Access to Funding for 20 Startups, Aiming for 3 New Unicorns

The Ministry of Communication and Informatics (Kominfo) created a platform to bring together digital startups with investment or venture capital investors through the Startup Studio Indonesia program.

Minister of Communication and Information, Johnny G. Plate, explained that the Startup Studio program is here to facilitate digital startups that are at the starting point or early stage to receive capacity building training and also access to local and global venture capital.

“The digital startup activists who are joined will be gathered online for three months to get direct guidance and consultation sessions from experts in the industry so that digital startup activists are ready to get adequate funding,” said Minister Johnny in a virtual event of the Startup Studio program.

Startup Studio Indonesia is an intensive digital startup development program organized by the Ministry of Communication and Information. This program provides mentoring and networking access for national digital startup activists who want to develop their business.

Targeting 3 New Unicorns by 2024

The government is targeting three new unicorns, bringing the total to eight by 2024. To achieve this target, the Ministry of Communication and Information Technology (Kominfo) is holding an acceleration program called Startup Studio.

In the first phase, 20 startup companies were brought together with investors. Kominfo Minister Johnny G Plate said the program was in line with President Joko Widodo’s direction to encourage digital transformation. The President also targets three new unicorns by 2024.

Currently, Indonesia already has four unicorns or startups with a valuation of more than US $ 1 billion, namely Tokopedia, Traveloka, Bukalapak, and OVO. Besides, it has one decacorn with a valuation of more than US$ 10 billion, namely Gojek.

Johnny hopes that Startup Studio will encourage the birth of new unicorns. This program facilitates early stage or early-stage startups to receive training and capacity building for three months.

After that, “providing access to funding from venture capital (local and global) to startups,” said Johnny in a virtual event entitled “The Milestone Day Startup Studio”, Thursday (26/11). In the first phase, the ministry selected 20 startups.

They include AgenKAN, Biteship, Career Support, Feedloop, Halofina, Jejak.in, Justika, Keeppack, Larik.tech, Moodah, Nectico, Rakamin Academy, Rekosystem, Payo Kepasar, PTS.SC, Schoters, Tumbasin, Verihubs, Waterhub, and Woobiz.

They are engaged in various fields such as education (edutech), business service providers (Software as a Services / SaaS), financial technology (fintech) to the environmental sector.

300 Startups Targeted to Participate

The ministry is targeting 300 startups to participate in the program until 2024. Meanwhile, startups that pass the acceleration are expected to play a role in building the digital economy.

One of the startups selected in the first phase is Rakamin Academy, which provides career guidance services in the digital field. “We connect students with professionals in big technology companies,” said Rakamin Academy co-founder and CEO Andika Prasetya.

He assessed that startup companies in the education sector developed rapidly during the corona pandemic. This is because many students are encouraged to learn from home. “This is an opportunity. We can develop human resources (HR) even more, “he said.

Another selected startup is Halofina, a financial planning fintech targeting millennials. The targeted segment has an income of more than IDR 7 million per month and lives in big cities. Then, environmental startup, Jejak.in, which also participated in the Gojek Xcelerate acceleration program. This company has also collaborated with Gojek to provide tree planting services online.

Previously, the Director-General of Informatics Applications at the Ministry of Communication and Information, Semuel Abrijani Pangerapan, said that the government is optimistic that it will have three new unicorns by 2024. “It remains to be targeted at three despite the coronavirus,” he said, last July (9/7).

He considered, three sectors have the opportunity to give birth to new unicorns. First, finance or fintech, because its services were needed by the community during the Coronavirus pandemic. Second, agriculture (agritech), whose transactions also increase during a pandemic and lastly, education (edutech).