Faster liquidity can push cycle of returns, fundraising, reinvestment
This is the struggle with the SEA ecosystem. Just not enough liquidity yet to create the magical cycle.
USA and China have it. India with some of their monster exits creating some secondary action to enrich employees is crawling towards it.
As some of the big unicorns in SEA start to make some employees rich – there will be some mini cycles around that.
One should not knock what SEA and Razor of done to help get this going as well.