Ministry Expect to Create 100 Startup from Business Incubation
VIVA – The Cooperatives and Small and Medium Enterprises (SMEs) Ministry has organized a Business Incubation Bootcamp to increase the capacity of startups in seven Indonesian regions, with the target of creating 100 innovative and sustainable startups.
The startups created from the incubation activity are expected to absorb the young workforce.
"The seven regions include Yogyakarta and Semarang in Central Java; Bogor, Depok, and Bandung in West Java; Tangerang in Banten; as well as Padang in West Sumatra," assistant deputy for information technology development and business incubation at the ministry, Christina Agustin, said in a statement received here on Friday.
The Business Incubation Bootcamp, which is being attended by novice entrepreneurs and startups, aims to enable all startups to conduct a product-market fit of products developed by them previously, the official informed.
In addition, the activity is intended to ensure that the business units have strong financial fundamentals, legal aspects and intellectual property, and are able to build a strategy to develop and launch their products in the domestic and foreign markets.
The first series of the startup incubation activity is being held in Yogyakarta from August 4 to 6, 2022, in collaboration with the Business Incubation and Joint Innovations Unit (IBISMA) of the Indonesian Islamic University (UII).
The director for entrepreneurship fostering and development at UII, Arif Wismadi, noted that the targets of the Business Incubation Bootcamp are startups that have creativity and technological advantage with measurable business projections.
UII's entrepreneurship development program has contributed to the increase in the ratio of the university’s alumni who have become entrepreneurs from 4.74 percent in 2017 to 14 percent in 2021, he added.
This has been achieved through the development of institutional capacity and incubator services, supported by the European Region Action Scheme for the Mobility of University Students Growing Indonesia-a Triangular Approach (Erasmus+ GITA) Program and the Erasmus+ ASEAN Network for Green Entrepreneurship and Leadership (Angel) Program initiated by the European Union.
Head of the Business Incubator of IBISMA UII, Amarria Dila Sari, said that the bootcamp is involving expert speakers and practitioners in various discussions, including on business mindset, startup 101, product testing and validation, financial performance evaluation, business legality, standardization and intellectual property, as well as export preparation and facilitation. (ant)