Gita Sjahrir: Indonesia Corruption Protests, eFishery Police Detention & Public Mistrust vs. Startup Governance – E621

"I meet with founders very often, and I have not met anyone this entire year who can raise easily—zero. The amount of pleading everyone has to do just to get a term sheet, even at early stage, is crazy to me, including for businesses so early that showing profitability at this stage is unrealistic. You’ve been around for a year or so, and they say you should be profitable now? Amazing. Or the one saying, can you get to 1 million ARR within your first year of launch? " - Gita Sjahrir, Head of Investment at BNI Ventures

" A lot of Indonesian founders think being a GP is glamorous, where you just raise money, invest, and collect management fees. I always say a GP is also a founder because they have to raise for something that hasn’t existed before. Even if you raise for Funds One, Two, Three, or Four, Fund Five has not existed when you are raising for it. In that way, a GP is also a founder, and if GPs and founders can look at each other like that in this emerging market, there will be better collaboration because people just need to communicate better. " - Gita Sjahrir, Head of Investment at BNI Ventures

" Indonesia announced stronger than expected economic growth, yet with falling auto sales, rising unemployment, and a decrease in foreign direct investment, many were forecasting lower numbers. We still ended up above 5 percent, which confused a lot of economists and normal people alike. When we think about Indonesians, it is important to recognize the diversity of people. Unfortunately, there is a concept that they are either in extreme poverty or billionaires in USD with nothing in between, but in reality there are many people in between. " - Gita Sjahrir, Head of Investment at BNI Ventures

Jeremy Au and Gita Sjahrir unpack Indonesia’s turbulence, from corruption scandals and startup economic uncertainty due to the collapse of eFishery. They contrast Singapore’s stability with Indonesia’s volatility, explore how weak rule of law erodes trust, and discuss how scandals damage both founders and investors. They also analyze the role of boards, GPs, and operating partners in strengthening Southeast Asia’s startup ecosystem.