The ongoing financial scandal at PT Teknologi Multidaya Nusantara (eFishery) has become a significant point of concern in Indonesia's startup ecosystem. Experts warn that this could lead to a severe downturn in the tech sector.

Yunieta Anny Nainggolan, a finance expert from the School of Business and Management at the Bandung Institute of Technology (ITB), stated that the scandal highlights serious governance issues. She stressed that financial manipulation is a severe violation that could set a dangerous precedent for other startups in the country, as reported by wartaekonomi.co.id.

With investor confidence shaken, the impact could be widespread. Yunieta predicted a decline in investment in the technology sector, with investors likely becoming more cautious before funding new startups in Indonesia. "Startups often focus too much on valuations and rapid growth, forgetting that investor trust depends on transparency and integrity," she explained.

To avoid further harm, Yunieta emphasized that startups must focus on better governance. Entrepreneurs should not only chase their dreams but also follow ethical practices. Transparency, integrity, and solid governance will be critical to gaining investors' trust in the future.

She also recommended that startups, such as eFishery, undergo regular audits by external auditors. Independent audits could provide a much-needed layer of credibility and assure investors of the company's commitment to financial responsibility.

The scandal has underscored the challenges facing Indonesia's startup ecosystem. It is now a reminder for the broader tech community to prioritize good governance and transparency. For eFishery, it is a turning point to restore investor trust and credibility.

Yunieta advised eFishery to take swift action, suggesting strategies like restructuring, publishing independent audit results, and appointing credible leaders with proven track records. These actions would be vital in demonstrating a real commitment to turning the company around and rebuilding trust.

PHOTO: EFISHERY/IST

This article was created with AI assistance.