Older Asia-Pacific founders chase unicorn valuations

Angel Investment Network has reported a shift in the Asia-Pacific startup profile, with founders over 45 accounting for the bulk of respondents in its latest regional survey and a significant share still targeting unicorn valuations.

The Angel Investment Network Asia Pacific Founder Survey 2026 found that 70% of founders in the region were over the age of 45. The survey also found that 39% of startups aimed for a valuation of USD $1 billion or more.

The results point to a founder base that skews older than the popular image of early-stage technology entrepreneurship. The data also indicates that many of these founders pursue aggressive growth plans and approach fundraising with an international outlook.

Full-time focus

The survey suggests that Asia-Pacific founders more often work full-time on their ventures than their peers in the US. It found that 56% of founders in the region worked on their startups exclusively, compared with 50% in the US.

A smaller share reported combining startup work with other employment. The survey found that 21% worked full-time elsewhere and 23% worked part-time elsewhere.

Angel Investment Network linked the full-time focus to the experience level of the founder cohort. The survey results also raised questions about how founders manage financial pressure while maintaining a full-time commitment to early-stage ventures.

Funding beyond borders

The survey data points to a fundraising approach that extends beyond domestic investors. It found that 72% of Asia-Pacific startups targeted a mix of local and international capital, while 27% targeted international backers exclusively.

Only 1% of founders said they looked solely within their home market for funding. The findings suggest that founders increasingly treat cross-border fundraising as a default position rather than a later-stage option.

Angel Investment Network framed this trend as a move away from local-only capital strategies, as more startups seek investor networks that can span jurisdictions and markets.

Optimism and strain

The survey also measured sentiment and personal trade-offs reported by founders. It found that 59% of founders said they felt optimistic about the year ahead, including 41% who described themselves as very optimistic.

At the same time, respondents highlighted non-financial sacrifices associated with building a startup. The survey found that 22% cited mental health as their biggest non-financial sacrifice, followed by friendships at 19%, family at 19%, and sleep at 18%.

The results place founder optimism alongside indications of pressure and personal strain. They also add to a wider debate in the startup sector about the sustainability of high-intensity work patterns and the support systems available to founders.

Investor checks

The survey highlighted gaps in how founders assess potential investors. It found that 25% of founders performed no due diligence beyond a cursory online search.

Only 30% said they conducted comprehensive checks, such as legal verification or seeking references from other founders. The remainder fell between these two ends of the spectrum.

The findings suggest that a sizeable minority of founders progress into fundraising conversations with limited verification of investor background, expectations, or track record. That issue can carry implications for governance, term negotiations, and the day-to-day working relationship after an investment.

Angel Investment Network said the data showed a need for stronger processes around investor selection, particularly at a time when many startups report financial pressure.

One contextual point in the survey commentary referenced the pressures on early-stage businesses. It said cash flow was the number one challenge for 78% of startups.

"The 'Unicorn' dream is alive and well in Asia-Pacific, but it is being driven by experience rather than youth," said Mike Lebus, Founder, Angel Investment Network. "We are seeing a new breed of 'Global-First' founders who are over 45, highly committed, and looking far beyond their home markets for capital. However, the data also shows a worrying gap in due diligence. In an era where cashflow is the number one challenge for 78% of startups, finding the right investor, not just any investor, is the difference between scaling or struggling."

The survey polled 83 startup founders in Hong Kong and Singapore. Angel Investment Network operates online networks for early-stage funding across multiple countries and said it has a community of nearly 2 million users.

The company said it is launching a new content series focused on fundraising efficiency.