The selected startups must have raised seed capital and serve the ​UN Sustainable Development Goals

The United Nations Development Programme in Indonesia announced that it has teamed up with the Silicon Valley venture capital seed fund and accelerator ​500 Startups​ to launch ImpactAim Indonesia. The move seeks to boost the development of social entrepreneurship and startups in Indonesia, which is considered to be a growing economic hub in Southeast Asia.

ImpactAim Indonesia will conduct a nationwide selection process to recruit between 8 to 10 startups. The requirements for startups to be selected include having raised seed capital or more, serving customers, and serving the ​UN Sustainable Development Goals​.

The accelerator is said to focus on providing guidance on impact measurement, tailored business, and impact acceleration assistance. The startups then will be showcased to prospective impact investors from around the world.

The program itself will take place in Jakarta, with no fee or equity from participating startups, and will run for 10 weeks.

“Imagine a world where tech unicorns and venture capitalists tackle the UN Sustainable Development Goals. It’s already happening, and we’re honored to be working with UNDP Indonesia to accelerate this,” said Khailee Ng, Managing Partner of 500 Startups.

Also Read: MaGIC, UN launch bootcamp for youth-led startups, social enterprises in Malaysia

According to the 2018 Survey of Entrepreneurs and MSMEs in Indonesia by the Asia Pacific Foundation of Canada, 99 per cent of the country’s businesses comprise of the micro, small, and medium enterprises (MSMEs). MSMEs are the key driving force of Indonesia’s economy and contributing 60 per cent of GDP.

Resident Representative of UNDP in Indonesia, Christophe Bahuet emphasised that the new initiative is part of UNDP’s role in championing innovation for the Sustainable Development Goals (SDGs).

“We hope that the partnerships will open doors for many small enterprises, particularly in Indonesia’s most disadvantaged regions,” said Bahuet.

ImpactAIM was first launched by UNDP in Armenia in 2017; similar initiatives are under development in several countries of Asia and Eastern Europe. UNDP also works on SDG impact-oriented accelerators for established and mature companies.
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Photo by Jon Tyson on Unsplash

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