Gita Sjahrir: Indonesia Corruption Protests, eFishery Police Detention & Public Mistrust vs. Startup Governance – E621
episode
BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)
36 min
3 speakers
8 chapters
transcribed 18 days ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the background and why are Indonesia’s politics and startups in turmoil?
I meet with founders very often and I have not met anyone this entire year
who
can raise
easily.
The amount of bleeding everyone has to do just to get a term sheet, even if it's early stage, is crazy to me. I'm like, what? You've been around for a year, so you should be profitable now. Or when, you know, investors now go, yeah, well, we want to take more than twenty percent. If you want to take more than twenty percent and this is just not even your A round, I I just don't know where it's gonna go.
Welcome to Brave. Learn from Southeast Asia's best tech leaders. Build the future, learn from our past, and stay human in between. No BS on Success. I'm Jeremy O, Venture Capitalist, Sierra Founder, Harvard MBA, Science Fiction Nerd, and Dad of Two Daughters. Every week, we debate startup news, interview change makers, answer listener questions, and share personal insights. Join our movement of over 40,000 members and get transcripts, resources, and community at www.bravesa.com. Stay well and stay brave. Hey Gita, good to see ya. It's been a few months, so I feel like we've got a lot of catch up on huh? I know.
Yeah. There's been a lot of drama here too.
I know. What? Okay, what's the drama going on in Indonesia?
We run the gamut from corruption cases all the way to more and more uncertainty and also changes in policies. So it's been um hectic?
Okay. Hectic. Corruption. Okay. Well, those are always bad, not advised. Bad. Bad. But yeah, you know, if they're coming out of the light, it means it's good, right? I guess somebody's catching or debating or investigating. So maybe that's a good
sign. Uh these are the ones we found.
Yeah. There's like this survivorship bias or some you know. Survivorship bias. Laughing
while crying inside.
Yeah. Is that is that a emoji for Indonesia right now? Well, I think the emoji for Singapore is like determined face, you know, the the the you know, the two eyes and the flat.
Fantastic speech by PM Lawrence Wong. Fantastic speech for the National Day Rally. Well,
I that's interesting because I didn't watch it. So I'm glad you and Indonesia are telling me about how good was because I was like I'm gonna say this, right? Lawrence Walk is doing well on the global stage. I think a lot of people are listening to him and reading about him and actually give me quotes about him. It's just that domestic most people are kind of like, Oh, what does the newspaper say? I mean, okay, okay, now you're jugging my memory. I think what he said recently was like, Singapore is very boring, but everybody trusts Singapore and that's something Something that people is an asset that people would
Yes.
I I I think I'm horribly misquoting him and I'm probably gonna get you know slapped in some correction order on how I did that quote. But that was that a quote that I came from that speech as well? Jeremy.
All I'm gonna say is it might want a little bit of boring in my life, right? Because Indonesia, yes, sure this is where the growth is. It is also where a lot of the hectic drama is. And I think if there's one thing we all know about Singapore, boring is great for business. That's called certainty. That's called rule of law.
They say there's this quote, right, which I think they misattributed it to the Chinese, you know, the West, they say, May you live in interesting times and that was a curse on people's like, you know.
Very interesting.
Okay, so what's going on? What's interesting in Indonesia from your perspective at a higher level?
Oh, where do we begin? Actually, just now, probably in the last uh week, Vice Minister was detained or arrested uh for a potential corruption case for a graph case, but he was also uh arrested with thirteen other people and he's from the same party as the president. And the thing is, the sentiment right now for a lot of people is we're kind of going, right and I think it's coming from how many cases are coming out and not all of them ended up being actually proven for corruption. So the very, very famous one that just happened is the Tom Lambone case where he was um convicted for years in prison for quote unquote I am not making this up potential loss to the state.
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Chapters
8 chapters
1
What is the background and why are Indonesia’s politics and startups in turmoil?
0:00–5:05
2
How did the Tom Lembong corruption case illustrate political motivation in Indonesia?
5:05–9:34
3
Why are Indonesians increasingly mistrusting the government and protesting?
9:34–14:10
4
What do the official >5% growth figures hide about Indonesia’s real economy?
14:10–17:12
5
Why did the Indonesian central bank unexpectedly cut interest rates?
17:12–19:56
6
What does the eFishery founder’s police detention mean for startup trust in Indonesia?
19:56–25:22
7
How are investors changing their demands on Indonesian founders after the scandal?
25:22–30:22
8
Why is the lack of operating partners a gap in Southeast Asian venture capital?
30:22–36:48
Speakers
3 identifiedMore from BRAVE Southeast Asia Tech: Singapore, Indonesia, Vietnam, Philippines, Thailand & Malaysia Startups, Founders & Venture Capital VC (English)
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