Erick Thohir Showers 20 Startups with Grant Funds Reaching IDR 3 Billion

JAKARTA - Minister of State-Owned Enterprises (BUMN) Erick Thohir has distributed grant funds of up to IDR 3 billion for 20 of the best startups in the Pikiran Terbaik Negeri program organized by the BUMN Foundation. Each company will receive IDR 150 million.

Erick said that this grant fund can be used by startups as a capital injection amidst the difficulty of investment. This is because Indonesia is currently entering an investment winter.

"I congratulate the finalists. This program distributes grant funds of up to IDR 3 billion to realize ideas, become solution-oriented innovations," he said in an official statement, written Monday, August 26.

Based on the data obtained, Erick said there was a decrease in funding from previous years. Including, he continued, investment in the technology sector.

"Especially in the midst of the investment winter situation in technology. Where the data I heard was 65 percent down unlike previous years," he explained.

Therefore, Erick advised startup business actors to dare to work together. According to him, collaboration can guarantee that businesses can survive by not only relying on funding from grants.

"Things like this, entrepreneurs must dare to collaborate but must have the same mindset going forward that in the end this is business. This is what we must encourage," said Erick.

For information, in the Grand Final Pitching of the Best Minds in the Country initiated by the BUMN Foundation, at least 20 finalists were selected. All of them received funding assistance of IDR 150 million each for the development of their businesses.

The funds were obtained from various venture capital, both from BUMN, domestic private companies, and foreign companies. In addition to the funding, there were also several start-ups that were considered to have the best ideas, all of which received additional funding, ranging from IDR 5 million to IDR 50 million.