Expand Financing Access, Kemenkop UKM Invites 15 Startups To Meet Global Venture Capital

Startup (Photo: unsplash)

JAKARTA - The Ministry of Cooperatives and SMEs (Kemenkop UKM) invites 15 startups that have been drained of meeting global venture capital to expand access to their financing.

Deputy for Entrepreneurship of the Ministry of Cooperatives, SMEs Siti Azizah, said that currently Indonesia has 2,605 startups and is the sixth country with the highest number of startups in the world.

However, most of the startups in Indonesia still experience problems in terms of financing. Therefore, the Kemenkop UKM seeks to encourage them to access alternative financing. One of them is by bringing them together to global venture capital.

Azizah said that one of these efforts was carried out in collaboration with the DBS Digital Economy Group on the agenda of "DBS New Economy Connect: Navigating Early-Stage Ventures in Asia" which will be held in Singapore, by bringing together 15 selected startups to be drained with global investors.

"We have done startup mapping and investors according to the characteristics needed. DBS has a focus on a digital ecosystem that has an investment scheme for startups, so it will match the selected startup," he said in his official statement, quoted Wednesday, May 15.

Since 2003, Azizah said that his party has collected 2,500 entrepreneurial profiles through the Entrepreneur Financial Fiesta (EFF) program which is divided into three categories, namely small business, aggregator and startup.

Of the 2,500 profiles, 500 startups from various regions were collected to be curated through several stages. In the initial phase, mapping is carried out, starting from suitability to problem solutions, markets, business models to business sustainability.

The next curation process is assistance in efforts to strengthen the proportion of value owned by startups to make them more convincing and attract investor interest. Before then, the training presented an interesting short presentation.

"Assistance is also carried out to determine the startup valuation so that it is appropriate in making projected investment fund needs," he said.

As many as 15 selected startups will take part in the DBS New Economy Connect: Navigating Early-Stage Ventures in Asia, namely Dagangan, Mania Workshop, Djoin, Zendz, Arconesia, Planawood, Qasir, Inspigo, Buy Chicken, Epitlu, Surplus, MyECO, MMHC, Silang and Crustea.