[RECAP] Thrive discuss the Indonesian Startup Scene; the prospect and the anomaly
On Wednesday (04/10), ANGIN attended the Thrive event at Spacemob Gama to take a look at recent developments in the Indonesian startup scene, particularly in the sectors of e-commerce, Fintech, and on-demand services.
The keynote speaker, Anisa Menur Maulani is a Senior Writer at e27.co, a Singapore-based online resource portal for Asian tech startups. Anisa brought into discussion 6 key points that have been circling around the Indonesian startup ecosystem for the past 2 years and gave her point view into why and how these trends are occurring.
The discussion points and trends focused on were;
- E-commerce is not a dead industry. There is still significant investment taking place, e.g. Tokopedia combining with Alibaba in mid-2017, and how this has caused an explosion of interest and increased investment into the industry.
- Indonesia’s cashless society is slower to adapt compared to SEA. The movement into e-wallets and FinTech has been a strong talking point throughout Indonesia, but society has been reluctant to act. There may be a lack of trust in society to move towards this, and Law and regulations have been stunting growth. Even though e-wallets/financial services have been slow to take off, investment into P2P lending has grown by up to 400% in a single year.
- ‘The Great Exit’ in the Indonesian startup industry has not occurred frequently. Many startups hope to reach exit through IPO and acquisitions or mergers, but Indonesia has not seen great numbers in this case, with few anomalies like Kioson.
- Initial Coin Offerings have not shown great influence in Indonesia, which could relate to the reluctancy of Indonesia’s cashless society and financial services sector.
- Other sectors that are showing promise are farming/agriculture, and healthcare. Both of which show great upside and cater for Indonesia’s needs.
- What is beyond Jakarta? It was discussed that the majority of focus is surrounded around Jakarta, but there is huge potential for offices and talent to be found elsewhere. Positive factors centre around the affordability of talent in places like Yogyjakarta and Bandung, as well as office space.
All of these trends and discussion points were followed by a question and answer session.
Lots of facilitated discussion and insights were given during the event which hopefully helped attendee’s capture a better understanding of what is happening in the Indonesian startup scene.