Indonesia is the world’s 4th most populated country with almost 280 million people. Its enormous size plus strong economy has enabled its exploding tech ecosystem with 6 unicorns in just 4 years. The largest being ride hailing superapp, Go-jek, valued at $10B. No surprise given Indonesians are obsessed with mobile tech and internet penetration stands at 73%. Indonesians are culturally very social and high on trust, driving network effects, and the collection of tons of data enabling better services . Around 50% of the people are under 30 years old with 70% of millennials saying they want to be startup founders. Every year new unicorns spawn bringing along it a healthy venture capital scene with pre-series A rounds starting at $5-10M. Even Jay-Z has invested in Indonesian startups! Could Indonesia be the next China in terms of startup tech growth?
We’re joined by Nicole Yap, the managing director of Digitaraya, Indonesia’s leading tech accelerator, to help us explore one of the fastest growing startup ecosystems in the world.
