneurs. What she modestly leaves unsaid is, the industry is a shrewd one which recognises track record and potential. Nonetheless, it is her view that budding entrepreneurs can replicate similar momentum, as long as they are willing to put in the work, and shift their timeline.
“Open the funnel as early as possible, so people know about you and your product,“ she urges. She is referring to the multi-stage marketing model that guides potential supporters from brand awareness through to financing, and eventually becoming loyal advocates. It is advice that she returns to repeatedly, when sharing her insights.
For new entrepreneurs, opening the funnel means “forming investor-side traction a lot earlier”. They should build an active professional network, earn the trust of probable early backers, and convince them to “cross the line” to commit their first $10,000, $50,000, or $100,000, before the formal round opens.
Fortunately for today’s startup founders, the infrastructure supporting early-stage companies has matured significantly since Ms Goh embarked on her first venture 22 years ago. The diverse network of accelerators, structured mentorship programmes, corporate collaborations, and global networking events are valuable resources that founders can tap into, at various phases of their enterprise endeavours.
Simultaneously, online platforms are critical in supporting the startup cycle at different stages. For example, social media can enhance brand building as it offers cost-effective organic distribution. Ms Goh herself posts frequently on LinkedIn, though she draws the line at what she laughingly calls “cringey” TikTok and IG videos. Jokes aside, she sounds a warning to founders, to not confuse “superficial visibility” with “genuine market validation”.
“Investors are highly discerning. Regardless of how many followers you have on social media, customer-side traction must speak for itself. Investors are going to look directly at your waitlist. How many of these will convert to registered users, and how many, to paid users?
Ultimately, they want to see how large the base of your commercial funnel can grow, to optimise their returns.”
WHEN ANYONE CAN CODE, WHO WINS?
In recent years, AI has been capturing attention across industries. Globally, while an estimated 94% of companies use AI in at least one business operation, Ms Goh notices that the vast majority remain stuck in the “bolt-on AI” phase, layering basic tech tools onto legacy infrastructure. While bolt-on integration can work “if UI/UX (user interface/user experience) is seamless”, it fails in complex settings, such as those in the Architecture, Engineering and Construction (AEC) sector.
In the AEC industry, design-tech stacks are often complex, and a user will require significant time and technical expertise to master the assortment of tools. An interior designer, for instance, will need to use a suite of tools for concept development, modelling, visualisation, rendering, collaboration, and documentation.
As legacy infrastructures are seldom built for today’s workflows and processes, there will be interoperability glitches resulting in fragmented systems and inefficiencies. Consequently, the designer’s creativity is shaped by the limitations of the software, rather than enhanced by it.
These friction points in AEC are precisely what FORMAS.AI wants to address. The platform is an AI-native creative and design workspace where AI amplifies the designer’s intent, and outputs are authentic. “We want to provide a ‘one-stop shop’: a seamless, vertical solution,” Ms Goh explains.
For entrepreneurs exploring AI-first ventures, she points out a current tech paradigm. “With AI, anyone can code. So where is your value proposition?” As software is not going to be the distinguishing factor it once was, she proposes “defensibility, speed, and distribution network” as a way forward.
To build a defensible product, the seasoned company builder recommends highly specific, deep verticals where unique domain expertise and personal stakes can provide a compelling advantage. “This is where you can continue to figure out how AI can solve other complex, industry-oriented issues.” It goes without saying that the founders must also possess precise knowledge of how the products will fit into the users’ daily workflows.
With AI moving things at breakneck speed, founders need to be very clear about where they can win. This may mean becoming a first mover in a new category, or entering an already crowded space with a sharper perspective, a more differentiated product, or a stronger distribution strategy.
“If your product relies on a subscription model, the goal should not be to depend on cold calls forever,” Ms Goh says. “You need to build a community, make onboarding intuitive, and ensure the value proposition is clear enough that users can start using the product immediately, or book a demo as part of a natural onboarding flow.”
For FORMAS.AI, this is already shaping the way the company approaches growth; it is product-led, community-driven, and focused on helping users experience value as quickly as possible.
STAND TALL WHILE THE WORLD HUNKERS DOWN
Although the global climate is marked by volatility, uncertainty, complexity and ambiguity, Ms Goh reckons this macro landscape poses the ideal entry point for new enterprises.
“The world is in a ‘reset’ mode. When everything is in a flux, there are many problems looking for solutions,” she contends. “Don’t overthink; act first, refine fast. That is the absolute fastest way to learn about your own capabilities and stress-test your thesis.”
For those who are hesitant, she suggests urgency. “Don’t over-index on planning. Go full stack quickly. Move from idea to prototype fast; code it out, market it, and release it. Verify the product in the real world, and let market traction guide your next move.” Giving a final nudge to those on the cusp of a launch, she says, “Put it out there. The market will teach you faster than theory ever can.”
This article was first published by NUS Enterprise in Enterprise Sparks. It has been republished with minor edits in accordance with The AlumNUS’ house style.
