Returning from Bhutan: When Entrepreneurs Leave 'Speed' and Reinterpret Why to Build

Original Title: "Returning from Bhutan: When Entrepreneurs Leave 'Speed' and Reinterpret Why to Build"
Source: Biteye

On the evening of September 2, Biteye held an online AMA, inviting founders from @easyresidency S4 who had just returned from Bhutan to reminisce about their five-week experience in Bhutan.
The guests participating in the sharing included:
· Calix (@calixbit), Founder and CEO of @FinTax_Official · Dora (@realdora_eth), Co-founder of @facto_to · Elena (@deelenaxx), Co-founder of @de1_ai · Jeffrey (@jeffrey_hu), Investment Director at @yzilabs · Peter (@dreambig_peter), Co-founder of @facto_to
Here are the warm memories shared:
### Question 1: What were you thinking when you first landed in Bhutan? What moment was the most unforgettable?
**Elena:** It took an hour and a half to drive from the airport to the hotel. The mountains, buildings, and cultural scenes along the way made me immediately realize that this place is very different from the noisy big cities, and I found myself calming down from the fast-paced rhythm.
I was thinking that living and building together with a group of excellent founders for five weeks would yield not just project progress, but also deeper interpersonal exchanges and an opportunity to rethink "why we set out".
What I remember most is a rainy day. The four of us in the car couldn't find our destination; the driver didn't complain or show impatience, he just kept smiling, taking detours and asking for directions until he finally got us there. Similar details kept appearing over the five weeks, making me feel the kindness and peace of the locals. After leaving the daily fast pace, I began to question again: Why do we talk about AI, financial innovation, and building faster every day?
**Dora:** I arrived in Bhutan by a small plane from Nepal. When I landed, I saw Calix and Jeffrey; we weren't familiar yet, just politely greeted each other. On the way to the hotel, we talked about our respective projects. For the first time, I realized that the things this cohort was doing were very different, but everyone was excellent.
What I remember most is the day before Demo Day. Chris, Jon, and I returned to the office to clean up the keyboards and computer stands left behind by everyone. The space that had been filled with people just weeks ago was now empty. We walked through the familiar path to the office as usual, but there were only items to pack left. It was at that moment that I truly realized this shared life was coming to an end, and I felt a strong sense of reluctance for the first time.
**Peter:** Before I set out, my understanding of Bhutan came mainly from the internet; I only knew it was a small country and that landing at the airport was quite challenging, so I had some doubts when I first landed. However, after living there, I found that it wasn't as backward as I had imagined: the city is small, the streets are clean, and there is no constant honking or noise.
I usually take some time to make friends, but in Bhutan, everyone worked and ate together every day, so we quickly became familiar. The most special memory happened at the gym. I usually never work out, but after arriving in Bhutan, I often trained with other partners, which became an unexpected part of my daily routine.
**Calix:** When I first left the airport, I actually felt very familiar. In my early years working in mining-related businesses, I had been to many areas in western Sichuan. The natural environment and some architectural styles in Bhutan reminded me of western Sichuan; the local use of hydropower for Bitcoin mining also added to this sense of similarity.
I left Bhutan and returned midway, encountering the same local driver several times during the round trip, and we gradually became friends. He initially asked me proudly how I viewed Thimphu, and later kept asking about mainland China, Hong Kong, and Singapore, hoping to have a chance to go out and see. Making a friend locally was a very interesting gain from this trip.
I also admire the founders in the same cohort. The living conditions varied greatly, yet everyone's projects continued to advance, and the intensity of work before Demo Day did not let the team relax.
**Jeffrey:** Looking back, every cohort participant feels relatively unfamiliar and reserved when they first meet offline. What sets S4 apart is that everyone lived together in the same place for five weeks, gradually willing to discuss deeper issues, which also facilitated collaboration between projects. This is the significance of offline residency and concentrated co-building.

Question 2: What was the biggest challenge of building in Bhutan? How does it differ from New York and Silicon Valley?

**Calix:** For FinTax, the most direct issue is infrastructure, and the inability to advance B2B business face-to-face. The team usually needs to frequently visit clients and partners, but during our time in Bhutan, a lot of communication had to be done online. I personally did not handle the Demo Day pitch, mainly providing logistical support and encouragement to the co-founders.
On the other hand, there weren't many distractions locally. Activities like hiking and meditation also gave me time to quietly think about business strategy planning.
**Peter:** The "smallness" of Bhutan constituted the core of the experience. There are very limited places to eat and socialize in Thimphu; founders meet in the office during weekdays and often travel together on weekends. Those five weeks felt like going back to school.
In New York or other big cities, there are more choices, and people's attention might be more scattered, making it difficult to establish the same close relationships. The work itself did not exceed the daily pressures of entrepreneurship. The real tension was the high-intensity practice before Demo Day and finally standing on stage to present in front of CZ and the King of Bhutan.
**Dora:** The living conditions are very different from New York and Silicon Valley, but this difference turned Bhutan into a very small, pure "container". Founders support each other and gain a deeper understanding of each other's projects. Some friends' projects later even became potential partners.
I also encountered a payment failure once. The merchant did not have my contact information and could not confirm whether I would return to pay later, yet naturally agreed to let me pay later. This kind of trust between people also influenced how founders interacted and collaborated. If S4 had taken place in New York or Silicon Valley, we wouldn't have formed the same relationships.
**Jeffrey:** The biggest practical difficulty was the internet. During weekly check-ins, the meeting room's internet often disconnected; hotels and co-working spaces also occasionally had similar issues, which indeed disrupted some teams' work rhythms.
S4 ultimately took place in Bhutan against the backdrop of YZi Labs, Binance's ecosystem, and long-standing local connections, along with some coincidences. Looking back, the five weeks of offline interaction allowed different teams to establish deeper friendships and facilitated collaboration, which was very different from the previous San Francisco residency.
**Elena:** There are too many meetings, exhibitions, social events, and external noise in New York and Silicon Valley, making it easy for people to keep rushing forward. Bhutan allowed us to slow down, have time to focus on thinking, and provided more opportunities to exchange feelings and discuss projects and collaborations.
For me, the biggest challenge is not just the hardware conditions, but also the extremely high information density every day. Founders constantly receive feedback from mentors and other entrepreneurs, needing to judge which judgments to stick to and which must change. Meanwhile, the company is still operating at high speed. We need to step back to rethink while immediately returning to execute on the project. The biggest challenge and the greatest value are, in a sense, the same thing.
### Question 3: What was the biggest help YZi Labs provided to the project?
**Elena:** Weekly catch-up meetings revolve around project progress, current blockers, and specific needs. The YZi Labs team not only provides advice but also helps us connect with clients, partners, and resources from the BNB Chain ecosystem.
For De¹, the biggest direct help was finding the starting point to enter the BNB ecosystem. We began to think about how the financial world model could collaborate with upstream and downstream scenarios like Agent Studio and Agentic OS.
**Dora:** Facto originally planned to start with smaller payment service providers, progressing one by one. YZi Labs reminded us that a startup's time, technology, and credibility are limited. If we concentrate resources to engage with the most critical top clients, as long as one of the major clients adopts it first, subsequent expansion will be much simpler.
This is not just an adjustment of sales strategy. YZi Labs also helped us connect with clients and provided important trust backing.
**Calix:** I summarize the biggest help as "courage". FinTax originally planned to enter the government and large financial institution market, but it was unclear when to start and where to cut in. The exchanges with CZ, Ella, Jeffrey, and others over the five weeks confirmed that there is a real demand for compliance infrastructure from government departments, which also reduced the team's ineffective hesitation, allowing us to immediately adjust plans and push the business forward.
This choice also changed our fundraising rhythm. After the team completed the Seed round, we initiated the Pre-A round to prepare funds for larger-scale B2B and To G solutions; at the same time, we also began to connect more directly with partners within the Binance ecosystem who had clear demands.
### Question 4: Why did you apply for EASY Residency in the first place?
**Calix:** I had known about this project for a long time and was aware of the fierce competition. The team had backed out of applying a few times for various reasons. By the time of S4, many friends insisted I give it a try, but I still felt that our business, valuation, and client scale might not be mature enough.
Being accepted was a significant confirmation for a team that has persisted in the direction of financial tax compliance infrastructure for many years and has also experienced downturns.
**Peter:** Facto started paying attention to EASY Residency from S1. At that time, we were still working on lending agreements, and the product direction was not fully thought out, so we did not pass the first application. Later, we continued to follow each cohort and formed the idea of Facto two years ago. After waiting for a long time, we still did not see others solving the same problem, so the team fully invested at the end of last year.

When S4 opened, Ricky reminded us to apply again, and this time we finally entered the program. For B2B companies, the credibility provided by YZi Labs later indeed helped in advancing sales.

Elena: De¹ The product was relatively mature at the time of application. I was initially unsure how much value the Accelerator could provide at this stage of the project. Later, a friend who had participated in S3 strongly recommended it, and I inquired with participants from S1 and S2, discovering that besides funding, the program could also offer ecological resources and strategic collisions.

Before the S3 deadline, that friend reminded me again, and I submitted my application.

Question 5: What should be noted when applying? What elements does YZi Labs value?

Elena: The first piece of advice is to simplify. Don’t cram the application materials with product, technology, market, vision, milestones, and traction. Reviewers need to look at a large number of projects in a limited time, and the most important thing is to ensure that they can clearly articulate in one sentence: what problem you are solving and why you should be the one to solve it.

Secondly, don’t package a direction you don’t believe in just to cater to a trending narrative. Experienced investors can easily tell whether the founder is discussing something they genuinely believe in or just guessing what the reviewers want to hear.

Dora: I also agree with simplifying, while clearly stating what makes the project different. YZi Labs reviews thousands of projects each session, and applicants don’t need to showcase all achievements; it’s more important to explain what problem is being solved and why the product is different.

Even if the product is only halfway done or still a hypothesis, as long as the pain points are real and the direction is unique, it deserves to be heard.

Calix: I want to add the concept of "unique positioning." The project or team needs to have clear distinctiveness, including pioneering ideas, directions, and judgments. YZi Labs has seen a lot of projects and will examine these differences from a stricter perspective, and this uniqueness also reflects the team's taste.

Jeffrey: From the investor's perspective, we divide the screening into two parts.

The first is the founder and the team, including their way of thinking about problems, execution ability, and how they act when faced with changes. Early-stage investments often start with investing in people.

The second is the project itself: what problem it solves, what methods it employs, whether there is preliminary revenue, user demand, or go-to-market capability. The incubator can connect resources and drive growth, but the team needs to present some early evidence that can continue to scale.

Peter: Don’t take direct feedback during interviews too personally. If you are not accepted this time, look back at what each piece of feedback reveals: is it that the project itself has gaps, or that the team did not clearly showcase their existing capabilities?

Question 6: How is Demo Day prepared? What is the most "heart-wrenching" feedback?

Elena: The biggest challenge is to clearly and completely convey everything in three minutes while making people want to continue listening. The actual content we can talk about is less than we imagine, and we can only keep cutting and rewriting our expressions.

During the first rehearsal, Ella's feedback was "the momentum needs to be stronger." I later realized that Demo Day is different from a regular introduction; the founder's presence and conviction directly affect how the audience understands the project.

Peter: For me, the preparation process is still about simplifying. Founders always want to include all the advantages and proofs of the product in their presentation, but the audience can only process a limited amount of information in a short time.

We ultimately had to find the most unique part of the product and explain in the simplest way what the product does and what problem it solves. This training also helped the team clarify core values versus auxiliary functions.

Amelia: The three-minute presentation must first ensure a logical loop: who the core users are, what the most painful problem is, and how the solution addresses it; each link must not be misaligned.

The most "heart-wrenching" feedback I received was: "Your current numbers do not prove Product-Market Fit." This statement does not mean the product has no market, but rather requires us to find data that truly proves demand. Later, we re-examined the business and ultimately used the repurchase rate of existing users to complete the argument.

Jeffrey: The most common issue in rehearsals is going over time. Everyone wants to include more information, but the structure of Demo Day is not entirely the same as regular meetings or pitching to investors.

In three minutes, it is necessary to clearly answer: what problem is being solved, why is this team the right one, what are the advantages, and whether we hope the audience will provide investment or collaboration. The role of repeated rehearsals is to compress this content to be sufficiently clear.

Question 7: If you could give your pre-application self one sentence, what would it be?

Calix: Be more confident and actively seize every opportunity. The team doesn’t have to wait until the business, valuation, and customer scale reach an ideal state before taking action. Apply first, and new collisions may happen.

Peter: Give it your all when applying. If you are not accepted, don’t interpret the feedback as a personal denial. Understand the reasons behind the feedback, then decide what to improve or change next.

Dora: Believe in what you truly want to build. Sometimes the issue is not the direction or product, but the maturity of the market and timing. Founders need to persist in believing in long-term visions even when external conditions are not fully mature.

I relate this to my two experiences climbing the Tiger's Nest Monastery. The first time I went, I didn’t know how many slopes were ahead, facing the unknown with every step; the second time, the route hadn’t changed, but I knew where the next turn was, and the fear diminished significantly. Many entrepreneurial issues are similar; only by moving forward can the unknown become known.

Elena: When coming in, everyone might bring a product; when leaving, they take away a larger vision. The value of residency is not just to accelerate the original plan but also to force founders to rethink: how can existing technologies, products, and resources be amplified tenfold or even a hundredfold, and what do they truly want to build?

Question 8: Where to check S5 information? Can teams that were not accepted before apply again?

Jeffrey: Official information can be found on the YZi Labs website and the EASY Residency X account. According to the plan at the time, the application deadline for S5 is September 13, starting with several weeks of online phases, followed by a concentrated offline phase in Thailand. Demo Day is expected to be close to the end of November during Binance Blockchain Week in Bangkok, with specifics to be confirmed on the official website and @EASYResidency announcements.

Teams that have applied before but were not accepted can apply again. Since the new application form has changed, it is recommended to submit a complete application again, following the new project review process.

The last question, which is of most concern to the audience: What are the most substantial progress made by the product and team after five weeks?

Amelia: When XHunt entered the project, we were not yet certain about the real needs of some B2B users. During the five weeks, the founders around us were potential customers, and we could continuously communicate and confirm needs. By Demo Day, we showcased a product that was already different from the initial one.

Elena: De¹ The biggest change is moving from a single product mindset to an ecosystem mindset. Previously, we mainly focused on how to improve the product, and later began to think about how to leverage a mature ecosystem to amplify product value.

The financial world model requires real markets, real capital flows, and a large number of user participation, so upstream and downstream cooperation and ecological nodes are no longer just external resources but become part of the product itself.

Dora: Facto's biggest practical progress is establishing deeper partnerships. Next, we will collaborate with Binance Pay to embed Facto's services into Binance Pay's payment scenarios.

⭐ Finally, this AMA did not provide a unified answer to entrepreneurship.

Some left with a larger vision, some found key customers, and others initiated new businesses that had been stalled. However, the five weeks of life and work allowed each team to see more concretely: which judgments are worth insisting on and which areas need immediate change.

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