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August 29, 2024

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This article was co-written by Edwin Ong from the AHN Ventures team and Lennie Zhu, who is the Founder of 01 Labs, a product studio that builds products with early-stage software companies serving creators (media, entertainment, social), small businesses and independents. She has worked with startups such as HIFI (acquired by Block), F*** You Pay Me, and more. One of AHN Ventures’ portfolio founders, Amartya Jha, was the lead interviewer. Amartya is the Co-founder & CEO of CodeAnt AI, a DevTool that helps companies find and auto-fix code issues and security vulnerabilities used by small teams all the way to large unicorns.

In this edition, we had the honor of hosting an exclusive advisory session between Kun Gao, co-founder and former CEO of Crunchyroll, and Amartya Jha of Codeant AI. For those who don’t know, Crunchyroll is the leading anime streaming service with over 13 million subscribers as of 2024, and was last valued at $1.5 billion when it was sold to Sony in 2020. Nowadays, Kun works on two new companies that he co-founded: GGWP, an AI-powered game moderation platform; and Forge, which rewards gamers within and out-of-game prizes for the data they generate through gaming.

We are excited to share 7 hidden lessons for founders from our conversation with Kun.

1. The consumer products that succeed are the ones that go viral – and that can be hard to predict

One of Kun’s early insights was that consumer apps with baked-in virality tend to be the ones that work out. Examples of built-in viral features are share buttons, “invite a friend/collaborator features,” or content that can be easily reposted. 

However, consumer behavior can be notoriously difficult to predict. Unless you have superior product sense like Steve Jobs, your best bet is to take your best guess, then ship quickly and avoid getting caught up in minute details. If your product truly has value, people will use it even if it isn’t polished. Need proof? Check out the screenshot below of what Crunchyroll looked like in 2006. 

Kun: “One of the lessons I learned from that experience is that you really don’t know what the consumer mindset is. You can have a guess, but with pure consumer experiences, it’s better to just try something, throw it against the wall, and see if it sticks. Then, you can collect the data, iterate, and see what works and what doesn’t.

We developed the first version of Crunchyroll in about a month. We put it out there and shared it with our friends. They started using it, and pretty soon we had hundreds, then thousands of users. At the end of the day, it’s about making something really engaging that can capture an audience and get them to virally spread it. Those kinds of consumer products just inherently grow. So my advice would be to think about how to build products that inherently have virality built in.”

2. Build something that solves your own problems

The advantage of building something for yourself is that you will have at least one user out of the gate, and likely a few others since you likely have some friends with similar issues. Furthermore, you’ll be able to understand the customers’ needs because *you* are the customer. For Crunchyroll, this allowed them to cut out hiring product people and only hire engineers at the start

Kun: “With Crunchyroll, we were trying to solve a problem that we personally had. Every Thursday, Naruto would come out on TV in Japan, and it would be only accessible in the US on unreliable torrent websites. We just wanted a place where we could watch Naruto at 6 p.m. every Thursday after work. 

We knew we could get at least a starting set of users because we had that problem, and we were our own consumers…. We also knew we could get all of our friends to use it because we knew they were experiencing the same problem. And so we built Crunchyroll.”

3. Experiment relentlessly until you perfect your conversion funnel

What is often talked about when monetization is on the agenda is “What monetization model makes sense for my company?” Subscriptions, one-time purchases, ad revenue, freemium…the list goes on. But what gets less airtime yet is arguably even more important is how to optimize your conversion funnel. While there is no glory in experimenting with things like button placement, CTA copy, and 1 vs. 3-step payment flows, those kinds of nitty-gritty decisions are exactly what separate “businesses with potential” from the real moneymakers. 

Kun: “Before [we started offering paid subscriptions], we already had a decent amount of users, around a few million. When we flipped the switch to premium content, around 10,000 people converted to paid, which is really low. We thought we would get 50,000, but we only got 10,000 people to convert to paid. The rest stayed on as free users. So then we had to figure out why more people weren’t converting.

We ran some tests on alternative business models. We tested charging per episode, and even some rental models. Those tests didn’t perform that well, so we decided to double down and optimize our subscription model. 

To tackle [conversion], we basically annotated everything on the site and figured out what users were clicking, what they were looking at, and which buttons converted better. Should we start with a free trial? If it’s a free trial, should it be seven days or four? The size of the icons—we basically tested everything, especially in the first year… Over time, we were able to convert the majority of the audience to become paid subscribers.”

4. Ride societal waves in culture and technology

It’s important for every company to have an answer to the question “Why now?” What was not true before, that is now true and enables the product to succeed? This could be something technological or societal. In the case of Crunchyroll, Twitch, and YouTube, the explosion of video streaming was a major driver for those platforms to reach the dizzying levels of success they have today. 

Kun: “Part of what separated us was that we were in the right place at the right time. If you look at all the successful video platforms today—YouTube, Twitch, Crunchyroll—they all started at basically the same time, around the 2004 to 2006 period. You kind of needed to start during that time to be successful. 

Within that time frame, there were also a lot of competitors we were competing with. Platforms like Stage Six, Veoh, and Joost were trying to go after the same space and opportunity. Speed was really important because there was a land grab for distribution at that time. When I say distribution, I mean the proliferation of consumer devices besides the PC from 2006 to 2007, all the way until the early 2010s. Because of our speed, we were able to build these platforms before everyone else and ride that wave of device growth. We were one of the first launch partners on PlayStation alongside Netflix. Being able to build on new platforms with a product engineering focus first allowed us to outgrow and out-distribute others in the space.”

5. The best companies expand their markets or create new ones

Today, Crunchyroll has over 13 million subscribers. There were a lot of external factors that drove the massive growth in the popularity of anime, including the pandemic, but Crunchyroll itself played a major part in making anime more mainstream because it made it accessible to Western audiences. 

Kun: “The thing that surprised me most was that our TAM (Total Addressable Market) ended up being much bigger than we expected. I would project that we would maybe hit 200,000 subscribers. That’s it. Then when we actually reached 200,000 subscribers, we thought maybe we’d get to a million. And then when we got to a million, we thought maybe we’d get to 3 million. The growth itself has really surprised even us. Today, it’s the largest pure vertical play among all the content verticals out there. Initially, because we didn’t expect our TAM to be so big, our approach was to super-serve our audience and do way more than just streaming, which we eventually did, but it just continued to grow even beyond our expectations.”

6. Get creative about how to finance your startup

Many founders’ minds jump immediately to venture funding when they consider how to support their companies. But raising venture money can be a long and difficult path, and it’s not always the right choice for every startup. Timing is everything, and bringing in outside capital before establishing product-market fit can be a mistake, driving founders to pivot into oblivion. Kun gave us a look behind the curtain at how Crunchyroll funded itself before venture money, which included user donations, partner investments, and- yes, credit cards. While taking on significant credit card debt may not be recommended, staying open-minded about where your financing could come from is.

Kun: [Before we were profitable, we financed Crunchyroll with] venture money, and maxed out our credit cards before that. For a period of time, we also accepted donations. Before we raised VC funding, we had pretty hefty bandwidth bills because video streaming was very expensive. At some point, we realized that we couldn’t sustain the site. At the same time, we couldn’t directly charge users because we didn’t own the content. That was the motivation behind accepting donations. To give the users some incentive to donate, we built a very sticky social product where users could create an account, participate in forums, and chat with other anime fans. Anyone who donated would get a star next to their name so people would know that the person donated. It was an appeal to social status and social proof. That was enough to offset some of the bandwidth bills in the early days before we had venture funding.

I [also went to one of] our biggest content partners, the folks who license the content to us, and asked if they wanted to own a piece of the business. It made a lot of sense because if they invested, they would also have a vested interest in the platform and could capture more of the value that their shows were generating. It was a win-win. We took in about a million dollars, which was enough to bridge us to the break-even point.

7. As an Asian founder, take advantage of your inherent cultural strengths

Asian founders starting businesses in Western countries should not underestimate their ability to globalize their businesses by capitalizing on Asian markets, which they may be much better positioned to do than their non-Asian counterparts. Fundamental cultural context that you may not even acknowledge your grasp can help you succeed overseas.

Kun: “With Crunchyroll, we obviously worked a lot with Japan. I think that because I’m Asian, they trusted me more. At the end of the day, it was also about understanding and appreciating their value system, which is very different from the US. In the US, it’s really about the value proposition. In Asia, it’s much more about relationships and trust, so we really leaned into that. Maybe part of that was influenced by our upbringing. You can’t just show up and expect deals immediately. You need to be around, be persistent, and show them that you’re committed. But that might be a bit of a unique situation for us.”

Conclusion

Thank you to Kun Gao for the interview! If you are a gaming company looking for moderation tools, please consider checking out GGWP, and if you are a gamer wondering why you aren’t being rewarded for the mountains of data you are generating, please check out Forge!

Written by Edwin Ong and Lennie Zhu

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The Spirit of a Fighter: How Stepping Into a Muay Thai Ring Changed the Way Alice Shikina Works as a Mediator and Negotiation Trainer

The first time Alice Shikina stepped into a Muay Thai ring, the moment felt bigger than the fight itself. The gloves were heavy, but what weighed more was everything she had been carrying in the months before.

She was in her late thirties, newly divorced, and raising two young children on her own. Her kids were just two and five years old, and the life she had carefully built no longer looked the same.

At the same time, she was trying to establish herself as a mediator and build her own business from the ground up. She didn’t know it yet, but the self-trust she was about to forge in that ring would become the foundation of how she led others through their own conflicts.

The Fight Before the Fight

Kickboxing began as a way to cope during a season that felt completely overwhelming. It gave Alice a physical outlet when her thoughts wouldn’t quiet down and her emotions felt too heavy to carry.

A few months later, Alice’s coach asked if she would consider competing. The idea unsettled her because she had never fought before and had never faced someone trained to strike back. For two months, she wrestled with the decision. What frightened her most was not losing, but the possibility of doubting herself under pressure.

When she finally committed, her routine became disciplined and demanding. She trained three hours a day, carving out time in the early mornings and late evenings while continuing to care for her children and grow her work.

The night before her first fight in Iowa, a coach told her that the real fight was already over because it happened during the grueling months of preparation. Once she realized that, her nerves calmed and a quiet steadiness took over. Even as she approached the ring to step in and fight, she felt unusually calm. She didn’t win that match, but she stayed on her feet until the final bell, and for a woman rebuilding her life, that was more than enough.

What the Ring Taught Her About Pressure

Alice went on to fight three more times. Afterwards, Alice turned her sights to competing in triathlons and even placed first in her age group at the Alcatraz Duathlon. While the medals were nice, the real reward was the quiet discipline she built through the discomfort of training.

She came to understand that fear does not simply fade with time. It softens only when you decide to move toward it.

She also learned that preparation changes how you carry yourself in difficult moments. When you put in the work, you stand differently, breathe more steadily, and think more clearly under pressure.

Today, those lessons shape how she sits with couples navigating divorce and teams facing workplace conflict. When emotions rise and conversations begin to unravel, she remains steady, drawing on the same discipline that once kept her composed in the ring.

Building Her Practice on Her Own Terms

Alice now runs Shikina Mediation and Arbitration full-time, helping divorcing couples, families, and organizations reach agreements they once thought were out of reach. Most clients come to her when communication has broken down and trust feels fragile.

Early in her career, she tried building her business by networking with attorneys, but quickly saw the bias against non-attorney mediators in a field long dominated by older white men. Instead of forcing herself into a system that did not fully welcome her, she shifted her focus to working directly with couples and workplace clients, growing her practice into a thriving full-time business over the past decade. In 2025, Alice was awarded the prestigious Raymond Shonholtz Visionary Peacemaker Award by San Francisco’s Community Boards.

Her work has expanded beyond the mediation room. She hosts the podcast, Negotiation with Alice, now over 100 episodes strong. She authored the book Negotiating with Your Kids, and continues to teach communication and conflict resolution to executives and C-Suite staff. As a second-generation Okinawan American whose parents survived the Battle of Okinawa as children, resilience runs deep in her story. 

Nothing in business, she says, will ever feel as intimidating as stepping into a ring to face an unknown opponent. In that ring, she rebuilt her confidence. At the mediation table, she now helps others rebuild their lives with clarity, courage, and peace.

Discover more from Alice Shikina here:

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Learn more about Shikina Mediation and Arbitration here:

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From a Childhood Dream to the Red Carpet: How Elenor Mak’s Two-Year Mission to Give Michelle Yeoh a Personalized Doll Finally Happened

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Elenor Mak simply wanted to honor Michelle Yeoh and show her daughter that Asian girls can be the hero of the story too.

No one expected that the journey would end on the red carpet at the Hollywood Walk of Fame.

Image source: Elenor Mak

The Childhood Inspiration

Elenor Mak grew up watching Michelle Yeoh on Cantonese VHS tapes at home. Seeing an Asian woman lead films and command the screen made a deep impression on her as a child. It showed her that someone who looked like her could be strong, fearless, and at the center of the story. That belief stayed with her for years.

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Image source: Elenor Mak

A Two Year Mission

Creating the doll was a careful process that took five months. A professional stylist in Los Angeles helped shape the look, while a supporter in Hong Kong hand sewed the detailed feathery gown. Each part was made slowly and thoughtfully. Everyone involved wanted the doll to reflect Michelle Yeoh’s iconic Oscar moment.

At the center of it all was Elenor’s mother. She sat at the kitchen table attaching the final accessories with crazy glue and steady hands. When the doll was finished, the real challenge began. For two years, Elenor tried to find a way to get the doll into Michelle Yeoh’s hands.

Image source: @jonmchu (Instagram)

The Hollywood Moment

When Michelle Yeoh’s Hollywood Walk of Fame ceremony was announced, Elenor knew she had to try again. She flew to Los Angeles with her friend Dion Lim, an Emmy Award winning journalist, hoping for one last chance. They waited behind barricades for hours as the crowd gathered. After hearing no from security several times, they almost gave up.

Then something unexpected happened. Janet Yang, a producer and former head of the Academy, stepped in and helped make the moment possible. Soon after, Michelle Yeoh lifted the doll on the red carpet while Sandra Oh and Awkwafina cheered nearby. For Elenor, the moment meant more than giving a gift. It was for the little girl who once watched Michelle Yeoh on old VHS tapes and believed she could belong too.

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Jonathan Quach Was Told He Was Too Young and Too Asian to Lead—Now He’s Built Team Quachro Into One of California’s Largest Youth Basketball Platforms

At 19 years old, most people are still trying to figure out who they want to become. Jonathan Quach, who also goes by Johny, was already thinking about how he could create space for others to grow.

He did not have investors backing him or access to elite facilities. What he had was a deep love for basketball and a growing frustration with how many talented kids were being left out of high-level programs simply because they lacked money, connections, or visibility. 

The name Team Quachro (TQ) was originally created just to enter his first eight kids into a local youth league. What started as a play on words from his last name, ended up becoming a staple in the Orange County Basketball community, competing with the other heavy hitters in the industry.

Starting at 19 with Nothing but Belief

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As Team Quachro began gaining attention and players began leaving other programs to join his team, some competing coaches sent negative emails to others behind his back. Instead of responding with arguments, Johny chose to respond with action. He focused on developing his athletes and strengthening the culture of the program.

Now 26 years old, Johny has built one of the largest basketball programs and tournament operations in California. By remaining consistent and treating every family with respect, he gradually turned early skepticism into long-term trust. Team Quachro now serves more than 300 athletes, with thousands of families having come through the program over the years.

Carving a New Lane for Asian Leadership

Building one of California’s largest platforms by age 26 is a feat in itself, but doing so as an Asian founder carries even more weight. In the youth basketball world, Asian founders are rarely seen in leadership roles. Johny understood that reality and wanted younger players to see someone who looked like them leading from the front.

Representation, for him, was not about making statements. It was about building something real and lasting that could create opportunity for others. Every partnership and every opportunity had to be earned through persistence and relationship building.

Over time, that work transformed a small training group into one of the most respected sports organizations in California. Johny proved that leadership is not determined by age, background, or stereotype. It is shaped by commitment, integrity, and care for the people you serve.

Leaving a Legacy Bigger Than Trophies

What began as a handful of local training sessions has grown into a thriving ecosystem of teams, tournaments, and mentorship. The results of that dedication are visible at the next level, with TQ athletes playing at the Division I college level, as well as at JUCO and NAIA programs.

Despite that growth, Johny has worked intentionally to keep the heart of the program intact. He continues to cover costs for athletes who cannot afford to participate and organizes free clinics to make the game more accessible. He believes that financial limitations should never be the reason a child cannot pursue their potential.

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For generations, the Koo family has played a defining role in Taiwan’s business landscape, building institutions that span finance, infrastructure, and beyond. Growing up within that environment meant understanding both the privilege and the responsibility tied to the family name. Legacy, in this case, was not just inherited wealth but a long-standing commitment to growth and impact.

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Building K8 Capital for the AI Era

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