On the evening of September 2, Biteye hosted an online AMA, inviting founders from @easyresidency S4 who had just returned from Bhutan to reminisce together about the bits and pieces of their 5-week life in Bhutan.
The guests who joined 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
The following is a sharing of these warm memories
Question 1: What were you thinking when you first landed in Bhutan? Which moment was the most unforgettable?
Elena: From the airport to the hotel, we had to take a mountain road for an hour and a half. The mountains, buildings, and cultural scenes along the way made me immediately realize that this place was very different from the noisy big cities, and my whole being also quieted down from the pace of constantly charging forward.
At that time, I was thinking that living together with a group of excellent Founders here and building together for five weeks would bring not only project progress, but also deeper exchanges between people and an opportunity to rethink "why we set out."
What I remember most was a day of heavy rain. The four people in the car could not find the destination. The driver did not complain or become impatient, but just kept smiling while taking detours and asking for directions, and finally delivered us there. Similar details appeared repeatedly over the five weeks, making me feel the kindness and calmness of the local people. After leaving the daily high-speed pace, I also began to ask again: when we talk every day about AI, financial innovation, and Build Faster, what exactly is it all for in the end?
Dora: I arrived in Bhutan on a small plane from Nepal. When I landed, I saw Calix and Jeffrey. Everyone was not yet familiar with one another and just greeted each other politely. On the way to the hotel, we talked about our respective projects. For the first time, I realized somewhat concretely that the things this Cohort was doing varied greatly, but everyone was excellent.
The most unforgettable moment for me was the day before Demo Day. Chris, Jon, and I returned to the office to pack up the keyboards and computer stands everyone had left behind. The space that had been full of people just weeks earlier was now empty. We walked the familiar path and entered the office as usual, but all that remained were items to be packed. It was only then that I truly realized this shared chapter of our lives was coming to an end, and for the first time, I felt a strong sense of reluctance to let go.
Peter: Before departing, my understanding of Bhutan came mainly from the internet. I only knew it was a small country with a notoriously difficult airport landing, so I had some doubts when we first touched down. After actually living there, I found it was not as backward as I had imagined: the city is small, the streets are clean, and there is no constant honking or noise.
I usually need some time to make friends, but in Bhutan, everyone worked and ate together every day, and we quickly became familiar with each other. The most special memory happened at the gym. I never work out normally, but after arriving in Bhutan, I often trained with other participants, which became an unexpected part of my daily routine.
Calix: When I first exited the airport, I actually felt a sense of familiarity. In my early years doing mining-related business, I had visited many areas in western Sichuan. Bhutan's natural environment and some of its architectural styles reminded me of western Sichuan; the local use of hydropower for Bitcoin mining also reinforced that sense of similarity.
I left Bhutan midway and returned, and during my trips back and forth, I ran into the same local driver several times, and we gradually became friends. He initially asked me proudly what I thought of Thimphu, and later kept asking about mainland China, Hong Kong, and Singapore, hoping for a chance to go out and see for himself. Making a local friend was a very interesting takeaway from this trip.
I also greatly admire the Founders in my cohort. Living conditions changed dramatically, yet everyone's projects continued to move forward, and the intensity of work before Demo Day did not cause the teams to slack off.
Jeffrey: Looking back, participants in every cohort tend to be relatively unfamiliar and reserved when they first meet in person. What made S4 different was that everyone lived together in the same place for five weeks, gradually became willing to discuss deeper issues, and this also facilitated collaboration between projects. This is exactly the significance of an in-person Residency and concentrated Co-build.
Question Two: What was the biggest difficulty of Building in Bhutan? How is it different from New York and Silicon Valley?
Calix: For FinTax, the most direct issues were infrastructure and the inability to advance To B business face-to-face. The team normally needs to visit clients and partners frequently, but during our time in Bhutan, a large amount of communication could only be done online. I was not responsible for the Demo Day Pitch myself; I mainly provided logistical support and encouragement to the co-founders.
On the other hand, there weren't many distracting activities locally. Arrangements like hiking and meditation also gave me time to quietly think about strategic planning for the business.
Peter: The fact that Bhutan is "small" forms the core of the experience. In Thimphu, there are very limited places to eat and activities to do. Founders would meet at the office on weekdays and often travel together on weekends. Those five weeks felt a lot like going back to school.
In New York or other major cities, there are more choices, people's attention may be more scattered, and it is hard to build equally close relationships. The work itself did not exceed the everyday pressures of entrepreneurship. What was truly intense was the high-intensity practice before Demo Day, and finally standing on stage to complete the presentation in front of CZ and the King of Bhutan.
Dora: Living conditions were very different from New York and Silicon Valley, but that difference turned Bhutan into a very small, very pure "container." Founders supported each other and also gained a deeper understanding of one another's projects. Some friends' projects later even became potential partners.
I also once had a payment failure. The merchant did not have my contact information and could not confirm whether I would come back later to pay, yet very naturally agreed to let me pay later. This kind of trust between people also influenced the way Founders got along and cooperated. If S4 had taken place in New York or Silicon Valley, we would not have formed exactly the same relationships.
Jeffrey: The biggest practical difficulty was the internet. During weekly Check-ins, the internet in the meeting room often disconnected; hotels and Co-working Spaces also occasionally had similar problems, which really disrupted the work rhythm of some teams.
S4 ultimately landing in Bhutan had the background of YZi Labs, the Binance ecosystem, and long-term local connections, as well as some coincidences. Looking back, five weeks of in-person time together allowed different teams to build deeper friendships and facilitated cooperation, which is very different from the previous San Francisco Residency.
Elena: New York and Silicon Valley have too many meetings, exhibitions, social events, and external noise, and people can easily keep charging forward. Bhutan let us slow down, have time to focus and think, and also have more opportunities to connect emotionally and discuss projects and cooperation.
For me, the biggest challenge was not just the hardware conditions, but also the extremely high information density every day. Founders constantly received Feedback from mentors and other entrepreneurs and needed to judge which judgments should be upheld and which must be changed. At the same time, the company was still running at high speed. We had to step back and rethink, and also immediately return to the project to execute. The biggest Challenge and the biggest Value were, to some extent, the same thing.
Question 3: What is the biggest help YZi Labs has brought to the projects?
Elena: The weekly Catch-up Meeting revolves around project progress, current Blockers, and specific needs. The YZi Labs team not only gives advice but also helps us connect with clients, partners, and BNB Chain ecosystem resources.
For De¹, the biggest direct help was finding an entry point into the BNB ecosystem. We began thinking about how a financial world model could collaborate with upstream and downstream scenarios such as Agent Studio and Agentic OS.
Dora: Facto originally planned to start with smaller payment service providers and advance one by one. YZi Labs reminded us that startup teams have limited time, technology, and credibility. If resources are concentrated on reaching the most critical top-tier clients, as long as one of a few major clients adopts first, subsequent expansion becomes much easier.
This is not just a sales strategy adjustment. YZi Labs also helped us connect with clients and provided important trust endorsement.
Calix: I would summarize the biggest help as "courage." FinTax had originally planned to enter the government and large financial institution markets, but it was unclear when to start and where to cut in. Over five weeks of exchanges with CZ, Ella, Jeffrey, and others, we confirmed that government departments have real demand for compliance infrastructure, and it also reduced the team's ineffective hesitation, allowing us to immediately adjust the plan and drive the business forward.
This choice also changed our financing pace. After the team completed the Seed round, we launched the Pre-A round to prepare funds for larger-scale To B and TO G solutions; at the same time, we also began to connect more directly with partners in the Binance ecosystem that have clear demand.
Question 4: Why did you apply for EASY Residency in the first place?
Calix: I knew about this project very early and also knew the competition was fierce. The team wanted to apply several times before, but backed off for various reasons. By S4, many friends kept urging me to give it a try, but I still felt that the business, valuation, and client scale might not yet be mature enough.
Ultimately being accepted was a very important confirmation for a team that has persisted for many years in the direction of tax and finance compliance infrastructure and has also experienced lows.
Peter: Facto started following EASY Residency from S1. At that time, we were still working on a lending protocol, and our product direction was not fully thought through, so our first application was not accepted. Afterward, we continued to follow each cohort, and two years ago, we formed the idea for Facto. After waiting for a long time and still not seeing anyone else solve the same problem, the team went all in at the end of last year.
When S4 opened, Ricky reminded us again to apply, and this time we finally got into the program. For a To B company, the credibility endorsement later provided by YZi Labs also genuinely helped drive sales forward.
Elena: When De¹ applied, the product was already relatively mature. At first, I was not sure how much value an Accelerator could still provide for a project at this stage. Later, a friend who had participated in S3 strongly recommended it, and I also asked participants from S1 and S2, and found that besides Funding, the program could also provide ecosystem resources and strategic exchanges.
Before the S3 deadline, that friend reminded me again, and only then did I submit the application.
Question Five: What should you pay attention to when applying? What does YZi Labs value?
Elena: The first piece of advice is to subtract. Do not stuff the product, technology, market, Vision, Milestone, and Traction all into the application materials. Reviewers need to look at a large number of projects within limited time, and the most important thing is that after reading it, they can clearly say in one sentence: what problem you are solving, and why you should be the one to solve it.
Second, do not temporarily package a direction you do not actually believe in just to cater to a Narrative that is popular in a certain cohort. Experienced investors can easily tell whether a Founder is talking about something they believe in for the long term, or guessing what the reviewers want to hear.
Dora: I also agree with subtracting, and at the same time, you need to clearly explain what makes the project different. YZi Labs reviews over a thousand projects each cohort, and applicants do not need to show all their achievements. What matters more is explaining what problem is being solved and why the product is different.
Even if the product is only halfway done, or is still a hypothesis, as long as the pain point it addresses is real and the direction is unique, it is still worth being heard.
Calix: What I want to add is "unique positioning." A project or team needs to have clear distinctiveness, including pioneering ideas, direction, and judgment. YZi Labs has seen a large number of projects and will examine these differences from a stricter perspective, and this uniqueness also reflects the team's taste.
Jeffrey: From an investor's perspective, we divide screening into two parts.
The first is the Founder and the team, including how they think about problems, their execution ability, and how they act when changes occur. Early-stage investing is often first and foremost about investing in people.
The second is the project itself: what problem it solves, what approach it adopts, and whether preliminary revenue, user demand, or Go-to-Market capability has already emerged. An incubator can connect resources and drive growth, but the team needs to first present some early evidence that can be further amplified.
Peter: Don't Take It Too Personally when it comes to direct feedback in interviews. If you weren't admitted this time, you can look back at what each piece of feedback exposed: whether the project itself still has gaps, or whether the team failed to clearly demonstrate its existing capabilities.
Question Six: How is Demo Day prepared? What was the most "heartbreaking" feedback?
Elena: The biggest challenge is explaining things clearly and completely within three minutes, while also making people willing to keep listening. The amount of content you can actually present is less than you imagine, so we could only keep cutting and rewriting our expression.
During the first Rehearsal, Ella's feedback to me was "you need stronger presence." I later realized that Demo Day is different from an ordinary introduction—the Founder's aura and Conviction will directly affect how the audience understands the project.
Peter: For me, the preparation process is still about subtraction. Founders always want to put all the product's advantages and Proof into the pitch, but the audience can process very limited information in a short time.
In the end, we 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 distinguish core value from auxiliary features.
Amelia: A three-minute pitch must first ensure a closed logical loop: who the core users are, what the most painful problem is, and how the solution addresses it. No link in the chain can be misaligned.
The most "heartbreaking" feedback I received was: "The numbers you have now cannot prove Product-Market Fit." This did not mean the product had no market, but rather required us to find data that could truly prove demand. Later, we re-examined the business and ultimately completed the argument using the repurchase rate of existing users.
Jeffrey: The most common problem in rehearsals is going over time. Everyone wants to pack in more information, but the structure of Demo Day is not exactly the same as regular meetings or pitching to investors.
In three minutes, you need to clearly answer: what problem you're solving, why this team, where the advantages lie, and whether you want the audience to provide investment or partnership. The purpose of repeated rehearsals is to compress these elements into something clear enough.
Question Seven: If you could give one sentence to your pre-application self, what would you say?
Calix: Be more confident, and more actively seize every opportunity. Teams don't need to wait until their business, valuation, and customer scale all reach an ideal state before taking action. Apply first — only then can new collisions happen.
Peter: Go all in when you apply. If you don't get in, don't interpret the feedback as a personal rejection. Understand the reasons behind the feedback, then decide what to improve or fix next.
Dora: Believe in what you truly want to build. Sometimes the problem isn't the direction or the product — it's market maturity and timing. Founders need to be able to keep believing in something long-term even when external conditions haven't fully matured.
I connect this to my two experiences climbing to Tiger's Nest Monastery. The first time, I didn't know how many more slopes lay ahead, and every step faced the unknown. The second time, the route was the same, but I knew where the next turn was, and the fear was much less. Many startup problems are like this too — only by truly moving forward does the unknown become known.
Elena: When people arrive, they may come with a product; when they leave, they take away a bigger vision. The value of Residency isn't just making the original plan happen faster — it also forces founders to rethink: how can existing technology, products, and resources be amplified tenfold or even a hundredfold, and what is it that they truly want to build?
Question Eight: Where can I find S5 information? If I wasn't accepted before, can I 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 S5 application deadline was September 13, with a several-week online phase first, followed by an in-person intensive in Thailand. Demo Day is expected to be close in timing to Binance Blockchain Week taking place in Bangkok at the end of November. Please refer to the official website and @EASYResidency announcements for specifics.
Teams that applied before but were not accepted may apply again. Since the new cohort's form has changed, it is recommended to submit a complete new application and enter the review process under the new program.
The last question, and the one the audience cares about most: after five weeks, what is the biggest substantive progress for the product and team?
Amelia: When XHunt entered the program, it was still not certain enough about the real needs of some To B users. Over five weeks, the Founders around us were themselves potential customers, and we could communicate constantly and confirm demand. By Demo Day, what we presented was already a different product from the initial one.
Elena: The biggest change for De¹ was moving from a single-product mindset to an Ecosystem mindset. We previously focused mainly on how to make the product good, and afterward began thinking about how to amplify the product's value through a mature ecosystem.
A financial world model requires real markets, real Capital Flow, and participation from a large number of users, so upstream and downstream cooperation and ecosystem nodes are no longer just external resources, but become part of the product itself.
Dora: Facto's biggest actual progress was 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 entrepreneurial answer.
Some took away a bigger Vision, some found key customers, and some launched new businesses that had previously been slow to advance. But five weeks of life and work made every team see more concretely: which judgments are worth sticking to, and which places need immediate change.
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