An evolution of their the annual acceleration programme Ideabox, which is currently in its third year, the programe has produced 14 startups. Running for 120 days, its he programme runs sees each venture receive up to US$5,000 in funding. The firm will be targeting investments in early stage or pre-series A startups with a proven traction in the region. However, the original accelerator programme itself will continue operation.
During a press conference, Indosat Ooredoo President Director and CEO Alexander Rusli stated: “We have decided to take Ideabox into the next level. We formalise it in form of a company so that we can include more money,”
This joint venture (JV) will also see partnerships being forged with several global institution in Asia, Europe, and North America. Among these such as such as Shift., MDEC, Plug and Play Indonesia, Mountain Middle East, Rheingau Founders, Mountain Fintech, Founders Instute, and Mountain Nazca,
According to Andy Zain of Kejora Ventures’, under the new structure, Ideabox Ventures is now able to fund up to US$500,000 per startup. In addition to the funding, they will provide strategic commercial advice and support the expansion of portfolio firms.
With Indonesia expected to be Asia’s next trillion dollar economy, joining the ranks of China, Japan, India, Australia and South Korea, as well as the next large e-commerce market, IHS argued that Indonesia’s economy has the “capacity for robust long-term economic growth of around 5.4 percent per year over the 2016 to 2020 time horizon.”
Indonesia’s GDP is projected to grow to $2.21 trillion by 2023 and surpass Australia, which as of 2015 had a GDP of $1.13 trillion. Currently, Indonesia’s GDP stands at $861.9 billion in 2015. As such, by 2023 the Indonesian economy will also be larger than Russia, Spain or the Netherlands.
This is likely to see a proliferation of more such JVs as entrepreneurs and investors seek to ride on this growth narrative that has seen Indonesian venture capital funding grow rapidly over the 2010-2015 period, according to data compiled by Tech in Asia.