What Is the Strength of the Existing Unicorns & Decacorn of Indonesia? Which Startups Are the Next Unicorns?
The Indonesian government, investors and (other) market participants are optimistic that Indonesia’s tech startup company ecosystem is becoming stronger and stronger, and thus allows for the blossoming of more tech startups.
Jefri R. Sirait, Chairman of the Association of Venture Capitals for Indonesian Start-Ups (or Amvesindo), said Indonesia’s business environment is open and healthy, and therefore conducive for the tech startups. This environment allows young, enthusiastic and creative entrepreneurs to come up with innovative solutions. As a consequence, Indonesia is fertile soil for venture capital. Not only domestic investors are showing increasing interest in the startup companies of Indonesia but also some large foreign investors (such as Tencent or Alibaba) have been injecting capital into local startups.
Shinta Widjaja Kamdani, founder of Angel Investment Network Indonesia (Angin), said the presence of domestic and foreign investors in Indonesia’s digital economy and tech startup ecosystem is a wave of fresh air. She mentioned three key reasons that encourage established companies and investors – both domestic and foreign – to invest in Indonesian startups, namely (1) the domestic market’s readiness to adopt technological solutions, (2) improving connectivity around the Archipelago, and (3) rising Internet penetration.
She also praises the active attitude of authorities, specifically the Indonesian government, several ministries, the Financial Services Authority (or OJK), and the Creative Economy Agency (Bekraf) that all work together to create a strong digital ecosystem in Indonesia in which tech startups can blossom.
An example is the Indonesian government’s 1,000 Digital Startups program. Through the Communications and Information Ministry, the government – each year – accepts 1,000 applications (for digital solutions) from the country’s younger generations (individuals who are aged between 18 and 40 years can apply). This program includes classes related to business development strategies and also introduces the young entrepreneurs to certain state departments and private partners, thereby allowing them to expand their network.
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This article discusses the following:
• The four unicorns (Tokopedia, Bukalapak, OVO and Traveloka) and decacorn (Gojek) of Indonesia. What are the strengths that allowed them to become huge tech startup companies that make a significant contribution to the Indonesian economy?
• What are the potential new unicorns of Indonesia? A healthtech startup? Tiket.com? Kredivo? Or Tanihub?
Read the full article in our January 2020 edition
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