Indonesian Minister of Cooperatives and Small and Medium Enterprises Teten Masduki (Photo: antaranews.com) Jakarta (VNA) – Indonesia’s Cooperatives and Small and Medium Enterprises Ministry has continued toexert efforts to expand access to financing and investment to the country’s startup companies, Minister Teten Masduki said on March 27.
He noted thatexpanding financing access is essential to assist startup companies in dealingwith issues arising during their early days of operations.
Indonesian startups have been relying heavilyon financing provided by "angel investors" and venture capitalists tofund their business growth and innovations, he stated.
The minister said that hisministry is aiming to bolster the development of the startup ecosystemthrough collaboration with domestic and international venture capitals.
Since2021, Indonesia has been striving toenhance the capacity of Indonesian startups by implementing an incubationprogramme that involves 20 institutions fromuniversities and regional governments.
The programme, drawing the participation from 351 companies, ismeant to assist startups in solidifying their business models, increasingincome, and linking with potential partners at the national and internationallevels, he explained.
Theminister highlighted that his country is currently aiming to pave the way forestablishing more startups in the sectors of agribusiness, aquaculture, greenbusinesses, and technology.
Masduki urged all financial institutions totake part in facilitating Indonesian startup companies to access the financingschemes they need.
He expressed his belief that Indonesia will be ableto transform into a developed country by growing its economy and creating morenew entrepreneurs./.
