After digesting (partly) the ICM Masterplan and various ideas suggested for the Startup Ecosystem, these are my thoughts below. I will try to keep this brief. If you have questions about any of it, please email me (it's been a long week). This post will be updated along the way (beta).
Mentor Quality (SEA) - 4
Infrastructure - 4
Regulation/Policies - 4
Market Size (Platform/Distribution) - 2
Monetization (Payments) - 4
Capital - 2
Exit (IPO) - 1
Media - 2
- With the one unified entity (privately led with government support), government resources will be allocated as quickly and efficiently as possible.
- Collapse all IDE grants, initiatives, funding, subsidies under one roof. Rewire all government grants and funding systems.
- A central resource for programs, education, travel subsidies for founders and mentors to and from target markets.
Great intention and a large budget. Too many cooks (spread too thin).
It is not working as best as we want it too. It can be improved. We can achieve (sorry if it is a bit cheesy).
Happy National Day!
- The End -
p.s. love to hear your thoughts, there are ways to fix the 1 & 2 ratings, if you want to know more or how email me.
It was my first time in Bandung and Yogyakarta (Jogja) Indonesia recently speaking and visiting startups, incubators and co-working spaces. I caught up with several Founder Institute Singapore graduates in Jogja (above) and dived deeper into the startup community and where their state of affairs are. Here are some findings and feedback on what I discovered.
Ecosystem report card (1-5, no 3): Jogja/Bandung
Culture - 2 (risk adverse, little coopetition)
Infrastructure - 2 (slow broadband speed infrastructure, low operational cost)
Regulation/Policies - 2 (some friction incorporating new companies)
Market Size - 4 (large domestic market)
Capital - 1 (early stages of risk capital coming on board)
Media - 1 (little to no media coverage celebrating startup heroes)
- 1 mobile operator backed accelerator program (Telcom). They run it both in Bandung and Jogja. Definitely a great initiative but not enough from what I hear, as they have certain criteria (telco related) before accepting applicants.
- A large density of Universities and Sekolah Teknik graduates who are technically trained. Strong technical talent pool which is well known for the last few decades.
- Low cost of living compared to other larger cities in Indonesia with much better traffic. Quality of life is better according to many.
- The community is hungry for knowledge, expertise and are gradually looking to be in business for themselves. Looking at product not services companies.
- Little to no risk capital.
- Little to no mentors. Jakarta mentors do come through, but not often enough.
- Not bold enough to think they can do well outside Indonesia. Even in Indonesia, they don’t think of using Jakarta as a launching pad.
- Organize meet ups to discuss ideas (e.g. read Techcrunch, Hackernews, AngelList, producthunt.co) to exercise their thought process on how company/product visions are set.
- Bring more mentors to energize thinking/ideation process. In person or via online. e.g. an Ideation Weekend. Put the community online or on Qiscus/Slack for discussion and feedback.
- Startup a Jogja tech blog to keep track of activities. E.g. Jogjastartup.com
- Set up a Founders Guild to meet, discuss, and keep track of everyone’s progress. Include mentors and investors via an online platform (e.g. Qiscus/Slack). Founders sharing with founders.
I love emerging startup ecosystems, lots of potential especially Jogja and Bandung. Will be visiting more often and striking matches to ignite some crazy teams.