https://jakartaglobe.id/business/indonesian-startups-summit-to-bring-in-150-investors
Indonesian Startups Summit to Bring in 150 Investors BY :DIANA MARISKA NOVEMBER 08, 2019 Jakarta. Indonesia is gearing up for the third startups summit next week, with up to 150 investors being invited to meet with local startups and discuss possible investments. The NextICorn International Summit will be held in Bali’s Jimbaran coastal resort on Nov. 14-15, involving at least 132 Indonesian startups, the organizers said in Jakarta on Thursday. NextICorn, which stands for Next Indonesian Unicorns, is a platform for local startups looking for global investments, founded jointly by the government, the Venture Capital Association for Indonesian Startups (Amvesindo) and consulting firm Ernst & Young. “We target to bring up to 132 startups this year, and so far we have confirmation from 101 of them,” NextICorn chairman Daniel Tumiwa said in a press conference. “We work together with Ernst & Young to examine the applications, which must attach their financial data. After that stage, EY will interview them to obtain in-depth knowledge of the startups’ performance.” The strict procedures were meant to select “the most investable” startups for the summit, he said. Bali has been chosen as the venue for next week’s event to allow comfier business discussions and attract more investors. “This is the first time it is held in Bali as we plan for a more relaxed setting. We focus on matchmaking [between startups and investors] and bilateral meetings, unlike the previous events which were filled mainly with seminars and conferences,” Daniel said. The organizers will provide key information about participating startups to make sure that investors will not come into discussions blind, he said. “They will be handed with summaries of startups’ [financial reports] we are collecting together with EY during the selection process, so investors will have initial knowledge of the startups,” he said. Online application has been set up to allow investors and the startups to arrange meetings themselves, and it may go live even after the event so that their interactions can continue, he added. The previous summits were hosted by the Communication and Information Technology Ministry and Indonesian big startups such as ride-hailing company Gojek and e-commerce platform Tokopedia. The upcoming summit will be the first time to be held solely by NextICorn.
