Ministry of tourism and creative economy launches IndoBisa 2024 to support startups

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The ministry of tourism and creative economy has unveiled the Indonesia Business Startup Matchmaking, also known as IndoBisa 2024 programme, to strengthen the startup ecosystem in Indonesia.

IndoBisa2024 is a programme that connects local startups with investors, mentors and related stakeholders in the business ecosystem. Its programme also covers fundraising, mentoring programs and networking sessions with investors.

It aims to support the development of startup companies in the tourism and creative economy sectors.

Don't miss: Indonesian government to push startup ecosystem with investments in MSMEs

In addition, IndoBisa 2024 focuses on startups in the tourism and creative economy sectors which require funding and ecosystem to grow and develop into a sustainable business. The sectors include gaming business, applications, design and art, and media and entertainment.

Speaking at the launch of IndoBisa 2024, tourism and creative economy minister and head of tourism and creative economy agency Sandiaga Shalahudin Uno said "strengthening the startup ecosystem in Indonesia is very important and promising for Indonesia's economic growth." This is because there are 2,562 startup comapnies in Indonesia.

Furthermore, strengthening the startup ecosystem provides jobs for the community and accelerate the understanding and use of artificial intelligence (AI).

"We are optimistic. One day, quality jobs, a sustainable environment and access to good education and healthcare will be solved by these startups," said Sandiaga. The open call for IndoBisa 2024 will be held online in collaboration with the startup company community in Bandung, Surabaya, Yogyajarta, Semarang, Surakarta, Sumatra, Kalimantan and Bali. 100 participants will be selected from registrations with only the top 30 participants streamlined to take part in a three-day hybrid fundraising bootcamp training.

"The programme is divided into two tracks. Track one brings together startups with venture capital to get financing," said Rizki Handayani, deputy for industry and investment, ministry of tourism and creative economy.

"In track two, the ministry of tourism and creative economy collaborates with partner components to provide opportunities to offer solutions to overcome problems faced by corporations," he added.

IndoBisa 2024 comes after the Indonesian government revealed in August last year that it plans to build an ecosystem to support start-up development by increasing the number of micro, small, and medium enterprises (MSMEs) in the country.

Indonesia’s cooperatives and SMEs minister, Teten Masduki said that Indonesia has 2,600 start-ups which is the sixth largest in the world, according to Antara News. However, to push these start-ups to become strong businesses in domestic and foreign markets, he stated that there is a need for acceleration.

He added that the financing system, incubators, and government policies in the trade sector must be integrated. He highlighted that his ministry will be working with private companies and universities to create new incubators, which would then mean that the products created by entrepreneurs will be of better quality.

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