In mid-2025, Indonesia’s agritech unicorn eFishery seemed untouchable. Its founders had positioned the company as the darling of Southeast Asia’s aquaculture sector, serving thousands of fish farmers, attracting global investors, and reporting financial results that appeared flawless: US$750 million in revenue and a US$16 million profit.
An audit revealed the reality. Actual revenue was closer to US$150 million, and the company had recorded a US$35 million loss. More than 75 per cent of reported sales were fabricated. Within weeks, credibility was gone, investors withdrew, and the story that had fuelled eFishery’s rise became the instrument of its collapse.
For founders across Southeast Asia, the lesson is clear. In a region where competition is intense and trust is fragile, communication determines both growth and survival.
A market where voice is currency
The numbers suggest a strong future. Google’s e-Conomy SEA 2024 report estimates that the region’s digital economy will triple to US$230 billion by 2026, growing at 22 per cent annually. As of mid-2024, Southeast Asia’s tech startups had a combined market valuation of US$454 billion, with 55 unicorns operating.
Funding patterns are shifting. Scandals such as eFishery’s have made investors more selective. Consumer-facing companies without a clear path to profitability are losing access to capital, and competition for investment now depends heavily on credibility.
Messaging as a strategic asset
In this climate, a disciplined communication strategy is essential. Regional consultancy Precious Communications states that messaging is now considered a strategic asset rather than an optional tool. Consistent and credible communication can align teams, attract investment, and reassure customers.
Also Read: How eFishery lost control of its narrative
Southeast Asia’s diversity adds complexity. In Indonesia, the Philippines, and Vietnam, more than half of e-commerce transactions still use cash or cash-on-delivery. In Malaysia, halal certification can determine market entry. In Thailand and Vietnam, visual storytelling often has more impact than direct sales pitches. One product can require several distinct narratives, and the most successful companies adapt their message while keeping the brand coherent.
Founder voices: Stories that stick
Korawad Chearavanont, founder of Bangkok-based enterprise messaging platform Amity, recalls a pivotal line from his investor pitch: “I could only quit college if I raised US$5 million.” The statement conveyed urgency, risk, and determination, and it helped him secure the capital.
By contrast, eFishery’s numbers told a story that investors wanted to believe, but when the truth emerged, trust collapsed. Authentic narratives can create lasting relationships, while false ones destroy them quickly.
Lessons from politics
Singapore’s 2025 general election showed the power of direct and authentic communication. Candidates used podcasts, livestreams, and open Q&A sessions to connect with voters, which built trust rapidly. Startups can learn from this example, because engaging directly and responding openly can create stronger connections than controlled corporate announcements.
Trust as the growth multiplier
Startups that maintain a clear, culturally informed voice across investor updates, marketing, and internal communication project reliability. In markets with low trust in digital services, that reliability can lead to higher adoption, better retention, and greater investor patience. The “3Cs” framework—clarity, consistency, and cultural context—has become a standard for companies in the region, and it builds a reputation that extends beyond products.
The final word
Southeast Asia’s startup sector is still expanding, but it is less forgiving than before. Capital is cautious, consumers are selective, and competition is constant. The eFishery case is a warning that a compelling narrative can raise a company’s profile faster than any marketing campaign, but if that narrative rests on false foundations it can also dictate the speed and scale of the collapse.
A communication strategy functions as the structure that supports the business, and for founders in Southeast Asia, the way they tell their story can be the most valuable asset they own.
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