Breaking the Bamboo Ceiling & Empowering AAPI Founders

Alright, team—we are back on the Fireside PM podcast, and this time, I had the privilege of speaking with Dave Lu, a veteran in tech and one of the most influential voices in the AAPI founder ecosystem. Dave’s career spans Yahoo, Apple, eBay, startups, and venture capital, and in our conversation, he shared his journey and insights on breaking barriers, fostering a strong AAPI network, and navigating leadership as an Asian American in tech.

This was a fascinating discussion, and I want to highlight some key takeaways, especially for product managers, startup founders, and anyone looking to advance their career in tech while navigating systemic challenges.

From Consultant to PM to Founder: Dave's Journey

Dave's path started with finance at Wharton, followed by a brief stint in consulting before realizing it wasn’t for him. He pivoted into product management at Yahoo Finance, back when Yahoo was still under 1,000 employees and Jerry Yang sat just around the corner.

“It was probably one of the best jobs I’ve ever had. The team that was there went on to do amazing things.”

After Yahoo, personal circumstances led Dave back to New York, where he joined Sony before heading to Stanford GSB for his MBA. From there, he worked at Apple and eBay in product strategy before taking a big leap into startups. His ventures included FanPop, a consumer community platform, and Paired, a labor marketplace for restaurants.

“I realized early on that I needed to build something of my own. I didn’t want to wait for someone to promote me—I wanted to take control of my career.”

The Power of an AAPI Founder Network

While running his startups, Dave noticed a fragmentation in the AAPI founder community. Unlike other groups—Jewish founders, South Asian entrepreneurs—there wasn’t a strong network for East Asian and Southeast Asian founders. So, in 2011, he started an informal dinner group with eight founders. That group eventually grew to 200+ members, including the likes of Tony Xu (DoorDash) and Eric Yuan (Zoom).

“I’m a firm believer that without a strong network, you can’t succeed. That’s how you meet investors, hire talent, and find great advisors.”

When the pandemic hit, many AAPI founders struggled to raise capital. Dave decided to help by syndicating a few angel investments via AngelList. What started as a plan to fund a few founders turned into Hyphen Capital, a movement that raised $30 million for 90+ startups, with over 50% of them led by women—far exceeding the industry’s typical 2% funding allocation for female founders.

“Rather than banging our heads against the bamboo ceiling, why don’t we just build our own houses?”

Overcoming the Bamboo Ceiling

We dug into the bamboo ceiling—the systemic barriers that prevent AAPI professionals from reaching leadership roles despite their overrepresentation in technical fields. 50%+ of Silicon Valley employees are Asian, but only about 20% make it to executive roles.

Dave pointed out that some companies, like NVIDIA and Pinterest, have higher promotion parity for AAPI employees, largely due to Asian founders setting the culture from the start.

We also discussed how South Asian Americans, particularly men, have navigated leadership differently:

“There are cultural differences. South Asian men tend to be more emboldened, better at self-promotion, and more comfortable with confrontation.”

“A lot of East Asians were raised with Confucian values—respecting elders, keeping our heads down, not rocking the boat. But in corporate America, if you don’t advocate for yourself, no one else will.”

For many East Asian Americans, self-promotion feels unnatural, but as Dave pointed out, you have to play the game:

“If you don’t take credit for your work, someone else will.”

The Future of AAPI Leadership & The Next Generation

We also talked about how the next generation of AAPI professionals—kids growing up fully assimilated in the U.S.—might have an easier time navigating leadership.

“Our parents had the immigrant scarcity mindset. They came here with nothing, and they made sure we knew it. But our kids? They don’t feel guilt about anything.”

While that might sound like a joke, there’s a real shift happening. Younger generations are:

* More willing to take risks (vs. prioritizing stability)

* More confident in their leadership abilities

* Less burdened by cultural expectations to follow "safe" career paths

Dave also emphasized the importance of soft skills—something many Asian Americans don’t focus on enough:

“Being a good storyteller is one of the most valuable skills you can have. It’s critical for sales, leadership, and career growth.”

Navigating AI, Tech Trends, and Opportunities

As a product guy, I had to ask Dave about AI trends and where he sees opportunities.

“AI is obviously taking over everything, but right now there’s a lot of noise. The biggest opportunities will be in how AI is actually delivered—UX and experience design will be the differentiator.”

He also mentioned that consumer tech isn’t getting much VC love right now, but that doesn’t mean there aren’t opportunities:

“Everyone is focused on AI, but I think there are some gems out there in consumer tech that people are overlooking.”

Final Thoughts: Getting Involved & Building the Future

As we wrapped up, we touched on a big topic: the growing anti-China sentiment in the U.S. and how it affects Asian Americans.

“It’s already happening. Asian hate crimes, the ‘China Initiative’ going after innocent professors—it’s all connected. The best thing we can do is get more involved: tell our stories, support AAPI representation in politics, and build powerful communities.”

Dave’s story is a lesson in action. He didn’t wait for permission to start Hyphen Capital. He built the network he wished he had.

For anyone reading this—whether you’re a founder, a PM, or an aspiring leader—don’t wait for permission.

Build your own house. Advocate for yourself. And always lift others as you climb.

Connect with Dave Lu & Fireside PM

If you enjoyed this convo, follow Dave on LinkedIn (@DaveLu) or check out his Substack at DaveLu.com. If you're an AAPI founder looking for funding, visit Hyphen Capital.

For more deep dives like this, subscribe to Fireside PM on Substack! And if you're a pre-seed founder looking for advice (or maybe a small check), hit me up. Let’s build something great together.