- Octopus CMO resigns amid turmoil.
- Startup faces allegations against CEO, unpaid salaries.
- Founding leader’s exit worsens early growing pains.
Indonesian waste management startup Octopus suffered another blow this week as co-founder and CMO Hamish Daud announced he has stepped down for “personal reasons.”
What’s next for Octopus?
Daud co-founded Octopus in 2021 alongside CEO Mohammad Ichsan, Dimas Ario, and Niko Adi Nugroho. The startup connects users to waste collectors to buy and pick up plastic and e-waste. It raised a $5 million funding round in 2022.
Octopus has recently faced turmoil, including a report that CEO Ichsan allegedly misrepresented his academic credentials. There are also allegations of unpaid salaries and poor business practices.
Navigating early growing pains
The firm aims to get “back on its feet,” Daud expressed hope it can still “make a great environmental impact again soon” without his daily involvement.
His departure compounds the startup’s early growing pains. Octopus must now right the ship in the absence of one of its founding leaders.
