Indonesian venture capital firm East Ventures has launched the fourth edition of its startup initiative, Indonesia PASTI BISA, called Maju Terus Pantang Mundur (Keep Moving Forward, Never Give Up), in response to the massive tech layoffs in the country recently, the firm said on Wednesday.
East Ventures wants to create a platform to support individuals affected by the layoff storm, said its co-founder and managing partner Willson Cuaca. “We believe in the importance of collaboration among all players in the ecosystem to go through the hard times, as we always do,” he said.
The programme provides an opportunity for aspiring entrepreneurs to develop their business ideas and take the first step in creating a startup, which includes coaching by tech industry experts and connection or networking with potential investors. It will also provide funding worth $500,000, or 7.5 billion rupiah, in the form of uncapped convertible notes for 30 teams.
The programme will receive applications from November 23-30. Coaching and hackathon sessions will be held from December 2-12, while demo day is set to hold on December 13-14. East Ventures will announce the selected teams and funding on December 14.
Indonesia’s tech industry is undergoing a layoff spree that has affected dozens of companies and thousands of talents. Most recently, e-commerce enabler SIRCLO, which is backed by East Ventures, has laid off 160 employees, or 8% of its staff.
Last week, tech giant GoTo announced its decision to let go of 1,300 people, or 12% of the group’s workforce, to ensure long-term stability and sustainability. Edtech startup Ruangguru is also letting go “hundreds” of staff for a similar reason.
“We encourage all impacted talents to apply to this coaching and hackathon programme. We hope to see many great talents and potential ideas to solve pain points in Indonesia,” said Avina Sugiarto, Partner at East Ventures.