5/20/2015

7 building blocks to foster Indonesia's startup ecosystem

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7 building blocks to foster Indonesias startup ecosystem

Andi S. Boediman ( https://www.techinasia.com/author/andi-s-boediman/)
9:58 am on Mar 1, 2015
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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-indiastartup-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-officeindonesia/).

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-upcommunities-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 is
slightly ahead of Indonesia in terms of technology and market maturity. Any technology and solution that is
successful 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-southeastasias-largest-series-rounds/) (which is invested by Ideosource). Then, the collaboration between Indonesia and
these other emerging technology countries is about opening the other market for the startup companies to
consolidate (http://www.digitalnewsasia.com/insights/to-sea-goldilocks-startups-consolidate-or-die) and become
regional 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-welcome250m-market/), so local startups can sustain and scale by only targeting the home market. With 250 million
people, Indonesia is projected to become the third most populous country behind India and China within the next
20 years. Indonesias per capita GDP is US$3,500 which sits between India and Chinas but it is growing at
double the rate within the past five years. The new Indonesia government is targeting to increase GDP five to
seven 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 immigrants

The first generation of internet entrepreneurs in Indonesia is mostly successful because of their skills and
persistence. The second generation of internet entrepreneurs is mostly coming back from studying and working
in high-tech companies abroad. The third category comes from previous executives working in
global/multinational web companies in the region or in Indonesia. They have a multi-ethnic background and many
of them have an investment banking/management consulting experience.
Proliferation of ideas and knowledge comes from the diaspora (http://www.economist.com/node/21538742) and
interconnectedness of people. Many of the brightest minds are educated at Western universities and are working
in global/multinational companies. When they quit their jobs and return home, they take both knowledge and
contacts. They start new companies and create an interconnected network
(http://mashable.com/2011/07/19/tech-companies-infographic/) that is closely related. Global accelerators and
venture 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 knowledge
and 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-pitchingtax-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-ecosystemparadise/)

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/willindonesia-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/hightime-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 vocational
education.

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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-capitalfunding-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-fundingfrom-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-jakarta2014/) 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/makerspacesjakarta-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-millionfewer-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 cashedin.
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 ecash 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-valleyshould-invest-more-indonesia/)
Editing by Steven Millward; top image by Basibanget (http://www.flickr.com/photos/basibanget/2822537633/in/photolist3itoN-4xxShn-4xC6qC-6SoofA-4s6DJM-kv53t-bFjise-5PTsP3-6jVMW-4fuLdm-nRZD9a-4xNygj-4oEoU1-8jU3qP-pWreuyhttps://www.techinasia.com/7-building-blocks-indonesia-startup-ecosystem/

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iQwiAU-gWhGzg-5iqf6X-6nsnCa-56RQTx-6m9Yjz-674oMg-7brMnE-9H5p6N-7i1fPd-2CmuSY-2JFcky-6jVM1-yzxzG-452ni7ditKg-5Aaf2y-jM2cBL-c4Rri-hd2PXV-gXM8B-4xNoxi-8xhsMe-9knPQ4-eALoY-8aMgai-eqWxnC-6jVL9-6oDu53-eM4vne8aQyow-e9CSCx-9axg9L-69jj8S-6r3zPa)

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(https://www.techinasia.com/tech-trendsindonesia-2014/)
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Join the discussion

Denis FJ

3 months ago

thanks for TIA and Andi

really good article

Reply Share

Andi Boediman > Denis FJ

2 months ago

Tx for the kind words!

Reply Share

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 own
assertions moving forward. Also, thanks so much for your insights as last night's event. Indonesia needs more thought leaders
like yourself. Let me know if you want to grab a coffee sometime and chat about what we can do to help propel this market
toward its first billion dollar investment.
Hope you're well!
Leighton

Reply Share

Andi Boediman > Leighton Cosseboom

2 months ago

Hi Leighton, sure let's catchup soon

Reply Share

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 professional
services to the global market, yet despite the fact that our President Director, Ms. Yani Suratman is well known and highly
respected around the world, she has never received any recognition for her success as a global entrepreneurial woman here in
Indonesia.
And as we specialize in developing and building project management COMPETENCY, (as opposed to merely being able to pass
popular project management certification exams) we are developing a skill set which is an essential foundation for entrepreneurs
to master, yet despite the compelling need for better project management, the majority of our work still comes from the Middle
East, 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 your
sound advice as outlined above, but also work to build the capacity of Indonesian entrepreneurs to be better, more competent
and competitive businessmen and women.
BR,
Dr. PDG, Sr. Technical Advisor
PT Mitratata Citragraha
http://www.build-project-manag...
1

Reply Share

Andi Boediman > drpauldgiammalvo

3 months ago

Hi Paul, glad to hear such a capable leader comes from Indonesia.

Andi Boediman

Reply Share

3 months ago

Thanks to Tech in Asia for publishing my thoughts on Indonesia startup ecosystem.

Reply Share

Willis Wee > Andi Boediman

3 months ago

thanks, i enjoy reading your thoughts!

Reply Share
https://www.techinasia.com/7-building-blocks-indonesia-startup-ecosystem/

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7 building blocks to foster Indonesia's startup ecosystem

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7 building blocks to foster Indonesia's startup ecosystem

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