profile

Burak Buyukdemir

Before Labubu


Brainwaves by Burak Büyükdemir

Field notes from 26 years of investing in early-stage startups.

September 26, 2026

Before Labubu

· · ·

My son Yaman is 11, and he loves figures. Whenever we pass a POP MART, we go in.

Not just for Labubu. He wants to see all of them. If I let him, he would stay for hours.

On our last trip, a POP MART showed up in front of us again, and in we went. To be honest, I am just as into it.

Then the investor reflex kicked in. How did this company start?

I ran a few agents and read the whole founding story, in the founders' own words. I thought I should share it, so I made an animation.

I sent the first draft to a small WhatsApp group of friends. They liked it. So I am making the rest.

Here is the first part.

Before Labubu: POP MART's fight to survive, Part 1. Watch on YouTube

Wang Ning runs a shop in Beijing that sells a bit of everything. For years the answer to every problem is to add more.

At the end of 2014 he does the harder thing. He starts cutting. Fewer categories, more collectible toys.

One of them is selling well. Sonny Angel, a little figure from Japan.

But any shop can sell Sonny Angel. A customer buys one from Wang, then the next one somewhere else. Why come back?

So in 2015 he flies to Japan. He wants to be Sonny Angel's exclusive distributor in China.

The Japanese company says no.

People wanting your product is not the same as people wanting you.

Part 1 ends right there. A shop, a hit he does not own, and a no.

· · ·

Part 2 is coming. Before it does, a question.

If you were Wang in 2015, what would you do next?

Hit reply and tell me. I read every answer, and I will share the best ones next time.

· · ·

P.S. A quick Upto36 update. The game is now out in Japanese, on PLiCy, a Japanese site for indie games. It passed 100 plays in its first four days.

Upto36 in Japanese, home screen with the daily top 5

Know someone in Japan? Send it their way: plicy.net/GamePlay/237588

· · ·

Until next time,

Burak

Founder & Solo GP, Startupist Ventures Fund

Burak Büyükdemir

Burak Büyükdemir

Founder & Solo GP, Startupist Ventures Fund · Startup Istanbul

Founder of Etohum & Startup Istanbul. Solo GP at Startupist Ventures. 26+ years building startup ecosystems across 170 countries.

“An object in possession seldom retains the same charm that it had in pursuit.”

— Pliny the Younger

Join 42,000+ founders who read every issue

No fluff. Just the lessons I wish someone had told me 20 years ago.

Fundraising frameworks Founder psychology Growth playbooks
Subscribe

Read by founders from YC, Techstars, 500 Global & 90+ countries. Unsubscribe anytime.

ALREADY SUBSCRIBED?

GO DEEPER.

Paid members get the full archive, every PDF I publish, a WhatsApp group where founders share war stories, and monthly meetups where we break things down live.

✓ Full post archive ✓ Founder WhatsApp group
✓ All PDFs & frameworks ✓ Live meetups & webinars
Unlock the Full Experience

About this newsletter: You are receiving this email because you subscribed to Burak’s Brainwaves. Every week, I share ideas on fundraising frameworks, founder psychology, and growth playbooks from 20+ years of investing in early-stage startups.

Update your subscription preferences: unsubscribe from all emails, or manage your subscriber profile.

Startup Istanbul · Istanbul, Turkey

Burak Buyukdemir

Entrepreneur, VC, and storyteller. I invest in early-stage startups worldwide, share candid lessons from 20+ years in tech, and spotlight founders shaping the future. Join 45,000+ readers each week.

Share this page