Vivien Le, the co-founder and chief executive of Vietnamese insurtech startup Saladin, attributes her entrepreneurial journey to the dramatic economic transformation she witnessed firsthand in her home country.
The former Morgan Stanley and McKinsey executive took the plunge in 2021 and set up Saladin, which seeks to plug the gaps in the local insurance market estimated to be worth over $11 billion.
In an interview for DealStreetAsia’s recent report on the gender funding gap in Southeast Asia, Le contends that gender does not significantly affect a founder’s ability to run or raise capital for a business.
“I don’t perceive significant differences between male and female professionals that fundamentally alter the way a business is managed. Ultimately, the goal is profitability and delivering the best customer experience, rather than focusing on the gender identity of those steering the ship,” she said.
It is noteworthy that Vietnam, Le’s home base, secured the top spot in Southeast Asia for the share of total funding bagged by female founders in 2023. The country also boasted the highest proportion of female decision-makers at local venture investors in 2022.
The full interview is below:
What prompted your journey into entrepreneurship?
My story begins in Vietnam, where I was born in 1985. The backdrop of a communist nation that gained independence in 1975 set the stage for transformative changes. In 1986, the Communist Party of Vietnam initiated economic reforms, known as Doi Moi or ‘economic renovation,’ redirecting the country’s path from a central planning economy to one embracing price and market mechanisms, along with privatisation efforts. It was during my high school years that the palpable energy across the country, advocating economic reforms and fostering entrepreneurship, left an indelible mark on my perspective in life. This period coincided with Vietnam’s preparation for entry into the WTO in 2007, presenting a global opportunity for the nation.
Between 2004 and 2016, I had the privilege of immersing myself in diverse experiences while studying and working in Singapore and other Southeast Asian countries. Despite witnessing the strength of Singapore’s economy, my passion for entrepreneurship persisted. Although I held professional roles in esteemed financial services institutions such as Morgan Stanley and Northern Trust and served as a management consultant at McKinsey, the call to contribute to Vietnam’s evolving landscape tugged at me. Returning to Vietnam in 2016, I took on pivotal roles, including being the first country manager of Traveloka Vietnam and assuming leadership positions at Home Credit and BeGroup. These experiences reignited my desire to leverage technology in solving market, partner and customer problems in general. Specifically, I believe the insurance and financial services sectors are still underserved in this part of the world, and the potential for technology to bring a big impact, especially in helping improve productivity, customer experience, and security, is huge. Thus, Saladin emerged as my first startup, a one-stop-shop solution for insurance, catering to products of all sizes, from micro to big-ticket items.
To what extent has your experience as a female professional influenced the way your company is run?
In my perspective, both men and women deserve equal opportunities for happiness in their professional and personal lives, aiming to maximise their potential and achieve success on their own terms. I don’t perceive significant differences between male and female professionals that fundamentally alter the way a business is managed. Ultimately, the goal is profitability and delivering the best customer experience, rather than focusing on the gender identity of those steering the ship. If any generalisation about gender differences were to be made, I believe women tend to possess innate qualities of strong empathy and a caring nature. As a result, while leveraging technology to enhance efficiency, productivity, and effectiveness, the underlying ethos of using technology to serve and care for customers, as well as humanity at large, is likely to be robustly upheld by most female professionals.
Can you share your insights on the fundraising process you went through?
I found robust backing from venture capital firms, particularly from both male- and female-led entities such as Patamar, Monk’s Hill, Peak XV, and Venturra, which proved pivotal throughout the fundraising process, from pre-seed to now.
Embarking on this journey with no prior experience or expectations, I was pleasantly surprised by the genuine support and kindness extended by the world of venture capitalists, especially towards female entrepreneurs like myself. Notably, there are even dedicated funds such as Patamar Capital and initiatives aimed at promoting and allocating specific resources for startups led by women. I am sincerely grateful for this support.
Did you meet female investors during your fundraising efforts, and if so, did it impact your discussions?
Certainly, I had the opportunity to engage with female investors. Remarkably, two out of the four VC professionals (partners/leads) who handled Saladin’s case from the beginning of the fundraising process are women, and our discussions progressed swiftly, culminating in a deal within a month. In general, the interactions felt akin to catching up with friends over morning coffee, a collaborative process involving shared homework, and an efficient return to work. The pace was notably fast and conducive to productive outcomes.
What has been the most challenging aspect of your role as an entrepreneur?
I would say it boils down to “Extreme Ownership.” In corporate roles, we function as responsible contributors and leaders supporting the organisation where things are more well defined and somewhat easier to predict or plan than a startup, and most likely each professional will hold a particular responsibility. In contrast, as the leader of a startup or as an entrepreneur, the responsibility is all-encompassing. Success, if achieved, is attributed to the fortunate 5%, largely owed to the work of a cohesive team that navigated challenges together. Conversely, in the event of failure, the leader shoulders the blame – that’s the crux of it all.
Do you believe female founders face additional hurdles in raising capital during the current funding climate?
The funding climate currently is definitely challenging for both male and female founders to raise capital. I don’t really know whether there’s any difference between male and female founders.
Why do you think there’s a scarcity of women-led startups, and are there any unique factors in Southeast Asia contributing to this trend?
Engaging in startups is a selective endeavour, and I perceive a substantial element of choice among women. In my opinion, generally, women tend to be more risk-averse than men, and the considerable time and attention required for startup ventures may be a deterrent. Additionally, traditional networking avenues such as men’s clubs and golf can play a role in generating business leads, whereas women often find themselves dedicated to both office and home responsibilities. Nonetheless, the strength of women’s networks for support and knowledge-sharing in informal ways through informal channels such as lunch/dinner/coffee catch-ups could be significant, is significant, hence it’s quite challenging to quantify and compare.
What advice would you offer to aspiring female entrepreneurs?
Startup life is for those who aspire to be free. Free to choose what to do, who to work with, whom to collaborate with, what mission to follow, what vision to embrace, what principles to stick to… The invaluable liberty to think and live on one’s terms is unparalleled. Therefore, my advice is simple: be free and live according to your own aspirations, shaping not only your life but also the lives of those around you, including colleagues, partners, and the community.
