The article was first published on September 7, 2022. To read about the latest update on the rising popularity of QRIS and e-payment in Indonesia, please refer to this opinion piece. 

Earlier this month, after years of isolation in Singapore due to the pandemic, I finally returned to my home country Indonesia for some work-related matters. My first visit was to Denpasar and Jakarta in June, followed by another one in late August to attend the NXC International Summit.

There are many things about the trips that shook me to the core. But the biggest shock was how much things have changed since I left.

When I started working at e27 as a junior writer in 2015, one of the most popular topics was the country’s dependency on cash and hesitation to embrace digital payments. But everyone I know seems to have a Jenius or Bank Jago app installed on their smartphone; you would also struggle to find an Indonesian who had never used GoPay to pay for anything in their life. The use of QR code for payments have also become familiarised through initiatives such as the QR Code Indonesian Standard (QRIS).

Indonesia also has more unicorns than ever, and these second-generation unicorns are unlike their predecessors. In addition to working in different verticals, these companies are also more open to the idea of international expansion. As if this is not shocking enough, most of them were also born at the height of the COVID-19 pandemic.

These changes alone were enough to convince me that the Indonesian startup ecosystem has changed. But apparently, the transformation runs deeper than that.

So, what is new in Indonesia?

Plenty of things, really. One of the most noticeable is that the Indonesian government seems to be more startup-friendly than before –at the very least, they are showing a supportive gesture towards the community.

Also Read: Accelerating Indonesia’s rural economy through social commerce

We saw this a few years ago when leading startup founders entered public service by becoming executives at state-owned enterprises, presidential special staff, and even a minister. Not all of these stories have a happy ending, as you may have guessed. Some founders ended up being involved in scandals and becoming public enemies on social media.

But from the government side, there seems to be an acknowledgement of the important role that the local startup ecosystem can play in building the economy, which is in line with changes in the direction that Indonesia is taking in general.

In his presentation on the last day of the NXC International Summit, Coordinating Minister of Maritime and Investment Affairs Luhut Binsar Pandjaitan explained how Indonesia intended to transform its economy to be more efficient, resilient, industrialised, and less dependent on commodities. There are several steps that the government is taking to achieve this, but downstreaming industries and digital transformation are some of the relevant ones to our topic today.

Beyond the government and their policies, I also noticed a wider variety of investors coming into the market. Back in 2017, investors from China were all the rage –I remembered attending media luncheons hosted by some of them, announcing their plans to invest in the market. This year, at NXC International Summit, the Kingdom of Saudi Arabia and Indonesia announced a joint fund to further support the startup ecosystem in the growth journey. For Indonesian startups looking to fundraise (and perhaps enter new, promising market) there are more options available than before.

Another change that I witness is the shift of tech hubs in Indonesia. Back then, the game was all about Jakarta and Jogjakarta –many leading tech companies seem to have at least an office in this city, thanks to its affordable cost and availability of young talents. But today, Bali seems to appear with a fresh face as an upcoming tech hub in Indonesia.

While the province was home to pioneering tech companies such as Tokobagus, lately, we have begun to see it cementing its position as a mecca for crypto enthusiasts.

I asked a Bali-based friend if the use and knowledge of crypto is widespread outside of the ex-pat and tech community in Bali, and her answer was yes. “These people are introducing crypto to their drivers, and so on,” my friend said. “So, at the very least, the locals are aware of it. It is not limited to just one community.”

Also Read: How SWAP Energy aims to promote EV use in Indonesia through the advantages of battery-swapping

How will this affect the future?

Before we can answer that question, the first thing we need to acknowledge is that the Indonesian startup ecosystem has reached a level of maturity. It is becoming a market where startups and the tech solutions that they provide are welcomed; they are even able to start making money from it. Indonesian customers are becoming even more tech-savvy and are finally ready to welcome the next forms of innovation in the market.

This means there are even more opportunities in the market for both startups and investors.

For startups originating from Indonesia, the influx of foreign investors, especially from countries that may have never paid attention to Indonesian startups before, provides new avenues to fundraise and expand into new markets. This is also good news for startups in neighbouring countries; while expanding into a new market will always be challenging, rest assured the Indonesian market today is more receptive to innovation than before.

For investors, this means a whole different array of opportunities. In the current climate, early-stage startup investments might be The Thing, but the rise of soonicorns and unicorns in the market also provides its own unique avenue for later-stage investors.

In the end, back in 2016, I wrote about how my ancestors would roll in their graves every time a startup nonchalantly said they are going to expand to Indonesia. This time, I am confident they can finally rest in peace.

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Asia is currently ground zero for one of the biggest advances in the history of food. The need to feed booming populations, the emergence of incredible new food technologies, new ethics around food production and an influx of investor capital have brought together the best minds and ideas in the world.

Innovations such as cultivated, microbial and precision fermented and plant-based meat are just a few of the innovations that will transform how we feed more people with fewer resources in the years ahead.

For food tech startups, there is no better place to be. But it’s a crowded marketplace with intense competition for the attention of investors and potential partners. Creating a strong and compelling profile is key to making your startup stand out from the crowd.

This article will suggest three proven communications strategies that every food tech startup can use to create a strong foundation for success.

Craft the right story for your brand

People are hardwired to remember stories. While science, facts and numbers are vital parts of what you communicate about your business, it’s a compelling story that can truly set you apart.

I’ve spent most of my career creating strong narratives across a range of industries. I’ve seen first-hand just how powerful a rich, well-targeted brand story can be in cutting through the clamour.

A well-crafted story not only addresses a problem and offers a solution but also conveys a company’s purpose and values in an inspiring way. The best brand stories are:

• Authentic
• Focused on the customer
• Clear, simple, colourful and memorable
• Supported by facts and research
• Consistent no matter where it is told
• Reflective of your brand’s personality

The company in which I currently work, Nurasa, recently organised a food tech startup challenge wherein global startups participated, leading the way in sustainable food innovations to unlock growth opportunities.

During one of the learning sessions for the selected startup finalists, the chief growth and branding officers of the world’s leading food tech startups shared first-hand how finding and promoting your brand proposition is more critical than ever as players pile into the market chasing the same share of voice and growth opportunities.

In the area of alternative protein, we see many companies focusing on the amazing new technology in their pipeline when telling their stories.

While technology will always be a big part of their narrative, it’s also important they don’t lose sight of the fact that food is at the heart of what they do, and food isn’t just about science, but quality, taste, goodness, occasions, experiences and memories.

Ultimately, the story should resonate with consumers, evoke something on an emotional level and explain how your innovations translate into a quality dining experience.

Industries such as alternative proteins are in their infancy. Huge strides have been made in recent years in scaling solutions, building awareness and highlighting the ethical and nutritional benefits. But it is all just getting started.

As well as promoting your brand, your story should also seek to advance knowledge and understanding of alternative protein to help ensure your customer base is ready to grow when you are.

Humanise the business

People relate to people. Putting faces behind the business immediately creates a relatable and authentic connection with your audiences.

This is important in a crowded marketplace. All other things being equal, potential partners, investors and customers are more likely to gravitate to the business they feel they know and trust – and personal connections are the way to achieve this.

The faces of your startup are most likely to be those of the founding team. But what matters as much as their journey and their vision is the experience of the end user.

People want to know if the product delivers on its promise. Telling the stories of those who have been uplifted by the business, who have enjoyed the product and who can’t wait to tell others is a powerful and effective way to build a trustworthy and authentic brand.

A great example is my colleague, Nurasa’s Head of Business Development, Jolene Lum. She was key to raising the profile of Urban Tiller, an agritech start-up she founded in 2020.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

While working with local farmers as a co-founder of an education venture, she gained an understanding of the challenges farmers faced maintaining their operations and way of life in land-constrained Singapore. This led her to create Urban Tiller, where she worked with farmers as a distributor and used their stories to raise awareness about the value local produce brought to Singapore’s food security.

Her work gave the farmers a voice and brought their lives into focus for a wide audience. This emotional connection compelled audiences to answer the call and support farmers’ livelihoods.

Network, network, network

Networking is essential for any business, but particularly so for startups. Businesses grow and flourish on a diet of connections. The more people who know about you, the larger the pool of people who can help – as partners, investors, key contacts, your biggest fans and even staff.

But many startups stumble at the how – they don’t know where to find the right platforms for networking.

One of the most exhilarating and fulfilling aspects of my current role has been discovering that the impact of communications extends beyond my company’s target audience, contributing to the growth and dynamism of the overall ecosystem in which our business operates.

Alongside my colleagues Jolene and Andrew Chee, Programme Manager for Nurasa’s Food Tech Innovation Centre [FTIC], we have been appointed as FoodHack Singapore Ambassadors by FoodHack, an influential global, Swiss-based community-driven platform for the food tech and climate tech ecosystem.

As Ambassadors, we have been organising exciting, fun, yet educational MeetUps for Singapore’s food tech community in the FTIC, providing opportunities for founders and funders to network and socialise in an informal setting.

In February and again in June this year, we’ve had an amazing turnout for our first and second FoodHack Singapore Meetups for the local food tech community. We brought in industry experts, including the Good Food Institute’s (GFI) President and Founder, Bruce Friedrich, GFI Vice President – Science and Technology Liz Specht, GFI APAC Managing Director Mirte Gosker, Esco Aster Pte Ltd CEO Xiangliang (XL) Lin, ScaleUp Bio CEO Francisco M. Codoñer, and Next Gen Foods COO Alex Ward, for fireside chats to unpack timely topics such as the region’s challenges and opportunities in pilot-scale manufacturing for alternative proteins, or the impact of science and technology in accelerating consumer acceptance of alternative proteins.

We’ve received overwhelmingly positive feedback from attendees, who’ve enjoyed opportunities to network with a room of people relevant to their business and their vision.

For this, I’m immensely humbled and grateful to be in a position to help build and engage our ecosystem as we begin to expand our partner network and welcome more start-ups to our Food Tech Innovation Centre (FTIC), and look forward to organising regular networking events. These events will, hopefully, facilitate mutually beneficial connections that will advance the sector as a whole.

Also Read: Everything you should know about the future of futuristic food technology

Empowering startups’ stories in riding the wave of transformation

Food tech in Asia is an incredible story of a transformation in full swing.

Last year saw funding for alternative proteins across Asia-Pacific increase by 43 per cent as soaring demand for protein, increased climate disruption, and water and land scarcity placed further pressure on conventional animal agriculture.

Regional startups have been going from strength to strength, and governments are throwing in their support. The technology continues to advance at speed.

It is clear that the way forward will not be easy, but success will rely in large part on being able to stand out from the crowd and communicate a better and more sustainable future. Getting noticed, building partnerships and changing attitudes will be key to alternative protein’s growth story. There is no better time to seize the opportunity to turn innovation into a successful commercial reality, feed the world and shape the future.

What a story, hey?

All the elements for an enthralling narrative are in place: the struggles and failures, the tension and drama, a purpose-driven, world-changing vision propelling a global cast of vivid and colourful characters, the successes, triumphs and celebrations. And I’m one of the lucky ones who’ve managed to nab a prime front-row seat and get a chance to tell these stories.

So, tell me: what’s your start-up story?

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Image credit: Adobe Firefly

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Indonesia-based climate tech startup Rekosistem announced that it had secured a US$5 million (IDR75 billion) funding round led by Skystar Capital and supported by East Ventures, Provident, and other investors.

In a press statement, the Jakarta-based startup said that it is committed to scaling up the capacity of its waste management to more than 20,000 metric tons of waste per month in the next two years.

Launched in 2021, Rekosistem builds an integrated waste management system using the Internet of Things (IoT) and Machine Learning (ML) to simplify and improve waste collection efficiency by 49 per cent.

Their products Reko Waste Station and Reko Hub serve as collection points and material recovery facilities that process mixed waste into high-quality raw materials. These facilities are equipped with IoT sensors, which enable real-time data collection and monitoring. Integration with ML technology improves system analysis and optimisation.

Rekosistem aims to expand the capacity of its waste management system through a series of strategic steps. It starts with developing a waste management system, expanding the application of IoT and ML technology, allocating resources for the development of recycling technology, and improving material recovery facilities (Reko Waste Station and Reko Hub).

Also Read: WasteX helps poultry farms improve productivity, achieve sustainability with biochar solution

The goal is to process more waste into recycled materials and renewable resources, expand waste management coverage to more cities and provide an Extended Producer Responsibility programme that encourages business owners to take responsibility for their business impact on the environment.

To achieve these goals, Rekosistem said that it plans to engage at least 5,000 workers and business partners in its digital ecosystem.

“At Rekosistem, we are determined to build a business adept at facing the three biggest challenges facing businesses in the current generation, which are the 3Ps, namely profit, people, and planet. Through circular economy implementation in the existing waste supply chain, our products and services aim to make responsible production and consumption accessible to everyone,” said CEO and Co-Founder Ernest Layman.

Rekosistem uses B2B and B2B2C business models to reach businesses and end consumers through mobile and web applications. The app offers responsible waste management services for residences, buildings, and local governments in partnership with the stakeholders in waste management, be it individuals or business sectors.

Through Rekosistem, waste can be efficiently collected and transported to processing centres to be processed into valuable materials and resources in factories, reducing the accumulation of waste in landfills.

“In addressing the waste problem in Indonesia, the B2B business model is the appropriate approach because the waste supply chain issue in Indonesia is systematic in nature. This business model allows us to transform the currently fragmented waste supply chain into a more circular ecosystem in the most efficient and optimal way, together with all our business partners,” explained COO and Co-Founder Joshua Valentino.

Also Read: How Circular can help to reduce e-waste through its device subscription service

In the first half of 2023, Rekosistem said that it has increased waste productivity to 523 per cent for recycling, upcycling, and waste-to-energy while also increasing waste workers’ income by 117 per cent.

Currently, it has 300+ waste workers and business partners, 10 Reko Hubs, and 33 Reko Waste Stations in Indonesia.

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Image Credit: Rekosistem

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Singapore-based fintech company, Endowus, has secured US$35 million in its latest funding round from Citi Ventures and MUFG Innovation Partners, along with four prominent families from Asia involved in diverse sectors ranging from banking to real estate.

Existing investors such as UBS Next, EDBI, Prosus Ventures, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees also participated in this round.

The firm plans to utilise the fresh funds to further expand within its primary markets of Singapore and Hong Kong, aiming to offer unbiased, fee-only wealth management to a larger audience.

Founded in 2017, Endowus is a digital wealth platform in Asia. Licensed by the Monetary Authority of Singapore and the Securities and Futures Commission of Hong Kong, Endowus offers services that cover personal savings, private wealth, and public pensions (such as CPF & SRS in Singapore)through a personalised digital wealth experience.

Also Read: Endowus acquires Hong Kong multi-family office Carret Private Investments

Amid challenging financial market conditions, Endowus reported growth, with group assets surpassing US$5 billion. In 2022, the firm claims it saw an organic revenue increase of 80 per cent and tripled its group revenue following the acquisition of Asia-based multi-family office, Carret Private.

“As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor,” Gregory Van, Co-Founder and CEO of Endowus.

Endowus recently received the World Economic Forum Technology Pioneer title. The firm was also awarded Best Digital Wealth Management at The Asset Triple A Digital Awards 2023 and recognised at Asia Asset Management’s Best of the Best Awards 2023.

Endowus has secured funding totalling US$95 million.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Indonesia-based fractional property marketplace platform GORO has secured US$1 million in a pre-seed round led by early-stage venture capital firm Iterative.

XA Network, StashAway’s Angel Investing Program, and Indonesian property expert Mike Broomell from Colliers Indonesia also participated in the funding round.

GORO intends to allocate the new funds towards team expansion and strengthening its regional user acquisition approach.

Goro enables individuals to buy high-yielding Indonesian properties with no minimum purchase. The platform delivers monthly rental returns and capital gains, facilitating users in cultivating a lucrative property portfolio. Since its launch in early 2023, the startup claims to have been growing its user base at 15 per cent per week.

Also Read: Is co-living a good opportunity for property owners?

On GORO’s platform, users can own a share of a property starting at just US$0.7 (IDR10,000), gaining from appealing monthly rental returns and capital growth upon sale. At present, GORO’s varied portfolio offers its users an 11 per cent net annualised rental yield.

“Everyone aspires to invest in property, but the obstacles of financial entry barriers and complex procedures deter many individuals. GORO aims to address these challenges and enable anyone, regardless of their location, to build a high-yielding property portfolio,” said Robert Hoving, Co-Founder and CEO of GORO. 

Hoving also revealed that the startup has plans to introduce a secondary market for enhanced user liquidity and anticipated expansion into cities beyond Jakarta and Bali, along with exploring other asset classes.

Despite macroeconomic challenges and inflation, property as an asset portfolio stands out, offering stable returns given its inherent low volatility.

GORO’s portfolio features Bali villas and Jakarta residences, serving users from more than 20 countries.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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