At Salamander Advisory, we work closely with B2B tech startups trying to scale in this environment. What we're seeing is both sobering and hopeful. The startups that survive, even thrive, are doing so because they're adapting fast. They're running lean. They're managing their cash flow with rigour and building investor-ready documentation well in advance of need.

The shift has also changed the pitch room dynamic. Investors are asking tougher questions earlier. "What problem are you solving?" is still the first ask, but they now expect a clear, urgent market need, not a hypothetical one. Repeat founders (those with prior exits or failures) are favoured.

Startups with vague GTM plans or flimsy financials? They don't make it past slide three.

There's also a new wrinkle: geopolitics now shapes investment strategy.

Founders are quietly learning that taking money from one region can lock them out of others. For example, Chinese capital might raise eyebrows for startups hoping to expand into the U.S. This is forcing founders to pick a lane far earlier than they used to.

Despite all this, innovation in the region isn't slowing. If anything, it's maturing. Today, we're seeing true grassroots innovation in Southeast Asia, not just adaptations of Western models. Startups need to strike a balance between creativity and operational discipline, financial governance, and a narrative that they can effectively convey in 12 slides or less.

Funding is still possible in 2025, but investors prioritise startups that show they're ready to operate with the maturity of a scale-up from day one.