Hard Truths from Indonesia’s Startup Scene (ep 64)

Martyn Terpilowski shares a candid, finance-driven perspective on Indonesia’s startup ecosystem, venture capital culture, and the structural challenges facing innovation in emerging markets. Drawing on his background in hedge funds and years of operating a bootstrapped B2B company, he explains why many venture-backed businesses failed to build sustainable revenue models.The conversation explores why market size alone does not guarantee success, how unrealistic return expectations distort investment behavior, and why meritocracy and long-term thinking are essential for building resilient companies. Martyn also reflects on why Singapore has become a more attractive base for global expansion, the importance of regulatory trust, and the role of foreign investment in accelerating real innovation.📖 What You’ll Learn in This EpisodeWhy revenue quality matters more than growthThe limits of TAM-driven investment logicHow retention proves real product valueWhy meritocracy drives stronger companiesThe role of regulation in investor trustWhy Singapore attracts global capitalHow unrealistic VC expectations hurt foundersThe importance of long-term executionWhy innovation needs real incentivesHow market structure shapes outcomes🔔 Listen and SubscribeYouTube: https://www.youtube.com/@TheGeneralistsPodcastSpotify: https://open.spotify.com/show/2apfGY403NGr1EyTNkJfG4Apple Podcasts: https://podcasts.apple.com/sg/podcast/the-generalists👤 HostsMichael Smith Jr.: https://www.linkedin.com/in/smittysgp/Raz Kotler: https://www.linkedin.com/in/razkotler/👤 GuestMartyn Terpilowski: https://www.linkedin.com/in/martyn-terpilowski-66aba850/🔗 Resources and Links Mentioned📚 Concepts and ResearchVenture Capital: https://en.wikipedia.org/wiki/Venture_capitalTotal Addressable Market: https://en.wikipedia.org/wiki/Total_addressable_marketMeritocracy: https://en.wikipedia.org/wiki/MeritocracyForeign Direct Investment: https://en.wikipedia.org/wiki/Foreign_direct_investment🏢 Companies and ProductsBhumi Varta Technology: https://bvarta.comWeWork: https://www.wework.comHitachi: https://www.hitachi.comNTT: https://group.ntt/enGoldman Sachs: https://www.goldmansachs.com👥 People and ProfilesAdam Neumann: https://en.wikipedia.org/wiki/Adam_Neumann🌏 Additional ReadingIndonesia Economy Overview (World Bank):https://www.worldbank.org/en/country/indonesia