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When State Money Loses In Venture Capital, Is It A Crime?
Indonesia’s SOE venture capital controversy raises a bigger issue: venture investing expects failure, but state money demands accountability.
 • Leigh McKiernon
Gibran, Nadiem, and Indonesia’s Uneven Court of Public Opinion
What explains the different public reactions to Gibran’s eFishery scandal and Nadiem’s Chromebook case? The answer may lie in class, networks, and myth.
 • Leigh McKiernon
What KoinWorks Says About Indonesia’s Startup Ecosystem
The KoinWorks case highlights the dangers of weak governance, poor hiring, venture capital hype, and unchecked growth in Indonesia’s fintech ecosystem.
 • Leigh McKiernon
The eFishery Scandal Explained: Fraud, Fallout, and the 9-Year Sentence
The eFishery scandal ended with a conviction, but major questions remain about accountability, investor knowledge and Indonesia’s startup culture.
 • Leigh McKiernon
Indonesia’s Startup Boom, Bust, and the Cost of Weaponized Nationalism
Indonesia’s startup crash wasn’t accidental. It was fueled by nationalism, weak governance, and wealth extraction disguised as patriotism.
 • Leigh McKiernon
The Southeast Asian VC Money Drought (That Isn’t Actually a Drought)
Startups blame capital scarcity. The data says otherwise. Here's why VCs in SEA are sitting on money, and who they’re choosing to fund instead.
 • Leigh McKiernon
Why Indonesia Doesn’t Celebrate Its Most Successful Exports (and Probably Never Will)
What happens when Indonesians succeed without permission? They disappear from the story. Theresia Gouw is just one example.
 • Leigh McKiernon
Was 'Brewster’s Millions' Actually A VC-Backed Strategy Memo for SE Asia Startups?
Southeast Asia’s startup ecosystem raised massive VC funds, and somehow spent it faster than Brewster ever could. Here’s how it all fell apart.
 • Leigh McKiernon
ARR You Kidding Me? How Startups Are Redefining ‘Creative Accounting’(and Reality)
Startups are inflating ARR with fake metrics, fantasy math, and zero accountability. Here’s how it works and why no one’s stopping it.
 • Leigh McKiernon
“Oops, We Printed the Truth”: The Lightspeed Dopamine Slide and VC Reality
Lightspeed VC’s slide on $3 “dopamine hits” caused outrage. But was it immoral, or just capitalism being honest about how it really works?
 • Leigh McKiernon
“Jangan Malu!”: How Indonesia’s Shame Culture Tanked Its Entire Startup Ecosystem
Indonesia’s startup scandals aren’t just about ethics. They’re about shame, silence, and fear. Here’s why nobody speaks up until it’s far too late.
 • Leigh McKiernon
The Indonesian Logistics Reckoning: Demand is Booming, But So Are the Red Flags
Indonesia’s last-mile sector is under pressure. From VC cuts to rising costs, find out why many logistics startups won’t survive the next year.
 • Leigh McKiernon
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