To continue its mission to accelerate the startup ecosystem, Startup Studio Indonesia unlocks the seventh batch to target early-stage startups.
Heaptalk, Jakarta — Startup Studio Indonesia (SSI), an esteemed startup accelerator program backed by Indonesia’s government, announced that its alumni have collectively obtained funding at US$65.8 million, or approximately Rp977.6 billion.
To continue the success of these startup developments, the Ministry of Communication and Informatics of Indonesia opened the registration for its seven batches in May 2023 and welcomed more promising founders. In its seventh batch, Startup Studio Indonesia will continue its mission to support the enhancement of early-stage startups to create products that meet market needs.
On the other hand, in its seventh batch, SSI will elevate one of the support facilities for participating startups, namely product-market fit (PMF) modeling. One business analyst assigned to guide the startup will assist each participant.
PMF modeling is crucial to assess various indicators such as product retention, profit margin, whether it sufficiently covers the acquisition and operational costs, and estimating how long it will take for the startup to mature and scale.
Besides PMF modeling, SSI will facilitate participating startups even after the program ends. The program will also provide multiple supporting options to alumni, including additional brainstorming sessions with coaches and opportunities for collaboration with other startups and institutions.
As it is known, Startup Studio Indonesia contributes to its cohort to increase their chances of funding by helping them focus on finding Product-Market Fit and opportunities to network and learn from the best startup players in Asia.
To realize this intention, this program will continue to improve product iterations and business models and enhance user retention before penetrating the market expansion phase. The Ministry of Communication and Informatics of Indonesia targets that this SSI program can support the development of 150 early-stage startups by 2024. Until the sixth batch, the program has already captured approximately 97 early-stage startups. In the seventh batch, the program targets to accept another 18 early-stage startups, delivering 115 in total.
Director General of Informatics Applications at the Ministry of Communication and Information Technology, Samuel Abrijani Pangerapan, stated that the Indonesian government, through the Ministry of Communication and Informatics, will continue to support startups in Indonesia, regardless of the challenging technological landscape.
“We will make every effort to support startups in the country. We can anticipate the presence of great startups from Indonesia through this program,” Samuel added.
For this reason, the Ministry has opened the seventh batch of SSI devoted to early-stage startups to increase their product quality that meets market needs. In this latest batch, the participants are expected to fulfill the primary criteria, spanning being in the bootstrap, pre-seed, seed, and pre-Series A funding stages, having at least 6 months of traction with a 5% month-on-month (MoM) growth, containing differentiated product and potential to scale up.
Since its launch in September 2020, around 30% – 40% of the alumni have secured seed or pre-seed funding after completing the program. Previously, in the sixth batch, two participating startups have received pre-seed round this year, including Baskit and Looyal.
“We always aim to encourage and facilitate cooperation between participants, alumni, and coaches to establish a sustainable tech ecosystem that benefits the people and our mission to expedite the country’s digital economy,” concluded Samuel.
