Disclaimer: This is ANGIN’s opinion based on our interaction and observation over the past few years. As the list is definitely subjective, the aim of this list is to act as a starting point to bring more clarity on the impact investment and social enterprise ecosystem.
Everyone is talking about Indonesia’s flourishing social entrepreneurship scene; the country is clearly under the spotlight. However, few people know how to navigate the market, who to meet, and which door to knock on.
Knowing that the country’s ecosystem can be fragmented and challenging for newcomers to navigate, ANGIN has worked to create this article to provide everyone with a clear list of important organizations that shape the Indonesian social enterprise and impact investment space. These organizations have a strong reputation, do concrete work, and will be highly valuable to support and/or partner in accompanying your journey in Indonesia.
Stay tuned, we’ll be releasing new mapping for the Bali/East Indonesia area, Java, North Sumatra and North Sulawesi soon.
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These investors aim for both financial returns and impact targets. They have access to pipelines, and understand the theory of change and financial valuation well. A great source of knowledge for you!
This Impact Investor from India is one of the regional leaders with a solid track record and team experience. Their Indonesia team is based in Bali but has good connections across the country. Find Pak Adi.
- Garden Impact:
Although they are relatively new in the market, this Singapore-based investor has already shown commitment by backing up several impact companies in the country. One of the new players to watch and meet. Talk to Mason.
- Patamar Capital:
Previously known as Unitus Impact, the US based VC has funded four ventures in Indonesia and even had an exit (something quite rare in the space). They also have a gender-lens fund called the ‘Investing in Women’ fund, co-created with Australian Government’s Investing in Women initiative. Ask for Dondi and Ellen.
- Root Capital:
Although not many people are aware, Root Capital has a decent track record in financing rural agricultural businesses and providing technical training. They recently partnered with the Australian Government’s Investing in Women initiative to finance agricultural enterprises owned or led by women in Indonesia, the Philippines, and Vietnam. Speak with Luke to get more familiar with their work.
While not necessarily the first thing we think of when it comes to financing social enterprises, VCs still play a huge part in financing ventures that have direct or indirect impact. They usually don’t bother with jargon and don’t use the term social enterprise. They have valuable insights about the nationwide investment pipelines and the outlook.
- 500 Startups:
A VC from the valley, 500 Startups is well known for its massive portfolio worldwide, its micro-funds in several parts of the world, and its strong focus on building the ecosystem. They have backed several tech impact companies in Indonesia and are strongly involved with the local players.
- East Ventures:
One of the early active VCs in Indonesia. East Ventures’ portfolio of impact companies is extensive. Their team is super active at events and workshops, supporting the social enterprise agenda. The investor to meet in Indonesia.
- Sovereign Capital:
Bridging the US and Indonesian markets, Sovereign has backed several interesting companies with impact. They recently partnered with SEAF and Investing in Women to support women-led SMEs. A very senior team to approach while in Jakarta.
Here we include incubators, accelerators, and programs designed to help startups. Ranging from early stage incubators to programs dedicated to help facilitate IPOs, these organizations are varied in structure, target demographics, and mandates. They are a great resource to identify driven entrepreneurs that take the extra step of committing extra time and resources to hone themselves and their ideas.
Ashoka, a global network of social entrepreneurs, has been pioneering social enterprise development in Indonesia since 1983. Although it has slowed down its activity over the past two years, Ashoka has gathered a strong list of social entrepreneurs and changemakers through their programs.
This is the place to find the superstar mentors and enterprises. They organize massive mentoring sessions where you will access talent, pipeline and local networks. Their team is super well connected across the country. Definitely meet Sati and Bambang.
One of the prominent players in the SAO field. They support social entrepreneurs through a mix of cohort-based incubation and acceleration programs, consultancy services and access to network. Refer to Romy for more information.
- Kinara Indonesia:
One of the early pioneers in the social enterprise ecosystem that focuses on early stage investments. They launched one of the first co-working spaces in Jakarta and run an accelerator program focusing solely on women entrepreneurs. They have been nurturing the social entrepreneurship space since the time Gojek was still a small social enterprise operating a call centre. Call Fajar or Dondi to learn more!
In the end, isn’t it all about entrepreneurs? These are some of the most admired and accomplished Indonesian social entrepreneurs.
Grab coffee with these individuals, pick their brains, and be prepared to chat business and impact!
- Ayu Azalea
Ayu is the co-founder and CEO of the award-winning social enterprise, Du’Anyam, which produces and distributes wicker crafts to empower women and improve maternal and child health in rural Indonesia. She is a leading young figure in the ecosystem, combining her background in public health with business acumen to prove that her passion for the social cause can be built into a professional business model. She has extensive knowledge on doing work in the eastern side of Indonesia too!
- Helianti Hilman:
Helianti is the founder of Javara, leading premium artisanal products in Indonesia. She has incredible knowledge about the agriculture value chain, and was one of the first social entrepreneurs to scale its operation. She is a strong business policy advocate who often voices out to support the entire ecosystem. Definitely someone to meet in Jakarta!
- Timmy and Vikra:
They are the founders of Kitabisa, the leading donation crowdfunding platform in Indonesia. Timmy and Vikra were among the first social entrepreneurs to get funded, and are always seen as a source of inspiration for young indonesians. They are a great source of information on social financing in Indonesia and the who’s who.
- Veronica Colondam:
The Founder and CEO of Yayasan Cinta Anak Bangsa (YCAB) Foundation has formidable knowledge about the social entrepreneurship space, Indonesia’s education, and youth empowerment. She is a strong advocate and key figure in the social entrepreneurial space. Recently, she launched an impact fund, YCAB Ventures.
Co-working spaces have taken Jakarta by storm, becoming one of the most popular destinations for startups to set up office. One visit to a popular co-working space in Jakarta instantly exposes you to a diverse array of entrepreneurs, ecosystem builders, and even enterprises who wish to be located closer to potential startup clients.
- BLOCK71 Jakarta:
Singapore-headquartered BLOCK71 recently opened its operation in Jakarta in partnership with Salim Group (Indofood). They have supported a number of enterprises, including social enterprises 8VIllages and E-fishery. They have also organized a series of entrepreneurial events, such as Future Agro Challenge, a global competition for innovative agriculture enterprises with impact. Meet Tinike Lie.
- COCOWORK (EV Hive):
Indonesia’s largest co-working space provider with over 15 locations. Cocowork has partnered with various key players in the ecosystem, especially in organizing events (i.e., workshops, panel sessions) on social entrepreneurship. Ask for Elisa.
- Impact Hub Jakarta:
Together with Kemang-based co-working space, Coworkinc, Impact Hub facilitates Jakarta’s social entrepreneurs with access to knowledge and network. If you run an impact business and/or interested to know more about social entrepreneurship, they have the most events in the subject. Ask for Steph and William.
The name speaks for itself. It is leading sustainability and green efforts in Jakarta. They provide support for social enterprises through providing free space for events. They are also great at guiding foreign companies who want to enter Indonesia.
So maybe you only have a few days to get the most out of your trip to Indonesia or Southeast Asia. How can you meet the most relevant people and gain the most insight while triggering important discussions and action plans? Events! Luckily, there are year-round events where the Indonesian social impact sphere’s most relevant congregate annually. Buy tickets early and get your networking game on!
Led by Unltd and Instellar, ARISE (Awaken & Rediscover Indonesian Social Enterprises) is an annual local event organized in Jakarta for social entrepreneurship enthusiasts. It comes with interesting content (via panel sessions and workshops) and great networking opportunities. Ask Romy for more details.
- AVPN Conference:
One of the leading social investing conference in Asia, AVPN is a melting pot of funders and resource providers worldwide. Every year, they have a great set of programs; from panel discussions, breakfast dialogue, deal sharing, to workshops. Cannot be missed.
- Sankalp Forum:
An initiative of Intellecap, Sankalp Forum is one of the largest events to take place in Jakarta. Quite international, it is a good place to meet the local ecosystem and get up to date on who is doing what.
- TBN Conference:
One of the latest events to take place in Jakarta. Led by Garden Impact, it brings together regional players and the Indonesian ecosystem to push interesting discussions and new connections. Ask Mason from Garden Impact for more insights.
How is the Indonesian government actively supporting entrepreneurship? You will find some answers by approaching these Ministries or Public Agencies. Approaching the right contacts will be a great support for your work in the country.
- Creative Economy Agency (BEKRAF):
BEKRAF facilitates entrepreneurs in various means; from capacity building, access to networks, patent facilitation to grant disbursement. Several of their supported startups are social enterprises, such as Panen.ID and Sirtanio Organik. Recently, BEKRAF organized a program together with Kapal Api called ‘Secangkir Semangat #BuatNyataTujuanmuto to promote young social entrepreneurs’. Meet Pak Fajar and Ibu Hanifah.
- Ministry of Research, Technology and Higher Education (Kemenristekdikti):
While the Ministry does not specifically target social entrepreneurship, it has been very actively involved in supporting entrepreneurship through various means; grant financing to start businesses, incubation programs and grants for incubation facilities to sustain and scale.
- Ministry of Cooperatives and SMEs (KemenkopUKM):
Last year, the Ministry body mapped out and met 240 social entrepreneurs in several cities in Indonesia to understand their needs and identify how the Ministry can support them. In addition, the Ministry provided training to increase business acumen at the meeting.
- Ministry of National Development Planning (Bappenas):
The Ministry has been openly shared their interest to support social entrepreneurs who they have seen as a mean to address social and environmental issues. They are also open to the idea of blended finance scheme to support sustainable development goals (SDGs).
Shaping the way we conceptualize social impact and analyzing current trends are our friends’ expertise at think-tanks and research organizations. Simply reading their reports can help provide insights into the ecosystem. Chatting with them may be some of the most interesting conversations you’ll have in Indonesia!
- Asian Venture Philanthropy Network (AVPN):
The Singapore-based leading network of venture philanthropy communities (e.g., impact investors, foundations, angel networks, corporates) has published several insightful reports on social entrepreneurship in Asia regions. Meet Syarif, the local representative in Indonesia.
With a great reputation worldwide, the India-based advisory service provides business solutions to social enterprises, corporates and development agencies. They have put together several research reports in Indonesia. Leverage their team to know more about the Indonesian ecosystem
Global advisory and consulting company Palladium has provided a vast number of projects on impact investing and social entrepreneurship in Southeast Asia. Their experienced team will be useful in providing you a picture of the sustainable development market in Indonesia. Ask for Olivier.
Universities play the unique dual role of both research and incubation. Some of the most prominent entrepreneurs and startup talents come from the universities we’ve listed here. We wouldn’t be surprised if the next Facebook was born out of one of their student’s dorm rooms!
- Bina Nusantara University (Binus):
Binus University supports entrepreneurship through their entrepreneurship centre and Institute of Creative Technology. They often engage with Indonesia’s social entrepreneurship ecosystem through hosting seminars, workshops and publishing academic articles.
- Institut Teknologi Bandung (ITB):
Seen as the MIT of Indonesia, ITB has been a good source of engineering talent and social enterprise founders. It has several interesting programs such as the 2-week experiential management program, Social Enterprise for Economic Development (SEED).
- Universitas Indonesia (UI):
The top academic institution in Indonesia has shown a sustained commitment to support social entrepreneurs. Most recently, they collaborated with DBS to release Indonesia’s first social entrepreneurship themed E-Book, titled ‘Berani Jadi Wirausaha Sosial? (Do you dare to be a social enterprise?)’. Let’s not forget that several of their alumni started successful social enterprises or have joined top ecosystem builders.
- Universitas Gajah Mada (UGM):
UGM is devoted to translating education into social impact through the recent launch of their Creative Hub (C-Hub for short), a co-working space aimed to produce the next generation of innovators who use the latest technology to solve pressing social issues. UGM is also the host of the biennial ASEAN Young Socialpreneurs program.
Thirsting for insider information? Or want to make your voice heard to the rest of the ecosystem? Look no further than these media and blog publications that help shape the dialogue and discourse that the ecosystem regularly employs. Most of these publications have both a website and a newsletter that you can subscribe to, making sure you stay in the loop. They are constantly open to new ideas, content, and op-eds and reach thousands of visitors per day—if you’re looking for a platform, these may be it.
One of the Indonesia-based must-read news portal for tech startups. DailySocial has published various coverage on social entrepreneurship. Time to read in Bahasa if you want to learn more.
Similar to Tech in Asia, this regional online media platform highlights updates from the tech startup ecosystems. A decent amount of E27’s coverage is on social entrepreneurship.
Impact Alpha is a global news a covering investment news on social enterprises. Impact Alpha is your go-to platform to identify social enterprises and capital providers operating in Indonesia.
- Tech in Asia:
The regional media startup is the go-to platform for the latest information on tech startups and investors. While they are not focusing specifically on social entrepreneurship, much of their news coverage is related to the subject.
- The Jakarta Post:
The daily English language newspaper in Indonesia covering topics ranging from business and politics to travel and cultures. Their coverage includes social entrepreneurship. You will easily find relevant columns here!
These organizations have impact written in their DNA. Quite a number of SAOs, events, programs, and even startups may receive aid from development organizations. Much of the necessary funds needed for earlier-stage startups or SME-level entrepreneurs are likely being funded in some part by these organizations.
- Asian Development Bank (ADB):
Regional development bank ADB has a mission to promote social and economic development in Asia. Over the past few years, ADB has supported studies and programs/activities that are related to social entrepreneurship, impact investment and inclusive business.
- British Council:
The UK’s international organization for cultural relations and educational opportunities has been actively contributing to Indonesia’s social entrepreneurship space through various means; from research studies, capacity building, to policy dialogues. They recently partnered with PLUS to conduct research on social enterprises across the country. Ask for Ibu Ari.
From sector-focused incubation programs (e.g., women’s empowerment, sustainable creative industries) under IDEAJAM to organizing workshops to support their six missions (i.e., sustainable food, renewable energy, transparency & accountability, freedom of expression, sexual rights & diversity, and women’s empowerment), Hivos is one of the NGOs to watch in the space. Talk to Queentries for more information!
OXFAM has shown a solid commitment to contribute to youth development, women empowerment and social entrepreneurship in Indonesia. Be sure to connect with Oskar when you are in Jakarta.
- United Nations Development Program (UNDP) Indonesia:
UNDP is among the most progressive intergovernmental organizations in the country. They engage with a variety of stakeholders to develop the social entrepreneurship ecosystem, from providing capacity building, publishing reports to conceptualizing innovative financing models for social entrepreneurs. Ask for Jean and Christophe.
These are the most active country governments in supporting social entrepreneurship and impact investment in Indonesia as a core piece of their diplomatic efforts.
Definitely one of the most active governments with an agenda of gender equality, social entrepreneurship or impact investment. Indonesia’s neighbour has several programs such as Investing in Women and Frontier Innovator that you should be familiar with.
The country plays a very active role in Indonesia’s entrepreneurial scene recently. They have supported reports on social entrepreneurship, capacity building for social enterprises and blended finance fund conceptualization for social entrepreneurs across the agriculture value chain. Get in touch with Genevieve, who is based in Jakarta!
- South Korea:
Via the sponsoring of incubation programs and events, direct trade support to social entrepreneurs looking to target overseas markets, the Korean government is doing its part to support our Indonesian social enterprises.
- United States:
The US government has always invested solid resources in support to the tech and social enterprise ecosystem. Their hub, @america located in Pacific Place is the go-to venue for most of their events, ranging from demo days, panel discussions related to entrepreneurship to others. Get closer to the US Embassy in Indonesia (ask for Sean) for more information.
Here is a list of private corporations that are doing good through significant corporate social responsibility (CSR) efforts. They are one of the key actors in shaping the social entrepreneurship ecosystem in a positive way.
- Boston Consulting Group (BCG):
BCG is among the forefront of organizations in Indonesia’s social entrepreneurship sphere. They published the report on social entrepreneurship (Check their report here), co-initiated Indonesia’s online knowledge centre for social enterprise, Platform Usaha Sosial (PLUS), and have provided pro-bono consulting for social enterprises in Indonesia. Ask for Ria or Julius.
- Ernst & Young (EY):
Together with Schwab Foundation, EY Indonesia organizes an annual award ceremony for social entrepreneurs, the ‘EY Social Entrepreneur of the Year’. A great source of pipeline and support for social enterprises (they do some pro bono work too).
Through their foundation, early player DBS Bank has provided various forms of support towards social entrepreneurship; from co-organizing and providing financial support to several social entrepreneurship initiatives (e.g., DBS-NUS Social Venture Challenge), distributing grants to social enterprises, to publishing a social enterprise handbook.
Since 2015, the leading cellular operator has been organizing several annual startup competitions. The NextDev 2018 is the latest. In this year’s batch, they are scouting local tech startups that are addressing social issues in Indonesia. Ask for Dian for more information.