From being an early employee at a Silicon Valley startup to stints at hedge funds and a venture capital (VC) firm, Mukaya Panich has built a career being the odd woman out in male-dominated industries.
The CEO and CIO at SCB 10X, the investment and venture building arm of Thai lender Siam Commercial Bank (SCB), says gender should not be a consideration when backing a startup or an investor.
“I think it is better if we, female investors, invest our best to generate great returns for investors and for investors to invest in our fund because of our performance rather than because of our gender. I always believe in doing my best in whatever I do and being appreciated for my performance rather than because I am a woman,” she said in an interview for DealStreetAsia’s recent report on women in Southeast Asia’s venture ecosystem.
Her advice for aspiring female investors? “Take calculated risks but choose a higher risk, higher reward career path. Do not be afraid to take the job opportunity that you think you are underqualified for because that is the opportunity to learn and to grow, and most of the time, you learn on the job anyway.”
Excerpts of the interview:
Could you share your journey as a VC?
I am an engineer by background, graduated from MIT with bachelor’s and master’s degrees in Electrical Engineering and Computer Science. I started my career as a VLSI circuit design engineer as an early employee at a semiconductor startup in Silicon Valley called SiByte, which got acquired by Broadcom for over $2 billion. It was a unicorn before the word was coined.
I was in the engineering field for five years and then went to Harvard Business School and made a career transition into investment management. I first worked at a hedge fund in New York and then in Singapore, always focused on investing in publicly listed technology companies. In the five years before joining SCB 10X, I ran a pan-Asia hedge fund for Pictet Asset Management, focusing on technology sector investments.
In mid-2019, I was approached by my current boss, Dr Arak Sutivong, who is the deputy CEO of SCBX and was the former CEO of SCB 10X, to come help start SCB 10X with him and other core team members. We started SCB 10X in early 2020. I have been with the firm for nearly four years now – the first 2.5 years as the CIO and Chief VC. In August last year, I got promoted to CEO, and I continue my role as CIO and Chief VC.
What were the challenges you faced during this journey? How difficult is it for a woman in a male-dominated industry?
I have been a woman in male-dominated industries throughout my life. I was an early employee in a startup in Silicon Valley where I was one of three female engineers in a 125-people startup. In hedge funds, when I first joined, I was one of the few female analysts and, later, one of the even fewer female portfolio managers or decision makers. And now, in the VC industry, I am one of the very few female CIOs/ managing directors/ lead investors.
What I found most challenging is true to any male-dominated industry – it is the socialising part. When I have to go to an industry event, and I go alone, it is sometimes hard to join in the conversations if I don’t know anybody and the groups have already been formed. I usually try to see if there is someone that I know either by themselves or in a group and then initiate a conversation with them.
I am an introvert by nature, and I do not really enjoy small talk or socializing much. I prefer one-on-one or small group conversations where there is a clear topic we want to discuss. I try to solve the socialising challenge by having a clear goal of what I want to achieve in any social event – such as going there to meet some specific people or learn specific things. In that process, I convert what I don’t like into a mission with a clear goal. And I try to achieve that goal as fast as possible in that social event – then it is up to me whether I want to continue to be there or just call it a day.
Another thing that I find challenging is the nature of my job as an investor. We have to be away from home a lot as we have to travel to meet management teams of the companies we are investing in or interested in or go to industry conferences. I am a mother of a 12-year-old daughter. Being at a hedge fund previously and now VC, I found [the travel] quite challenging because I miss my family and feel guilty for not spending enough quality time with my daughter. COVID-19 was somewhat of a silver lining for me because it meaningfully reduced my travel, and I could be with my family. The way I try to tackle this is to leverage as much help from people around me as I can.
Another challenge I want to point out in VC is that deal sourcing is often done through deal sharing, wherein VCs share their deals with other VCs. Obviously, VC is a male-dominated industry. As a female CIO and chief VC, this doesn’t really bother me because the way I invest is by identifying companies that we want to invest in first by doing research about the industry, getting to know the founders and then investing in them. I have followed this playbook throughout my investment career. Not having to rely on deal introductions from other VCs has kept me from having FOMO or chasing deals purely due to the fact that others are investing in them. This has actually served SCB 10X well.
Why do we see fewer women in investment decision-making roles at VCs in the region?
The job requires a lot of travelling and being away from home. It is a choice you have to make in balancing family life and a very demanding, and at times stressful, career. It could also be that since there are relatively few women in senior roles at VC firms, young women lack role models to look up to.
However, I feel it is one of the most exciting careers possible as you get to see future trends and technologies before most others do. You help solve problems for entrepreneurs that you back. It is an incredible and fulfilling feeling to be able to help solve tough problems for entrepreneurs and further their goals.
Do you think there is a correlation between the lack of diversity at VC firms and the gender funding gap among startups?
I do not think that is the case. As an investor, I am gender-blind. I will invest in great founders and management teams that are attacking real problems, which can have potentially very large TAMs [target addressable markets] with unique solutions. It does not matter to me whether the founders are female or male; the highest potential startups with the best quality management teams always win.
Is gender diversity in VC getting better now? How do you expect it to pan out in the next few years?
I think things are better now. We see a lot more women in the VC industry in decision-making roles, and many starting their own funds. Just like anything related to technology, there are fewer women, but it is such a fascinating career to combine the understanding of technology and finance and to be part of the advancement of technology.
For many women, the VC industry might be intimidating because of a lot of technical aspects involved. I don’t want women to be intimidated about exploring and entering the industry.
Do you think LPs care about gender diversity at the VCs they commit capital to?
I think there is some small movement already from LPs wanting to see gender diversity at the VCs they commit capital to. But I think it is better if we, female investors, invest our best to generate great returns for investors and for investors to invest in our fund because of our performance rather than because of our gender. I always believe in doing my best in whatever I do and being appreciated for my performance rather than because I am a woman.
What advice would you give other aspiring women VCs?
Take calculated risks but choose a higher risk, higher reward career path. Do not be afraid to take the job opportunity that you think you are underqualified for because that is the opportunity to learn and to grow, and most of the time, you learn on the job anyway.
When asked to take a leadership role or do anything out of your comfort zone, just say yes and be there with 100% enthusiasm and readiness. And don’t take ‘no’ for an answer – you can always convert a ‘no’ to a ‘yes’ with the right efforts and persistence.
