February 22, 2024

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Indonesia to boost digital ecosystem with new foundation

Indonesia’s Ministry of Communications and Information recently launched the Next Indonesia Unicorn (NextICorn) Foundation in its bid to boost the country’s fast-growing digital ecosystem.

According to a recent report, the Foundation is expected to assist and accommodate the long-term development of the country’s start-up companies.

The Foundation

Minister Rudiantara explained that the NextICorn Foundation represents the government’s commitment to the sustainable development of a digital ecosystem.

Aside from connecting start-ups with venture capitalists, the Foundation will also be offering support related to business models and technology implementation.

It is the government’s obligation to facilitate Indonesia’s start-ups in order for them to grow and achieve the much coveted unicorn status, or even that of a decacorn status.

Obtaining unicorn status means that a privately held start-up is valued at more than US$ 1 billion while decacorn status is having valuation of over US$ 10 billion.

The Head of the Indonesia Investment Coordinating Board (BKPM), meanwhile, commended the launch of the NextICorn Foundation.

He said that it would serve as a vehicle for the development of local start-ups.

BKPM is an Indonesian Government Agency that serves as the primary interface between business and government.

The Agency is mandated to boost domestic and foreign direct investments by creating an encouraging investment climate.

Start-up’s contribution to the digital economy

Indonesia owes a huge part of the growth of its digital economy the local and home-grown start-ups that have reached the unicorn and decacorn levels.

A ride-hailing app in Indonesia, for instance, has reached decacorn status and is the country’s first.

As reported, the Minister highlighted how the presence of online transportation applications in the country has a positive impact on the national economy.

He enumerated the positive changes brought about by the country’s first decacorn.

One of the benefits is its contribution to the provision of employment. Moreover, the Minister shared that the ride-hailing app contributed US$ 3.13 billion (IDR 44 trillion) to Indonesia in just 4-5 years.

In a forum called, “From Disruption to Innovation: Change Your Tire or Expire”, the Minister cited the ride-hailing app as inciting change by providing features that range from online transportation to food delivery.

Changing the way people live

This is an example of the impact that the rapid development of technology in the digital era can bring. Add to that how this change the way people live and do their various daily activities.

The country’s first decacorn has changed everything from shopping, to transportation and now, in culinary.

Change is definitely unavoidable and inseparable from technology. However, it is important to note that what really changes is the mindset.

Minister Rudiantara explained that the process of change involves producing new ways and new processes by utilising technology. Technology only serves as an enabler.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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