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7 building blocks to foster Indonesias startup ecosystem
(https://www.techinasia.com/author/andi-s-boediman/)
Andi S. Boediman (
https://www.techinasia.com/author/andi-s-boediman/)
9:58 am on Mar 1, 2015
Follow @andisboediman 8,792 followers
268 208 150
Andi S. Boediman is the managing partner of Ideosource Venture
Capital (http://ideosource.com/). This is republished
from Andis Medium post
(https://medium.com/@andisboediman/indonesia-the-emerging-startup-nation-7d83ce663204)
with permission.
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Before I lay out the seven building blocks that we need to
foster the Indonesia startup
(https://www.techinasia.com/startup-dictionary/startup/)
ecosystem, let me explain where Indonesias tech
industry stands at the moment relative to its neighbors.
Late last year, I was invited to South Korea as part of
Dreamplus Alliance
(http://dreamplus.asia/en/alliance/alliance.jsp). Initiated by
the Korean Hanwha Group, this is an alliance between
11 accelerators
(https://www.techinasia.com/startup-dictionary/accelerator/) from
different countries in Asia to
promote startup ecosystems. The idea is to form a global
alliance of key regional accelerators and to assist
promising startups to reach their dreams on the global stage.
After learning the maturity of each ecosystem, I see
the difference between each countrys technology ecosystem and
market maturity.
1. Isolated technology nation
China and India clearly are mature ecosystems by themselves
(https://www.cbinsights.com/blog/china-india-
startup-tech-ecosystem/). They have the technology, funding, and
big markets. Most of the China and India
players getting into Indonesia are already winners in their own
nation. They are either already so big that they can
get into the Indonesia market by themselves or they will partner
with a local firm in Indonesia
(https://www.techinasia.com/tencent-joint-venture-indonesia-mnc-media/).
US technology companies like Google,
Facebook, and Twitter are doing this in Indonesia too
(https://www.techinasia.com/finally-facebook-opens-office-
indonesia/).
2. Advanced technology nation with limited market
Japan, South Korea, and Taiwan are advanced technology countries
with mature markets, but each has limited
size. They have the technology that we need and they need the
Indonesian market to expand. They are
Indonesias natural partners; we can obtain technology leadership
from these countries and localize the tech for
Indonesia. Some big companies will get into Indonesia by
themselves
(http://www.reuters.com/article/2014/03/09/indonesia-apps-messaging-idUSL3N0LU1N520140309).
A good model
is to license the IP, know-how, and technology. The best model
is doing a win-win partnership through a joint
venture in which each party will contribute value.
3. Advanced technology nation with small market
Singapore is a country with very advanced technology but no
market, so Singaporean firms have to think globally
from day one. Most of the Singaporean technology startups will
face a big challenge when entering Indonesia
since theres a huge gap between the technology and market
readiness. Singapores government has been a very
strong proponent for the startup ecosystem, from providing the
conducive environment
(https://www.techinasia.com/singapores-block-71-double-capacity-2014/)
and various funding schemes
(https://www.techinasia.com/az-singapore-startup-grants-schemes/),
all the way to providing access to the US
market
(http://www.infocomminvestments.com/2015/new-block-71-san-francisco-to-bridge-tech-start-up-
communities-in-singapore-and-the-us/) by opening an office in
US. This makes Singapore aspire to become the
regional/global access
(https://www.techinasia.com/singapores-startup-scene-is-overrated/)
and startup funding
hub in the region, but not for a real, scalable market.
4. Emerging technology nation with limited market
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Thailand and the Philippines are quite similar to Indonesia.
Vietnam is slightly behind Indonesia while Malaysia isslightly
ahead of Indonesia in terms of technology and market maturity. Any
technology and solution that issuccessful in each country can be
replicated to another country. This has been a model for some
regional players,including online retail logistics startup
aCommerce
(https://www.techinasia.com/acommerce-raised-southeast-asias-largest-series-rounds/)
(which is invested by Ideosource). Then, the collaboration between
Indonesia andthese other emerging technology countries is about
opening the other market for the startup companies toconsolidate
(http://www.digitalnewsasia.com/insights/to-sea-goldilocks-startups-consolidate-or-die)
and becomeregional players
(https://www.youtube.com/watch?v=7FdXy2PMduQ#t=400).
5. Indonesia is the emerging technology nation with vast
market
Indonesia has a vast market
(http://www.seedstarsworld.com/blog/2014/10/indonesia-startup-scene-welcome-250m-market/),
so local startups can sustain and scale by only targeting the home
market. With 250 millionpeople, Indonesia is projected to become
the third most populous country behind India and China within the
next20 years. Indonesias per capita GDP is US$3,500 which sits
between India and Chinas but it is growing atdouble the rate within
the past five years. The new Indonesia government is targeting to
increase GDP five toseven percent by inviting foreign investment
for infrastructure and new
industries(https://www.techinasia.com/why-silicon-valley-should-invest-more-indonesia/).
I believe that Indonesia is the next startup nation if we are
able to cement all the building blocks in the industry.Lets take a
closer look at Indonesias current state and how we can contribute
to making it happen.
Building block 1: Entrepreneurs, diaspora, and immigrantsThe
first generation of internet entrepreneurs in Indonesia is mostly
successful because of their skills andpersistence. The second
generation of internet entrepreneurs is mostly coming back from
studying and workingin high-tech companies abroad. The third
category comes from previous executives working
inglobal/multinational web companies in the region or in Indonesia.
They have a multi-ethnic background and manyof them have an
investment banking/management consulting experience.
Proliferation of ideas and knowledge comes from the diaspora
(http://www.economist.com/node/21538742) andinterconnectedness of
people. Many of the brightest minds are educated at Western
universities and are workingin global/multinational companies. When
they quit their jobs and return home, they take both knowledge
andcontacts. They start new companies and create an interconnected
network(http://mashable.com/2011/07/19/tech-companies-infographic/)
that is closely related. Global accelerators andventure capitals
have identified this and they are actively investing into these
founders.
Bringing the diaspora back and encouraging them to start
companies in Indonesia will inspire knowledge and
technology transfer.
With the Indonesian digital industry growth, there is a big need
to capture the best talent not only from Indonesia,but from other
countries as well. By attracting exceptionally skilled immigrants,
they can bring new knowledgeand create jobs within the local
economy. Its new businesses that are going to create new
jobs(http://www.washingtonpost.com/business/on-small-business/senators-take-another-shot-at-startup-act-pitching-tax-tweaks-and-immigration-reform/2015/01/16/3ff2a584-9db1-11e4-a7ee-526210d665b4_story.html),
and there
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are certain policies that need to be in place for that to occur.
William Tanuwijaya from Tokopedia plans to hire a
lot of engineers in India, Vietnam, and China to keep up with
the estores growth and to get a faster knowledge
transfer from global talent.
Across many developed countries, there is interest in attracting
exceptionally skilled immigrants who can bring new
knowledge and create jobs within the local economy. Graphic by
Migreat. From the startup visa Wikipedia page
(http://en.wikipedia.org/wiki/Startup_Visa).
In order to grow Indonesia as an innovative and entrepreneurial
nation, policymakers need to take steps to
attract more highly-skilled entrepreneurial foreigners and
global talent to Indonesia.
This is not about opening the Indonesian market for global
players, but inviting entrepreneurs to use Indonesia as a
base to serve the global market.
Bali is a new, fast-growing startup scene that people are
surprised by. If the entire country can embrace
international talent in the way Bali is doing, we might be able
to repeat the story of Walter Spies, Antonio Blanco,
and John Hardy in the art world. The fastest way to capture the
international market is inviting those who
understand that market themselves. Bandung and Yogyakarta have
been homes to various developer
communities, and naturally some international companies have
established a production team in these cities.
This will encourage greater transfer of knowledge to Indonesian
talent.
See: Bali: a tech startup ecosystem in paradise
(https://www.techinasia.com/tech-startup-ecosystem-paradise/)
Building block 2: International education and vocational
training
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It is estimated that 2.6 million Indonesians will enter higher
education (http://thepienews.com/analysis/will-
indonesia-become-a-major-student-market/) in the next decade due
to Indonesias economic growth, political
stability, demographic changes, and rising education levels. But
there are only 36,000 students currently studying
abroad thats only one percent of Indonesias total student base.
The need for internationalization is essential so
a greater number of Indonesians are equipped with wider
perspectives and a global mindset. Australia and the US
are the most popular study destinations for Indonesians. China,
Malaysia, Singapore, Germany, and Japan are
some of the other popular destinations. But the real
contribution to the Indonesian economy will happen when
we can invite the best talent back to Indonesia.
There is a precedent. Chinas government runs a Thousand Foreign
Experts program
(http://www.nytimes.com/2012/03/12/world/asia/12iht-educlede12.html?_r=0)
which is designed to attract foreign
academics and entrepreneurs over the next 10 years to help
improve research and innovation. Under the
program, successful candidates will receive a subsidy and
research allowance. This program is already proving to
bring the best talent back to China.
Meanwhile in Indonesia, the total number of international
students studying in the archipelago is only about
3,000. Internationalization of higher learning in Indonesia
(http://www.thejakartapost.com/news/2014/01/11/high-
time-internationalization-indonesian-higher-learning.html) would
result in the increase in flow of ideas, attitudes,
values, technology, the economy, and people across borders all
necessary responses to the impact of
globalization. The fastest way to attract international students
and bringing this standard into higher education is
by partnering with established universities in Australia and the
US, as done by Singapore, Malaysia, and many
other countries.
Now it is the right time for the internationalization of higher
education, research, and innovation in Indonesia.
The Indonesian labor market is characterized by a high level of
youth unemployment since the nations vocational
education and training doesnt match the requirements of the
workplace. An interesting idea put forward by
Andrias Ekoyuono, VP for business development at Ideosource, is
that with the extensive workforce, Indonesia
can become the next BPO
(https://www.youtube.com/watch?v=jf30HuoKVf0) (business process
outsourcing) and
KPO (knowledge process outsourcing) service provider, alongside
India and the Philippines
(http://businesstoday.intoday.in/story/bpo-future-india/1/22946.html).
Typical outsourced work includes data
entry, medical transcription, content writing, software
programming, or HR and financial services. KPO focuses on
knowledge and information related activities that include legal
services, intellectual property and patent
(https://www.techinasia.com/startup-dictionary/patent/) related
services, engineering related services, web
development, CAD/CAM applications, business research and
analytics, legal research, clinical research, publishing,
and market research.
To help achieve this, the government should commit to skilled
and vocational education. Credits from community
colleges should be transferable to a university, thus offering
graduates opportunities to further their vocational
training at a higher level.
Indonesia should export its skilled workforce for the global
market by focusing on technical and vocationaleducation.
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Building block 3: Funding the startup ecosystem
Startup by their very nature have a very high mortality rate
theyre still exploring their offerings and business
model. Most startups fail. Thats why grants and Corporate Social
Responsibility (CSR) money are the best models
at the incubation stage. The cost of delivering the investment,
incubating the company, and exploring avenues to
initial traction is higher than the potential return on
investment. Incubation programs are risky and mostly wont
provide a good return on investment (ROI) from the program, so
CSR funding from various state-owned or public
companies is the best to be used as an incubation program.
Venture capital
(https://www.techinasia.com/startup-dictionary/venture-capital/)
investing by nature is also a risky
investment. The higher the risk, the better the return. Some of
the risks include a high failure rate because of
entrepreneurs lack of experience, getting into a market that is
too early, creating an offering that doesnt scale,
and a very limited exit for the investment. We have seen this in
the early dot-com bubble in the early 2000s.
The partnership between the government and private venture
capital firms has been implemented by a number
of countries, such as Singapore and Taiwan. Indonesias tech
minister, Rudiantara, follows this model and aims to
raise about US$1 billion
(https://www.techinasia.com/indonesia-rudiantara-digital-startups-raising-funds/)
to help
develop Indonesias digital startups. That money will come from
the private sector. It sounds good that the
government is trying to support the tech industry, but do we
need the governments involvement?
It raises many questions, too. Who will be responsible if the
investment goes wrong? Will the appointed VC be
blamed if they lose the investment amount? Will this be a
subject to a KPK
(http://en.wikipedia.org/wiki/Corruption_Eradication_Commission)
(Corruption Eradication Commission)
investigation? If theres so much money from the government, isnt
there a sudden spike in opportunistic
institutions competing for this funding without a prior track
record?
What we need the most is a more open investment policy, not the
funding itself.
The US$100 million investment in Tokopedia
(https://www.techinasia.com/tokopedia-softbank-sequoia-capital-
funding-news/) in October last year was major news. It creates a
positive investment environment in Indonesia.
Looking into the market growth and investment momentum, were
going to see a billion-dollar investment within
three years. Foreign direct investment from Korean and Japanese
investors has been here in Indonesia as early as
2011. Recent investment is done by Chinese giants as well.
Global players like Rocket Internet and Naspers have
been actively investing from 2012. Funds dedicated to Southeast
Asia are focused on Singapore and Indonesia as
major investment targets. Theres enough funding for the tech
industry and the trend is growing at a rapid pace
even without government support.
Indonesias conglomerates has been investing in the digital space
too. Djarum has done so through GDP Ventures
and the Merah Putih Incubator; Kompas Gramedia through direct
investment and Skystar Capital; Bakrie through
direct investment and venture capital; Salim partnering with
Rocket Internet through PLDT; Sinar Mas through its
own venture capital and Ardent; Emtek mostly through direct
investment; Lippo through its venture capital and
direct investment. Plus Ciputra Group provides entrepreneur
support through the GEPI program. Most
Indonesian telco companies have also committed sizable
investments in the digital space.
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With support from local investors, Ideosource believes in
investing in the best internet companies and the
brightest founders. We have invested in many Indonesian
companies, including Touchten, Saqina, Orori, and
Female Daily.
Besides ecommerce
(https://www.techinasia.com/startup-dictionary/ecommerce/) and
digital media, Ideosource is
committed to invest in disruptive and innovative startups like
fintech and internet of things.
Building block 4: Business permits and regulations
Indonesia is infamous for its unfriendly bureaucracy for
processing a business permit and unwelcoming
regulations for foreign direct investment. The President has
promised that this will become a thing of the past and
has launched a one-stop service for navigating foreign direct
investment. But Indonesia still needs to improve a
lot when it comes to the ease of doing business.
But the President and members of the executive team seem prone
to getting into controversies. Indonesian
media recently reported the government would protect local
online businesses from overseas acquisitions, which
turned out to be untrue. I would highly recommend the government
to work on good PR in helping their
communication strategy and getting across a consistent message
to avoid confusion among business
stakeholders.
When it comes to startups, we need a change in the existing
regulations
(https://en.dailysocial.net/post/indonesian-government-makes-it-even-harder-for-startups-to-raise-seed-funding-
from-foreign-investors) when accepting foreign direct
investment. The regulations needs to open if we want to
foster a culture of innovation. To encourage an
investment-friendly environment and regulations, my partner at
Ideosource, Edward Ismawan Chamdani, indicated that the
government needs to provide incentives for investors,
such as capital gains tax waivers, friendlier laws to allow
different classes of shares to protect investors, and other
financial/taxation/legal programs to incentivize investors to
set up their funds and investments in Indonesia
instead of offshore.
Plus, there are some controversies with regard a regulation in
the ecommerce space in the form of the negative
investment list.
(https://www.techinasia.com/indonesia-negative-investment-ecommerce-startup-asia-jakarta-
2014/) This list specifies sectors of the Indonesian economy in
which foreign investment is prohibited or limited.
Currently the Indonesian government has closed foreign
investment in businesses selling directly to the
consumers. William Tanuwijaya, Tokopedias CEO, expects that the
government would create a conducive
ecosystem rather than focusing on pitching local versus foreign
investors.
See: New makerspaces in Jakarta that will accelerate innovation
(https://www.techinasia.com/makerspaces-jakarta-accelerate-innovation/)
Building block 5: Digital and physical infrastructure
Indonesias broadband business is doubling in market value due to
high internet adoption. However, internet
penetration remains sluggish, with only 20 percent of the
population online, compare to 40 percent in Thailand
and 90 percent in Singapore. This is the biggest bit of homework
for the government if they are serious about
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building the web and tech ecosystem. Indonesia spent one percent
of its GDP on infrastructure in 2009,
compared with greater amounts by its Asian neighbors China (8
percent), South Korea (2.5 percent) and between
3-6 percent for countries such as Singapore and Malaysia.
Graphic by PwC
(http://www.pwc.com/gx/en/capital-projects-infrastructure/assets/indonesia-snapshot.pdf)
(PDF
link).
Indonesias President pitched to global leaders at the APEC
Summit on investing in Indonesia
(https://www.youtube.com/watch?v=fh1M5jAgp0s#t=427). On the
agenda was the sea toll road
(http://www.thejakartapost.com/news/2014/10/30/24-ports-prepared-jokowi-s-sea-toll-road.html),
a program to
modernize 13 major ports that may reduce the countrys logistics
costs by 10 to 15 percent. Presently, between 18
and 22 percent of companies production costs in Indonesia are
absorbed by logistics, particularly due to
expensive transportation costs between the archipelagos islands.
Across the region, this figure is below 10
percent. Between 2014 and 2017, there will be an additional
eight seaports
(http://www.reuters.com/article/2013/11/13/indonesia-economy-infrastructure-idUSL4N0IY1N120131113),
two
airports, eight railways, five power plants and 11 water supply
and waste treatment plants. By building these
infrastructure projects, Indonesia will surely enhance its
access and distribution.
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Building block 6: E-money infrastructure and adoption
Indonesia has a low level of digital money infrastructure and
adoption. The World Bank Global Financial Index of
2011
(http://datatopics.worldbank.org/financialinclusion/country/indonesia)
measuring financial inclusion
indicates that in Indonesia only 19.6 percent of the adult
population has an account in the formal financial sector.
In 2014, the number of credit card users in Indonesia is around
8 million unique users with 15.8 million cards
(http://thejakartaglobe.beritasatu.com/business/indonesias-2015-credit-card-rule-means-almost-half-million-
fewer-circulation/). This is still a big challenge for digital
adoption.
The thriving smartphone sector in Indonesia opens up a door for
mobile as an alternative banking infrastructure
able to offer accessible, simple, and affordable financial
services even in remote areas. But mobile telcos are not
proven to provide financial services as they have a historical
precedent in abusing their mobile content charging.
And since these companies dont have ATMs, the e-wallet solution
offered by the telcos is not easy to be cashed-
in.
Out of many solutions offered in Indonesia, Mandiri E-cash
stands out as the most disruptive solution for digital
money. It is a debit system linked to mobile phone numbers
rather than bank accounts. Users deposit funds at e-
cash agents, usually shops or kiosks, or by transferring from
existing bank accounts. The funds can then be drawn
upon for transfers and payments, after mobile phone
authentication. Even without the need to open an account
in the bank, you are able to withdraw cash from a Mandiri
ATM.
Large-scale adoption is still the biggest challenge for e-money.
The key driver for e-money adoption comes from
an unexpected source the Indonesian government. After stopping
the soaring burden of fuel subsidies, the
government is giving a direct cash subsidy to underprivileged
people. Its called BLNT (direct non cash subsidy).
BLNT is distributed through electronic money as an effort to
reduce the cost of distribution, avoid potential losses,
and educate citizens about the use of electronic money.
Targeting 15 million underprivileged people by the end of
2015, Indonesia will become the second biggest mobile money user
base in the world after Kenya. With wider
adoption of digital money, it gives people an immediate benefit
to connect this solution with other digital
payment ecosystems including remittances, ecommerce, and many
others.
We can mark this as Indonesias dawn as a cashless society.
Building block 7: Indonesian nationalism
Peng T. Ong, the managing director of Monks Hill Venture and
co-founder of Match.com, mentioned in an
inspiring discussion the spirit of nationalism growing in
Indonesia. We see the spirit of nationalism in that we care
about ourselves, our future, and our nation. We see a new
generation of leaders emerge, making people believe
again in the government and how it can bring the best for the
people and the nation. When everyone believes in
one thing, great things happen.
We will see Indonesia thrive and become a great nation. A new
startup nation.
See: Why Silicon Valley should be investing more in Indonesia
(https://www.techinasia.com/why-silicon-valley-should-invest-more-indonesia/)
Editing by Steven Millward; top image by Basibanget
(http://www.flickr.com/photos/basibanget/2822537633/in/photolist-3itoN-4xxShn-4xC6qC-6SoofA-4s6DJM-kv53t-bFjise-5PTsP3-6jVMW-4fuLdm-nRZD9a-4xNygj-4oEoU1-8jU3qP-pWreuy-
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iQwiAU-gWhGzg-5iqf6X-6nsnCa-56RQTx-6m9Yjz-674oMg-7brMnE-9H5p6N-7i1fPd-2CmuSY-2JFcky-6jVM1-yzxzG-452ni-
7ditKg-5Aaf2y-jM2cBL-c4Rri-hd2PXV-gXM8B-4xNoxi-8xhsMe-9knPQ4-eALoY-8aMgai-eqWxnC-6jVL9-6oDu53-eM4vne-
8aQyow-e9CSCx-9axg9L-69jj8S-6r3zPa)
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Join the discussion
Reply
Denis FJ 3 months ago
thanks for TIA and Andireally good article
Reply
Andi Boediman 2 months ago> Denis FJTx for the kind
words!
Reply
Leighton Cosseboom 3 months ago
Hi Andi,
This entire article is quite well-rounded, complete, and very
insightful. I will be using it as an expert basis for many of my
ownassertions moving forward. Also, thanks so much for your
insights as last night's event. Indonesia needs more thought
leaderslike yourself. Let me know if you want to grab a coffee
sometime and chat about what we can do to help propel this
markettoward its first billion dollar investment.
Hope you're well!
Leighton
Reply
Andi Boediman 2 months ago> Leighton CosseboomHi Leighton,
sure let's catchup soon
Reply
drpauldgiammalvo 3 months ago
Andi, for ~17 years the company I work for, PT Mitratata
Citragraha has been using Indonesia as the base to provide
professionalservices to the global market, yet despite the fact
that our President Director, Ms. Yani Suratman is well known and
highlyrespected around the world, she has never received any
recognition for her success as a global entrepreneurial woman here
inIndonesia.
And as we specialize in developing and building project
management COMPETENCY, (as opposed to merely being able to
passpopular project management certification exams) we are
developing a skill set which is an essential foundation for
entrepreneursto master, yet despite the compelling need for better
project management, the majority of our work still comes from the
MiddleEast, Africa and other countries in SE Asia and NOT
Indonesia.
Bottom line- IF Indonesia has any hopes of attracting foreign
direct investment, not only does the government need to follow
yoursound advice as outlined above, but also work to build the
capacity of Indonesian entrepreneurs to be better, more
competentand competitive businessmen and women.
BR,Dr. PDG, Sr. Technical AdvisorPT Mitratata
Citragrahahttp://www.build-project-manag...
1
Reply
Andi Boediman 3 months ago> drpauldgiammalvoHi Paul, glad to
hear such a capable leader comes from Indonesia.
Reply
Andi Boediman 3 months ago
Thanks to Tech in Asia for publishing my thoughts on Indonesia
startup ecosystem.
Reply
Willis Wee 3 months ago> Andi Boedimanthanks, i enjoy reading
your thoughts!
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