Variable Sampling

GO-JEK IN INDONESIA: SEIZING DIGITAL HBSP No.
: NTU131
OPPORTUNITIES AT THE BOTTOM Ref No.: ABCC-2017-013
OF THE PYRAMID Date: 10 July 2017
Andreas Pazi Raharso and Sia Siew Kien
INTRODUCTION
As a developing nation with the world’s 4th largest population of 250 million people,1 Indonesia often paled
in comparison to other countries based on various indicators of progress. Its GDP per capita of USD11,300
(2015 est.) ranked 132rd in the world, its life expectancy ranked 140th, and its income Gini coefficient – a
measure of income inequality – ranked 108th.2 Yet, with its prospering economy, the pervasiveness of the
Internet, and rapid smartphone adoption, Indonesia was fast becoming a rising star in Asia’s burgeoning
technology scene. Go-Jek, a unicorn startup that revolutionised the informal transport and logistics business
in the booming cities of Indonesia, was one of the fastest growing and most visible tech startups in Asia.
Through its mobile app linking motorcycle taxis, known as ojeks, with consumers, Go-Jek offered on-
demand transport, delivery, shopping, and a host of other personal services. Every day, the Go-Jek fleet
braved traffic jams and nimbly navigated the bewildering vehicular jungles of Indonesian cities to provide
these services. As of June 30, 2016, Go-Jek’s on-demand mobile platform had connected millions of
customers to more than 200,000 ojeks and taxi driver partners, 35,000 food merchants and 3,000 service
providers. 3 Go-Jek’s services could be found in more than 14 cities in the archipelago. Backed by
heavyweight investors Sequoia Capital, KKR, and NSI Ventures, Go-Jek was valued at USD1.3 billion in
2016.4
Senior Research Fellow Andreas Pazi Raharso and Associate Professor Sia Siew Kien prepared this case based on
interviews with Go-Jek. This case is intended for class discussion and learning, and not intended as source of research
material or as illustration of effective or ineffective management.
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consent of Nanyang Technological University.
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or 800-988-0886 for additional copies.
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THE FOUNDING OF GO-JEK
Go-Jek was conceived by founder Nadiem Makarim5 when he was working as a consultant for McKinsey
and Co. in Jakarta. Despite having his own car and chauffeur, he often resorted to taking the ubiquitous
and cheap ojeks to get around Jakarta’s infamous gridlock. While he was more than appreciative of the
service these motorcycle taxis provided, he was struck by the inefficiency of ojeks. Typically, ojek drivers
spent eight to 10 hours waiting on roadsides, only to pick up an average of just six passengers a day. On
bad days, some ojek drivers even had no passengers.
So you’ve got this huge inefficiency. Whenever you want an ojek, there will be no ojek. Whenever
you don’t want an ojek, they will be crowding pedestrian walkways all over Jakarta… They are
one of the few service providers that have no influence over their ability to get a customer. This
was a market that was ripe for disruption.6
Nadiem Makarim, CEO, Go-Jek
And so, in August 2010, Nadiem launched Go-Jek. Initially, the business had only a call centre and 20
drivers, which Nadiem struggled to keep afloat. For the first three years, operations were reliant on radio
technology; employees would call and deploy ojek drivers if ride orders were successfully placed. On
January 7, 2015, with the backing of a private equity investor, Go-Jek switched to a digital technology
platform and introduced an Uber-like mobile app to connect consumers directly to ojek drivers. 7 (see
Exhibit 1)
The Go-Jek app offered three basic services: transport, courier, and shopping, all delivered by its army of
ojek drivers. 8 For these on-demand services to succeed, Nadiem knew that he needed to build trust
between consumers and the ojek drivers.
“And to do this, you need trust. So, that’s what we set out to build… Your branding, your
technology, give them uniform, give them a jacket, give them a helmet, give them an android
handset – now you are ready to go.” 9
HOW GO-JEK’S MOBILE APP WORKED
With the push of a button, customers could launch the Go-Jek mobile app and select their desired service
(transport, courier or shopping), then indicate their current locations to view ojek riders close to them (see
Figure 1). Customers seeking ojek rides would use the app to key in their intended destinations, after which
a fare estimate would be displayed. Customers happy with the estimate would then submit their request for
a ride. Once the request was sent, the nearest available Go-Jek rider would proceed to pick up the customer.
Before commencing on the journey, customers would be handed a free helmet and face mask. For women
who were uncomfortable with riding pillion with male drivers, Go-Jek offered the Lady Jek option – ojeks
driven by females. Unlike Uber (which only accepted credit card payment at first), Go-Jek allowed its
customers to pay their fares in cash.10 Nevertheless, customers could still link their Go-Jek accounts to
their bank accounts or credit cards. For each ride, Go-Jek retained 20% of the fare as commission.
To use the Go-Jek shopping service, customers would select “shopping” on the mobile app and fill up the
address of the store, the items to purchase and the destination to deliver the items to (see Figure 2). The
nearest Go-Jek driver would then head to the store, buy the items using his or her own money first (up to
IDR1 million), and deliver the requested items to the stated delivery destination. Drivers would be paid upon
delivery of goods to customers.
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To use Go-Jek’s courier services, customers would use the app to indicate the items they wanted picked
up and delivered to specific addresses. Loss insurance of up to IDR2 million was offered to its customers
by Go-Jek.
Figure 1
Go-Jek’s User Interface
Source: Brilio (2015, December 24). 5 apps to improve your productivity in 2016. Retrieved on March 2, 2017, from
https://en.brilio.net/tech/5-apps-to-improve-your-productivity-in-2016-5-apps-to-improve-your-productivity-in-2016-
151224m.html#
Figure 2
Go-Jek Mobile App
Source: Faith, A. (2015, July 13). Artificial intelligence. Retrieved on March 2, 2017, from
http://annisafath08.blogspot.sg/2015/07/
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GO-JEK’S RAPID RISE TO POPULARITY
The idea of Go-Jek caught on and spread like wildfire after its move to digital technology. Go-Jek’s monthly
orders grew by over 98 times from March to October 2015.11 According to a Go-Jek representative, “there
were over 20 million bookings on our platform in June 2016, meaning that we are processing roughly eight
bookings per second just last month.” 12
The huge demand could be attributed to bad traffic conditions in Indonesian cities. Jakarta, its capital city,
is the second most populous urban area in the world, with almost 31 million people living in the greater
Jakarta area and 5.5 million vehicles.13 As many as 3,500,00014 commute daily into the city for work. Based
on a Driver Satisfaction Index 2016 conducted by navigation appmaker Waze,15 Indonesian cities such as
Jakarta, Surabaya, Bandung, Denpasar, and Bogor topped the list of cities with the worst traffic in the world.
Traffic congestion is a major cause of productivity loss.
“The productivity that’s lost, caused by inefficient infrastructures, is huge. And productivity is not
just related to economic matters but also quality of life for every individual. A person who spends
two hours on his way back from office will be not able to see his child before he goes to bed. Or
if a person is late for a business meeting, he can potentially lose the deal. So, the quality of life
will be badly affected by the traffic inefficiency. (Go-Jek has a role) perhaps not in overcoming,
but in mitigating the effects, (and in) reducing the inconvenience of the traffic (problems).”16
According to Universitas Indonesia, 17 traffic congestion in Jakarta resulted in approximately IDR12.8 trillion
(US$936 million) a year in terms of time, fuel and health costs.
Go-Jek filled a gap in the market created by the poor transport infrastructure in Indonesia. Nadiem
recognised the need for a service that would ease the pain of being stuck in traffic for hours and enable
people to go on with their lives. “When traffic stops, lives cannot stop, and this was just the gap that we
plugged,” said Piotr Jakubowski, the Chief Marketing Officer of Go-Jek.18
“An average car owner here will waste about four hours of their time, in fact, three to four hours
of their time every day in a car,19 just to show you the scope of the issue. Go-Jek does not solve
congestion but it does provide a very compelling substitute from having to use your own private
vehicle…instead of you going out to get something, it comes to you.”20
In addition, Go-Jek also offered transparent fare pricing, eliminating the hassle of negotiating fare prices,
and boosted the income of ojek drivers. Go-Jek’s mounting popularity occurred at an opportune time when
Indonesia was rapidly transforming into a digital nation. Leapfrogging the desktop/laptop era, most
Indonesians accessed the Internet directly from their mobile phones. According to a 2015 report by social
marketing agency We Are Social,21 Indonesia had the fourth largest mobile cellular subscriptions in the
world, with 325 million mobile connections. Indonesia also had 88.1 million active Internet users, and 36%
of the population carried smartphones. Go-Jek had successfully tapped on the pervasiveness of
smartphones in Indonesia to unlock huge market potential. Piotr said, “We happened to be at the right place
at the right time with the right solution, and [Go-Jek] started a revolution. It is a heady time to be in this
space in Indonesia.”22
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SCALING UP FOR GROWTH
With his prior experience in tech start-ups, Nadiem gathered a team of highly competent managers with
both overseas experience and local knowledge and tasked them with developing core capabilities and
driving Go-Jek’s growth trajectory. A key capability that Go-Jek immediately ramped up on was the design
and architecture of its backend systems and technological infrastructure. Given the limited pool of tech
talent in Indonesia, Go-Jek acquired two Indian startups, C42 and CodeIgnition in Bangalore to cope with
scalability challenges in February 2016. All four co-founders of the startups were brought into the
management team after the acquisition.
To scale quickly, Go-Jek began recruiting ojek drivers aggressively. From August 11 to 14, 2015, Go-Jek
held a mass recruitment at Jakarta’s Gelora Bung Karno Main Stadium, hiring 16,000 new drivers. 23
Aspiring drivers signed up at Go-Jek’s booth and left (about four hours later) ready for their first orders,
having filed the necessary paperwork and gone through the basic training (e.g., how to treat the passenger
properly, how to use the smart phone, and how to drive safely). Despite being recruited by Go-Jek, these
drivers were not referred to as employees; instead, they were called Go-Jek’s driver “partners”.
Go-Jek called them partners to emphasise equality. Unlike a traditional employer and employee relationship
in which the employer decides the SOP and almost everything else, driver partners basically had equal
rights with Go-Jek. The agreement between the company and the partners could be terminated by either
one of the parties, and all transactions were based on mutual understanding and agreement between the
two parties.
Go-Jek drivers used their own motorbikes. They would also use standard mobile phones provided by Go-
Jek through an installment scheme to ensure conformity to the app interface, and received healthcare
insurance and automotive insurance from Allianz through the company. During the heady days of mass
recruitment and market penetration in 2015 and 2016, Go-Jek expanded rapidly from 80 to 1,600
employees, and from 500 to 200,000 drivers in 2016.24
PROTESTS FROM INCUMBENTS
Go-Jek’s entrance disrupted the traditional ojek industry. The lack of clear regulations for new ride-hailing
services had generated unhappiness among the incumbent ojek operators and drivers. Traditional ojek
riders who did not join Go-Jek saw their incomes significantly reduced. One ojek driver, Heri Saputra, noted
that his income had dropped from around IDR200,000 to IDR70,000 a day. “The ojek business is a tough
business these days,” the 52-year-old lamented.25 In response to Go-Jek, some ojek drivers put up banners
and employed intimidation tactics to keep Go-Jek drivers from entering certain areas.26 On November 16,
2015, some Go-Jek drivers staged a demonstration to show their unhappiness. 27 In the same month, two
men on motorcycles drove up to Go-Jek’s office in South Jakarta and fired shots at the building.28
The series of events culminated in a ban on Uber, Grab, and Go-Jek by the Ministry of Transport on 18
December 2015. However, on the same day, Indonesian President Widodo rebuked the ban and told
reporters that innovation for public welfare should not be restrained:
“Go-Jek (and others) exists because people need its services. Therefore, regulation should not
put these players at a disadvantage. Who creates regulation? Government creates regulation.
As long as the services are needed by people, the regulation should support these services.
We can temporarily delay enforcement until all our public transportations are already good and
comfortable. Then, people can choose for themselves.”29
Joko Widodo, President of Indonesia
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AN OJEK FOR EVERY NEED – THE LAUNCH OF GO-LIFE
True to its tagline “An Ojek for Every Need”, Go-Jek continued to expand its offering of on-demand services.
In October 2014, Go-Life – a new non-transport subsidiary of Go-Jek – was launched. Go-Life was jointly
headed by Dayu Dara Permata and Windy Natriavi (both ex-McKinsey colleagues of Nadiem). Built around
Go-Jek core services, Go-Life aimed to provide a host of on-demand personal services to meet the local
needs. “We are always striving for world-class excellence in customer experience and we look up to the
likes of Amazon…. But we also want to embed local wisdom and nuances into our products and services.
If you look at all these services that we offer, they are basically addressing pain points in the emerging
countries. e.g., customers in urban cities. We’re talking about transport being a hassle, traffic jam is a hassle,
similarly, food delivery, grocery delivery… these are very local problems.
“The fact that Go-Jek was a huge success among the grassroots economy… was helpful for us
when we launched the next services. And when we say to them (grassroots), “Hi, we are from the
Go-Massage, Go-Glam and Go-Clean, powered by Go-Jek”, (being) part of Go-Jek as an entity is
very helpful because the Go-Jek name has built strong capability among the grassroots, of
course… any service you launch under the name of Go-Jek, they will trust it…”30
Dayu Dara Permata, Co-Founder, Go-Life
The original three services (transport, courier, and shopping) evolved into: Go-Ride and Go-Car (car-
sharing services), Go-Box and Go-Send (instant courier services), and Go-Food (food delivery) and Go-
Mart (from delivery of grocery to electronics). New on-demand services launched included Go-Massage
(massage service), Go-Clean (cleaning service), Go-Tix (ticketing service), and Go-Glam (beauty service).
“We want to touch every aspect of our consumers’ lives,” said Dara.31
For the launch of every new on-demand service, Dara, Windy and their team would work on both the supply
and demand issues. On the supply side, they sought to understand the requirements and the definition of
these personal services (e.g., in deriving the service categorisation and pricing catalogue) and factoring
these requirements into the user interface design in apps development (e.g., gender preference parameter
for Go-Massage). Working closely with the business and technology teams, the progress of service
development was systematically tracked and managed using agile methodology. 32
“So we carry out a daily stand up, for 15 minutes daily, we stand up at the beginning of the day
and at the end of the day. So beginning of the day, we align our purpose for that day. Three things
that we always touch on: number one is ‘what is your focus of the day?’, number two is ‘are there
any bottlenecks or road blocks ahead of you?’, number three is ‘do you need any help from the
management team?’. And at the end of the day, it’s more retrospective: ‘how did it go?’, ‘what
went well?’, ‘what needs to be improved?’, and then ‘going forward, what’s next?’ The next day,
we touch base again… And we do this every day.”33
Dara and her team also had to address the challenges in dealing with individual service providers in the
informal sector. Unlike a professional setting in typical business deals, Dara, Windy and their team had to
interact at the individual level with average Indonesians.
“You partner with each and every individual; that means you are in-charge of onboarding each
and every person. You have to make sure they have their handsets, their devices and that means
you need to give (handsets) away to them or connect them with our microfinancing partners… No
middleman handles the process in between.”34
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When recruiting and selecting these individual service providers (e.g., for Go-Massage), Dara emphasised
service skills and mindset.
“We look at their hard skills, we look at their soft skills, just like employee selection or recruitment.
The only difference is that we don’t look at the cognitive aspect, we look more at the skills. If
you’re a cleaner, we will (screen) you on all the basic cleaning skills. If you’re a masseuse, we
look at your massage skills. Soft skills are like ‘do you have a service excellence attitude?’ and ’do
you know how and what it means to serve customers?’”35
Clients’ ratings and feedback from the Go-Jek apps were actively monitored to ensure quality service.
Continuous efforts were made to enhance the professionalism of these individual service providers.
“At Go-Life, we have created an assessment centre and a training system where we hold minimal
classroom sessions – in fact the real learning comes from online apps where we can coach
workers to provide quality service. For example, if a service provider gets bad ratings from client
feedback, we provide follow-up training to improve their service. We can push a video clip to their
mobile phones for them to see how to do the job better. We can share a best practice as soon as
it is created. We can create learning groups. At Go-Life we leverage technology to help workers
in the informal economy learn how to do jobs professionally. We are also talking with the
Indonesian government about creating a government-certified (formal) learning process.”36
On the demand side, Go-Jek also leveraged on technology to launch promotional initiatives to expand its
customer base. Beyond traditional advertisements, Go-Jek introduced a referral program where customers
are incentivised with fare discounts and credit points to refer their friends for these on-demand services.
The referral program leveraged heavily on technology and had been effective in growing its customer base.
As the Chief Marketing Officer, Piotr, noted, “We need to have a close connection with the consumers and
push things creatively through product innovation and campaigns that engage not just when the consumers
access the application but everywhere else too.” 37 In June 2016, Go-Jek unveiled a Ramadan campaign.
For the entire fasting month, Go-Jek partnered with Rumah Zakat, a non-profit organisation, to create
dedicated drop points for consumers to send donation items using Go-Box and Go-Send, while also utilising
Go-Pay as a payment platform for cash donations.
After one year of operation, Go-Glam, Go-Massage, Go-Clean achieved double-digit growth every month.38
Customer ratings were also at 90% level, indicating a high level of customer satisfaction. As in August 2016,
there were 15,000 service providers in major Indonesian cities for Go-Life alone.
LEVERAGING ON ITS DATA ADVANTAGE
The sheer number of transactions across the various Go-Jek services had generated enormous amounts
of data for Go-Jek – a unique resource not easily acquired by traditional, non-digital organisations. Being
data-driven was entrenched in Go-Jek from day one:
“Data is in the DNA of Go-Jek. We are very data driven. We capture all of the data across the
platform, across the services. It is on a real time basis. We have lots of tools that we use to monitor
the performance of everything. On Go-Food, on Go-Ride, on Go-Car, on everything. The entire
management makes decisions based on data. How is it doing today? How was it doing yesterday?
Were there enough drivers? Why is this going down? Data science (group) needs to use the data,
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Engineering (group) needs it, Product Managers need it, Marketing needs it. Everybody has a
dashboard that he or she will look at every morning.”39
Madhu Iyer, Go-Jek Chief Data Scientist
Operationally, the data were analysed both from the “inside-out” and the “outside-in” perspectives. Inside-
out perspective meant analysis from a system design perspective, e.g., the perspective of customers, driver
partners, and merchants who were using the Go-Jek app. Was the response time fast enough? Was it
taking too long to book a ride? Solutions to these issues typically required tweaking the system, e.g.,
tweaking engineering, algorithms, or the way data was captured. Outside-in perspective analysis was
carried out at the level of service design or service standards. For example, were customers at certain
locations not getting rides, or were drivers at certain locations experiencing low ride demand? Tweaks made
were aimed at improving customer experience or generating higher income for drivers and merchants.
Analysis often revolved around customers, drivers, and merchants: for example, monitoring the number of
transactions a customer made in the last seven days, or comparing the number of rides a driver completed
last week versus this week, or tracking how many customers bought from a particular merchant at a specific
location. Insights or ideas derived from the data formed the basis for continuous service optimisation and
new service innovation.
“Data has really enabled a lot of services for us, e.g., Go-Ride, Go-Food, Go-Pay… We see that
the rush hour traffic is different from non-peak traffic, we see that certain geo-locations have got
more activities than others, we know that people like to eat in this restaurant and they like to hang
around this CBD area. So, hey, let’s provide some service there. Let’s build better (customer)
experience there. Let’s see if we can now enable credit services like Go-Pay. Let’s see if
customers can get more money to spend. So, there are a lot of things that have been built based
on (these insights).We get intuitions from the data on better ways to render this service or to
provide new services, then we experiment and when that experiment takes off, then new services
emerge organically.”40
Madhu Iyer, Go-Jek Chief Data Scientist
Mahdu asserted, “We are continually trying to seamlessly cross-integrate and cross-facilitate to ensure that
customers, driver partners, merchants and service providers have a better experience.” The plan was to
complete the end-to-end integration of both the Go-Jek and Go-Life technology platforms such that Go-Life
service workers could also seamlessly travel to various locations using the ride services of Go-Jek.41
In April 2016, Go-Pay was launched. With low credit card penetration in Indonesia at under 3.2%,42 it quickly
became a popular e-wallet solution in Indonesia. The Go-Pay app not only enabled greater customer
experience, but also added new data resources for further insights through data analytics.
GO-JEK AND ITS SOCIETAL IMPACTS
Beyond satisfying a basic need for transportation, Go-Jek’s services also contributed to improving work
productivity.
“Go-Jek is not about getting you from A to B. Go-Jek is about you becoming more productive, and
releasing the limits that life puts on you. In Jakarta for example one of the biggest limits is the traffic.
And with Go-Jek you actually don’t even need to worry about it anymore, and not just because you
can ride through traffic on a bike – sometimes that doesn’t even work because it’s that bad – but
in order for you to get stuff done you can get everything done from wherever you are and you don’t
have to worry about it…
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We have a saying here that might seem a little bit far-fetched but true: money can’t buy time, but
Go-Jek can buy you time.”43
Piotr Jakubowski, CMO, Go-Jek
At the macro level, Go-Jek had generated new job opportunities in Indonesia’s informal economy.
“In most developing countries, the informal sector has ample opportunity to make a quick buck
here and there. I don’t think unemployment is the core problem. It’s under-employment. Under-
employment is the inability to actually make as much money as you want to, to earn as much as
you want to, and this is what Go-Jek solves in a very, very elegant way because with a cheap
Android handset, a helmet and motorcycle, people can work whenever they want, 24 hours a day,
they can work from wherever they want.”44
To Nadiem, Go-Jek was an app that unlocked the informal economy.
“(This is) how Go-Jek views this digital shared economy… we don’t view it as a tech phenomenon.
We view it as a very necessary and permanent evolution in the global economy. What is so special
(about) this kind of app or multi-sided marketplace? Because it’s one of the few business models
that not only optimises a particular market, it actually grows the market itself. It’s one of the only
business models that concurrently grow demand and supply at the same time.
We’re coming to this point, a new technological paradigm that is the antithesis of this notion of
scarcity. Go-Jek views the informal sector as an elastic resource that can expand in ways that we
cannot even imagine. We hope to… show the world that social impact and scalable tech
businesses are not only compatible but are, in fact, inseparable.”45
Indeed, Go-Jek had grown to become a pervasive platform that bridged socio-economic classes to offer a
range of on-demand services. On the supply side, there were a huge numbers of drivers, delivery men,
masseuses, make-up artists, and cleaners at the bottom of pyramid ready to provide their services. On the
demand side, there were millions of Indonesian middle and upper class consumers with considerable
buying power whose needs were unmet due to the dreadful traffic and inefficient information flow.
Elaborating on what he meant by “growing the market”, Nadiem said:
“We did not become the largest online food delivery company by taking market share from
competitors. We basically expanded the market exponentially by allowing every single driver to
go and shop at any restaurant in the city to buy food for their end consumers. We didn’t take
market share or steal businesses away from large logistic providers that had a 60-minute courier
delivery. We created that segment, that category, altogether.”46
Andre Soelistyo, Go-Jek Group CFO and Head of Strategy noted that Go-Jek was committed “to push[ing]
Indonesian society forward with technology and empower[ing] the hundreds of thousands of micro
entrepreneurs on our platform across the entire nation.” 47 The availability of this vast pool of labour in the
informal economy was key to Go-Jek’s ability to scale up its fleet of service workers so rapidly. In the
process, Go-Jek also helped to improve the lives of these drivers. On average, Go-Jek raised the income
of these drivers from USD216/month to USD576/month while working fewer hours.
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Go-Life related similar stories. Individual service providers could bypass traditional business setups to offer
their services directly to the customers. For example, Go-Massage improved masseuses’ average income
from USD144/month to USD288/month. Previously, a masseuse worked with a massage salon and earned
a commission of 10% to 20%, spending close to 12 hours a day at the salon. With Go-Massage, he or she
could earn a commission of 70% from each customer and earn a decent income despite working only six
hours a day.
Nadiem noted that Go-Jek essentially “democratis (es) the ability to make money for anyone who wants to
work harder.”48
“So this freedom, this autonomy enabled people who were either fired because businesses went
out of business, or they could not get jobs in the formal economy because they didn’t have
diplomas, and all these (other) reasons. Suddenly, there’s Go-Jek. And because of this efficiency
in the market, they were able to earn two and a half times of the minimum wage.”49
Nadiem Makarim shared a story related by a 48-year-old low-income service worker:
“(The service worker said,) ‘My whole Iife was never part of something big. I never worked (as a
regular employee) my entire life. I’ve been doing different things at different times, living on a very
flat daily salary, daily wage type of thing. And only now I realised when I joined Go-Jek I’m part of
something big. You know wearing this green uniform becomes my identity, and if I’m at the traffic
light at the intersection of the road and I saw that the other guy wearing the same jacket, we look
at each other and said ‘hi’ to each other, and we feel like we’re connected, and we’re like in this
together.’ So that solidarity is one of the values that Go-Jek brings for this grassroot economy.
And if you talk about the financial benefits, he said something like, ‘Now, I’m confident, I feel
confident to walk into a mall because I have money to spend, I am no longer shy about going to
the bank because I have money to keep there now.’”50
Metrics on drivers and individual service providers were closely tracked and monitored in Go-Jek, e.g., the
number of people with improved income, and the number of hours people spent working. For example, the
numbers showed on average that Go-Life masseuses worked only six hours serving three or four customers
and they were making at least two, if not three times the salary they used to make.
The liberating impact of Go-Jek went beyond individuals. By connecting small businesses directly to
consumers and making purchases more convenient, Go-Jek helped them to improve their sales.
Martabakku Menteng, a popular Indonesian sweet delicacy in Central Jakarta’s most affluent district, thrived
on Go-Jek’s Go-Food app. Half an hour before the stall opened each day, drivers were already lining up to
place orders for their customers. Martabakku acknowledged that around 30% to 40% of its sales came from
Go-Food orders.
THE NEXT STEPS
Go-Jek continued to expand rapidly. In June 2016, there were over 20 million bookings on the Go-Jek
platform, translating to roughly eight bookings per second just in a single month. Go-Jek was leading in
each of its verticals. Go-Jek’s motorcycle transport service was the biggest service of its kind in Indonesia
with more than 200,000 drivers.51 Rides continued to form the largest chunk of Go-Jek’s business, holding
steady at 73% of all completed orders from October 2015 to March 2016. Outside of motorcycle transport,
Go-Food was the second largest on-demand food delivery service in the world outside of China with over
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15 million meals delivered since its inception.52 More recently, Go-Jek also announced its collaboration with
Tokopedia, one of Indonesia’s biggest online marketplaces, to provide package delivery service.
“My vision for Go-Jek in the next five years (is), we will become an application that responds and
serves (goods and services) on demand. Whatever that’s needed in (the) nick of time. That’s our
goal. (For) all service providers, including ojek, we will assist and continue to increase the income
of our partners as we connect them directly to consumers. No middleman cuts their income so
they can enjoy significantly higher income.”53
Nadiem Miakarim, CEO, Go-Jek
Go-Jek’s key funders were also optimistic: “With a rapidly expanding middle class, increasing urban density
and a young demographic that is internet savvy, Go-Jek is well positioned to become the ‘go-to’ platform
for high frequency daily services including transport, food, logistics and payment,” said Jeffrey Perlman,
Head of Southeast Asia for Warburg Pincus. 54 In August 2016, Go-Jek successfully raised a new round of
USD550 million in funding from leading private equity groups such as KKR, Warburg Pincus, Farallon
Capital and Capital Group Private Markets (see funding rounds in Exhibit 2). With a USD1.3 billion
valuation giving it prestigious unicorn status, Go-Jek had the largest funding among all Indonesian startups.
The capital injection would help Go-Jek become the “largest on-demand application of choice for all
Indonesians.”55
MANAGING DRIVERS’ EXPECTATIONS
Despite Go-Jek’s success, several challenges remained. One issue concerned the need to manage the
expectations of the Go-Jek drivers. With more people coming on board as Go-Jek drivers, some drivers
became preoccupied with chasing income (for instance, accepting ride orders to places they were less
familiar with), compromising the quality of services. Drivers and service providers also had many grouses
regarding various Go-Jek services. For Go-Food, for example, the high security requirements in many city
offices and buildings in Jakarta meant cumbersome clearance procedures for Go-Jek drivers making
deliveries. A Go-Jek driver could spend 45 minutes to one hour just to complete a simple delivery. Other
cases involved drivers accepting delivery of heavy items (e.g., 40 cups of bubble tea) beyond Go-Jek’s
weight criteria (max 7 kg). Such issues resulted in a lower income and greater work hazard for the Go-Jek
drivers.
Go-Jek also began to optimise cash burn and improve its bottom line. It was successful in reducing overall
subsidies from Q1 2016 by over 70% while still maintaining steady volume growth during this period.
However, the rate its drivers received dropped. 56 Go-Jek reduced the rate for the first 1-2 km from
IDR15,000 to IDR4,000. Price per kilometer also steadily declined from the initial IDR4,000 to IDR3,000
and then to IDR2,500, sparking a protest at Go-Jek’s Yogyakarta office (see Figure 3). The change in
compensation aggravated negative sentiments among some drivers as they struggled to cover smartphone,
gasoline, and motorcycle maintenance costs. At the same time, the performance criteria set for the drivers
had become more stringent. To receive a bonus, Go-Jek’s drivers had to maintain a 70% acceptance rate
per day, a number that many drivers considered very difficult to achieve. Order cancellations could be
triggered by many uncontrollable factors (e.g., customer cancellation, poor internet connection, time-
consuming completion of order) and thus the stringent expectation was seen by some drivers as being
unfair.
Page 12
ABCC-2017-013
Figure 3
Go-Jek Drivers’ Protest at the Company’s Office in the City of Yogyakarta
Source: Linangkung, E. (2016, August 15). Ribuan Gojek mogok massal, minta tarif normal dikembalikan.
Sindonews. Retrieved on March 2, 2017, from https://daerah.sindonews.com/read/1131301/189/ribuan-gojek-mogok-
massal-minta-tarif-normal-dikembalikan-1471235512
THE RISE OF OTHER COMPETITORS
During its rapid expansion, Go-Jek faced intense competition. In August 2015, GrabBike – a motorcycle
taxi service similar to Go-Jek – was launched in Jakarta.57 GrabBike drivers wore distinctive pea-green
helmets and jackets, closely resembling the uniform of Go-Jek drivers. GrabBike was part of the well-funded
GrabTaxi, which had successfully expanded into the Southeast Asian market. GrabBike first appeared in
Ho Chi Minh City and Hanoi in 2016, making Indonesia’s capital its third trial destination.
During the introduction of its service, GrabBike offered free rides from August 9 to August 31 throughout
Jakarta. Within just a week of its beta launch, GrabBike recorded more than 8,000 rides. Operating on the
same platform as GrabTaxi, GrabBike offered a seamless experience for those wanting to be able to choose
between taxis and ojeks, fulfilling all transportation needs within a single app. While Go-Jek’s IDR10,000
(USD0.75) promotion was already a bargain, GrabBike undercut Go-Jek by offering a promotional IDR5,000
(USD0.37) flat rate for any ride within the city. Go-Jek took a 20% cut in its profit sharing agreement with
drivers while GrabBike took 10%. GrabBike was able to do so because of the backing from its parent
company GrabTaxi. Indeed, just a month after Go-Jek’s recent success of USD550 million funding round,
GrabTaxi raised USD750 million from its funding partners led by Japan’s mobile giant SoftBank, and
China’s Didi Kuaidi, to expand its services throughout Southeast Asia and, particularly, in Indonesia. While
third-party data from App Annie still showed that the Go-Jek app had been downloaded over two times
more than GrabBike, the competitive threats posed by GrabBike could not be trivialised. Other smaller
players such as UberBike were also waiting on the fringe to grab a piece of the pie.
Page 13
ABCC-2017-013
THE NEXT GROWTH FOCUS?
Internally, Go-Jek recognised the need to shift gears as it matured through rapid growth over the last few
years. Amidst the demanding expectations from its funders, how should Go-Jek bet on its next phase of
hyper-growth?
x Should Go-Jek expand Go-Life and become the platform to offer on-demand services for everything?
Offering more complex, on-demand tasks meant that more systematic efforts would be needed to
standardise service offerings and tighten up service levels to sustain customer trust.
x Alternatively, Go-Jek could expand its business to the other cities across Indonesia and bring its battle
for legitimacy beyond Jakarta. Go-Jek was already in 14 cities – Jakarta, Bandung, Surabaya, Bali,
Makassar, Medan, Palembang, Semarang, Yogyakarta, Balikpapan, Malang, Solo, Manado, and
Samarinda. When would the underlying economics of Go-Jek start to make less business sense (for
instance, in cities with fewer traffic congestion issues)?
x Or, should Go-Jek expand its geographical focus beyond Indonesia and follow the example of its
competitor GrabBike to regionalise its business model to emerging countries with thriving informal
service sectors? After all, Go-Jek had been approached with opportunities to offer its services in
Southeast Asian, African and Indian cities, which had enormous economic growth potential for a tech
business like Go-Jek.
Meanwhile, the visibility of the societal impact of Go-Jek had made it a champion of technology for the
nation. President Jokowi had asked Nadiem to make Go-Jek a role model in driving technological innovation
to create new business opportunities that can benefit individuals and businesses at the bottom of the
pyramid.
“I very much appreciate what Go-Jek has created. Go-Jek's app is very good and creative. But,
there are numerous small shops in villages across Indonesia which are not yet connected through
the application that creative industry can build. Small traders, farmers, fishermen, and all those
related to small economies can be improved through creative solutions coming from such
applications. All these creative applications will help the people from the bottom of the pyramid to
increase their prosperity level.”58
Joko Widodo, President of Indonesia
What should be the next steps for Go-Jek?
Page 14
ABCC-2017-013
EXHIBIT 1
TIMELINE OF GO-JEK’S DEVELOPMENT
Year Event
Go-Jek transformed its call centre operation (started in Oct 2010) and introduced a
mobile app that offered transportation, courier and shopping services in Jakarta and
1 January 2015 satellite cites, supported by a fleet of 800 riders. It had also been partnering with
corporations (about 90 of them) as a call centre and was morphing into a mobile-
first company.
Expanded to Bali with 300 riders. Fleet of riders in Jakarta and satellite cities
1 March 2015
expanded to 2,200.
1 April 2015 Launched food order service (GO-FOOD) and expanded to Bandung (West Java).
1 August 2015 Increased fleet to 30,000 riders and expanded to Makassar (South Sulawesi).
Launched on-demand shopping assistant (GO-MART) and opened Gojek Tech
1 September 2015
Valley (GTV) in Yogyakarta as the centre for Go-Jek app development.
Launched auxillary Go-Jek services: massage, make-up, and cleaning services
1 October 2015
(GO-MASSAGE, GO-GLAM and GO-CLEAN).
Expanded to Yogyakarta, Medan, Palembang, Semarang, Balikpapan and
1 December 2015
launched an event ticket booking service (GO-TIX).
Announced the acquisition of C42 Engineering and CodeIgnition, two engineering
1 February 2016 startups based in India. Established a product development centre in Bangalore,
India. Fleet strength grew to 200,000 riders.
Introduced an e-payment service (GO-PAY) in collaboration with BCA Bank (largest
1 May 2016 private bank in Indonesia). Expanded to Malang, Solo and Samarinda (Kalimantan).
Announced collaboration with BlueBird, a major taxi company in Indonesia.
1 April 2016 Introduced taxi hailing service (GO-CAR) similar to Uber.
Introduced a car maintenance service (GO-AUTO), providing mechanics on
1 July 2016
demand.
1 October 2016 Introduced drug pick-up service (GO-MED).
1 November 2016 Introduced top-up service for pre-paid card phone (GO-PULSA).
Closed Go-Jek Tech Valley (GTV) in Yogyakarta and moved programmers to
1 December 2016
Jakarta.
Announced new collaboration with BlueBird that allowed GO-CAR users to book
1 February 2017
BlueBird Taxis using the Go-Jek app.
Source: Compiled from various sources by authors.
Page 15
ABCC-2017-013
EXHIBIT 2
GO-JEK’S FUNDING ROUNDS
Year Investor
Early Go-Jek investor NSI Ventures, the VC arm of The Northstar Group, invested
an undisclosed amount in Go-Jek. At the time of writing, the Northstar Group is a
Mid 2014 Singapore-based private equity firm managing more than USD2 billion in committed
equity capital dedicated to investing in growth companies in Indonesia and, to a lesser
extent, other countries in Southeast Asia.
Sequoia Capital, through Sequoia Capital India, invested an undisclosed amount in
Mid 2015
Go-Jek.
Early 2016 Rakuten Ventures and DST Global invested an undisclosed amount in Go-Jek.
KKR, Warburg Pincus, Farallon Capital and Capital Group Private Markets and
4 August 2016 previous investors in Go-Jek, raised equity capital of over USD550 million. This round
marked the largest investment for an Indonesian startup.
Source: Compiled from various sources by authors.
Page 16
ABCC-2017-013
Endnotes
1 Central Intelligence Agency (2016). Country Comparison: Population. Retrieved on March 2, 2017, from
https://www.cia.gov/library/publications/the-world-factbook/rankorder/2119rank.html
2 World Bank (2013). World Development Indicators 2013. Retrieved on November 14, 2016, from
http://hdr.undp.org/en/content/income-gini-coefficient
3 Lee, T. (2016, July 16). Go-Jek’s critical numbers leaked. Here’s its response. Tech in Asia. Retrieved on March 2,
2017, from https://www.techinasia.com/gojeks-numbers-leaked
4 Russell, J. (2016, August 4). Indonesia's Go-Jek raises $550 million to battle Uber and Grab. TechCrunch. Retrieved
on November 14, 2016, from https://techcrunch.com/2016/08/04/indonesias-go-jek-raises-550-million-to-battle-
uber-and-grab/
5 Raised in Jakarta, Nadiem Makarim obtained his MBA at Harvard Business School and worked for consulting firm
McKinsey. From 2011 to 2014, Nadiem worked with various organisations in positions such as Managing Director
for Zalora and CIO for Kartuku.
6 NewCities (2015, June 26). New Cities Summit 2015 - WhatWorks: Nadiem Makarim, GO-JEK [Video]. Retrieved
on December 27, 2016, from https://www.youtube.com/watch?v=X1bB6qU8e4k
7
Lee, Y., and Ho., Y. (2016, March 23). Friends at Harvard turn rivals over ride-hailing apps in Asia. Bloomberg.
Retrieved on November 14, 2016, from https://www.bloomberg.com/news/articles/2016-03-23/friends-at-harvard-
turn-rivals-over-ride-hailing-apps-in-asia
8
Nadiem started PT Go-Jek Indonesia earlier in 2011. Using analogue technology, it operated as a call centre with a
small fleet of ojek drivers. Customers would call and available ojek drivers would be dispatched to pick up the
customers. But growth was slow and such services remained highly inefficient.
10 Bansal, A. (2016, November 18). Go-jek or go home. Retrieved on December 27, 2016, from
https://rctom.hbs.org/submission/go-jek-or-go-home/
11
Lee, T. (2016, July 16). Go-Jek’s critical numbers leaked. Here’s its response. Tech in Asia. Retrieved on March 2,
2017, from https://www.techinasia.com/gojeks-numbers-leaked
12
ibid.
13 Cox, W. (2016, April 16). Largest cities in the world: 2016. New Geography. Retrieved on March 2, 2017, from
http://www.newgeography.com/content/005219-largest-cities-world-2016
14
Kusumawijaya, M. (2016, November 21). Jakarta at 30 million: my city is choking and sinking – it needs a new
Plan B. The Guardian. Retrieved on December 27, 2016, from
https://www.theguardian.com/cities/2016/nov/21/jakarta-indonesia-30-million-sinking-future
15 Waze (2016). Driver Satisfaction Index 2016. Retrieved on December 27, 2016, from
https://www.waze.com/driverindex
17 Jakarta Local Government (N.D.). Jakarta urban transport problems and their environmental impacts. Retrieved on
27 December 2016 from www.ui.ac.id/download/apru-awi/jakarta-local-goverment.pdf
18
Prasad, G. (2016, July 28). Go-Jek: Social impact, delivered on two wheels. Campaign Asia-Pacific. Retrieved on
March 2, 2017, from http://www.campaignasia.com/article/go-jek-social-impact-delivered-on-two-wheels/428084
19
Owen, N. (2015, June 11). Jakarta's ill-famed traffic grief to residents but boon for some. Reuters. Retrieved on
March 2, 2017, from http://www.reuters.com/article/us-indonesia-traffic-idUSKBN0OR09Z20150611
21 Lukman, E. (2015, January 21). The latest numbers on web, mobile, and social media in Indonesia. Tech in Asia.
Retrieved on December 27, 2016, from https://www.techinasia.com/indonesia-web-mobile-data-start-2015
22
23 Freischlad, N. (2015, August 13). Indonesian motorcycle taxi startup Go-Jek is hiring 16,000 new drivers at a sports
stadium. Tech in Asia. Retrieved on December 27, 2016, from https://www.techinasia.com/go-jek-recruiting-16000-
new-drivers
24
Interview with Go-Life co-founder, Dayu Dara Permata on Aug 15, 2016 at Jakarta Go-Jek HQ.
25 Chilkoti, A. (2015, December 22). Go-Jek: opening the throttle in Indonesia. Financial Times. Retrieved on March 2,
2017, from https://www.ft.com/content/d774419c-8a0f-11e5-9f8c-a8d619fa707c
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26 Budiari, I. (2015, June 11). Go-Jek drivers fearing violent resistance from traditional ojek. The Jakarta Post.
Retrieved on March 2, 2017 from http://www.thejakartapost.com/news/2015/06/11/go-jek-drivers-fearing-violent-
resistance-traditional-ojek.html
27 Freischlad, N. (2015, November 16). Why Go-Jek drivers demonstrated in Jakarta today (Update: management
responds). Tech in Asia. Retrieved on March 2, 2017 from https://www.techinasia.com/gojek-driver-strike-fizzled-
driver-discontent-settled
28
Freischlad, N. (2015, November 4). Drive-by attack on Go-Jek office as discontent simmers inside and out (UPDATE:
CEO responds). Tech in Asia. Retrieved on 29 May 2017 from https://www.techinasia.com/gojeks-driveby-shooting-
anger-coming-company
29
On June 1, 2016 the government and the traffic police agreed on three minimum requirements that an app-based
transportation service provider must meet in order to operate in Indonesia: Drivers must possess a valid driver’s
licence, vehicles must pass the vehicle road-worthiness test and vehicle ownership certificates must be in the
name of the respective legal entity that owns the vehicle (e.g., the company, cooperative, etc.). These minimum
requirements made all app-based transportation service provider technically illegal as none of the app companies
owned the vehicle. Source: Prihadi, S., & Armenia, R. (2015, December 18). Menhub larang Gojek, Jokowi: Aturan
jangan bikin rakyat susah. CNN Indonesia. Retrieved on August 15, 2016, from
https://www.cnnindonesia.com/teknologi/20151218111258-185-99074/menhub-larang-gojek-jokowi-aturan-jangan-
bikin-rakyat-susah/
30 Interview with Go-Life co-founder, Dayu Dara Permata on August 15, 2016 at Jakarta Go-Jek HQ.
31
ibid.
32
Most agile development methods break product development work into small incremental steps that minimise the
amount of up-front planning and design. Iterations are short time frames (timeboxes) that typically last from one to
four weeks. Each iteration involves a cross-functional team working in all functions: planning, analysis, design,
coding, unit testing, and acceptance testing. At the end of the iteration a working product is demonstrated to
stakeholders. This minimises overall risk and allows the product to adapt to changes quickly. An iteration might not
add enough functionality to warrant a market release, but the goal is to have an available release (with minimal bugs)
at the end of each iteration. Multiple iterations might be required to release a product or new features.
33
Interview with Go-Life co-founder, Dayu Dara Permata on August 15, 2016 at Jakarta Go-Jek HQ.
34
ibid.
35
ibid.
36
ibid.
37
38
Ali, S. (2016, April 22). Dua jelita di balik Go-Life besutan Go-Jek. SWA. Retrieved on March 2, 2017, from
http://swa.co.id/swa/business-strategy/dua-jelita-di-balik-go-life-besutan-go-jek
39 Interview with Go-Jek Chief Data Scientist, Madhu Iyer on December 21, 2016, in Singapore
40
ibid.
41
ibid.
42
Lukman, E. (2014, October 10). Money matters: Understanding epayments in Indonesia (#StartupAsia preview).
Tech in Asia. Retrieved on March 2, 2017, from https://www.techinasia.com/startup-asia-jakarta-preview-doku-
epayment-state-indonesia
43
Timmerman, A. (2017, April 10). Go-Jek’s food delivery beats all Indian food startups combined: Piotr Jakubowski.
DealStreetAsia. Retrieved on August 8, 2017, from https://www.dealstreetasia.com/stories/after-foodpanda-go-
jeks-food-delivery-beats-all-indian-food-startups-combined-piotr-jakubowski-cmo-69821/
44
NewCities (2015, June 26). New Cities Summit 2015 - WhatWorks: Nadiem Makarim, GO-JEK [Video]. Retrieved
45 Lukman, E. (2014, October 10). Money matters: Understanding epayments in Indonesia (#StartupAsia preview).
Tech in Asia. Retrieved on March 2, 2017, from https://www.techinasia.com/startup-asia-jakarta-preview-doku-
epayment-state-indonesia
46
ibid.
47 KKR, Warburg Pincus, Farallon and Capital Group Private Markets (2016, August 4). KKR, Warburg Pincus,
Farallon and Capital Group Private Markets make substantial investment in GO-JEK, Indonesia’s leading on-
demand mobile platform. Retrieved on May 5, 2017, from
http://www.warburgpincus.com/content/uploads/2016/08/GoJek-Recevies-Funding-from-Leading-Investors.pdf
48
Rothberg, C. (2015, April 1). Go-Jek, the Indonesian transport app that’ll deliver anything to your door. Retrieved on
May 5, 2017, from https://www.villa-bali.com/guide/go-jek-app-delivers-anything-to-your-door/
50 ibid.
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51 Danubrata, E. (2016, April 29). Indonesian ride-hailing firm Go-Jek needs more funds in market fight-CEO. Reuters.
Retrieved on May 5, 2017, from http://www.reuters.com/article/us-indonesia-gojek-idUSKCN0XQ1P4
52
Interview with Go-Life co-founder, Dayu Dara Permata on August 15, 2016 at Jakarta Go-Jek HQ.
54
KKR, Warburg Pincus, Farallon and Capital Group Private Markets (2016, August 4). KKR, Warburg Pincus,
55
KKR, Warburg Pincus, Farallon and Capital Group Private Markets (2016, August 4). KKR, Warburg Pincus,
56 Freischlad, N. (2015, November 16). Why Go-Jek drivers demonstrated in Jakarta today (Update: management
responds). Tech in Asia. Retrieved on March 2, 2017 from https://www.techinasia.com/gojek-driver-strike-fizzled-
driver-discontent-settled
57 GrabBike’s founder, Anthony Tan, was a classmate of Nadiem Makarim at Harvard Business School.
58 Armenia, R. (2015, August 4). Jokowi puji kreativitas aplikasi Gojek. CNN Indonesia. Retrieved on December 27,
2016, from https://www.cnnindonesia.com/teknologi/20150804113625-185-69932/jokowi-puji-kreativitas-aplikasi-
gojek/

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GO-JEK IN INDONESIA: SEIZING DIGITAL HBSP No.

Andreas Pazi Raharso and Sia Siew Kien

THE FOUNDING OF GO-JEK

Nadiem Makarim, CEO, Go-Jek

Nadiem Makarim, CEO, Go-Jek

HOW GO-JEK’S MOBILE APP WORKED

GO-JEK’S RAPID RISE TO POPULARITY

Traffic congestion is a major cause of productivity loss.

Nadiem Makarim, CEO, Go-Jek

Nadiem Makarim, CEO, Go-Jek

SCALING UP FOR GROWTH

PROTESTS FROM INCUMBENTS

Joko Widodo, President of Indonesia

AN OJEK FOR EVERY NEED – THE LAUNCH OF GO-LIFE

Dayu Dara Permata, Co-Founder, Go-Life

Dayu Dara Permata, Co-Founder, Go-Life

Dayu Dara Permata, Co-Founder, Go-Life

Dayu Dara Permata, Co-Founder, Go-Life

Dayu Dara Permata, Co-Founder, Go-Life

LEVERAGING ON ITS DATA ADVANTAGE

Madhu Iyer, Go-Jek Chief Data Scientist

Madhu Iyer, Go-Jek Chief Data Scientist

GO-JEK AND ITS SOCIETAL IMPACTS

Piotr Jakubowski, CMO, Go-Jek

Nadiem Makarim, CEO, Go-Jek

To Nadiem, Go-Jek was an app that unlocked the informal economy.

Nadiem Makarim, CEO, Go-Jek

Elaborating on what he meant by “growing the market”, Nadiem said:

Nadiem Makarim, CEO, Go-Jek

Nadiem Makarim, CEO, Go-Jek

Nadiem Makarim shared a story related by a 48-year-old low-income service worker:

Nadiem Makarim, CEO, Go-Jek

THE NEXT STEPS

Nadiem Miakarim, CEO, Go-Jek

MANAGING DRIVERS’ EXPECTATIONS

THE RISE OF OTHER COMPETITORS

THE NEXT GROWTH FOCUS?

Joko Widodo, President of Indonesia

What should be the next steps for Go-Jek?

TIMELINE OF GO-JEK’S DEVELOPMENT

Source: Compiled from various sources by authors.

GO-JEK’S FUNDING ROUNDS

Source: Compiled from various sources by authors.

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