The motivation behind the event was a noble one: to face fast growth in the digital industry in Indonesia, the government decided to create a conference that will be the string connecting start-ups with world-class investors.
The first event in May was a tremendous success. It produced 1,035 facilitated meetings as well as more than 2,000 connections between 70 renowned Indonesian start-ups with 89 foreign and local investors. The founders of the four start-up unicorns in Indonesia were also present last May to share their success stories.
What were the criteria for participating start-ups?
First, they had to be technology-based start-ups that had achieved more than US$100,000 in funding and independent funding with a certain level of growth. They also had to be registered lawfully with a minimum of one Indonesia founder with equity ownership of 25 per cent minimum.
This time round, the event focused more on facilitating one-on-one interviews between start-ups and investors to help the start-ups dig deeper into their strengths and weaknesses before achieving funding. The problem, as stated by Nexticorn Brand Ambassador Daniel Tumiwa, is that 90 per cent of start-ups fail to scale up after receiving seed funding due to difficulties in getting the next round of funding.
Various venture capital firms could be seen in the event, including Softbank Ventures Korea, LINE Ventures, Temasek, and many more, all of which are part of leading investors in Southeast Asia that focus on series A, B and C funding.
In a welcome speech, ICT Minister Rudiantara shared his thoughts about why it is now a prime time for investors to explore opportunities in the Indonesian market and how the Nexticorn platform will help them participate in this growing digital economy.
The next unicorns
A panel of up-and-coming unicorn executives including Iwan Kurniawan (COO, Modalku), Jeffrey Yuwono (President, Sale Stock), and Reynazran Royono (CEO, Snapcart) also talked about the various challenges that they are now facing and how they see the landscape in Indonesia changing. The talk show shared many good insights, including the difficulties of hiring good talents in Indonesia as well as persistence is really needed, especially for start-ups in their early stages to get the funding they need.
With the purpose of creating a digital paradise in Indonesia, NextIcorn also discussed various perspectives from global investors about investing in Southeast Asia, especially Indonesia. The investment climate, regulation, competition, and decisions related to a lack of series B funding for local start-ups were discussed in-depth during the two-day event.
A salute to the ICT Minister for creating an event like this!