In 2025, Indonesia’s startup ecosystem reached a defining moment. Sustainability took centre stage, investors renewed interest in green innovation, and communities grew more conscious of energy equity. Yet, for the clean energy sector, the heartbeat of Indonesia’s low-carbon transition, the pace of progress still lagged behind its potential.

The critical question is no longer if Indonesia can lead in renewable energy, but how quickly the ecosystem can bridge the gap between innovation and implementation.

Bridging the gap between innovation and implementation

Indonesia’s vast renewable potential spanning solar, hydro, and bioenergy remains one of the most promising in Asia. Yet, 2025 exposed persistent structural and systemic frictions: complex licensing procedures, uneven policy alignment between central and local governments, and a financing landscape that often undervalues early-stage climate ventures.

At Green Sphere Power Company, we experienced these bottlenecks directly. Our flagship initiative, a €2.5 million (US$2.7 million) renewable energy project with a 500kWh capacity, was designed to supply affordable and clean electricity to 500 households and 60 small businesses, schools, and healthcare centres in rural communities. The model demonstrated both scalability and impact. However, accessing consistent financing, navigating prolonged regulatory approvals and securing incentives for distributed generation posed real barriers to timely execution.

What held Indonesia’s clean energy startups back in 2025 was not a lack of ideas or ambition, but the ecosystem gap between innovation and capital readiness. Many renewable energy ventures were caught in a “pilot trap”, able to design technically viable solutions but unable to demonstrate financial bankability without early catalytic investment.

Venture investors still perceived clean-tech startups as high-risk due to the long payback periods and infrastructure-heavy models. As a result, founders had to rely on fragmented funding sources like grants, competitions, or private loans that were rarely synchronised with long-term sustainability goals.

Another major barrier was the shortage of technical talent. Indonesia’s renewable energy workforce remains underdeveloped, particularly in solar engineering, micro-grid design, and energy management. With regional competition from Vietnam, Malaysia and Singapore, local innovators often faced brain drain at a critical phase of growth.

Also Read: What new digital solutions mean for Indonesia’s F&B sector

Turning barriers into opportunities for 2026

If these gaps persist, Indonesia risks losing its competitive edge as Southeast Asia’s emerging clean-energy hub. But 2026 offers a unique opportunity for recalibration. The government’s renewed focus on green investment incentives, simplified renewable licensing, and integrated public-private partnerships could reshape the entire landscape.

To accelerate Indonesia’s transition from potential to progress, three strategic actions stand out:

• Mobilise blended finance: Combine public grants with private investment to derisk early-stage renewable projects like ours. A dedicated Green Innovation Fund could unlock millions in stalled clean-energy initiatives.
• Simplify permitting processes: Streamline national and regional regulatory frameworks to accelerate project approval timelines from months to weeks.
• Build technical capacity: Partner with universities and vocational institutes to train young engineers, entrepreneurs and technicians in renewable energy technologies.

We are actively contributing to this transformation by training climate entrepreneurs, helping them develop investment-ready project plans, and connecting them with investors who value sustainability alongside profitability.

Indonesia’s resilience in 2025 has laid the groundwork for renewal in 2026. The barriers of regulatory friction, fragmented finance, and talent scarcity can become catalysts for transformation if addressed collaboratively.

The next phase of Indonesia’s clean energy journey will not be defined by isolated innovation, but by ecosystem alignment—where policymakers, investors, and entrepreneurs move in sync toward a shared sustainability vision.

Indonesia doesn’t just have the potential to power its future; it has the opportunity to lead the region’s energy transition. What held us back in 2025 can be the very reason we accelerate in 2026.

The future of clean energy is not waiting for us to catch up. It’s waiting for us to lead.

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Manufacturing is changing fast. And one of the biggest shifts we’re seeing? Factories are starting to “see” for themselves.

That’s what CCTV-powered Vision AI does. It gives machines the power to understand what’s happening on the shop floor just by watching through CCTV cameras. Imagine security cameras that don’t just record footage but also think and react — spotting faulty products, noticing safety risks, or catching machine issues before they cause downtime.

In Southeast Asia, this trend is picking up fast. In just the first half of 2024, the region pulled in over US$30 billion in AI infrastructure investments.

So what does all this mean for manufacturing leaders on the ground? Let’s break it down.

Key trends

• Real-time quality checks: Traditionally, checking product quality meant human inspectors going through batches one by one. It’s slow, and errors slip through. But CCTV-based Vision AI changes that. It watches the production line 24/7 and instantly spots tiny defects like colour mismatches, cracks, or missing parts, before they move forward.
• Predictive maintenance: Machines break down when you least expect them to. But Vision AI can prevent that. By analysing live CCTV feeds, it can notice unusual movements, vibrations, or leaks in machines, early signs something’s about to go wrong.
• Safer workplaces: Safety lapses are expensive and dangerous. Vision AI can track worker behaviour on CCTV like checking if people wear helmets, gloves, and safety jackets. It can also alert managers instantly if someone enters a restricted zone or stands too close to heavy machinery.
• Data-driven insights: CCTV-based Vision AI systems don’t just watch — they collect data. This data shows where slowdowns happen, which processes create the most waste, and where productivity dips.
  

Challenges and barriers

Of course, adopting CCTV-based Vision AI isn’t all smooth sailing.

• High upfront costs: The tech isn’t cheap. Installing high-quality CCTV networks, training Vision AI models, and integrating them with existing systems costs a lot upfront. For small or mid-sized manufacturers, that can be intimidating.
• Data privacy concerns: CCTV cameras capture a ton of visual data, often including workers. So companies must follow strict data protection rules to make sure the footage is stored safely and used only for its intended purpose. Mishandling it could create legal risks.
• Need for skilled people: Vision AI systems need people who can maintain them, train models, and handle data. Many factories don’t have this talent in-house yet, and hiring or training new staff takes time.
• Change resistance: Not everyone will be thrilled about “AI watching them work.” Workers may worry about surveillance or job loss. It’s important for leaders to clearly explain that the tech supports them — not replaces them.

While CCTV-based Vision AI offers big benefits, it also needs careful planning, training, and clear policies to be successful.

Also Read: Enhancing cyber supply chain resilience: A vision for Singapore

Opportunities and the road ahead

Despite these hurdles, the opportunities are massive, especially for fast-growing manufacturing hubs in Southeast Asia.

• Fast scaling: Factories can grow operations without needing to hire and train a huge workforce. Vision AI can handle quality checks, track safety, and analyse productivity, letting teams focus on creative and complex tasks.
• Cost savings: Less downtime, fewer product defects, and fewer workplace accidents directly save money. Companies that adopt Vision AI early can become more competitive by lowering waste and speeding up output.
• Sustainability wins: CCTV-powered Vision AI helps spot energy waste, reduce material scrap, and improve resource usage. That makes operations more eco-friendly.
• Staying ahead of the curve: With the global market shifting toward Industry 4.0, companies using Vision AI now will be ahead of the curve. Early adopters will build smarter, safer, and more flexible factories — ready to handle future challenges.
  

The future is clear: CCTV-based Vision AI isn’t just an add-on. It’s becoming the nervous system of modern factories — watching, learning, and guiding production in real time.

Conclusion

Manufacturing is entering a new era where CCTV cameras don’t just watch, they think.

CCTV-powered Vision AI is helping factories catch defects instantly, prevent machine failures, keep workers safe, and improve efficiency — all at once.

Yes, it comes with challenges like cost, privacy, and training needs. But the long-term benefits far outweigh the risks.

For manufacturers in fast-growing regions like Southeast Asia, now is the time to explore this shift. Because in the coming years, smart eyes on the factory floor won’t be a luxury — they’ll be a necessity.

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Sea Limited, the Singapore-based consumer internet giant, has released its Q3 2025 results, solidifying its return to high-growth, bottom-line profitability and reporting a stunning surge in net income.

However, a closer inspection of the financial details reveals that the rapid expansion of its digital financial services segment, Monee, is accompanied by a sharp acceleration in credit risk provisioning.

The overall financial momentum is undeniable, with the company reporting total GAAP revenue of US$6 billion, marking an increase of 38.3 per cent year-on-year (YOY) from US$4.3 billion in Q3 2024. Total net income rocketed to US$375 million, soaring 144.6 per cent YOY compared to the US$153.3 million recorded in the corresponding period last year.

Also Read: Sea posts 418% profit jump as Shopee, Monee, Garena fire on all cylinders

Total adjusted EBITDA stood at US$874.3 million, up 67.7 per cent YOY.

Digital entertainment and e-commerce drive profit surge

The company’s three core businesses — Garena (digital entertainment), Shopee (e-commerce), and Monee (digital financial services) — all contributed robustly to the group’s performance.

Digital Entertainment (Garena): This segment delivered exceptional results, with CEO Forrest Li stating, “Garena has delivered another stellar quarter. Bookings were up 51 per cent year-on-year, making it our best quarter since 2021.”

• Bookings reached US$840.7 million, increasing by 51.1 per cent YOY.
• Paying users grew 31.2 per cent YOY to 65.9 million, resulting in a paying user ratio of 9.8 per cent (up from 8.0 per cent in Q3 2024).
• Adjusted EBITDA for the segment was US$465.9 million, up 48.2 per cent YOY. This success was largely anchored by “two high-impact campaigns: Squid Game and NARUTO SHIPPUDEN Chapter 2” for Free Fire.

E-commerce (Shopee): Shopee cemented its profitability turnaround, posting an adjusted EBITDA of US$186.1 million, a staggering increase of 440.1 per cent from US$34.4 million in Q3 2024.

• GAAP revenue for the segment hit US$4.3 billion, up 34.9 per cent YOY.
• Core marketplace revenue, which consists of transaction-based fees and advertising revenues, grew by 52.8 per cent YOY to US$3.1 billion.
• Nuance in e-commerce: While core fees surged, value-added services revenue (primarily logistics-related) saw a decline of 5.7 per cent YOY to US$723.6 million. The company attributed this decrease to “higher revenue net-off against shipping subsidies”.

The unavoidable risk of rapid credit growth

While segment growth narratives were overwhelmingly positive, the most dramatic increase in expenditure was found in the provision for potential bad debts, highlighting the structural risk associated with the booming credit business.

Digital financial services (Monee): This segment remains the fastest growing by revenue percentage.

• GAAP revenue reached US$989.9 million, marking a robust 60.8 per cent YOY growth, primarily driven by the growth of the credit business.
• Consumer and SME loans principal outstanding grew significantly, up 69.8 per cent YOY to US$7.9 billion as of September 30, 2025.

The underlying nuance: Credit provision surge

Despite the growth, the provision for credit losses saw a massive increase of 76.3 per cent, jumping from US$212 million in Q3 2024 to US$373.8 million in Q3 2025. This provisioning expense grew significantly faster than the segment’s adjusted EBITDA, which was up 37.5 per cent YOY to US$258.3 million.

Also Read: Sea Limited’s 2024 results: A deep dive beyond the headlines

Sea Limited noted that the non-performing loans (NPLs) past due by more than 90 days remained stable at 1.1 per cent of the total loan principal outstanding (including on-book and off-book loans). While the NPL ratio suggests stability, the sheer scale of the 76.3 per cent increase in provision expense signals that the substantial expansion of lending activities, particularly the US$7.9 billion in principal outstanding, inherently carries rapidly increasing absolute risk exposure. This is a critical detail in gauging the long-term sustainability and quality of the digital finance segment’s profits.

Playing down investment in the future

Another detail that provides insight into Sea’s current strategy is the allocation of operating expenses.

Total operating expenses grew by 28 per cent overall. However, expenses related to future innovation were curtailed:

• Research and development expenses actually decreased by 5.2 per cent, falling to US$286.3 million in Q3 2025.
• In contrast, sales and marketing expenses surged by 30.9 per cent to US$1.2 billion, demonstrating a clear prioritisation of immediate market capture and revenue acceleration over investment in future technological development during this period. This shift is particularly evident in the Digital Financial Services segment, where sales and marketing expenses soared by 140.7 per cent.

In summary, while Sea Limited’s Q3 results rightly celebrates a decisive return to high profitability, underscored by record Garena performance and a Shopee turnaround, the sharp 76.3 per cent jump in credit loss provisions alongside a reduction in R&D spending suggests the company is aggressively pursuing current period growth and profitability in Southeast Asia, even if it means ramping up balance sheet risk and marginally slowing future technology investment.

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The landscape of venture capital exits is undergoing a massive reassessment, particularly concerning merger and acquisition (M&A) activity.

While strategic acquisitions remain a critical exit route, the market has shifted dramatically towards smaller deals characterised by higher buyer caution and increased structural complexity. This trend holds significant implications for startups across Southeast Asia (SEA) aiming for major acquisition events.

The insights from the comprehensive study State of Exits 2025: From Alpha to Omega by RETVRN Research, reveal a stark reality in the M&A world: scale has become elusive for most. Despite modest improvements in IPO activity, particularly with 13 US-based venture-backed companies going public at US$1 billion-plus valuations in 2025 YTD (as of July 2025), compared to just eight for the entire year of 2024, the overall M&A picture remains highly constrained.

Also Read: The new exit reality: How secondary deals became the lifeblood of venture capital

The most telling data point reinforcing the “reality gap” is the distribution of transaction values. The study confirms that 96 per cent of M&A transactions are valued below US$500 million. Furthermore, a significant portion of these deals is concentrated at the lower end of the spectrum, with 70 per cent of all M&A transactions valued under US$100 million.

This statistic paints a clear picture: mega-exits remain rare, and the majority of liquidity events fall into the realm of small to mid-sized strategic acquisitions.

Buyer selectivity and value growth amid volume decline

Global M&A volumes declined by 9 per cent in the first half of 2025. However, counterintuitively, deal values increased by 15 per cent during the same period.

This contradiction is highly revealing; it signifies a market that has become exceptionally selective, consistently favouring only the highest-quality assets. Acquirers are deploying large sums for proven, critical technologies, but are pulling back on speculative or merely average opportunities.

For founders, particularly in SEA, where large regional conglomerates or international players are the typical buyers, this means the bar for being considered a “high-quality asset” has never been higher. The market is no longer forgiving of volatile performance or unproven unit economics.

The pervasiveness of structured deals

Perhaps the most structural change affecting M&A negotiation is the rise of structured deals. The shift reflects profound caution on the part of buyers and a corresponding willingness by sellers to share risk. This is fundamentally altering how M&A transactions are negotiated and valued.

A staggering 73 per cent of deals now include extensive earnout provisions. Moreover, an average of 42 per cent of the total consideration is contingent on future performance metrics. This mechanism ensures that the buyer pays a significant portion of the price only if the acquired company meets predefined milestones after the transaction closes.

The commitment period for sellers has also extended considerably. The average earnout period has stretched to 3.2 years, up significantly from 2.1 years in 2020. This means founders and key staff are now tied to the acquiring entity and its performance metrics for a much longer duration to realise the full transaction value.

Also Read: Secondaries take centre stage: How VCs are navigating the exit drought

Founders must prepare for this reality by ensuring their internal operational excellence is impeccable, with reliable forecasts that deliver consistent results (within a margin of plus or minus 10-15 per cent accuracy).

Valuation compression and the SaaS reality check

The market correction following the peak years has had a profound impact on sector valuations, particularly in enterprise SaaS. RETVRN Research notes that valuation multiples for Enterprise SaaS have experienced severe compression, declining from peak levels of 15 times revenue to a median multiple that has now stabilised at 7.0 times current run-rate annualised revenue.

While this stabilised multiple is consistent with historical norms, it represents a dramatic correction from the 2021 peaks. Peak multiples were reached in Q4 2021 at 12.8 times revenue for SaaS companies, before hitting a trough in Q3 2023 at 3.2 times revenue—a 75 per cent decline. The subsequent recovery pattern shows gradual stabilisation in the 6-8 times revenue range.

For bootstrapped companies, the median average is even lower, at 4.8 times revenue, while equity-backed companies average 5.3 times revenue. These figures confirm that while the market is recovering, the era of exuberant, growth-at-all-costs valuations is over. The median valuation multiple has stabilised, demanding disciplined financial performance from all founders.

The early exit strategy

The data indicates that planning for an exit must begin much earlier than many founders currently assume. Over 60 per cent of acquisitions happen at or before the Series A stage. Specifically, 47 per cent of acquisitions analysed in 2025 were Seed-stage acquisitions.

Also Read: What did we learn from failing to raise VC funding?

The majority of founders are always closer to an exit than they realise, but a lack of exit planning often exposes them to mediocre exit outcomes. Given the dominance of small-to-mid-sized deals and the prevalence of earnouts, achieving a premium valuation now relies entirely on early strategic alignment, clean operational data rooms, and proactive cultivation of strategic relationships 18–24 months before the intended exit. This focused preparation is the only way to successfully navigate the highly selective, structure-heavy M&A landscape defined by caution and a firm grip on reality.

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In Singapore, the creative economy is often seen through a hyper-local lens. From government grants tied to domestic outputs to agencies pitching for the same pool of regional clients, the industry often feels boxed in by geography. But this geographic constraint isn’t a matter of capability.

According to the Infocomm Media Development Authority (IMDA), Singapore’s media exports make up only 7.6 per cent of the country’s total media revenue, a number that has barely moved in years despite high levels of digital competitiveness and global connectivity. In contrast, Singapore ranks among the top in the world for digital infrastructure, business friendliness, and workforce readiness.

This contradiction raises a question: if we have the talent, tools, and infrastructure, what’s holding us back?

A question of mindset, not ability

The limiting factor, increasingly, seems to be mindset. For many creatives, the assumption is that global clients are out of reach unless they relocate, rebrand, or expand physically into foreign markets. While logistical and time zone challenges are real, they are no longer deal-breakers in a post-remote world. What’s more, Singaporeans may actually be among the best positioned to serve global creative markets.

Singapore’s unique education system provides one key advantage. With a bilingual foundation and curriculum that incorporates both Western analytical frameworks and Eastern cultural fluency, Singaporeans are naturally attuned to communicating across contexts. Most graduates are trained to write and think with precision, adapt to varied audiences, and manage stakeholder expectations. Skills that are not just helpful in creative work, but essential when dealing with international clients. This blend of rigour and flexibility is rare, and it allows Singaporean creatives to translate complex ideas across markets with a sensitivity few others can match.

This is especially important in high-growth sectors like tech. Whether it’s fintech, generative AI, or healthtech, the challenge is no longer just building great tools, but explaining them. Singaporean creatives who can navigate technical complexity while adapting communication styles for US, European, and Asian audiences have a genuine edge.

Also Read: Bridging continents: Lessons learned from Singapore and Estonia’s tech journeys

Bridging the gap through systems

Creative storytelling does not scale on talent alone. It scales on process. A clear example is the operating model of Singapore-based video studio VideoPulse, which pairs Southeast Asian creatives with US-based project managers to support clients such as DocuSign and YC-backed startups across time zones. This approach combines cultural understanding with structured coordination, allowing the team to maintain responsiveness and quality control at scale.

A similar systems-driven mindset informed the design of Tracework AI, a workflow documentation tool that helps teams capture internal processes and onboarding guides more efficiently. Making institutional knowledge accessible and repeatable removes bottlenecks that typically slow fast-growing startups.

Together, these examples highlight a broader principle. Lasting creative excellence comes from more than strong storytellers; it comes from operational clarity, trust, and frameworks that scale reliably across teams and markets.

Rewriting the rules of remote creative work

What makes this model work is not just timezone alignment or competitive pricing. It is cultural fluency, operational trust, and design thinking. These are the foundations I rely on when building and scaling a distributed creative team.

By embedding emotional intelligence into how I lead, I have been able to create a remote environment that runs on trust and autonomy. Everyone is paid on time. Feedback loops stay short. Project goals are anchored to business outcomes rather than purely creative execution. This is intentional because I have seen firsthand how easily creative outsourcing can slip into a churn and burn cycle that hurts both quality and people.

It also reflects a broader belief I hold about Southeast Asia. We do not need to mimic Silicon Valley to build world-class companies. When we lean into our own strengths, cost efficiency, bilingual talent, cultural versatility, and adaptability, we create models that are not only sustainable but also globally competitive.

More than just exporting talent

This approach reflects a broader shift in how Singapore can think about creative exports. It’s not just about selling media content overseas. It’s about embedding Singaporean teams in global product, marketing, and strategy cycles. And it requires rethinking how we train, fund, and scale creative businesses.

Also Read: Open source: The secret to boosting Singapore’s startup ecosystem

Rather than chasing one-off commissions, Singaporean agencies can position themselves as strategic partners. This means developing internal capability in client education, onboarding, measurement, and iterative design. It also means investing in thought leadership and visibility, so Singaporean creatives are seen not just as service providers but as strategic collaborators.

The next chapter

For this to happen at scale, institutional support must evolve. Grants and accelerators need to recognise and reward companies that succeed in global markets, even if their outputs don’t look like traditional “local media.” Education systems should continue to push for bilingual, multidisciplinary learning, and industry players must share frameworks and playbooks that help others break through international barriers.

If done well, Singapore could become a powerhouse in creative services, not just in advertising, but in product storytelling, tech branding, and digital transformation. The infrastructure is here. The talent is here. The systems are emerging.

What’s needed now is belief.

Belief that we have something the world needs. Belief that clients abroad will take us seriously. Belief that creative work from Southeast Asia can drive strategy, not just execution.

That belief, and the systems to back it, could turn Singapore’s creative sector from an overlooked asset into one of its most powerful exports.

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