Apac Business Headlines
Indonesian conglomerate Salim Group’s digital division Innovation Factory and Japanese venture capital firm Gree Ventures have launched a new startup accelerator named Skala in Jakarta with an aim to guide and finance local and overseas tech startups serving the Indonesian market.
The startup accelerator will invest USD30,000 in each startup it picks in return for a 5 percent equity stake for a period of three months. The three-month program will operate from BLOCK71 Jakarta, a co-working space of Innovation Factory and NUS Enterprise launched in 2017.
After the end of three months, the startups graduated from the accelerator program will present their business plans before investors at the demo day.
The startup accelerator has invited tech startups from a wide range of sectors to enroll in the program, subject to the formal incorporation prior to their application for the accelerator program.
Skala stated that it has a strong interest in healthtech, fintech, edutech, agritech, media, O2O, and supply chain or logistics, and it is planning to shortlist 8 to 10 startups in the maiden batch.
The accelerator is looking for startup teams with robust domain expertise, an intensive knowledge of the local market, and they should be on the pursuit of establishing market-product fit. Overseas startups can apply for the program as long as their product serves the Indonesian market.
The startup accelerator will receive applications until September 14 and will commence the program in early-October and the Demo Day in January next year.
Skala will provide free office space to all the chosen startups at the BLOCK71 Jakarta during the three-month program as well as for an extra three months after the startups graduate from the program. The selected startups will be provided with accounting and legal assistance and cloud hosting credits from Skala’s partners.
Even though there is no dearth of incubators and accelerators in Indonesia, Skala’s USP lies in the guidance and connections selected startups will receive during the program from entrepreneurs and venture capitalists from Indonesia as well as all over the world.