The Indonesia Pasti Bisa (IDPB) initiative, which attempts to aid communities hit by mass layoffs, has just begun its fourth iteration, according to VC company East Ventures.
Maju Terus Pantang Mundur (IDPB MTPM), the fourth iteration, offers budding entrepreneurs the chance to brainstorm, get advice from industry professionals, and network with investors. Additionally, it provides 30 participating teams with uncapped convertible notes totaling US $500,000.
The VC company, Tech in Asia, IDN Media, and Katadata are all partners in the program.
“Thousands of talents within the tech ecosystem were laid off. We believe that the impacted talents have great potential, yet they are just at an unfortunate time and condition,” said East Ventures co-founder and managing partner Willson Cuaca.
The 120 shortlisted teams are expected to be announced on December 1 after applications for the program, which is currently accepting applications, concludes on November 30.
The teams will begin 10 days of mentoring the next day and participate in a hackathon the day following to refine their concepts.
The teams will get to show the judges their minimal viable product on December 13 and 14. Through the program’s and East Ventures’ official websites and social media outlets, the 30 teams that will receive money will be revealed.
