The Ministry of Research and Technology Collaborated with Amvesindo to Help Startups
The Ministry of Research and Technology in collaboration with the Venture Capital Association for Startup Indonesia (Amvesindo) seeks to bridge the gap between technology-based startups and investors through an activity called investment readiness. The gap here is the lack of readiness and economic calculation for startups when dealing with investors.
This activity is also the first step in preparing startups to target initial funding or seed funding to Series A funding. The Director of Science and Technology and Other Supporting Institutions, Kemal Prihatman, said that investment readiness will examine 11 parameters at this point.
These parameters include potential ideas, corporate arrangements, market share and opportunities, competitive, quality, skills and abilities, strategies and possibilities, as well as government and risk. This way, stakeholders are supposed to benefit this opportunity properly and prepare for getting investors.
“It is hoped that stakeholders can take advantage of this opportunity, so they can prepare to get investors,” Kemal said in Jakarta not long ago. He also explained that after passing this stage, 20 technology-based startups will be brought together with the Investment Committee.
Startups Got a Chance to Meet the Investment Committee
Selected startups would meet the Investment Committee to study business models that can be developed, investment needs in terms of funding, financial feasibility, and utilization plans after getting funding. Not only gaining investors, but the startups could also connect with others through this event.
Investment Committee member, Kenneth Destian Tali, said that the program held between investors and the Ministry of Research and Technology could help technology-based startups connect with other startups across the country. It will expose them to various startups that have different ways of solving problems.
This way, startups can share to solve the particular problems experienced by them. “There are several important points that can be learned, such as to increase the readiness of startups regarding financial education, financial planning, and legal structures to increase the level of startup investment readiness,” Kenneth said.
Meanwhile, the 20 technology-based startups that join the event include: Planteria (CV Inovasi Anak Indonesia); MASKIT (PT Sainsgo Karya Indonesia); Eatever (PT Teknologi Kuliner Indonesia); Khaira Energy (PT Khaira Energi Innovation); PT FITS Mandiri; Renus Global Indonesia; Eggy Salted Egg (CV MSR Group); Cancimen Food (PT Miun Sinergi Nusantara).
Then, there are also Washeru Swayasa Prakarsa; Tesla Electric Power; Barokah Salima Jaya Food; CV Wira Jaya Nusantara; PT Interstisi Advanced Material; PT Berkah Creative Innovation Indonesia; PT Infistha Digital Indonesia; RH Talas Chips; PT Kazee Digital Indonesia; and Mango Day (Fruit Merchant CV Galanng Samudera Jaya).
The Ministry Also Attempted to Advance Digital Economy
The Ministry of Research and Technology is preparing to develop the digital economy too in its efforts to create more successful startups in Indonesia. The Minister of Research and Technology, Bambang PS Brodjonegoro, is currently trying to generate new unicorns in the country.
According to him, if Indonesia wants to become a developed country, the manufacturing sector must also be prepared in advance, startups or entrepreneurs must multiply, and the strengthening of the digital-based economy must continue to be developed. Then, the Ministry of Research and Technology has a crucial role here.
“One of the roles is to develop the digital economy. We are also responsible for creating as many new startups as possible and ensuring continuity of these startups,” he said while attending the 2019 Next Indonesian Unicorn Summit at Jimbaran Hub, Bali. Bambang emphasized the importance of creating technology-based entrepreneurs.
He encouraged various sectors to strengthen research, technology, and innovation as part of the efforts to increase the number of entrepreneurs in Indonesia. “We must create a technology-based entrepreneur. Creating this is very important although the risk of failure will always be there. But, we must keep trying,” he concluded.