{"id":14804,"date":"2026-07-22T10:00:50","date_gmt":"2026-07-22T02:00:50","guid":{"rendered":"https:\/\/alumni.nus.edu.sg\/thealumnus\/?p=14804"},"modified":"2026-07-22T10:07:26","modified_gmt":"2026-07-22T02:07:26","slug":"hard-truths-for-founders","status":"publish","type":"post","link":"https:\/\/alumni.nus.edu.sg\/thealumnus\/2026\/07\/22\/hard-truths-for-founders\/","title":{"rendered":"Hard Truths for Founders"},"content":{"rendered":"\t\t
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For founders still trapped in the 24\/7 loop of product development, emerging from isolation only when a product is \u201cperfect\u201d, you need to hear this \u2013 your strategy is no longer viable. Not in today\u2019s hyper-accelerated market, where the startup journey demands external engagement from day one.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\u201cThe\u00a0fundraising playbook\u00a0isn\u2019t\u00a0what you think it is.\u00a0Today\u2019s founders must get out there much, much\u00a0earlier. Also,\u00a0in this age\u00a0of artificial intelligence\u00a0(AI), traditional software defensibility is dead.\u201d<\/div>\n\t\t\t\n\t\t\t\t\t\t
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Ms Goh Yiping<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t
Co-Founder and CEO, FORMAS.AI<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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Her counsel carries\u00a0the weight of\u00a0nearly two\u00a0decades of\u00a0personal involvement\u00a0across the enterprise ecosystem.\u00a0Since\u00a02004,\u00a0when she was still an undergraduate at the National University of Singapore (NUS)<\/a>, she\u00a0had founded,\u00a0scaled\u00a0and exited several ventures.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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All Deals Asia, founded by Ms Goh Yiping and Mr Wayne Goh, grew into one of Southeast Asia\u2019s early deal-aggregation success stories before being acquired. Its standout achievement was scaling into a major platform in the competitive e-commerce space.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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In\u00a02003,\u00a0the real estate major\u00a0joined\u00a0the NUS Overseas Colleges<\/a> programme,\u00a0which aims to\u00a0provide aspiring entrepreneurs with global experiential learning and entrepreneurial development. The\u00a0US\u00a0stint,\u00a0with the University of Pennsylvania <\/a>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.<\/p>

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<\/a>. 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 \u2013 they are time-tested, practical and rooted in market reality.<\/p>

The debut of FORMAS.AI<\/a>\u2019s 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 Ba\u00f1\u00f3n<\/a>; Professor Ba\u0303\u0144on is Chief Product & AI Officer of the startup.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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NOT ALL GREAT IDEAS GET FUNDED<\/strong><\/p>

Brilliant ideas will naturally attract capital, believe confident founders. The hard truth is encapsulated in one simple word: No.<\/p>

For novice founders raising their first round, the typical scenario would be one of intense initial interest from multiple parties, but no commitment. \u201cThis is often where the funding stalls,\u201d Ms Goh informs. \u201cEveryone is watching, but no one is stepping up to lead the round, establish the valuation, and set the terms.\u201d<\/p>

The serial entrepreneur shares\u00a0that in\u00a0reality, institutional\u00a0fundraising rounds are rarely built on cold outreach or standard pitch decks.\u00a0As a case in point, \u201cby the time FORMAS.AI\u2019s\u00a0first official call\u00a0with institutional investors\u00a0was\u00a0made, the\u00a0deal\u00a0was\u00a0largely assembled, and that’s as a result of\u00a0long-term relationship building and proof of momentum\u201d.<\/p>

This past April, the company closed an oversubscribed US$3.98-million pre-seed round<\/a> which had drawn solid interest from both private and institutional investors. Calling the overwhelming interest a \u201cgood problem\u201d, 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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Ms Goh at the final round pitch at SuperAI Genesis 2026.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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\u201cOpen the funnel as early as possible, so people know about you and your product,\u201c 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.<\/p>

For new entrepreneurs, opening the funnel means \u201cforming investor-side traction a lot earlier\u201d. They should build an active professional network, earn the trust of probable early backers, and convince them to \u201ccross the line\u201d to commit their first $10,000, $50,000, or $100,000, before the formal round opens.<\/p>

Fortunately for today\u2019s 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.<\/p>

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 \u201ccringey\u201d TikTok and IG videos. Jokes aside, she sounds a warning to founders, to not confuse \u201csuperficial visibility\u201d with \u201cgenuine market validation\u201d.<\/p>

\u201cInvestors 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?<\/p>

Ultimately, they want to see how large the base of your commercial funnel can grow, to optimise their returns.\u201d<\/p>

WHEN ANYONE CAN CODE, WHO WINS?<\/strong><\/p>

In recent years, AI has been capturing attention across industries. Globally, while an estimated 94%<\/a> of companies use AI in at least one business operation, Ms Goh notices that the vast majority remain stuck in the \u201cbolt-on AI\u201d phase, layering basic tech tools onto legacy infrastructure. While bolt-on integration can work \u201cif UI\/UX (user interface\/user experience) is seamless\u201d, it fails in complex settings, such as those in the Architecture, Engineering and Construction (AEC) sector.<\/p>

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.<\/p>

As legacy infrastructures are seldom built for today\u2019s workflows and processes, there will be interoperability glitches resulting in fragmented systems and inefficiencies. Consequently, the designer\u2019s creativity is shaped by the limitations of the software, rather than enhanced by it.<\/p>

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\u2019s intent, and outputs are authentic. \u201cWe want to provide a \u2018one-stop shop\u2019: a seamless, vertical solution,\u201d Ms Goh explains.<\/p>

For entrepreneurs exploring AI-first ventures, she points out a current tech paradigm. \u201cWith AI, anyone can code. So where is your value proposition?\u201d As software is not going to be the distinguishing factor it once was, she proposes \u201cdefensibility, speed, and distribution network\u201d as a way forward.<\/p>

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. \u201cThis is where you can continue to figure out how AI can solve other complex, industry-oriented issues.\u201d It goes without saying that the founders must also possess precise knowledge of how the products will fit into the users\u2019 daily workflows.<\/p>

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.<\/p>

\u201cIf your product relies on a subscription model, the goal should not be to depend on cold calls forever,\u201d Ms Goh says. \u201cYou 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.\u201d<\/p>

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.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Ms Goh Yiping (2nd from right) and Professor Carlos Ba\u00f1\u00f3n (middle), with their team, celebrating their 1st-place win at SuperAI Genesis 2026.<\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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STAND TALL WHILE THE WORLD HUNKERS DOWN<\/strong><\/p>

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.<\/p>

\u201cThe world is in a \u2018reset\u2019 mode. When everything is in a flux, there are many problems looking for solutions,\u201d she contends. \u201cDon\u2019t overthink; act first, refine fast. That is the absolute fastest way to learn about your own capabilities and stress-test your thesis.\u201d <\/p>

For those who are hesitant, she suggests urgency. \u201cDon\u2019t 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.\u201d Giving a final nudge to those on the cusp of a launch, she says, \u201cPut it out there. The market will teach you faster than theory ever can.\u201d<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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This article was first published by\u00a0NUS Enterprise<\/a>\u00a0in\u00a0Enterprise Sparks<\/a>. It has been republished with minor edits in accordance with The AlumNUS\u2019 house style.<\/em><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Serial entrepreneur Ms Goh Yiping (Business + NOC ’05), Co-founder and CEO of FORMAS.AI, explains what founders must unlearn about fundraising, and where to find their edge in an AI-powered world.<\/p>\n","protected":false},"author":11,"featured_media":14805,"comment_status":"closed","ping_status":"open","sticky":false,"template":"elementor_theme","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[8],"tags":[],"class_list":["post-14804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startups"],"acf":[],"_links":{"self":[{"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/posts\/14804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/comments?post=14804"}],"version-history":[{"count":12,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/posts\/14804\/revisions"}],"predecessor-version":[{"id":14824,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/posts\/14804\/revisions\/14824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/media\/14805"}],"wp:attachment":[{"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/media?parent=14804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/categories?post=14804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alumni.nus.edu.sg\/thealumnus\/wp-json\/wp\/v2\/tags?post=14804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}