$65.8 M funding secured by govt-backed startup Studio Indonesia’s Alumni
The Indonesian government’s startup accelerator program, Startup Studio Indonesia (SSI), announced on Friday that its alumni had secured a total of $65.8 million in funding.
According to a statement from SSI, the program run by Indonesia’s Ministry of Communication and Informatics (Kominfo) has opened registration for its seventh batch in May 2023 and welcomes more deserving founders in order to maintain the success of these startup developments.
By focusing on helping its cohort find Product-Market Fit and giving them the chance to network with and learn from the top startup players in Asia, SSI increases the likelihood that they will receive funding.
In its seventh batch, SSI will keep up its commitment to helping early-stage startups develop their ideas into goods that satisfy market demands.
Before moving on to the market expansion phase, this will be accomplished by enhancing user retention, business models, and product iterations.
By 2024, the Ministry of Communication and Informatics of Indonesia hopes to have 150 early-stage startups benefit from this SSI program.
The program has so far recruited about 97 early-stage startups as of the sixth batch. It is planned to accept an additional 18 early-stage startups in the seventh batch, bringing the total to 115.
Semuel Abrijani Pangerapan, director general of informatics applications at the Ministry of Communication and Information Technology, declared that despite the difficult technological environment, the Indonesian government, through the Ministry of Communication and Information, is committed to consistently supporting startups in Indonesia.
“We will make every effort to support startups in Indonesia. We can anticipate the presence of extraordinary startups from Indonesia through the SSI program,” he said.
For early-stage startups to create products that meet market needs, the Ministry of Communication and Information Technology has opened the seventh batch of SSI.
Being in the bootstrap, pre-seed, seed, or pre-Series A funding stages, having at least six months of traction with a 5 percent month-over-month growth, having the potential to scale up, and having a unique product are some of the main requirements for startups to participate in this program.
This batch will welcome 18 founders rather than the usual 15 from previous batches due to the high number of promising startups from various industries.
One of the support resources for participating startups, product-market fit (PMF) modeling, will be improved by SSI in this seventh batch.
One business analyst assigned to oversee the startup will help each participant.
PMF modeling is essential for evaluating a variety of indicators, including product retention, profit margin, whether it adequately covers acquisition and operational costs, and determining how long it will take the startup to mature and scale.
Along with PMF modeling, SSI will continue to support participating startups after the program has ended.
Alumni startups have access to a range of support options, such as additional brainstorming sessions with coaches and chances for collaboration with other startups and institutions.
About 30 to 40 percent of alumni have been successful in obtaining seed or pre-seed funding since the program’s beginning in September 2020.