Happy young Asia businessmen and businesswomen meeting brainstorming ideas about new paperwork project colleagues working together planning success strategy enjoy teamwork in small modern office.
Incubators are designed with smaller, newer companies in mind. And, when we say “companies” here, we’re being quite generous, as most who seek out an incubator have little more than a cool startup name and a potentially powerful idea.
Join a startup incubator when you’re still putting your dream team together. When considering an incubator to apply to, research the mentors that are available.
You should also be wary of incubators if you need funding. Many incubators do not offer investment, unlike accelerators. However, they do not usually require relocation, either, so budget accordingly.
What startup companies and entrepreneurs should expect when going through the process of applying and working with a business incubator.
1. Do your research. Not all business incubators are the same. It is important to understand the resources and services offered, the cost of being involved, and make certain the whole package matches the needs of your company.
2. Consult alumni. Most incubators will list the companies that have gone through the process. Do your best to contact and discuss the experiences of former incubator businesses
3. Assemble your team. Business incubators look for strong founders with strong teams first, business ideas second. A startup that goes through an incubator will more than likely exit a completely different and certainly more refined business.
4. Prepare your pitch. Your pitch is how you will differentiate your startups from the other applicants and should be well prepared and well rehearsed. Keep in mind that the incubator wants companies that can succeed, not only because they have an equity stake, but also for recruiting future investment capital and promising companies
5. Determine what you want to give. As mentioned before, the cost of being accepted into an incubator is typically an exchange of equity in your company.
Gone are the days when businesses have to play by the book. Nowadays, it’s all about adaptability, which is fueled by innovations. Companies, especially startups, have to move fast to keep up with their competitors. One of the ways to do so is by joining a Business Matchmaking Program.
The newest program by Kominfo, HUB.ID, is here to facilitate businesses and investors by being a platform for connecting and inspiring each other. The process is done by a program called “Business Matchmaking”. B2match.com defines Business Matchmaking as “a method to identify and connect companies and people with common business interests, complementary services, expertise, technologies, or business strength”.
HUB.ID is focusing on post-seed Indonesian startups to help them scale regionally by using Kominfo’s vast networking channel of government and corporate partners. Here’s how the program can help the startups develop further:
- It helps gather the best entrepreneurs and innovators
The exchange of ideas happens when the best minds gather. Through intensive mentoring and networking programs from HUB.ID, it is hoped that inventors will be able to apply acquired insights into their businesses.
2. Identify the people and technologies targeting your markets.
Meeting like-minded people from various lines of businesses can help startups view who’s there that target the same markets, thus increasing their competitive edge.
3. Discover challenges your company may be facing in the future
By meeting experienced startup owners like mentors that HUB.ID provides, they will be able to share their previous experience in the corresponding line of business, making the newer startups ready for upcoming challenges.
4. Connect with scaling companies
Score.org defines that scaling a business means “setting the stage to enable and support growth in your company.” Through networking and mentoring programs from HUB.ID, more than 40 partners are ready to scale up and connect and share their expertise with the startups.
5. Measure the strength of your company
HUB.ID gathers startups with Kominfo’s government and corporate partners. This, in turn, helps provide startups with the gauge against cutting-edge research and various business models.
So, those are how a business matchmaking program like HUB.ID can help startups develop further and gain expertise in their businesses. More posts to come on HUB.ID blog, so stay tuned!
In these years of emerging startups, many startup accelerators, and business matchmaking programs alike, are taking part not to miss the opportunity to this ever-changing world. According to an article from Harvard Business Review by Ian Hathaway, from 2010 until 2016 alone, the number of startup accelerators in the US alone had at least tripled from 50 to 172. They had invested in at least 5,000 companies.
HUB.ID, Indonesia’s newest startup matchmaking program from Kominfo, dedicates itself to enabling post-seed country’s startups to scale regionally. By doing this, startups and Kominfo’s partners, especially investors and the company themselves, will be able to collaborate to achieve their corresponding business goals.
Garnered from various sources, here are some benefits that investors can reap by joining a business matchmaking program like HUB.ID.
- Opportunity to Discuss Ideas
By meeting and discussing with the best innovators, investors can gain insights and apply them to their own businesses.
2. Helps Them Reach Their Goals
Quoted from matchplat.com, Gary Vaynerchuck, a US computer scientist and entrepreneur, “If a business person can understand what the other person is thinking and what their goals are, they can reverse engineer those aims and map it back to their goals. Now, this can be beneficial for both startups and investors.
3. Creating Valuable Relations
As quoted from Matchplat.com, “Establishing mutual trust by putting oneself in partners’ shoes and understanding their needs is a fundamental step in creating winning matches, and laying down the foundations for valuable partnerships.”
The networking dynamic, a term coined by Matchplat.com, where investors can delve into a partnered startup’s needs and act according to those needs, hopefully, will create a lasting and beneficial partnership.
4. Having Integral Voice in a Company
Investors can benefit from having an integral voice by investing in small companies, especially in the early stages. This enables them to have more say and be actively involved in the startups’ decision-making by lending their business expertise.
5. Building Agile Reputation
In an “innovate or die” business world, companies need to maintain their personas to stay relevant in the business. By joining a business matchmaking program like HUB.ID, companies will learn a thing or two from agile startups. At different business development stages, and apply the needed tactics in their own companies and let the world know that their businesses are agile, too.
6. Helps Diversification
Investopedia defines diversification as “a risk management strategy that mixes a wide variety of investments within a portfolio.”
Investors can diversify their portfolios when investing in the right companies, thus increasing profitability and minimizing risks.
7. Significant Gains from Early Investments
Being quite a risky investment, when knowing the right companies worth backing, investors can benefit from the high growth that these businesses can provide in the future.
Quoted from an article from masschallenge.org, “According to the Thomson Reuters Venture Capital Research Index, overall venture capital investment has generated a steady return of around 20% since 1996. That stacks up pretty well compared to the somewhat paltry ROI for public equities and bonds – 7.5% and 5.9% respectively.” and this says a lot about what can be expected from these kinds of investments.
So those are the benefits that investors can get from joining startup accelerators and business matchmaking programs like HUB.ID. Do you think that there’s more? Stay tuned to HUB.ID blog for the latest information about the program!
Since the year 2019, the covid-19 pandemic has left the country’s economy devastated. Based on an article shared by CNBC Indonesia, Indonesia’s economic growth was halted by 2.97% (YoY) in 2020. On the other hand, the government has been working recklessly on giving its citizens their vaccine jabs so that the situation will soon recover. Based on the health ministry data, by September 2021, it is estimated that the total number of doses administered is at 100.7 million doses snd it is still growing.
Startups have emerged as key drivers of economic growth and job creation and are often catalysts for radical innovation. Based on an article in voxeu.org, in the US alone, Young firms like startups account for about 20% of employment. They also create almost half of new jobs on average across OECD countries (OECD 2016). Additionally, innovation by young firms contributes significantly to aggregate productivity growth, accounting for half of it in the US (Klenow and Li 2020).
Startups accelerators and incubators see startups as one thing that keeps the economy in a country moving. Apart from that, HUB.ID, as a startup program in Indonesia from Kominfo, sees the challenges that are faced by them as well. From the information that HUB.ID gathered, here are some challenges and opportunities that are expected in the pandemic:
- Government Relaxation that is prone to corruption and fraud
In the era of a slowed-down economy, the government frequently gives relaxation or even incentives to the citizens. In Indonesia, it was implemented by programs like Kartu Pekerja and credit relaxations. UNDP sees the government effort forced them to move fast to keep up with the pandemic. This, in turn, might cause compliance, oversight, and accountability measures to be weakened, making them more vulnerable to fraud.
Startups, like mentioned above, account for 20% of job creations. Take a look at the numbers for Indonesia’s unemployment rate. Quoted by Kompas with Data from Badan Pusat Statistik (BPS) Indonesia, unemployed people reached 8.75 million people. The numbers haven’t gotten better enough.
Startup accelerators, incubators, and business matchmaking like HUB.ID is aware that the youth have to keep bringing innovative ideas, thus creating startups that can be birthed through HUB.ID or other acceleration programs so that these startups can create more job in the future.
3. Support existing and the creation of new firms
Pivoting and being flexible is one the things that make a business win or lose. The existing businesses have to see this pandemic as an opportunity to change how things have been done before. According to VoxEU, “startups can help the constraints created by difficult health or economic conditions, and respond to changing preferences and needs.”
As for new firms, numerous successful innovative startups have emerged from periods of crisis. The likes of Dropbox, Airbnb, Whatsapp, and Pinterest are the best examples.
4. Business Sustainability
Young business owners often pursue sustainability. They care about the future and the environment, and that’s a fact. So investing in them through this period is critical because it means more future employment and can help the government address environmental problems. HUB.ID already thought this through and has a tailored mentoring system for Government solutions to tackle issues that may arise in the future.
So those are the challenges and opportunities we are facing in the pandemic. Remember, it’s all about perspective. Even in the worst of times, you can always find a silver lining. HUB.ID, with its business matchmaking programs, is ready to assist your post-seed startups!
In this gruesome competitive world of startups, companies are competing head-to-head to be the best. To add to the already chaotic scene, new startups keep emerging every day. Being in startups accelerators and incubators in the early/ seed stage is not enough.
HUB.ID understands this and wants to offer something that is somewhat different from any other startup accelerators/ incubators in Indonesia. In comparison, focusing more on business matchmaking scenes for startups in the post-seed stage, HUB.ID plan to build synergy with corporations, State-Owned Enterprises (SOEs), and government institutions.
Knowing that these startups had already raised outside fundings, HUB.ID can help them turn their focus more on the mentoring aspects of the program. With exclusive mentorships tailored to the companies’ needs, HUB.ID, as a business matchmaking program from Kominfo, is hoping that a lasting and impactful relationship can be made and nurtured, and eventually will create an impact on Indonesia’s future economy.
Documented from various sources, here are the top reasons why a diverse networking program from startup accelerators or even a business matchmaking programs like we offered through HUB.ID. can help to maximize mentoring sessions.
- Tailored Program
Like the accelerator program from Google, it said that in the program, experts help founders outline the top technical challenges for their startups and then paired with relevant experts from the industry to solve those challenges and grow their business.
2. Peer-to-peer (P2P) learning
According to Fabio Ziemssen from Provegincubator.com, apart from learning from the experts, startups can also benefit from learning from other startups and enjoy access to a great network.
The same thing applies here. In HUB.ID, startups can benefit from networking on a vast Kominfo’s relations/partners, be it from the most prominent Governmental organization and private-owned companies.
3. Venture Capitalists
According to Ziemssen, in the program, startups will build connections with Venture Capitalists while also “gaining expertise in product development, and acquiring know-how about company building.”
So, to make mentorship at HUB.ID more focused and perfectly tailored for each startup, we’ve gathered experts from 7 (seven) business verticals and Pitch Trainer experts. Those business verticals are the businesses that we deemed are perfect for the startup scene in Indonesia.
- Agriculture & Aquaculture
- Government Solutions
These are the experts who will guide the chosen startups once they make it to the program’s Business Mentoring Phase. We hope that the sessions can be beneficial to the startups as well as the mentors who joined. See you at the mentoring sessions!
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!
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!
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.
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!
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.
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.
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”