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28 May 2021
360 Light Speed: Australia-Indonesia Online Startup Speed Dating
Project leader: Mr. Muhammad Luthfi Azis Juharta
Level of education and university: Non Degree, Queensland University of Technology
Collaborating Organisations: Austrade
Project Location: Nationwide
Activity Type: Capacity building, mentoring or coaching
Sector: Activity Type
Project Rationale:
Indonesia was home to 992 technology-enabled startups in 2018, based on data from the Ministry of Tourism and Creative Economy. This was a huge increase from 2015, when there was only 52 technology-enabled startups. Indonesia also has 4 ‘unicorns’ (Tokopedia, Travelopka, OVO and Bukalapak) and 1 ‘decacorn’ (Gojek).
Based on the Google VC Outlook in 2017, total start up investment in Indonesia grew from merely US$ 44 million to a whopping US$ 3 billion.
This massive growth is supported due to the fact that Indonesia has a huge amount of internet users. With 185 million internet users, Indonesia is first in the ASEAN region and fifth globally.But because of the COVID-19 pandemic, startups (especially Indonesian startups) are finding it hard to raise funds. This is because VCs are more reluctant to invest in startups because the ecosystem is unpredictable, despite to the fact that a few startups are actually experiencing a massive growth because everyone is forced to use online transactions.
Project Beneficiaries:
- 50 Indonesian startups
- 5-10 Australian VCs
- 10 Indonesian VCs
Priority Development Area:
Economic institutions and infrastructure
Link with Australian organisation:
Austrade
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