Stories

January 14, 2023

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With $1.8 billion under management, Mala Gaonkar’s SurgoCap Partners began trading and made history as the largest debut of a woman-led hedge fund in the industry’s history.

SurgoCap Partners invests in technology’s influence on financials, industrials, healthcare, and corporate data. The 20-person company bets on and against equities and can invest 25% of its assets in privately held enterprises.

At an investor conference in June, Gaonkar expressed her support for ServiceNow Inc., an enterprise software provider that aids in workflow automation.

Born in the US and raised in Bengaluru, India, Mala was a Kauffman Fellow. After graduating from Harvard with an MBA and economics degree, she founded Lone Pine in 1998. Later, she managed technology, media, internet, and telecom bets as a portfolio manager. She led the firm’s long-only funds.

She is also a founding trustee of Ariadne Labs, the Queen Elizabeth Prize for Engineering, the Tate Foundation, and Surgo Ventures, a charity that produces data-driven social and health solutions.

She is setting aside $100 million in capacity at SurgoCap for smaller endowments, foundations, and organizations that support marginalized populations or address climate change. She has amassed $35 million thus far.

Mala signed the Giving Pledge that she would devote the majority of her wealth to charitable causes.

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Image Source: Chris Pizzello/ Invision /AP file

Stories

Awkwafina Knows Best About How She Is Still More Financially Great Living On $500 A Month

Even though the Crazy Rich Asians actress’ wealth is likely in the millions, she believes that a mere $500 per month is sufficient to cover her expenses.

The 32-year-old actress recently told Harper’s Bazaar that her money philosophy goes back to when she was building her Awkwafina musical and comedy persona, which she used as an outlet for her creativity while she worked a day job in book publicity.

Her grandmother brought her up in a one-bedroom apartment in Queens, New York. Because her family’s restaurant went out of business and they were forced to sell their home, she has developed a greater appreciation for monetary gain than any other aspect of her life.  

Awkwafina remembers that funds were tight at home and that she would stay up late with her grandma, who worried about paying the bills.

She also claims that despite being in a better financial position to support her family and herself, she still maintains a just-the-basics mentality. The actress has been known to buy clothes at Target and not spend much money on anything. She set out with the simple objective of covering her living expenses. 

She explains to Harper’s Bazaar, “I went into this mode off, if I can make $500 a month, that’s all I need.” 

Awkwafina’s motivation and success are attributed mainly to her refreshingly optimistic view of financial considerations. She has kept herself busy acting in the years since, including launching her comedy series on Comedy Central and becoming the first Asian-American actress to win the Golden Globe for best actress for her lead role in the 2019 drama “The Farewell.”

Image Source: Photograph by Ken Richardson Boston Magazine

Stories

Chef Tracy Chang Gives Back To The Community Through The Language Of Food

Restaurateur Tracy Chang started the nonprofit Off Their Plate and Project Restore Us through the COVID-19 pandemic in 2020. 

The owner of the Japanese tapas restaurant,  PAGU, started Off Their Plate as a way to feed healthcare workers, and Project Restore Us sends nutritious and culturally appropriate grocery boxes to families living in food deserts. Both groups work to support local kitchens run by women and BIPOC and volunteers.

As a chef, Tracy also finds herself more in tune with customers than ever before. As someone who grew up lactose intolerant, she sources ingredients responsibly and remains mindful of the way guests feel after they leave her restaurant. This is also part of her restaurant’s ethos.

Her grandmother has also influenced Tracy’s cooking. Although her grandmother didn’t speak English, she spoke the language of food really well, said Tracy, and that was something that always resonated with her.

For Tracy, her personal experience has definitely come into play — trained in Spain but worked at a Japanese restaurant, and she grew up with a lot of Japanese and Taiwanese food, “The menu at PAGU is autobiographical and about my experience learning very specific dishes and techniques from people like my grandmother, my mentor and some of the chefs I’ve worked with.” she told TimeOut.

Image Source: CNN

Stories

Young Tech Startup Founders In Asia Make Mental Health Support Accessible To Break Stigma

Breaking down societal stigma and creating a new mental healthcare system for the Asia-Pacific area are two of Theodoric Chew’s objectives, founder of the digital mental health app, Intellect.

Founded in 2019, the mobile app frequently monitors users’ moods, delivers rescue sessions and exercises, and lets them chat with therapists in real-time. 

The 26-year-old explained that mental health is just as important as physical health, “You and I face things like stress, burnout, sleep issues, and relationship struggle as well.” he told CNN, “ That’s where actually a lot of us should start working on our mental wellbeing.”

Since early 2020, the startup serves over 3 million Asia-Pacific users in 15 languages. According to CNN Business, the Singapore-based mobile app has raised $20 million in its Series A funding, the largest amount raised by a mental health start-up in Asia.

Early this year, Singapore and Jakarta-based digital mental healthcare start-up, Ami, has raised at least $3 million from a number of investors, including Meta, the owner of Facebook. The firm was founded by Justin Kim, a Forbes 30 Under 30 Asia alum with Beknazar Abdikamalov.

Both digital mental health companies are targeting employers in their business models, where companies can subscribe to provide staff unlimited, private access to their services.

According to the WHO, depression and anxiety disorders cost the global economy $1 trillion a year in lost productivity. In March, it was reported that anxiety and sadness surged 25% worldwide in the first year of the pandemic.

Image Source: Shoutout LA

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Loose Leaf Boba Company Blends Third-wave Coffee And Tea With Cultural Inclusion

Loose Leaf Boba Company is not only well-known for its expert “bobaristas.” but also for its diverse cultural representation including Burmese, Thai, Filipino, and Hispanic. “Going out for boba” was a childhood tradition that assisted the company’s mission of unifying people by normalizing cultural differences.

The brand constantly values cultural inclusivity and also empowers BIPOC, AAPI, women, and the LGBTQ+ community.

Loose Leaf Boba Company’s sharp vision of “Building a Better Boba Company” comes to life every time a customer experiences a foreign favorite, for which they make beverages for customers to try global favorites. This means making tasty beverages like Vietnamese Egg Coffee or Mexican-inspired Guava Atole.

Founded in 2012 by husband and wife duo Thomas and Jasmine Liu in West Covina, the viral third-wave shop has locations across the United States, including Connecticut, California, and Massachusetts.  This bubble tea tycoon has big plans to grow large retail sites in metro Dallas, TX, Northampton, MA, and Hadley, MA.