Hyundai Will Help Startups to Overcome Social Issues in Indonesia
Currently, many companies from various sectors are holding a startup challenge program to find startups with interesting innovations to develop. PT Hyundai Motor Manufacturing Indonesia for example. The company is currently holding a startup competition titled “Hyundai Start-up Challenge.”
The recruitment process and public approach will be carried out by Hyundai to find the right social-based company to take part in the Hyundai Start-up Challenge. The most innovative startups will get the chance to get mentoring from Hyundai.
The Hyundai Start-up Challenge aims to build a healthy ecosystem where the role of sustainable social enterprises can be expanded through various creative ideas such as youth and social entrepreneurship to find innovative solutions to overcome various social issues.
The competition itself is held to look for startups that have innovative and creative solutions that are able to overcome problems in society that cover three main areas, namely education, the environment, and employment.
There will be 100 quotas provided by Hyundai for startups who want to compete in this competition. Hyundai will foster startups that join this program to provide solutions to social problems in 2024.
Head of Hyundai Motor Asia Pacific HQ, Young Tack Lee, said “Hyundai has a long history of supporting research to find solutions to various problems in society. We believe that every available path can be utilized to encourage and support social companies that work to overcome this problem.”
10 Best Startups Will Get IDR 100 Million Funds through This Program
“We are very enthusiastic to know what will be achieved by the participants of this program and hope they can contribute further to Indonesia’s future mobility,” Lee added. Furthermore, the Hyundai Start-up Challenge is a 5-month acceleration program to help 10 social-based startup companies achieve their full potential.
The review stage in the registration process will select the top 15 startups based on their business model, market creation and revenue, financial stability and growth potential. The selected startup team will be invited to join Camp and Audition to start the program and undergo an interview session.
In addition to interviews, selected teams will be invited to join Camp and Audition to start the program and conduct workshops, meetings and networking. Workshop sessions will assist participants in developing their business plans and budgets, where the program curriculum will include sessions related to social impact, employee management, and financial planning.
It also received input from panelists so that the start-up can run optimally during the execution both from the business side, financial to human resource management.
The Program Will Begin in March 2020
The registration process itself runs from January to 21 February 2020. 15 selected startups will be announced in early March 2020 to proceed to the Camp and Audition phases in mid-March 2020.
Announcement of participants selected as Top 10 will be made at the awards ceremony, where they will start the training program and be entitled to the grants given. Interestingly, at the end of the program, the top four teams will be selected and each team will receive an additional grant of IDR 1 billion.
During the acceleration program, participants will receive guidance through the matchmaking process to find the most suitable mentor and in accordance with the expertise needed by each team.
The participating team will also receive a mentoring session every few weeks, where mentors will guide participants in preparing their Business Plans and budget proposals. An independent company, Instellar, will help monitor the development of business impacts and the use of grants throughout the program.
Hyundai hopes that this program will bring innovative startups to overcome social problems in Indonesia and create better life for its people.