7 building blocks to fos...sia's startup ecosystem

5/20/2015 7 building blocks to foster Indonesia's startup ecosystem

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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.



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



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



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



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.



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.



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



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.



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-



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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H A V E Y O U R S A Y



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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