Indonesia’s VC Scene: The Art of Raising Capital and Media Attention... But Mostly Media Attention

In Indonesia, venture capital is the hottest ticket in town, a spectacle where every day brings a new headline proclaiming the latest jaw-dropping investment in some barely-conceived startup. You know, the kind with a “Series I-B-but-with-extra-dashes-round” that sounds suspiciously like the opening move in a game of buzzword bingo. And with every “bazillion-dollar” injection, we’re led to believe we’re witnessing the dawn of a groundbreaking innovation that’ll disrupt our lives.

Yet, here’s the question: these “innovations” are often less about world-changing ideas and more about world-class PR. Think about it: do we really need another app for dog-walking or an app that does almost what another app already does but with a different logo? Somehow, each announcement is painted as a revolutionary step forward, lovingly hyped by media outlets that just so happen to be, oh-so-coincidentally, tied to investors’ pockets.

This isn’t just venture capital; it’s venture theater. In this sparkling echo chamber, investors, media, and “disruptors” work hand-in-hand to make us believe in a brighter, richer future—for themselves. If you thought this was about making life easier, think again. It’s about making noise, headlines, and, for the lucky few, an awful lot of money.

Funding Announcements: The New National Pastime

In Indonesia, securing funding isn’t just a step in building a business—it’s the whole point of having a business at all. For the aspiring entrepreneur, landing that Series A (or B, or H-whatever) isn’t just a milestone; it’s the social validation that your startup exists. Because, really, what’s the use of toiling over a product or listening to actual customers when you could be hustling for the headline-grabbing check that’ll cement your place in the startup hall of fame? Forget the end user—your real audience is the PR department.

Think of funding announcements as Indonesia’s new smartphone launch. You’re not selling features; you’re selling the idea that money is pouring in, that something monumental is happening just because a few zeros have been added to your valuation. It’s not about innovation, per se, but about creating the image of innovation. Investors aren’t showering funds on some “visionary founder”; they’re investing in an instant credibility boost, with the media as their hype team, cheering on each funding update like it’s a grand slam.

And the media? Oh, they’re all in. Desperate to keep up with this avalanche of “success” stories, journalists crank out updates with the fervor of sports commentators. “$10 million for this hot new app!” “$20 million for that disruptive logistics company!” Dollar signs are the new tech specs—no one’s asking what these businesses actually do with the money. There’s no time to ask. Before you know it, another round is announced, more money is raised, and another round of headlines is born.

This cycle doesn’t necessarily lead to revolutionary change or even solid businesses. It’s just a revolving door of funding announcements that keep the machine running until, well, the next “milestone” rolls in.

Media Echo Chambers: VC’s Not-So-Secret Weapon

Here’s the dirty little secret of Indonesian venture capital: startup “success” stories aren’t stumbled upon by hardworking journalists; they’re strategically fed into a media machine fine-tuned for maximum hype. This isn’t just marketing—it’s a carefully curated echo chamber where investors and founders amplify each other’s supposed triumphs like a game of entrepreneurial telephone. It’s the PR equivalent of bragging to your high school reunion that you’re a “chief visionary officer,” neglecting to mention the office is actually your cousin’s garage.

Want to look like a world-changing disruptor? Start with a well-placed investment in a few friendly publications. Add a couple of “innovation consultants” (anyone with a LinkedIn and a MacBook will do), and sprinkle in influencers who can gush about your “disruptive synergies.” Next, ensure that every small “achievement”—like changing the app’s background color—is plastered across the headlines with a tagline that subtly hints you’re the next Steve Jobs. Voilà! You’re not just a startup founder; you’re a visionary.

In the Indonesian startup ecosystem, this isn’t just helpful—it’s essential. After all, how else do you convince people to throw cash at ideas we’ve seen a thousand times before? The media machine serves a purpose: to keep the narrative of “limitless potential” alive. Every dollar invested is painted as another victory for progress, regardless of whether the app is genuinely useful or if the “innovation” is essentially a copy-paste from last year’s trend.

And if anyone dares to ask about profitability or whether there’s an actual customer base, well, they clearly “just don’t get it.” This echo chamber thrives on two things: big words and even bigger dollar signs. It’s not about substance; it’s about crafting the appearance of success, feeding a loop of hype that’s as insular as it is influential.

Sustainable Business? Try 'Sustainably Visible' Instead

In the global business world, “success” often means growth, value, and happy customers. But in Indonesia’s venture capital scene, success has taken on a unique twist. Here, success isn’t measured by profits or customer satisfaction—it’s all about visibility. A startup doesn’t need to be in the black or have a solid product; it just needs to be seen. Who cares about sales or sustainability when you’ve got retweets, right?

Why bother with something so boring as a “sustainable business model” when you can focus on a “sustainably visible brand”? Just flood every tech publication with your startup’s name and watch as your headline count grows faster than your actual revenue. This isn’t about delivering value; it’s about delivering the impression of value. The goal? Keep the buzz alive long enough to dazzle investors and make the public think you’re the hottest ticket in town. Each PR campaign, each viral article, isn’t a step toward building a solid company but rather a leap toward building a never-ending hype machine.

You see, Indonesian startups have perfected what we might call “perpetual hype.” The formula is simple: get some funds, make a splashy announcement, post a few screenshots of a prototype, and let the echo chamber amplify. Investors stay interested, journalists stay busy, and the public stays dazzled by the constant stream of “big news” updates. It’s a self-sustaining cycle of PR blitzes and social media shares, with each round of funding serving as fuel for the visibility engine.

It’s almost endearing, really. While the outside world thinks startups here are building businesses, they’re really building narratives—narratives that look fantastic on a LinkedIn post or a pitch deck, but may or may not have any substance behind them. But hey, in the age of “likes” and “shares,” isn’t that what really counts?

A System Built for the Few, By the Few

Despite all the breathless talk of “innovation” and “disruption,” the venture capital landscape in Indonesia is less a nurturing ecosystem for new talent and more an exclusive playground for the well-connected. In this scene, “empowering entrepreneurs” translates roughly to “empowering the same small, privileged circle”—the ones with the right last names, business cards, and maybe even a cousin in media. Sure, they sprinkle in phrases like “collaborative funding ecosystem” or “next-gen economic disruptors,” but scratch the surface, and you’ll see that these lofty labels are just a glossy veneer over a pretty exclusive club.

This elite circle isn’t only about financial muscle; it’s about connections, optics, and being in the right photos. Who you know and who owes you a favor mean just as much—if not more—than having a great idea. Founders outside this network might occasionally catch a break, but they quickly learn that the real currency isn’t ideas; it’s playing the game. Once you’re “in,” every round of funding you raise becomes not a means to build your business, but rather your ticket to the next media blitz, the next staged “panel on innovation,” the next press release.

The system runs on these repeat performances. Investors funnel funds, media outlets generate glowing articles, and everyone in the club celebrates another “success,” keeping up appearances while the actual business impact is often incidental at best. Sustainable growth? That’s a side plot at most. As long as the headlines roll in, the venture capital scene here can carry on in its comfortable cycle, with each “milestone” propping up the illusion of progress.

So, rinse and repeat: raise money, send out press releases, secure media coverage, rinse again. Forget about sustainable business models—the real deliverable here is the story. Because in this club, a good narrative is worth more than a great idea.

Here we stand, on the sidelines of Indonesia’s venture capital theater, watching as investors, media, and founders waltz through a well-rehearsed performance. For those observing from outside this golden bubble, the entire affair might resemble a bit of a hustle—a perfectly orchestrated con, complete with orchestrated headlines, recycled ideas, and a dash of self-congratulation. And, let’s be real, maybe that’s exactly what it is. But as long as the money flows (somewhere), the articles get written, and those in the know keep mugging for the camera, the show must—and will—go on.

So next time you see a headline about the “next big thing” or a record-breaking funding round that promises to “change the game,” remember: it’s less about business and more about maintaining the spectacle. It’s a well-oiled machine built to keep a select few in the spotlight, not to drive sustainable growth or innovation. Why toil over building an actual business when you can create a sustainable echo chamber that sounds just as good?

In the end, if you’re not in on it, at least enjoy the show. Because if there’s one thing this system does well, it’s putting on quite the performance.