Muslim Life Fest 2022

Indonesia Prima signs Strategic Partnership Agreement (SPA) with Rainmaking Innovation

Heaptalk Team, news . 03 Jan 2022
Indonesia Prima partnering with Rainmaking Innovation Taiwan

This agreement aims to connect the SEA business ecosystem to the Greater China markets.

Heaptalk, Jakarta — Indonesia Prima, a business acceleration organization for Indonesian entrepreneurs, has announced the signing of the Strategic Partnership Agreement (SPA) with Rainmaking Innovation Taiwan (Rainmaking) in December 2021.

The agreement attempts to connect each startup ecosystem in both countries. For Indonesia’s startup, it will be accommodated under the supervision of IETO Taipei (Indonesian Economic and Trade Office).

This collaboration promotes the vision of Indonesia and Taiwan to cooperate more closely in the areas of innovation, investment, and technology. Indonesia is considered the most appropriate partner as the country’s atmosphere is highly conducive to growing startups. Until now, the archipelago country has been well-known for producing the largest number of unicorns in Southeast Asia.

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Additionally, local Indonesian startups seeking expansion to penetrate the Greater China market will be helped by this collaboration. Evermos, for example, Indonesia’s Muslim Commerce startup, also attended the event to share its stories with Taiwanese investors and startups.

The startup, which was founded in 2018 by Ilham Taufiq and recently completed a series B funding round of $30 million USD, has also piqued the interest of Taiwanese investors and business owners. The startup is currently serving more than 70,000 dealers across Indonesia and shares the trends of Muslim business.

“At least there are two factors that boost Indonesia’s potential to become the hub of the global halal business: the demographic advantage and the internet penetration that becomes easier to access,” said Budi Santoso, Chief of the Indonesia Economic and Trade Office (IETO).

Budi is excited that in 2045, Indonesia will experience the peak of its demographic advantage. Currently, at least 70% of Indonesia’s population is considered working-age. Additionally, more than 70% of Indonesia’s population has access to the internet.

The combination of broad access to information and a productive age can become a comparative advantage for Indonesia to continue to be creative in making halal products and promoting them to the outside world.

The founder and CEO of Indonesia Prima, Diah Yusuf, gave her thoughts regarding Generation M and the middle class, revealing that they, particularly Muslims, spend an average of $2–20 every day. The cost of halal-certified food, clothing, beauty, and even banking, according to her, is driving individuals to increase their consumption—creating new services within technology.

To address this, Diah referred to the Indonesian government’s “Indonesia 4.0” roadmap, which prioritizes five pillar industries: food and beverage, textiles and apparel, autos, electronics, and chemicals. This program will take place in all 500 cities in the country.

Meanwhile, from the perspective of Taiwan’s business ecosystem, they feel enthusiastic about the prospects of this partnership.

It is a very good time for Taiwanese investors and technology tycoons to learn about the changes and opportunities. With the SPA, Taiwan can also be a convergence point for enterprises in Japan and Greater China. Josie, a project manager for Rainmaking’s international business, stated this.

“I believe the collaboration between Indonesia Prima and Rainmaking Innovation Taiwan will create many good impacts for both countries, especially to strengthen entrepreneurship and, of course, to support Sustainability Development Goals (SDG) number 17. Strengthen the means of implementation and revitalize the global partnership for sustainable development, ” concluded Diah.