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!