December 5, 2016: – The Technopreneurs Association of Malaysia (TeAM) has completed their Plugged-in Jakarta tour, its first international programme in the Southeast Asia, in a bid to increase deal flow in the region. TeAM partnered up with local VC firms, private investors, market leading startups as well as celebrity angel investors to build a strong network of Indonesian stakeholders.
The association brought nine startups from Malaysia and Singapore who were selected based on criteria which were set together with TeAM’s Indonesian counterparts. In the four-day tour programme, the delegation dined with angel investors, visited Tokopedia’s headquarters, pitched to VCs, and learned about Indonesia’s legal requirements on business incorporation.
The series of activities was designed to help these startups build strategic partnerships, as well as gain insights on the Indonesian market. Srikanth Ramachandran, founder of ad tech startup Moving Walls, said that he was glad to have participated in the tour. Moving Walls came with the objective to enter the Indonesian market within the next 2-3 months.
“It was absolutely worth it. Within a short time, I got to meet people that led to beneficial relationships. It wasn’t however just about meeting people – but meeting quality people, which is what we needed.” Ramachandran said.
“During these four days we learned what we need to do, and gained a lot of beneficial knowledge needed to achieve this objective through the personalised service provided by TeAM.” he added.
Indonesia as a market is highly attractive for startups but remains a difficult one to enter successfully. This is one of the problems TeAM set out to solve when they initiated their ASEAN Connect programme, which attracted 97 applications from startups in Thailand, Indonesia, Philippines, Singapore and Malaysia.
By connecting the delegation to influential ecosystem players and providing the startups with relevant market intelligence, TeAM believed they were providing a crucially needed platform for expansion into Indonesia. The benefits from the programme were immediate with the startups gaining knowledge and networks that would otherwise take a long time to develop, the association claimed.
TeAM said it will continue its efforts by offering their services to refine startups to an investable stage based on feedback from their Indonesian partners. Following the success of this trip, the Association will be organising a second Plugged-In tour in Bangkok, which will be completed in the first quarter next year.
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