In this fireside chat at Echelon Singapore 2025, Nicko Widjaja of BRI Ventures explored the evolution of Indonesia’s startup ecosystem. The conversation, moderated by Michael Smith of Oracle, traced key phases, from the B2C boom to the disruptions of COVID-19 to the ongoing challenges, such as fraud.
Widjaja emphasised the importance of healthy valuation practices and warned against the “zero-sum game” mindset that fuels inflated valuations. He contrasted the Silicon Valley model with State Ventures’ strategic approach, which is focused on market access rather than rapid exits.
The discussion highlighted a pivot toward AI and blockchain technologies, signalling a shift from traditional IPOs to tokenisation and Web3 frameworks. Governance and due diligence were underscored as critical foundations for sustainable innovation. The session concluded with a call for recalibrated investment norms that reflect regional realities and a maturing ecosystem.
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