Five Malaysian startups seek to enter Indonesian market via Expand programme
By Yunnie Marzuki October 4, 2017
- The second market immersion programme hosted by Yacademy and MDEC
- Swingvy, Evenesis, Getslurp, iKargo, and EuropeanBedding participated
INDONESIA’S Yacademy officially ended their second market immersion programme Expand (formerly known as the Frequent Flyer Geek Programme).
After one week of virtual classes and two weeks of preparation, the five startups -- Swingvy, Evenesis, Getslurp, iKargo, and EuropeanBedding -- arrived in Jakarta for the second part of the programme.
This final part includes meetings, mentoring, and pitching sessions with Indonesian startup ecosystem leaders and local investors.
Just like the previous immersion programme, Expand is backed by Malaysia Digital Economy Corporation (MDEC). The programme aims to provide a soft-landing pad for expansion, with successful market entry as the main goal.
“This programme is designed to connect startups with well-experienced industry players; from executives and successful entrepreneurs, to the government. We aim to introduce the teams first-hand to all aspects of the benefits and challenges that they will face in the Indonesian market,” said Yacademy chief executive officer and founder Arne Van Looveren.
The startups underwent an intensive schedule of meetings and networking events organised by Yacademy with several partners.
They met two venture capitalists, Venturra Capital and Monk’s Hill Capital Indonesia during the week. Convergence Ventures, Kejora Ventures, and East Ventures joined in at the closing mixer.
“The Malaysian business landscape might not be far too different from Indonesia. However, with this programme, we get to identify the slight differences in our user behaviour that the startups can adapt to before scaling their business here.
“With the right resources, we can also use the insights in other markets regionally,” said Kejora Ventures Investment and Portfolio vice president Andreas Surya.
Prior to their arrival in Jakarta, the startups were inducted through workshops providing basic knowledge on the regulations and business trends in Indonesia.
The startups also received private coaching sessions where they had the opportunity to discuss their business in detail to refine their plans.
Startups to reach wide market in Indonesia
Swingvy co-founder Tho Kit Hoong tells Digital News Asia (DNA) that competition in the Indonesian market will help to boost business.
“We heard that SaaS adoption in Indonesia is harder compared to Malaysia and Singapore. But we believe that the challenges are also opportunities for everyone. By having competitors, we can grow and educate the market together, especially in adopting SaaS in a wider area,” he says.
Swingvy is an All-in-One HR platform for small and middle-sized companies which was launched in October 2016 and generates its revenue from customer subscriptions.
Getslurp director Reza Razali thinks that the Indonesian market is huge and technical partners are needed to help them dive into it.
“When we came to Indonesia, we realised there are many players in the F&B industry. But our target is full-scale restaurants that have more complex requirements. We want to expand to this huge market but we need to find the right partner.”
Getslurp is a Malaysian- and cloud-based point-of-sale (POS) system that helps F&B retailers to improve their business efficiency and enhance customer experience.
iKargo is a logistics marketplace is aims to help shippers and transporters find each other easily. Shippers post their shipments and transporters can bid on shipments to win the jobs, making the whole process more cost-efficient.
Evenesis is an online event registration and event management system platform that eases the event planning process.
EuropeanBedding is a marketplace that sells high quality latex mattresses, latex pillows and adjustable slatted bed bases from a wide variety of European brands.