Govt-backed Startup Studio Indonesia Alumni Raised US$65.8M in Funding

Govt-backed Startup Studio Indonesia Alumni Raised US$65.8M in Funding

JAKARTA – Startup Studio Indonesia (SSI), an esteemed startup accelerator program backed by the Indonesian government, recently announced that its alumni have collectively secured funding worth US$65.8 million (Rp977,6 billion). To continue the success of these startup developments, the program by the Ministry of Communication and Informatics of Indonesia (Kominfo) has opened the registration for its seven batch in May 2023 and welcomes more promising founders.

Startup Studio Indonesia helps its cohort to increase chance of funding by helping them with focus on finding Product-Market Fit as well as opportunity to network and learn from the best startup players in Asia.

In its seventh batch, Startup Studio Indonesia will continue its mission to support the development of early-stage startups to create products that meet market needs. This will be done by improving product iterations, business models, and enhancing user retention before entering the market expansion phase.

The Ministry of Communication and Informatics Indonesia targets that this SSI program can support the development of 150 early-stage startups by 2024. Until the sixth batch, the program has already captured approximately 97 early-stage startups[1]. In the seventh batch, it is targeted to accept another 18 early-stage startups, bringing the total to 115.

Director General of Informatics Applications at the Ministry of Communication and Information Technology, Semuel Abrijani Pangerapan, stated that the Indonesian government, through the Ministry of Communication and Information, is committed to continuously supporting startups in Indonesia, regardless of the challenging technological landscape.

“We will make every effort to support startups in Indonesia. We can anticipate the presence of extraordinary startups from Indonesia through the Startup Studio Indonesia program,” he said.

To that end, the Ministry of Communication and Information Technology has opened SSI’s seventh batch for early-stage startups to develop products that meet market needs. Some of the main criteria for startups to participate in this program include being in the bootstrap, pre-seed, seed, and pre-Series A funding stages, having at least 6 months of traction with a 5% month-on-month (MoM) growth, having the potential to scale up, and having a differentiated product.

For startups interested in participating in the seventh batch of SSI, registration can be done directly on the startupstudio.id website. Due to the high number of promising startups from across the industries, this batch will welcome 18 founders, instead of the regular 15 from previous batches.

In this seventh batch, SSI will enhance one of the support facilities for participating startups, namely product-market fit (PMF) modeling. Each participant will be assisted by one business analyst assigned to guide the startup.

PMF modeling is crucial to assess various indicators such as product retention, profit margin, whether it sufficiently covers acquisition and operational costs, estimating how long it will take for the startup to mature and scale.

In addition to PMF modeling, SSI will also facilitate participating startups even after the program ends. Various support options are offered to alumni startups, including additional brainstorming sessions with coaches and opportunities for collaboration with other startups and institutions.

Since its launch in September 2020, approximately 30%-40% of the alumni have been able to secure seed or pre-seed funding after completing the program. In the ongoing batch 6 alone, two participating startups have already secured new funding. Firstly, supply chain management startup Baskit, obtained a pre-seed funding of US$1.5 million in March 2023. Secondly, customer relationship management (CRM) solution developer startup Looyal also secured pre-seed funding in May 2023.

Participants in this government-supported program will also receive guidance for a duration of four months from experienced coaches in the startup world. There are a total of approximately 110 coaches, some of whom include CEO & Founder of Xendit, Moses Lo; CEO & Co-Founder of eFishery, Gibran Huzaifah; CEO & Founder of IDNTimes, Winston Utomo; CEO & Co-founder of Halodoc, Jonathan Sudartha; COO & Acting CEO of Bukalapak, Willix Halim; and Managing Director & CCO of Gopay, Budi Gandasoebrata.

“We always aim to encourage and facilitate collaboration between participants, alumni, and coaches to build a sustainable tech ecosystem that benefits the people and our mission to accelerate the country’s digital economy,” explained Pangerapan.

 

About Startup Studio Indonesia

Startup Studio Indonesia (SSI) is an intensive program initiated by the Ministry of Communication and Information Technology of Indonesia to support early-stage startups in achieving product-market fit. The program commenced in September 2020 and has completed 5 batches, with the 6th batch currently underway.

The program aims to address the challenges faced by early-stage startups, particularly the issue of creating products that do not align with the needs of the market. However, there is significant potential to optimize Indonesia’s capabilities through digital technology.

SSI serves as a platform to support early-stage startups in their journey to become better. Unlike the 1,000 startup movement, which supports startups from the ideation stage, SSI focuses on advancing the existing startups. The goal is to increase the number of startups in Indonesia.

To tackle these challenges, SSI provides a 4-month mentoring program with experienced coaches from the startup industry. A total of 110 established founders and C-Suite management of successful startups have joined as coaches in this program.

[1] Startup Studio Indonesia Official Website (https://startupstudio.id)

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