Yenny Yusra Journal

Indonesia’s venture capital ecosystem has changed considerably over the past few years. Following several high-profile startup cases, investors have become more selective, founders are expected to be more transparent, and conversations are no longer driven by ambitious growth stories alone.

For Dian Noeh, Founder & CEO of Kultur Voice Business (KVB), Indonesia’s venture capital ecosystem isn’t facing a trust crisis. Instead, it is evolving with stronger governance, greater discipline, and a more mature mindset. 

“It is about increasing trust rather than rebuilding trust.”

From Fast Growth to Smarter Growth

When discussing recent governance challenges, Dian believes it’s important to look at the bigger picture. Cases involving WeWork, Theranos, and FTX in the US, show that governance failures are not unique. Despite those setbacks, venture capital continued to flow because investors understood that individual failures do not define an entire industry.

Indonesia, she believes, is going through a similar process. Rather than focusing on repairing its reputation, the ecosystem should focus on strengthening the fundamentals that create long-term confidence. That means stronger governance, better due diligence, transparent reporting, sustainable profitability, and integrity reflected in financial reporting.

“Governance is the most important thing. Integrity should already be visible from the earliest stages, even before a startup receives funding.”

In the past, many startups prioritized rapid expansion while governance received less attention. Today, investors are looking at startups with the same level of discipline applied to more established industries, making governance an expectation rather than an advantage.

Investors Want Data, Not Just Great Stories

Another shift Dian has observed is how investors communicate with founders. Not long ago, fundraising conversations were largely driven by compelling visions and inspiring founder stories. Today, both VC and CVC expect evidence to support every claim.

“Communication is becoming more evidence-driven instead of narrative-driven.”

That means regular operational and financial reporting, clear KPIs, visibility into cash flow, structured governance practices, and transparent discussions about risks and how the company plans to respond. For Dian, communication is no longer just about public relations. It has become part of a company’s accountability system.

She also believes leaders need to be comfortable saying, “I don’t know.” If someone doesn’t have the answer, it’s better to acknowledge it honestly and direct the question to the right person than to speculate.

“If there is an issue, we have to address it. We cannot avoid difficult questions. Good communication starts with mastering the facts.”

The New Investment Story Is Sustainable Growth

The definition of a successful startup has also changed. Instead of rewarding growth at all costs, investors now want businesses that can grow sustainably and eventually stand on their own.

“There has been a noticeable shift. The message now puts more emphasis on credibility alongside growth and exit.”

Today’s conversations revolve around a different set of questions:

• Can the business grow sustainably?
• Are the unit economics healthy?
• Is there a visible path to profitability?
• How efficiently is capital being used?
• Is the revenue durable?

Dian believes this shift began during the global technology slowdown and has only become stronger. Founders still need vision, but they also need to demonstrate financial discipline.

Governance Builds Reputation

For Dian, governance and reputation are inseparable. Strong governance shows how responsibly a company operates, while for investors it demonstrates credibility as stewards of capital. That principle becomes even more important when portfolio companies encounter difficulties. 

If legal issues arise, they should be addressed through the appropriate legal process while ensuring the business continues to operate under strong systems and leadership. At the same time, investors should continue supporting founders through communications, fundraising, hiring, and strategic guidance, but that support must always be balanced with accountability. 

KVB has seen both sides of the technologies and startup ecosystem working with Indonesia and global tech companies. For Dian, those experiences reinforce one consistent lesson, businesses built on strong governance are better positioned for long-term growth.

“Governance is the trust currency in modern ecosystems.”

PR Is Changing Alongside the Market

The changing investment landscape has also reshaped the communications industry. According to Dian, traditional PR still has an important role, but the way companies communicate has evolved alongside digital transformation and changing business needs.

KVB has responded by expanding beyond conventional media relations. The firm now offers Fast Release, allowing brands to distribute press releases more efficiently, while also launching a curated freelance content writer platform to support the growing demand for quality content.

As market dynamics shifted, KVB also repositioned itself from being widely known as a startup-focused agency to concentrating entirely on corporate communications. The company has revamped its website, broadened its services, and expanded its target market to better serve corporations and a new generation of business leaders.

“Governance must be established correctly from the very beginning to build investor trust.”