Teten: Indonesia Has Great Startup Development Potential

Menkop UKM Teten Masduki (Photo: Antara)

JAKARTA - Minister of Cooperatives and SMEs Teten Masduki is optimistic that Indonesian startups are ready to reach the global market. Especially when 15 local startups are drained meet with investors in Singapore.

Kemenkop UKM brings together 15 local startups that have been drained with investors or global venture capital at the DBS New Economy Connect: Navigating Early-Stage Ventures in Asia in Singapore, Thursday.

The 15 startups are Dagangan, Bengkel Mania, Djoin, Zendz, Arconesia, Planawood, Qasir, Inspigo, Buy Chicken, Epitlu, Surplus, myECO, MMHC, Silang, and Crustea.

According to Teten, this step was taken as an effort to find financial solutions to support startup growth in the country.

"This meeting will open up opportunities for potential startups in Asia, especially in Indonesia, which has great potential for startup development," said Teten quoting Antara.

He explained, since 2023 his party has started planning the startup program 'go global' by collaborating with several countries, such as South Korea, Japan, the Netherlands, and Australia.

This activity, according to him, is important to open up many opportunities for investors, venture investors or banks to see firsthand the entrepreneurial ecosystem, the ability of startups, potential development, business assistance needs, and networks.

Indonesia is the sixth country in the world with the highest number of startups, with 2,324 startups in 2022, and growing to 2,558 startups in 2023, an increase of 9.15 percent.

However, Teten admitted that many had met startups who were unable to survive within the first 3-5 years of building a business. One of the reasons is the difficulty of accessing financing.

"To go through this phase, support and guidance are needed for startups, including access to financing and funding. There are still many startups that require financial support, especially in the early stages and stages of development," he said.

For this reason, Teten is grateful for the collaboration between the Kemenkop UKM and the DBS Digital Economy Group like this, which is not only able to provide financial solutions, but also supports growth and startup innovation.