Baskit co-founder Yoonjung Yi says the roots of her entrepreneurial journey were sown in “the five transformative years” she spent in Shanghai and meeting “unapologetically outspoken and ambitious” women in the city.
Inspired by the female entrepreneurs she met, Yi started small with a side hustle dedicated to her passion for art. At her day job, she met Yann Schuermans, who later became her husband and co-founder, and the pair started working on an idea for reducing inefficiencies in the supply chain industry. Baskit, their startup, was launched in 2022 and seeks to differentiate itself by working with middlemen, recognising the important role they play in the supply chain.
Diversity, Yi says, has been integral to the company in more ways than one.
“When we hired for our team, we initially brought in experts with deep experience in our space, under the assumption that their ways of working were superior and would take us to the next level… What we came to realise is that in a startup, especially at our stage, industry background and knowledge are less important than an attitude of openness, and a willingness to learn, adapt, and grow… Having a diverse team is key when we want to ensure we are making decisions independently from traditional industry influences/practices,” she said in an interview for DealStreetAsia’s upcoming report on the gender funding gap in Southeast Asia.
Yi agrees that raising venture funding is more challenging for female founders in a male-dominated landscape but contends it has not hindered female entrepreneurs in Indonesia.
“The lack of representation might come from female founders sharing different values from male founders – especially in sustainability and family… I noticed that a lot of female founders initially aim for the typical startup trajectory… but later pivot towards building something with a strong emphasis on sustainability, organic growth, tangible products, and operational efficiency…,” she said.
“It could be a strategic response to the challenges that female founders often face in raising external capital. In opting not to rely heavily on external funding, these entrepreneurs chart a course that aligns with their values and operational goals.”
The full interview is below:
What inspired your journey into entrepreneurship, and how did you connect with your co-founders?
My lifelong ambition was to be a successful career woman employed by a large, international company, traveling the world for work. This was largely influenced by my father, who took international assignments and made it possible for our family to live in many countries.
In 2016, I joined a major FMCG company that sent me to Shanghai, which was a major turning point for me. I spent five transformative years in Shanghai, and it changed my perspectives on entrepreneurship and became the place where I met my co-founder. The women I encountered in Shanghai were unapologetically outspoken, ambitious, and possessed strong business acumen. It was simply inspiring to be surrounded by such strong-minded women. Although I loved my company, the demanding work hours (9-9-6) left me consistently burnt out. Meanwhile, I saw my friends, especially female entrepreneurs, managing to work even longer hours and juggle multiple income streams, glowing with passion for their ventures.
I started following my entrepreneur friends to business meetings and learnt how they pitched their businesses, conversed with potential partners, and built connections. This experience prompted me to start a few projects of my own, beginning with my passion for art. My post-work hours were dedicated to building a community of art lovers, organising events, and occasionally selling artworks. Surprisingly, I found myself feeling energised while managing both a corporate job and side hustles, realising my innate drive for passion and building something of my own.
During this period, I crossed paths with Yann at work, who shared insightful perspectives on inefficiencies in the supply chain industry. At the time, the company that we were working for was launching a lot of digital transformation projects, one of them being digitising the distributor and wholesaler network. However, we recognized that this approach, while well-intentioned, wouldn’t empower wholesalers due to inherent conflicts of interest, ultimately creating further fragmentation in an already fragmented market. Obsessed with finding a solution, we spent countless hours analysing challenges and potential solutions that could make a lasting impact. When we believed we had found a viable path, we quit our jobs and dedicated a year to learning about entrepreneurship. I joined the Antler program in Singapore, while Yann gained experience as chief of staff at a tech startup. After a year, as planned, we launched Baskit.
To what extent has your experience as a female professional influenced the way your company is run?
I have always been a female professional working in a male-dominated, traditional industry. The reality of working in such an industry is, surprisingly, not bad at all! I’ve consistently felt secure in being myself, always finding a seat at the table—except for a few unfortunate incidents that, fortunately, didn’t significantly impact my self-esteem or confidence.
Being a woman in this industry, I’m acutely aware of how certain demographics may harbour biases they’d prefer to shed. Recognising this, I’ve implemented processes and inherent protective measures at Baskit to ensure that everyone, irrespective of their backgrounds, feels supported when seeking help. While acknowledging that occasional discrimination may persist, the encouraging news is that the supply chain industry is undergoing a positive transformation. The influx of younger, female professionals is reshaping what was once a middle-aged male-dominated sector. Particularly in Indonesia, the supply chain industry has evolved into a safe and welcoming space for women. At Baskit, we’ve been fortunate to welcome brilliant and ambitious individuals with diverse backgrounds and personalities to our team.
Can you share your insights on the fundraising process you went through?
The fundraising was mostly led by my co-founder, who comes from corporate finance. However, during the fundraising process, I noticed that some investors raised a contention point about us being a married couple and building a serious business.
Finding the right co-founder is crucial in a startup. Both my co-founder, Yann, and I are individuals who love talking about work 24/7. We chose to marry each other because we comfortably understood that work would always be part of our dinner table conversations, and we wouldn’t feel guilty about being ourselves. We chose each other as co-founders due to our complementary skill sets, as we believed we were the best people for the job, and most importantly, we couldn’t find anyone more committed than we were. We also ensured we implemented certain measures to address potential disagreements.
This scepticism about a married couple co-founder dynamic, while not surprising, ultimately served as a valuable filter. In a market with so much noise, it helped us identify investors who truly valued the strengths of our unique co-founder dynamic and focused on the strong fundamentals of our business vision.
Did you meet female investors during your fundraising efforts, and if so, did it impact your discussions?
Absolutely. Ysabel Chua from Forge [Ventures] was our first believer and our first institutional cheque. As many would agree, obtaining that first institutional cheque is a truly special moment, validating our business and accelerating the pace of fundraising.
Ysabel has not only provided us with the initial validation and confidence needed, but she continues to look out for us by being our sounding board, connecting us with incredible contacts, infusing us with her incredibly fun and bubbly energy, and offering consistent moral support.
In your opinion, what are the benefits of having a diverse founding team?
The whole point of building a startup is doing things differently, your way. When we launched Baskit, we aimed to tackle supply chain challenges in unprecedented ways, unlike any other player. For Baskit, this means focusing on enabling existing players in the supply chain, rather than disrupting them. Still, a lot of players in our space view wholesalers as inefficient, outdated middlemen that are ready for replacement – we completely disagree. Wholesalers are entrepreneurs with strong front-office operations and established networks, lacking only the robust back-office systems to thrive. Startups in our space often aim to empower them, but ironically end up becoming wholesalers themselves – managing warehouses, taking on financial risks, and ultimately competing with their own customers. Our approach is fundamentally different: we focus on enablement, not disruption.
When we hired for our team, we initially brought in experts with deep experience in our space, under the assumption that their ways of working were superior and would take us to the next level. However, integrating individuals accustomed to approaches that Baskit fundamentally disagrees with can be challenging. We often had to pull ourselves out of discussions centred on models that ultimately led to the failure of other startups in our space. What we came to realise is that in a startup, especially at our stage, industry background and knowledge are less important than an attitude of openness, and a willingness to learn, adapt, and grow. This was evident when we started speaking with professionals from different verticals. We felt a lot more excited and productive and were able to find new, innovative ways of working that were aligned with our core values. Having a diverse team is key when we want to ensure we are making decisions independently from traditional industry influences/practices.
What has been the most challenging aspect of your role as a co-founder?
In my role as a co-founder, one of the most challenging aspects has been the ongoing scrutiny of my ego. The bootstrapping phase exposed us to numerous market rejections, and even after securing validation and funding, the spotlight seemed to shine predominantly on one of the founders.
As our company rapidly evolved and expanded, navigating new responsibilities presented its own set of challenges. I found myself juggling new territories, adapting to swift changes in roles, and taking considerable time to step into and stay on top of these evolving responsibilities. Occasionally, skills I once considered strengths began to feel more mediocre, and my preferred approaches to work and problem-solving were put to the test in the fast-changing startup dynamics.
In the growth phase, the founders must grow faster than the company, or risk becoming a drag on its progress – that’s death for a founder. During these challenging times, immediate and brutally honest feedback becomes essential, even if it risks bruising egos. Trust plays a pivotal role in this context. Despite the initial discomfort, if the feedback recipient acknowledges, takes accountability, and strives to improve, trust is solidified. Building this trust took time during our initial challenges, but our pre-existing professional and personal relationships expedited the process.
Do you believe female founders face additional hurdles in raising capital during the current funding climate?
Securing funds can be challenging for any entrepreneur, but yes, it can be more challenging for female founders. This is a predominantly male landscape. Let’s say there are two companies with equally strong fundamentals, one female-led and one male-led. VCs will gravitate to the company they feel more familiar with and can understand better, tipping the scales in favour of male-led [startups].
Moreover, many VC conversations tend to revolve around scalability, a criterion that may not align with the priorities of numerous female founders. From my perspective and interactions, female-led companies often place a significant emphasis on purpose and mission. They frequently engage in serving underrepresented or marginalised communities. However, it appears that not all VCs may share these values or find such models as attractive investment opportunities. This mismatch in priorities adds an additional layer of complexity for female founders seeking capital in the current funding climate.
Why do you think there’s a scarcity of women-led startups, and are there any unique factors in Southeast Asia contributing to this trend?
Actually, there are a lot of women-led startups and female entrepreneurs in Indonesia. Maybe the perception of scarcity comes from the lack of representation of VCs. The lack of representation might come from female founders sharing different values from male founders – especially in sustainability and family. It’s difficult to describe, but I noticed that a lot of female founders initially aim for the typical startup trajectory – ambitious scaling, substantial growth (10x, 100x, 1000x) with a potential exit – but later pivot towards building something with a strong emphasis on sustainability, organic growth, tangible products, and operational efficiency, not looking for an exit, which can later be “passed down to their children”.
I’ve seen this more common in female founders married to another startup founder. It could be for risk diversification purposes, where one partner focuses on scaling/exit while the other prioritises sustainability/stability. It could be a strategic response to the challenges that female founders often face in raising external capital. In opting not to rely heavily on external funding, these entrepreneurs chart a course that aligns with their values and operational goals.
What advice would you offer to aspiring female entrepreneurs?
My advice to aspiring female entrepreneurs is rooted in my own journey. Firstly, don’t let external pressures deter you from pursuing entrepreneurship. It’s common to wonder: how do I find the courage to start? How do I generate that “one big idea”? Will I be able to pull it off?
On courage: Instead of seeking constant validation from others, understand that every founder’s journey is unique. I gained confidence by conducting thorough research and groundwork in my niche. If there is uncertainty, focus on deepening your expertise and comprehending the challenges you intend to address. Ignore unsolicited advice and resist external pressures.
On the “one big idea” myth: Your idea doesn’t need to be groundbreaking from the start. Innovation often arises from continuous, small improvements and adapting to your unique approach. Successful startups invest time with customers to discover their “hook” and refine their pitch. Through trial and error, you’ll find your own way to effectively communicate your “one big idea”.
On “Will I be able to pull it off?”: Facing entrepreneurship challenges alone (even with a co-founder) was a concern for me. Can I build a business, raise funds, and navigate unknown challenges? Through my journey, I learnt that you don’t have to do it alone. Stay resilient and open-minded; people who share your vision will come along, offering unexpected help and support. Embrace collaboration and do not be afraid to ask for help.
