Awaken* newsletter

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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Lucy Liu Stars in “Rosemead,” a True Story of Immigrant Mothers Facing Fear and Mental Health Challenges

Lucy Liu is once again bringing us a powerful performance with Rosemead, a film that has been picked up by Vertical for a December theatrical release. The story follows a mother who begins to see troubling changes in her teenage son, opening the door to a deeper look at fear, love, and mental health.

Recently, the film gathered strong early interest after drawing a full audience at a special screening held at the Metreon in San Francisco. Hosted by Dave Lu, the event sparked conversations about topics often avoided in public spaces, especially within immigrant communities. 

With its growing list of festival honors, positive reviews, and a narrative inspired by real events, Rosemead is already being recognized as one of Liu’s most powerful and personal performances to date.

                                                                          Image Source: BBC

A Story Built on Fear and Family Pressure

At the heart of Rosemead is a mother who becomes concerned as her son’s behavior shifts in unsettling ways. What begins as quiet anxiety slowly grows into a frightening urgency as she realizes the situation may be more dangerous than she imagined.

As her fear rises, she faces the painful question of how far a parent can go to protect the child they love. The tension builds with each scene, making her inner struggle feel both real and universal.

The story takes place within a Chinese American household where cultural expectations and unspoken worries create additional layers of pressure. Lucy Liu captures these emotions with precision, while newcomer Lawrence Shou brings a raw, unpredictable intensity that deepens the film’s emotional impact.

                                                        Image Source: The Traveler’s Take

Building Momentum Through Festival Wins

Before reaching theaters, Rosemead had already made a strong impression on the festival circuit. Its premiere at Tribeca drew praise for its gripping approach to storytelling and its standout performances.

The film’s momentum continued as it won Best Narrative Feature at the Bentonville Film Festival, adding to its early recognition. It gained even more attention after earning the Prix du Public UBS audience award at the Locarno Film Festival.

During its time at Locarno, Lucy Liu also received a Career Achievement Award that highlighted her long-standing influence in the industry. Vertical’s Peter Jarowey praised her work for its emotional depth, while also recognizing director Eric Lin’s bold and confident vision in his feature debut.

                                                                     Image Source: Yahoo

A Strong Screening at the San Francisco Metreon

The event at the Metreon brought together creators, film lovers, and local community members for an open discussion about the upcoming release. The gathering served as a space for people to share expectations, explore the film’s themes, and talk about the real-life issues it aims to portray.

The audience noted how the film reflects real family struggles, especially those found in immigrant households. Its grounded approach to fear and uncertainty sparked discussions about mental health and cultural expectations.

After the screening, conversations centered on Liu’s controlled yet deeply affecting performance. Lawrence Shou also drew attention for his breakout role, adding to the anticipation for the film’s one-week run in selected theaters this December.

Experience the film in theaters and see why it’s already drawing strong early interest. Rosemead is set to premiere in select theaters on December 5, 2025 in New York City; December 12, 2025 in Los Angeles, and more cities to follow on January 9, 2026.

                                                               Image Source: Nikolas Liepens

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Stories

The Story Behind Inspire To Create Media: How Trysen Kaneshige Uses Art to Heal and Connect Community

Born and raised in Kauaʻi, Hawaii, Trysen Kaneshige never imagined that a series of brain injuries would redirect the course of his life. Art, which had once been a hobby, became his lifeline—a way to heal, process, and reconnect with the world around him.

What began as a personal form of therapy soon turned into a mission: to use creativity not only for his own recovery but to uplift his community and share stories that mattered.

As he experimented with murals, branding, and design, Trysen discovered that each project could bridge culture, healing, and connection in ways he had never anticipated. Through perseverance and collaboration, he began working with brands like Volcom, Olukai, and Soulection Radio, while also leading projects for schools, nonprofits, and community organizations across Hawaii.

From these experiences, Trysen founded Inspire To Create Media, a healing-centered creative agency that blends streetwear aesthetics, cultural storytelling, and design to create work that resonates far beyond the islands.

Finding Inspiration in Adversity

Trysen’s path to entrepreneurship was shaped by necessity and resilience. “I wasn’t able to work a regular job since I would have a lot of migraines or dealt with depression etc. It’s been challenging but I’ve learned to be resilient and not give up. What also inspired me was to create something for my community and for the next generation that is after me,” he recalls. The setbacks could have ended his creative ambitions, but Trysen chose to focus on what he could control: his art and his recovery.

Instead of succumbing to frustration, he saw opportunity in every challenge. He began creating small pieces, testing ideas, and using art as a method to regain focus, confidence, and purpose. These early efforts helped him realize that healing and creativity could coexist and even amplify one another.

What started as a personal journey of recovery soon became a mission to uplift others. Trysen wanted to leave something meaningful for his community and for the next generation, showing that creativity could transform not only individual lives but also the cultural landscape of Kauaʻi.

Overcoming Challenges Without a Safety Net

The road to building a creative business was far from smooth. Trysen faced difficult challenges that he considered walking away from everything, grappling with both the physical and emotional toll of head injuries. Each day was a battle between self-doubt, pain, and the desire to keep moving forward.

Beyond personal health struggles, he had no investors, no team, and no corporate backing. Every decision, every financial risk, and every project came solely from his determination and willingness to learn through trial and error. “If I had someone that saw what I was creating in the beginning, it would’ve been easier,” he admits.

Gratitude and persistence became his anchors. By embracing the lessons from failures and small victories alike, Trysen built a foundation that was resilient, flexible, and authentic. This mindset allowed him to continue pursuing his vision even when support was scarce and the path ahead was uncertain.

Turning Achievements Into Community Impact

Despite obstacles, Trysen’s journey is marked by achievements that combine personal growth with community recognition. He takes pride in consistently showing up, even on days when recovery felt impossible, and in taking creative risks that shaped the identity of his agency.

Inspire To Create Media has earned acknowledgment on multiple levels—from Proclamations by Mayor Derek Kawakami highlighting community murals and workshops to features in local newspapers chronicling his evolving projects. These recognitions validate his belief that creativity paired with purpose resonates far beyond personal satisfaction.

For Trysen, the real measure of success is impact. Each mural, logo, or art initiative tells a story and strengthens the connection between people and place, leaving a lasting mark on Kauaʻi’s cultural and creative landscape.

Building a Healing-Centered Creative Vision

At the heart of Inspire To Create Media is a philosophy that creativity can heal, connect, and inspire simultaneously. From large-scale murals to branding and apparel, every project is designed with intention, reflecting local culture while appealing to a global audience.

Trysen explains, “Art became my way to rebuild, reconnect, and serve. What began as personal recovery grew into a mission: to use art as a tool for transformation for myself, for my community, and for the next generation of island creatives.”

Today, Inspire To Create Media continues to expand its reach, bridging art, healing, and business. Trysen’s story proves that even the toughest setbacks can spark the most powerful creativity—turning personal recovery into a force that inspires communities, cultivates connection, and demonstrates that a small island studio can have a big global impact.

Follow Trysen’s journey:

📍 @trys.creates | @inspiretocreate.media

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Building Meraki: How Vivian Kwan Turned Passion into Purpose

The first time Vivian Kwan realized she could build something on her own terms was during her college years in the U.S. — a time that completely shifted her perspective on what a career could be.

She found herself surrounded by students who were running side hustles, freelancing, and starting companies before graduation. It was a stark contrast to her upbringing in Hong Kong.

“Back home in Hong Kong, the path was pretty clear: study hard, land a stable job, and climb the corporate ladder,” she recalls. “But in the U.S., I met people who were building something entirely their own. That inspired me to think differently.”

Curious and driven, Vivian began experimenting — running a small photography business and creating content for fun. That experiment grew into Meraki Group, a boutique talent management agency representing a diverse roster of lifestyle creators — and now a 7-figure business built entirely from the ground up.

Redefining Success as a First-Generation Founder

When Vivian launched Meraki Group in 2021, she had no network, no outside funding, and no PR machine behind her, just the belief that creators deserved better representation.

As a first-generation Asian immigrant, Vivian was raised to stay quiet and keep her head down. “But entrepreneurship requires something different,” she says. “I had to learn to advocate for myself and my talents loudly and unapologetically.”

Without big teams or resources, she leaned into what she could control: being hands-on, transparent, and relationship-driven. That boutique approach became Meraki’s unique selling point: brands and creators know they can reach Vivian directly, and that trust has allowed Meraki to thrive against the odds. Today, Meraki has closed 300+ brand campaigns with brand partners like HOKA, REI, Shark, Columbia Sportswear, Libman, Google, and UGG.

The Challenge of Balance

Motherhood has always run parallel to Vivian’s entrepreneurial journey — two worlds that demand her heart in equal measure. In the early years of Meraki, she often found herself caught between deadlines and bedtime stories, client calls and school drop-offs. The guilt was relentless: every hour spent growing the business felt like time borrowed from her children.

But over time, her perspective shifted. She began to see that showing her kids what fulfillment looked like was one of the greatest gifts she could give them. Building Meraki wasn’t just about proving something to the industry — it was about showing her children what resilience, purpose, and self-belief looked like in real life.

“My kids deserve a mother who’s confident and happy,” she says simply. “That thought keeps me grounded when things get hard.”

A Year of Growth and Gratitude

In October, the Meraki community came to life in a way that no Zoom call ever could. Vivian and her team hosted their annual NYC dinner — an intimate gathering of creators, brand partners, and friends who had helped shape the agency’s journey. The room buzzed with laughter, warm reunions, and stories that stretched back to Meraki’s earliest days.

For Vivian, it was a full-circle moment. Many of the guests were creators she had signed during the uncertainty of the pandemic — people she had championed from afar before ever shaking their hands in person. Watching them share a table, swapping stories and ideas, felt like witnessing the agency’s spirit materialise in real life.

It wasn’t a night of flashy sponsors or curated photo ops, but of genuine connection — the kind that has quietly fueled Meraki’s success from day one. “What I’m most proud of isn’t the growth,” Vivian reflects. “It’s loyalty. Many of my creators have been with me for three or four years. In an industry where talent often comes and goes, that kind of long-term commitment means everything.”

What Comes Next

As Meraki continues to grow, Vivian is laying the groundwork for a new chapter — one that strengthens the agency’s foundation while amplifying its impact. She’s focused on expanding her team and refining systems to preserve Meraki’s signature boutique quality, even as it scales.

“I’m being intentional with this next chapter,” she says. “Before stepping deeper into consulting and mentorship, I want to make sure the agency continues to run with the same care and creative integrity it was built on.”

With that foundation in place, Vivian plans to open limited consulting slots and launch educational programs for creators and emerging talent managers. Her goal is to nurture the next generation of creative leaders — empowering them to build with heart, purpose, and the courage to redefine what success can look like.

Follow Vivian’s journey:
📍 LinkedIn | Instagram

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Stories

The Founders Behind Anise Health: How Two Women Are Reimagining Mental Health for the Asian Community

When Nisha Desai and Alice Zhang met at Harvard Business School, neither of them expected that a casual conversation about their frustrations with therapy would spark the idea for something much bigger.

As they juggled graduate school and their own mental health, they often felt therapy wasn’t built for people like them – they spent more time explaining their background to their therapists than actually healing. 

They realized it wasn’t just them – there’s a gap in mental healthcare that left many in the Asian and multicultural community feeling unseen and misunderstood.

That shared realization became the seed for Anise Health: a platform built to make therapy culturally attuned, accessible, and truly effective for the AAPI community.

A Problem They Both Knew Too Well

Before their paths crossed, both founders had already seen the same issue from different directions.

Nisha, who grew up in Florida in a family of healthcare entrepreneurs, had always been drawn to questions of access and equity in care. After studying finance and marketing at the University of Pennsylvania’s Wharton School and earning her MBA from Harvard, she worked in healthcare investing and later in digital product management at Humana. It was there, while helping build a mental health app, that she started hearing a troubling pattern from thousands of users – the same barriers she had personally faced.

Nisha recalls that people weren’t saying therapy didn’t work. They were saying it didn’t fit, that they didn’t feel understood.

Alice, meanwhile, came to the same conclusion through her own deeply personal experiences. Born in China, raised across Japan and Canada, and now based in New York, she calls herself a “third culture kid.” Her multicultural background gave her adaptability, but also a sense of never fully belonging anywhere.

That feeling resurfaced when she sought therapy during business school. Despite being fluent in English, she found herself translating her own emotions for her therapist – explaining why criticism from parents felt like love, or why pursuing excellence felt non-negotiable.

Alice remembers feeling exhausted after each session, explaining her background again and again, and leaving each time feeling unseen.

Alice Zhang (left) and Nisha Desai (right)

Building a Culturally Grounded Model of Care

After that pivotal conversation at Harvard, the two women began mapping out what culturally attuned mental health care could look like. They spoke to clinicians, patients, payors and community leaders, testing how cultural nuance could be integrated into evidence-based therapy and coaching.

They envisioned a new kind of care model: one that didn’t require clients to educate their therapists or set aside their cultural identity at the door. Instead, therapy would start from a place of understanding.

“Alice and I really built Anise to be what we believe our community has needed during our upbringing. What we kind of wished for ourselves through our own personal journeys with therapy.”

But building what didn’t yet exist came with challenges. They had to prove — to investors, clinicians, and even the broader healthcare system — that cultural context wasn’t just a “nice to have,” but essential to effective care. Many mental health professionals hadn’t been trained to deliver culturally adaptive therapy, so Anise Health had to design that framework from the ground up: provider training programs, accurate diagnostic tools, tailored care plans, curated resources and a scalable model for personalized, culturally attuned care.

Their persistence paid off. What started as late-night brainstorming sessions between classes evolved into a fully fledged mental health platform that blends clinical rigor with cultural empathy.

Growing the Movement

Since its founding, Anise Health has facilitated over 10,000 paid appointments and built a network of 60+ licensed providers across multiple states. The company is now expanding through insurance partnerships that make culturally attuned care more affordable and accessible.

Behind the scenes, Nisha leads operations and product design, while Alice drives partnerships and provider training.

Their complementary strengths, coupled with a shared sense of purpose, have helped Anise Health raise $6.4 million in funding and gain recognition as one of the top 10 most innovative Asian Pacific-led companies to watch by NYSE, Y Combinator, and Gold House.

Redefining the Future of Mental Health for Asian Communities

For both founders, Anise Health’s success goes beyond numbers. It’s about shifting how mental health is understood and delivered, starting with a community that has long been underserved and stigmatized.

“Our goal isn’t just to make care available,” Nisha says. “It’s to make it effective, culturally relevant, and sustainable within the healthcare system.”

By creating a new gold standard of culturally attuned care, Nisha and Alice aren’t just helping Asian Americans access therapy that finally feels like it speaks their language – they’re reimagining what inclusive mental health care can look like for everyone.

Learn more about Anise Health at anisehealth.co