Benefits and Disadvantages of Joining a Business Matchmaking Program

Joining a platform like HUB.ID, a business matchmaking program for post-seed startups from Indonesia’s Ministry of Communication and Information Technology, is like joining a startup accelerator or incubation program.

Obviously, despite the cutthroat competition in joining such programs, many startups choose to join because of the clear benefits they will get. Carefully curated by our team at HUB.ID, here are some of the benefits that you’re going to receive once you joined.

The first one, according to an article from Forbes.com, is the Network Effect. This matchmaking program is the place where you can meet many founders and ex-founders, angel investors. This is where you can establish your position as a promising startup, especially if you’re already in the post-seed round. By joining HUB.ID, you can make use of Kominfo’s vast network of corporate and governmental partners.

Secondly, by joining in a healthy competition environment, you can keep your company’s morale high. Your company will know the right pace to keep up at. According to Wharton Magazine’s website, the environment is also good for benchmarking because there will be a healthy amount of social pressure so that your company will always be current.

Thirdly, it’s already known that Kominfo is a prestigious organization well respected in the country. Thus, in return, it will be reflected in your company’s legitimacy in the future and will also act as a social validation tool for your company. When your company is viewed as legitimate, it is hoped that more investors will pay attention and ultimately invest in your company.

We are aware that joining a business matchmaking program can act as a double-edged sword for any startups out there, so these are things that you need to watch out for especially.

The first one is the most of us are already aware of: Be prepared to give up your Company Equity. According to allbusiness.com, on average, it is required to give a 5-10% chunk of your company in exchange for benefits given by such programs. Do your thorough research before committing to these exchanges. However, these deals are often negotiable, especially if your company is already quite far along as HUB.ID is only focusing on post-seed startups.

Lastly, you must be aware of the amount of time you’re willing to sacrifice in the program. On HUB.ID, there are a series of must-attend events that we believe will benefit your company. These events are spread out into serialized short programs and business matching sessions. It would be best if you made sure that these programs are in line with your company’s needs so that you don’t end up losing focus and wasting your time.

So that’s all the possible benefits and disadvantages that you’ll receive when you join our business matchmaking program. Let us know what you think in the comment section below!

Startup Demo Day: What is it, What to Expect, and Why is it Important?

It’s the culminating big day for any startup accelerators and incubators! After their exciting and taxing days of business matchmaking, networking sessions, and preparations, founders can’t wait to show their projects, and the investors are all excited to see them. But what is a Demo Day? And why is it so crucial for stakeholders to participate in it?

According to Antler.co, a Demo day is an event organized by an incubator, accelerator, or VC firm. The founders of startups formed by particular organizations pitch their business to a room full of founders in the hope of securing investment. Simply said, it is a pitch event.

We’re doing the same thing here at Hub.id. Hub.id is a brand-new business matchmaking program by Indonesia’s Ministry of Communication and Information. And according to the program’s timeline, the Demo Day will take place on November 17-18, 2021. All startups competing are expected to have completed their mentoring and networking preparation, as this will be the finale of the event.

The demo day is the last chance for founders to create impressions among many other startups. Things can get pretty competitive, too, because more often than not, many startups are pitching only with brief amounts of time to impress the investors.

Here’s where things get a little more interesting. Coming from Bret Waters from an article in Medium, here’s a little tip: Don’t actually do a demo on your demo day. As simple as that. We’re aware that it’s a contradictory statement, but you are not going to show how to run your website or show if it can function like it’s supposed to or not. It will not be attractive to investors.

Instead, as the inventor, founder, you must have the attitude of problem solvers by bringing something to the table while still making money on the side (with a fantastic pitch, of course!). Now that’s what will bring investors in!

But remember, as if it all may seem, Demo day is not really the end of the journey. Quoted from entrepreneur.com, “You can also use your demo day to announce more interesting things planned for your company, or to sustain the buzz around your company.”

So, you can utilize your demo days in many ways: you can pitch, show the tricks up your sleeve, still network, and also make future plans for your startups and that makes it one of the essential days in startup accelerators and business matchmaking programs. See you soon at HUB.ID!

startup accelerator

The most successful startup accelerators in the world, what do they have in common?

startup accelerator

As most of you know, Startup accelerators help connect startup companies and investors by doing business partnerships for periods of time. When a startup company has a plan for collaboration in its mind, it must have those ‘special’ criteria that act as requirements. The most successful accelerators must possess those criteria. Here are the top 5 standards compiled by the HUB.id team from various sources.

1. They focus on collaborations.

They usually focus on collaboration between mentors and founders. It is important to note that for a startup company to flourish, they create impactful partnerships. The mentor’s ideas with the founders are aligned, and they know they are here to change the world. 

Here on HUB.id, we’re looking for startups that have already acquired funding, so the mentoring that will take place will not be too basic. The inventors already had previous knowledge.

2. They strive for innovation.

They focus on innovation while staying true to inventors’ intent. Of course, they can pivot just a little but not do a drastic change because of a single accelerator’s needs. Here’s where integrity plays the most prominent role. You change, you waste.

3. Demo Days

The best startup accelerators routinely have their demo days where inventors can pitch their ideas to angel investors or investors in general. There are also days when inventors can learn the financial aspects of their business.

4. High Exit Rate

Numerous sources such as Forbes.com, gathering data from Crunchbase, ranked accelerators based on a metric called Exit numbers. According to betaboom.com, top accelerators like Techstar Boulder Accelerator even have an exit rate as high as 24.7%. One of the top accelerators, such as Y Combinator that birthed Reddit, Dropbox, and Airbnb for a total of 9.7% exit rate.

5. Transparency

According to an article by newswise.com, in an environment where inventors can communicate openly with mentors and fellow inventors, they can help each other out. When working in an open space together, it was initially believed there would be competition among inventors. It turned out it was unlikely that they would’ve competed amongst them.

So those are the five main criteria for top startup accelerators by HUB.id. Do you think there are more not listed here in the article? Let us know in the comment section!

Differences between incubator and Business Matchmaking Program

Building a startup is a business opportunity that is full of challenges and risks. There are many stages that startup founders need to go through until their business can be formed and developed. The terms “startup incubator program” and “accelerator program” must be familiar to startup founders. The two startup programs are the main target for startup founders to boost the business they are starting.

Please note, the incubator program and the accelerator program are 2 different programs. The difference can be seen from the target participants and the activities carried out during the program. The following is an explanation of each startup program.

Incubator

Program The incubator program targets startups that have not yet been initiated. This program assists founders in developing ideas, to assist in funding until the startup is up and running. Through the assistance and direction of the incubator program, it is hoped that startups participating in the program can avoid pioneering failures.

Accelerator Program

Target participants of the accelerator program are startups that have been formed and run businesses. Activities carried out in the accelerator program focus on business matchmaking and mentoring activities. Accelerator programs can help startups scale their business.

#StartWithNetwork by HUB.ID

Seeing business developments that are increasingly advanced today, the Ministry of Communication and Information of the Republic of Indonesia contributes and supports startups in Indonesia by creating an accelerator program, namely HUB.ID. In line with its slogan, namely #StartWithNetwork, this accelerator program can be a great opportunity for Indonesian startups to synergize by expanding their business network and collaborating.

It’s not about ideas. It’s about making ideas happen

Scott Belsky 

Founder, Behance

business matchmaking

5 Tips for Optimizing Your Opportunities at Business Matchmaking Startup Program

business matchmaking

Are you an entrepreneur who has successfully brought your startup to the Startup Accelerator Program? Congratulations, you have taken one step forward to expand your business and company funding. Involving your startup company in an accelerator or incubator program will certainly allow your company to get maximum funding, of course, this funding will be useful for scaling up company operations or developing your company’s products. In addition, this kind of program will open the door wider for you to network, not only with potential investors but also with other companies that will help you build synergies in the future. 

For those of you who may have gone through several stages to participate in this accelerator startup program, here are some tips that you can do to optimize your time in the accelerator or incubator program.

1. Join in every agenda

Usually, in the startup accelerator or incubation program, there are several sub-programs that you can participate in, such as business matchmaking, mentoring, or demo days where you usually pitch in front of investors. Each program is designed to be useful not only for investors but also for startup companies, so don’t skip these sessions and lose valuable opportunities to gain knowledge from experts.

2. Study your next investors 

Remember, it is all about finding the right fit. Do in-depth research, about any venture capitals or investors who attended this event so you can find the right match for your startup company. The suitability of investors with you and your company will determine how your company will run with funding from it and your relationship with investors during your company’s future journey.

3. Prepare your sales pitch materials

In this startup accelerator program, you will meet potential investors and partners, so it is very important to prepare a convincing sales pitch. Apart from being in the form of decks to be presented in large forums such as demo day sessions or pitch sessions, save a simpler deck on your cell phone or tablet so that it is more concise to show to your interlocutor when meeting with participants during the event. You can also show a demo of your product directly on the device that you bring during the event. 

4. Networking

By participating in an accelerator or incubation program, it means that your networking opportunities are getting wider. You will meet potential investors, fellow startup companies and you can likely enter the community or people who will become your customers. Prepare your best business card and be ready to mingle with all participants. Share widely what your product is and how it works. You will not know how the results achieved from your participation and mingling in each session may be beneficial for you and your company in the future.

5. Maximize mentoring sessions

Mentorship is usually part of this accelerator and incubator program. As a startup company entrepreneur, you need to get feedback from experts who become mentors. Do your best to research the mentor’s background and ask as many questions as you can. Getting criticism is certainly not bad and will be an important lesson for the sustainability of your business. Be clear about what you want for your company, it will help mentors to have a deep understanding of your company and give advice that fits your vision. Lastly, don’t forget to keep your relationship with them last. 

Accelerate your startup

Startup accelerator and incubator programs are useful for companies looking to scale up their business. If you’ve got this opportunity, optimize your time and the whole in it to get the maximum benefit.

So are you ready to join the startup accelerator program for your business development? 

For you Indonesian startup entrepreneurs, take advantage of the opportunity at Hub.id, a platform provided by the Ministry of Communication and Information Technology of Indonesia, focusing on enabling post-seed local Indonesian startups to scale regionally by leveraging Indonesian Kemkominfo’s vast network of corporate & governmental partners. In Hub.id you can expand your network, get expert mentors and funding that is beneficial to your company. 

Follow these tips and it’s time to scale up your business!