Minister wants Indonesian start-ups to reach hectocorn status

Minister wants Indonesian start-ups to reach hectocorn status

The newly sworn in Minister of Communication and Information, Johnny G Plate, at the ministerial inauguration of Indonesia Moving Forward Cabinet at the Merdeka Palace in Jakarta on Wednesday, October 23, 2019. (ANTARA FOTO/Wahyu Putro A/foc/Sw)

It is necessary for us to have hectocorn start-up companies. We should not be afraid of this big idea.
Jakarta (ANTARA) - The newly sworn in Minister of Communication and Information, Johnny G Plate, pinned his hopes on Indonesian start-ups reaching the hectocorn status, which is a start-up worth more than US$100 billion, in the near future.

"It is necessary for us to have hectocorn start-up companies. We should not be afraid of this big idea," Plate said at the Communication Ministry in Jakarta on Wednesday.

Plate explained his vision for the next five years, including in the digital economy sector, as he wanted to see more Indonesian start-ups become unicorns, valued at more than $1 billion.

To this day, Indonesia has four start-ups with a unicorn status, namely Bukalapak, Traveloka, Tokopedia, and OVO. Gojek has been escalated into a decacorn company, which is valued at more than $10 billion.

Johnny G Plate took over from former minister, Rudiantara, who served during Jokowi's first term during the period 2019-2024.
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