I truly hope that the selected start-ups (in 2022) can really convince investors (to invest in their start-ups).Jakarta (ANTARA) - The Communication and Informatics Ministry (Kominfo) is preparing domestic start-ups to be resilient in facing global challenges through the HUB.ID Accelerator program to encourage the growth of the digital business ecosystem in Indonesia.
"Kominfo will continue to be committed to encouraging Indonesia's start-up ecosystem to grow and develop," Communication and Information Minister Johnny G. Plate said while opening the “HUB.ID Accelerator Demo Day” here on Friday.
It is important for start-ups to have a business model that can help them grow in the midst of various global challenges, including the ongoing COVID-19 pandemic, he added.
The current global inflation—which is projected to reach 7.9 percent at the end of 2022—as well as the threat of a global recession in 2023 have also increased the pressure on start-ups.
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Furthermore, the uncertainty in the geopolitical situation due to the Russia-Ukraine conflict is posing a threat for companies.
"It (the global dynamic) encourages us to establish more start-ups, which are not only able to grow their market share and company valuation, but also able to develop with a business model that is resilient to various global dynamics," the minister said.
It is expected that the 24 selected start-ups participating in the HUB.ID Accelerator program will optimize their potential and develop better.
The owners of the start-ups promoted their companies on HUB.ID Accelerator Demo Day — which was implemented for just one day on October 7, 2022 -- in front of potential investors.
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In 2021, seven selected start-ups participating in the program managed to attract a total of US$17.5 million in funding from investors.
"I truly hope that the selected start-ups (in 2022) can really convince investors (to invest in their start-ups)," Plate said.
The HUB.ID Accelerator is a mentoring program for local start-ups to increase their access to funding.
Prior to Demo Day, the start-ups took part in business mentoring and matching in August 2022.
The last activity of the program is HUB.ID Accelerator Global Immersion, which will be held on October 17–21.
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Translator: Natisha Andarningtyas, Uyu Liman
Editor: Fardah Assegaf
Copyright © ANTARA 2022
