NextICorn chairman Daniel Tumiwa. (Antara Photo)

Indonesian Startups Summit to Bring In 150 Investors


NOVEMBER 08, 2019

Jakarta. Indonesia is gearing up for its third startups summit next week, with up to 150 investors being invited to meet with local startups and discuss possible investments.

The NextICorn International Summit will be held in Bali's Jimbaran coastal resort on Nov. 14-15, involving at least 132 Indonesian startups, the organizers said in Jakarta on Thursday. 

NextICorn, which stands for Next Indonesian Unicorns, is a platform for local startups looking for global investments, founded jointly by the government, the Venture Capital Association for Indonesian Startups (Amvesindo) and consulting firm Ernst & Young.

"We expect to bring up to 132 startups this year, and so far we alredy have confirmation from 101," NextICorn chairman Daniel Tumiwa said in a press conference.

"We worked with Ernst & Young to examine the applicants, who must submit their financial data. EY then interviewed them to obtain in-depth knowledge of the startups' performance," he said.  

The strict procedures were meant to select "the most investable" startups for the summit, Daniel said.

Bali has been chosen as the venue for next week's event to allow comfier business discussions and attract more investors.

"This is the first time the summit is held in Bali; we chose it for its more relaxed setting. We will focus on matchmaking [between startups and investors] and bilateral meetings this year, unlike in previous events which were mainly filled with seminars and conferences," Daniel said.

The organizers will provide key information about the participating startups to make sure investors will not come into the discussions blind, he said.

"They will be handed summaries of the startups' [financial reports] that we collected with EY during the selection process, so investors will have some initial knowledge of these companies," he said. 

Online application has been set up to allow investors and the startups to arrange meetings on their own, and it may even be kept running after the event so they can continue their interactions, Daniel said.

The previous summits were hosted by the Communication and Information Technology Ministry and Indonesia's major startups such as ride-hailing company Gojek and e-commerce platform Tokopedia. The upcoming summit will be the first time it is organized solely by NextICorn.