Indonesian pre-seed accelerator Skala invites applications for Batch 2
By Digital News Asia July 11, 2019
- For Batch 2, Skala will choose up to 15 startups
- Batch 2 startups will receive US$50,000 for 8% equity
FOLLOWING the graduation of its first cohort of startups earlier this year, Indonesian pre-seed accelerator Skala has now opened the application process for its second batch of startups.
As the country’s first metrics-driven and growth-focused pre-seed program, Skala invested an initial capital of US$30,000 (RM124,149) in each of Batch 1’s six alumni startups, which were selected from more than 400 applications.
These alumni are: Atenda (HRD management), Storial (social storytelling platform), Magalarva (sustainable protein producer for animal feed), Callista (online dermatologist), NusaTalent (job search platform for fresh graduates), and Noompang (ride-sharing community).
For Batch 2, Skala will choose up to 15 startups through a rigorous selection process. While Batch 1 alumni received an upfront seed investment of US$30,000 for 5% equity, Batch 2 startups will receive US$50,000 (RM206,915) for 8% equity.
As an advocate for transparency and fairness, the Skala term sheet is available for public viewing on its website. This ensures that founders will have all the information they need before deciding whether to join the program.
In addition to pre-seed investment, the accelerator, initiated by the Innovation Factory and STRIVE (previously known as GREE Ventures), also offers its startup cohorts access to other professional services, such as office space, legal and accounting staff, credit, and cloud hosting.
At the end of the programme, startups will also have the opportunity to make a pitch in front of over 100 investors to secure their next funding round.
"Seeing the enthusiasm in the first programme, we are encouraged to facilitate and guide more startup companies in the second batch. Indonesia is home to many talented founders with innovative products and services. However, they often face challenges in developing businesses due to lack of experience or knowledge.
“Hence, we want to guide them through an intensive 20-week mentorship programme. We think it’s the ideal time length to accelerate a startup company," said Skala programme head Agustiadi Lee.
During the programme, participating startups will be guided through defining their key business metrics and goals by Skala’s extensive network of professional mentors, who have themselves built and scaled businesses.
Operating partners at Skala include: Innovation Factory director and PopBox chief executive officer Adrian Lim, STRIVE partner Nikhil Kapur, STRIVE investment manager Samir Chaibi, and AWS Indonesia head of Startup Ecosystem Budiman Wikarsa.
Skala has also attracted international figures in the tech industry as mentors, namely: Bukalapak co-founder Fajrin Rasyid, Fave Group co-founder Yeoh Chen Chow, and Jagadiri chief executive officer Reginald Hamdani.
Registration for Batch 2 SKALA’s acceleration and mentorship programme is open until Aug 9, 2019. Startups can register via Joinskala.com website. The mentorship programme is scheduled to begin on Sept 9, 2019. The Skala team will invite selected startups to an interview and choose up to 15 startups to participate in the programme.
There are several preferred criteria when selecting participating startups. Skala will focus on finding tech startups with founding teams that possess strong domain expertise and a deep understanding of the dynamic Indonesian market.
Skala is interested in teams that have undertaken prior customer development and who have begun to test product-market fit (not idea-stage companies). Having completed market research or having a minimum viable product (MVP) with some level of market traction is a plus.
Skala is a sector-agnostic programme. However, it has a strong interest in the following sectors: Agritech, Supply Chain, Logistics, Healthtech, Edutech, Co-Living Concepts, O2O, Fintech, Construction Tech, Cybersecurity, B2B E-Commerce, Audio-related Content/Media, as well as Robotics Automation.