Willson Cuaca to Invest a Lot More than Just Money in People Business

This article is a part of DailySocial’s Mastermind Series, featuring innovators and leaders in Indonesia’s tech industry sharing their stories and point of view.

As one of the most active investors in the VC industry, Willson Cuaca has invested a lot more than just money in the people business. He is the early believer of Indonesia and Southeast Asia digital economy.

Many people only associate him with the VC industry, while he’s expert at much larger field. Cuaca was born to be in the tech industry, he started young in the computer field and achieved many firsts during his early career. Who knows that he is a person with guts that can make it into the industry through a different approach.

Was founded in 2009, East Ventures managed to have 160 startup portfolios in hand and some are getting profitable. This year marked their 10th anniversary and more stories to come. He believes in the power of this nation and its population.

He talks about beliefs and the core value to run a business. DailySocial has translated the conversation into paragraphs below.

You are best known as one of the most active investors in the VC industry. When did you start?

Many people might think I only about VC industry, meanwhile, my early days was full of computer stuff and network thingy.

I began my academic year at Binus University in 1996, this was also the year when it becomes a university – from previously named STMIK. My school year is filled with other activities besides study. I became a course instructor at BNTRC before renamed into Binus Center. Amidst the tight schedule, I still find time to have fun playing games.

I always tried to be the first to learn everything. In my college years, I learned all about the local area network and find out about Linux which was actually the core to Android and iOS systems. Slackware was my favorite distribution. I tried to fathom the knowledge and become one of the first people to learn about Cisco equipment. I was the first Cisco Certified instructor in Indonesia to trained Cisco’s engineer to be CCNA certified and the founding team of Cisco Networking Academy in Indonesia.

In 2000, I graduate university then hired as the Head of Infrastructure in an agriculture company. My job requires me to manage national wide intra-network connectivity.

Why did you move to Singapore?

Actually, I get bored easily, I need to find something new to do. It was 2001 when I observed the trend in internet security and learned enough to be a specialist, supporting firms in Singapore.

Around 2006, web-app was getting hype and I was encouraged to create my own app named Foyage. It was before iPhone launched and Blackberry widely used. I was also part of the first iPhone developer in Singapore and a few first Blackberry developers in the region.

After Foyage, I also created Apps Foundry with the aim to develop technologies and applications. Our first breakthrough is Scoop – #1 digital magazine reader in Indonesia- which was later acquired by Kompas.

Tell me about the early days of East Ventures? How did you meet the partners?

My relation with Batara is all the way to 1993 when we’re still in high school. When I went to Jakarta, he left for college in Japan. While I struggle with Foyage, he also exited his own company named Mixi. The website debuted on the stock market in 2006 and valued billions dollar, it was before the term unicorn coined. We then re-group again to create East Ventures in 2009 with 2 other partners. Taiga Matsuyama, the other partner, was the first investor of Batara’s Mixi.

Foyage raised first money from Singapore government investment scheme in 2008. Not until then, I realized that Indonesia also has a huge opportunity in this industry. In 2009, we decided to form East Ventures.

We started Jakarta Ventures Night, inviting few investors from Japan and some local startups. In 2010, DailySocial’s Rama Mamuaya also presented in the event and William Tanuwijaya from Tokopedia, the first in our portfolio. Later on, we invest in Disdus and made our very first exit. We’re actually the first VC to have a complete cycle and that instantly boosted our confidence. It helped creating the flywheels effect.

To date, East Ventures has invested in 160 companies, mostly are the early-stage startups focuses on consumer internet, mobile, SaaS, media, retail education and much more. Recently, some are getting profitable as Indonesia’s digital economy hit the inflection point.

With so many portfolios in hand, how could you manage?

The key is to invest in people. Once you meet the right one and clicked, you trust them enough to run independently and to bring out the best result through this deal.

We need 3 point of alignment with entrepreneur.
1. vision, what kind of problems to solve, what’s the goal?
2. strategy, it’s how to work things out, how to get it done?
3. tactical, this is more like the execution.

East Ventures and the founding team must have a same vision. In fact, I don’t believe that investors could change their portfolios. We might advise strategy but it’s the people (founders) who know what’s best for their company.

You’ve created your own app, built your own VC, run the business. During your journey, have you faced any stumbling block?

Of course, there are ups and downs, but one thing I always believe is “things that don’t kill you make you stronger”.

I was so desperate that I couldn’t raise funds for Foyage, but I’m not the kind of person who stops and stares while the industry’s rapidly growing. We founded East Ventures in 2009, it was really hard to gain trust from people that time. We went some places, but no one believes except some Japanese innvestors, it was due to Batara’s credential. However, I think it’s the power of not giving up until it gets to the point where all the pieces put down together.

Early days of East Ventures, managing the whole portfolios alone

 

If no one believes in Indonesia’s digital industry, why would you?

Emotionally, It’s because I’m Indonesian. If not us, who else?

In terms of business, there are 30 million internet users in Indonesia. A huge size market, why wouldn’t anyone make a move? At that time, there’s only one problem. If we start now, when will we make it? This is where the leap of faith is necessary.

The thing is, Indonesia is capable of making something impossible happened. Instead of talking about American Dreams, why can’t we create the Indonesian Dream. We are too focused on the story of some people who create big things somewhere, why don’t we work things out and have people look at us. This kind of inferiority complex should have vanished from our mindset. We are a great nation with lots of people.

What makes you decide to invest in one?

There are three hypotheses on people;
1. integrity, a moral standard, you do the right thing when no one sees,
2. self-awareness, to know yourself and what you’re capable of,
3. paradox, having contradictive traits, which means adaptive.
These things cannot be learned instantly or faked.

Once I met these criteria in people, no need to think or waste time. That is why most of our good deals were closed within 28 hours after the first meeting. These consistently happened overtime with Tokopedia, Traveloka, Kudo, Shopback, Ruangguru, Sociolla, The Fit Company, Kedai Sayur, Bahasa.ai and many more. Also, we tried to create a healthy ecosystem in this VC. Therefore, I wouldn’t invest in competing businesses. We back our founders wholeheartedly.

In terms of academic background, how do you see people with the overseas title have an impact in the industry?

Casually, people who study overseas will have the privilege to gain insight from the global knowledge.  However, I don’t believe people who study overseas will always be more successful. In fact, I believe people should have global knowledge to know and what’s best for local execution.It is not always by studying abroad.

You survived many years in this industry. Do you have any specific support system?

Family is indeed the fundamental support that shapes your current self. I also believe that character was developed, not learned. That is why I find it hard to believe in the accelerator or mentoring concept that aims to turn someone into an entrepreneur.

The accelerator program, they might have done a very curated process to find talents, but in my concept, once a jewel, although it’s covered in dirt, is still a jewel. The potential was there from the very beginning and developed through times.

I believe in serendipity, that is why I put my focus on people. A Chronos and Chairos concept, everybody has their own timeline, and the moment we met, the decision was made, whether to involve or not at each other’s life.

If you really believe in Indonesia’s digital industry, why won’t you live in Indonesia?

In Singapore, we always get the best scenario, in terms of regulation and many more. While in Indonesia, everything is in the worst case, unexpected things often arose. I’d like to maintain my consciousness by having the contrast. The yin and yang, so to say. Therefore, My life could be more contrast and I have a clearer mind to identify the problem statement.

Also, Singapore is currently the hub in Southeast Asia.

After achieving many firsts in the computer and technology industry, also with East Ventures, what’s next?

This is also the question I always ask myself every day, What should I do next? How can I transfer my knowledge to my team, for they can do their own things, in their own style, and have their own investees.

I can’t have this role forever, that is why I have partners. I want to build East Ventures and make it institutional, raise the next generation team, and make sure it stays true to its mission, to be an Entrepreneurship Platform. Then, I will have time and space to think of something new again – or maybe I will do this forever. Let’s wait for the stars to align.

This year marked as East Venture's 10th year anniversary
This year marked as East Venture’s 10th year anniversary

If you have something to say about the industry, what would you say?

The industry currently has a much larger pie. Indonesia, with so many issues in the country, offers quite many opportunities. Thus, I think the VC industry will stay long here.

To me, the VC industry is all about people business, the technology is just a tool.

RoomMe to Make Revolution in the Boarding House Industry

The boarding house, usually called “kost” in Indonesia is a unique and popular industry for the students and office workers. However, there’s still a lack of technology used for the management.

The issue has inspired Glen Ramersan with four of his friends to create the digital platform for a boarding house rent named RoomMe in 2017. The startup is to help kost owners find renters and implement the standard convenience.

“Our target is to improve the convenience standard for renters. We’re here to provide a boarding house, not a motel, therefore we have more added value,” RoomMe’s CEO, Glen Ramersan, Wed (10/2).

RoomMe has its own standard for boarding house facilities, and available in all units, including the cleanliness, hot water, flat-screen TV, toiletries, and wifi.

There’s also a private restroom and pantry. The cost and all facilities are all set by RoomMe, not to worry the cost owners, including renovation and promotion cost.

Therefore, users must not worry to visit the building and check all the facilities to negotiate with the owner. Everything is getting easier by app and website. Renters don’t have to worry about all facilities are available for each unit.

In terms of distribution, RoomMe also partners with other OTA platforms, such as Pegi-pegi, Traveloka, Tiket.com, Booking.com, and Agoda.

However, market education is still necessary for this industry because people might not believe what they see in the app and try to contact the provider through WhatsApp.

“Usually, people will see the RoomMe sign while looking for boarding houses around the office. Then, they contact us through WhatsApp for assurance.”

There are other players besides RoomMe, such as Mamikos, Infokost, and 99.co. Currently, their team has reached over 200 people.

Business model and target

Glen explained they have no certain specification for the kost owners, either minimum units, location, etc. They just have to submit, and there will be an audit team to observe and to tell necessary improvements.

“We can also help with the renovation, but only the light beautification. If the room doesn’t include a private restroom, the kost owner should add it up.”

After the renovation, RoomMe will do a promotion to the OTA. The kost owner can monitor the monthly performance and have insights into their consumers. Everything is done in transparency and efficient way for all kost owners.

RoomMe also guarantees a fixed monthly income for kost owners and to increase per month. The occupancy rate should increase by 90%-100%. Glen avoids revealing more on the monetizing part, but margin comes from the rent cost.

RoomMe currently has four products to reach all public segments. Those are RoomMe regular, RoomMe+ for middle-high, RoomMe Eco for students with affordable price, and RoomMe Syariah. Price starts from Rp1 mil to Rp11 mil per month.

He also said they’ve acquired hundreds of boarding houses in Jakarta with a total of 2 thousand rooms. Next year, he plans to expand to Bogor, Depok, Tangerang, and Bekasi (Bodetabek), and add up to 1000 boarding houses.

They’ve secured a Series A funding to support the plan, the amount is still undisclosed. They’re to make official announcement soon.

Funding was raised from KK Fund, Vertex Ventures, and BAce Capital. Those are follow-on funding after the previous investment.

He emphasized on the boarding house business to be the beginning of RoomMe. It’s possible to expand to apartment management and expat residence.

“Our goal is to provide a comfortable boarding house. comfortable usually costs more. However, we don’t want to use that standard, because everybody deserves a comfortable room to live in,” he said.


Original article is in Indonesian, translated by Kristin Siagian

UangMe’s Parent Company Bags Over 336 Billion Rupiah

SuperAtom, a financial technology startup under Cheetah Mobile just announced $24 million or equivalent to 336.8 billion Rupiah. This round was led by Gobi Partners through Meranti ASEAN Growth Fund. In Indonesia, they’ve launched a p2p lending platform named UangMe – registered in OJK since July 2018.

SuperAtom will make use of the 60 million mobile Cheetah Mobile internet users in SEA. In fact, the telco took part as the co-lead investor. They’re to target the Philippines next.

On Google Play, UangMe has been downloaded for more than 1 million times and the loan service has been used for over 50 thousand times.

SuperAtom was founded by two, Johnny Li and Scarlett Xiao. As shown on their LinkedIn profile, Johnny is currently active as Cheetah Mobile’s GM of International Business Development.

“Indonesia’s projected to increase GDPR from US$3,800  to US$7,000 within the next 10 years, it shows great potential. In addition, the Philippines shows the same statistic due to 100 million population with GDPR growth of 6.2%,” Scarlett said.

She also mentioned, “We’re preparing to enter the market (Philippines) for we recently acquired a license from the Philippines Securities and Exchange Commission.”


Original article is in Indonesian, translated by Kristin Siagian

Nicko Widjaja dalam Investasi Teknologi: Bangkit dari Rasa Tersisih dan Anggapan Remeh

Artikel ini adalah bagian dari Seri Mastermind DailySocial yang menampilkan para inovator dan pemimpin di industri teknologi Indonesia untuk berbagi cerita dan sudut pandang.

Industri teknologi bukanlah tempat bermain, tidak ada buku panduan dalam mencapai kesuksesan dalam hal ini. Menjadi salah satu penggiat investasi teknologi, Nicko Widjaja, telah merasakan pahit manisnya industri ini. Sebagai seorang CEO, Nicko berhasil menjadikan MDI Ventures dengan dukungan telkom Indonesia, satu dari sedikit perusahaan modal ventura (PMV) yang menuai profit paling besar.

Pada tahun 2011, Ia memulai PMV bernama Systec Ventures dikala banyak yang masih ragu dengan perkembangan startup teknologi di Indonesia. Setelah tutup buku di tahun 2013, Ia kemudian memimpin sebuah program startup inkubator terbesar oleh Telkom di Indonesia bersama Telkom Indigo Incubator. Di tahun 2015, Ia naik menjadi kepala PMV racikan Telkom Indonesia, MDI Ventures.

Setelah sukses membawa lima perusahaan exit di luar negeri, ekspansi ke Singapura, dan melakukan penggalangan dana kedua untuk MDI Ventures, Nicko kini diangkat menjadi CEO dari PMV baru milik BRI, BRI Ventures, untuk mengelola dana sebesar $250 juta menargetkan ekosistem fintech di Indonesia.

Seluruh pencapaian ini bukan tanpa kerja keras dan dedikasi. Berikut adalah beberapa potongan cerita yang berhasil dirangkum oleh tim DailySocial.

Dimulai dari bagaimana perjalanan awal seorang Nicko Widjaja serta apa yang menjadi dasar di balik setiap pemikirannya?

Pertama-tama, saya terlahir di waktu yang tepat. Jika saya lahir 10 tahun lebih awal, dunia belum siap, sementara lebih lama lagi sudah terlambat.

Saya tidak pernah percaya dengan sistem pendidikan oleh institusi. Hal itu sangat ketinggalan jaman dan secara eksplisit menggambarkan sistem kerja sebuah pabrik – anda masuk, lalu jadilah, dan ditaruh di suatu tempat. Saya tumbuh menjadi seorang rebel. Bukan seorang pembangkang terhadap orangtua, namun lebih kepada iseng terhadap teman.

Selama itu, saya merasa tidak biaa beradaptasi. Saya tidak merasa cocok dimanapun dan mengalami depresi melihat kehidupan di sekitar layaknya sebuah film “Divergent” – di mana sedikit banyak mencerminkan era 90-an. Saya mengampu pendidikan di sebuah institusi Katolik, semacam persiapan untuk ‘orang-orang sukses’ yang dididik untuk berkomitmen pada kehormatan keluarga, karier, reputasi, dan dapat dipercaya seumur hidup.

Percaya tidak percaya, beberapa orang bahkan benar-benar menjadi seperti yang dulu sering mereka bicarakan. Seorang pekerja bank, arsitek, dokter, atau bahkan putra / menantu seseorang – sangat mengerikan, bukan?

Dalam usaha menyesuaikan diri, saya gagal pada banyak subyek seperti matematika, IPA, Bahasa Inggris, dan lainnya. Reputasi sebagai penunda akut melekat sampai akhirnya saya menggagalkan pelajaran olahraga dan orang-orang menganggap itu sebagai pemberontakan. Seketika dunia sekitar berubah, dan saya menjadi ‘tanpa golongan’.

Saat itu saya sadar bahwa mengikuti jejak orang lain bukanlah sebuah keharusan, juga memiliki banyak waktu untuk mempelajari diri sendiri. Hal ini menjadi penting dalam membangun fondasi seorang Mastermind: Know yourself.

Di perguruan tinggi, jurusan apa yang Anda ambil? Mengapa?

Ya, bukankah ini sesuatu yang sudah dirancang untuk kita? Lulus SMA, masuk universitas, membangun karir/menikah, lalu pensiun. Sebuah lingkaran penderitaan yang tanpa akhir.

Alasan saya masuk universitas mungkin berbeda dengan kebanyakan orang yang berfikir: “Ya, saya ambil jurusan akuntansi karena ingin menjadi akuntan!” atau “Yah, sepertinya bakat saya adalah menggambar, saya akan coba jurusan desain grafis!”. Dalam pikiran saya ada keinginan untuk belajar mengenal diri sendiri. Apa hal-hal yang menjadi inspirasi/motivasi serta apa yang tidak. Tempat di mana kita bisa menemukan tujuan/ambisi lain yang lebih besar dalam hidup. Mengapa sebuah mata kuliah bisa membuat saya penasaran sementara yang lain tidak.

Saya belum menetapkan jurusan sampai tahun ketiga di universitas. Beruntung saya memiliki orang tua yang mau mengerti dan tetap mendukung. Pada awalnya saya fokus pada jurusan teknik dan merasa tidak cocok, lalu mengambil beberapa matkul bisnis yang ternyata tidak menarik, sampai akhirnya saya menemukan liberal arts. Pelajaran tentang evolusi manusia, narasi serta interaksi menjadi fokus hidup saya. Apapun itu yang sedang saya lakukan, semua adalah hasil dari pembelajaran saya saat itu.

Coba ceritakan kisah awal kembalinya Anda ke Indonesia. Apa saja yang Anda lakukan?

Setelah lulus dari Oregon, saya pindah ke San Fransisco di tahun 2000. Kota itu dipenuhi dengan ‘situs-situs’, hanya selang beberapa tahun – yang sekarang dikenal dengan nama startup. Semua tentang e-commerce hingga portal pra-sosmed sangat menarik. Saya mencari pengalaman di beberapa perusahaan, aeringkali di bidang pengembangan konten, bisnis analisis, dan bidang lain yang cocok untuk lulusan baru.

Saya kembali ke Jakarta di tahun 2004 dan bergabung dengan Indofood sebagai corporate development officer yang bersinggungan langsung dengan CEO yang mengajarkan banyak hal tentang dasar-dasar bekerja serta hepicopter view dalam mengatur strategi perusahaan. Setelah tiga tahun bekerja, saya mulai mendengar desas desua tentang seseorang yang ingin menciptakan sebuah revolusi.

Setelah resign dari Indofood di 2007, saya menjadi co-founder di beberapa unit bisnis, Thinking*Room (perusahaan desain), Mindcode (perusahaan riset conaumer dan inovasi), serta berinvestasi pada beberapa produksi film. Masa sebelum industri VC adalah masa dimana hidup masih indah dan belum serumit sekarang.

Selama 2009-2010, beberapa teman mengenalkan saya pada dunia teknologi, orang-orang yang membangun Koprol, Urbanesia, Dealoka, di sini juga pertama kali saya mengenal Rama dan DailySocial – tanpa terasa sudah hampir 10 tahun!

Bagaimana bisa muncul ide untuk membangun Systec?

Saat itu saya sedang terlibat dalam industri film pada tahun 2009 ketika dihubungi beberapa rekan, “Ayo kesini dan dengarkan langsung dari orangnya!”

Kemudian mereka diundang ke acara tentang startup lokal yang mencoba menantang Google di Indonesia, sesuatu seperti Google versi Bahasa Indonesia, atau semacamnya – sebuah ide yang revolusioner pada saat itu. Bayangkan, Google bisa menerapkan semua bahasa secara instan begitu saja. Namun, orang ini, entah darimana membawa kebanggaan, nasionalisme bercampur, dan jadilah $ 1-2 juta ia kumpulkan dengan mudah.

Awalnya, mereka minta dikenalkan dengan orang-orang di jajaran atas. Saya melakukan networking sana-sini – saya rasa mengapa tidak – sampai ketika saya tak henti membicarakan ekosistem digital. Saya seperti masuk dalam mode penggalangan dana ketika berbicara tentang digital.

Beberapa bulan kemudian, saya ikut mendirikan Systec Ventures dengan beberapa rekan dari Mindcode. Ini menjadi bagian awal ekosistem mengingat pada tahun 2011 hanya ada sedikit kami yang hadir di acara-acara seperti Sparxup, Echelon, dll. Systec Ventures adalah studio pembangun ventura, inkubator + investor + kolaborator – mirip dengan Science Inc. Hal ini menjadi menarik ketika saya bisa bekerja sama dengan para pengusaha. Mereka dapat memanfaatkan ruang terbuka milik kami (seperti di kantor sekarang) secara gratis selama Anda seorang investee. Di sinilah Anda bisa mendapatkan gambaran akan pengembangan ekosistem.

Systec Office Circa 2012 / Nicko Widjaja
Systec Office Circa 2012 / Nicko Widjaja

Apakah ada yang bisa Anda ceritakan mengenai kegagalan berbisnis?

Banyak yang belum menyadari bahwa VC menghasilkan uang dari penjualan saham portofolio mereka – bukan dari dividen. Di Systec Ventures, kami sangat sibuk mengerjakan setiap portofolio untuk menyempurnakan produk, konten, dan model bisnis, sampai kami sadar bahwa tanpa investasi lanjutan maka tidak akan ada profit – sekali lagi ini terjadi di masa awal dunia startup di Indonesia.

Satu per satu portofolio kehilangan likuiditas, sementara bertaruh hanya pada satu atau dua produk fitur.

Hal ini menjadi pelajaran besar yang dipetik, bahwa yang paling berkontribusi terkait industri ini melibatkan pemikiran ‘uang adalah raja.’

Apa yang anda lakukan selanjutnya? Indigo?

Pada tahun 2014, kami diperkenalkan pada Telkom Indonesia, mereka sedang akan memulai kembali Telkom Indigo Incubator untuk startup digital. Kami saling mempelajari terutama ketika Telkom Indonesia memulai program ini di tahun yang sama dengan Systec Ventures, 2011. Sebelumnya, Indigo Incubator adalah ajang untuk mengumpulkan para pendiri startup untuk akhirnya bekerja dalam salah satu proyek di Telkom Group. Tidak jauh berbeda dengan Systec Ventures, atau perusahaan yang didukung konglomerat lainnya.

Ketika kami (sebagian besar adalah tim Systec) masuk ke Indigo Incubator untuk membantu meningkatkan program, kami menyadari bahwa investasi lanjutan harus menjadi metrik kesuksesan – layaknya program inkubator di seluruh dunia.

Saat itu … pendanaan lanjutan jarang sekali terjadi. Sebagian besar program inkubator (terutama di korporat) gagal menarik investor luar. (Satu hal yang dibanggakan dari Systec Ventures adalah akses ke individu/konglomerat yang akan menjajaki bisnis digital).

Kami mengundang berbagai jaringan investor untuk terlibat selama program sebagai mentor/penasihat. Hasilnya, kami mendapatkan 40% pendanaan lanjutan dalam batch pertama, lalu sekarang adalah Indigo Creative Nation yang bisa saja menjadi program akselerator startup paling terkemuka di Indonesia menghasilkan lebih dari 70% follow-on dan $180 juta kapitalisasi pasar dengan portfolio startup terkemuka seperti Payfazz, Nodeflux , PrivyID, Sonicboom, GoersApp, dan sebagainya.

Bagaimana cara Anda menemukan penawaran-penawaran bagus?

Filosofi investasi saya sederhana: Anda akan mendapatkan penawaran bagus dari seseorang yang tahu cara mendapatkan penawaran terbaik. Lalu, mengapa mereka mau memberikan penawaran terbaik? Di MDI Ventures, kami benar-benar mengembangkan dan membina hubungan dengan investor global papan atas. Berbagi dan menggabungkan sumber daya bersama dengan Telkom Indonesia menjadi bagian dari strategi untuk mendapatkan penawaran terbaik.

Saya pernah mendengar tentang salah satu VC di Singapura memberikan investasi kepada startup namun tanpa ada itikad baik, pada akhirnya hanya untuk meraup uang LP. Hal ini tidak bisa diterima, sebab di industri ini, berita menyebar dengan cepat, dan jika Anda benar-benar ingin bergelut dalam industri, reputasi adalah segalanya.

Belakangan, bagaimana perasaan Anda ketika berada di MDI?

MDI Ventures bisa jadi salah satu dari sedikit VC yang paling profitable di Indonesia. Bulan lalu saja (Juni / Juli), kami terlibat dalam tiga exit, dengan total lima exit selama 4 tahun beroperasi, satu IPO di TSE dan satu di ASX. Hal ini mengawali era baru bagi para pemula yang terlibat dalam industri dengan banyaknya uang mengalir. Tim ini akan selalu memiliki semangat tinggi.

Bergeser ke BRI. Bagaimana proses transfer Anda hingga sampai pada posisi ini?

MDI Ventures adalah salah satu yang pertama menerapkan model CVC (Corporate Venture Capital). Ada rumor yang menyebutkan bahwa kami menjadi referensi setiap kali ada pembahasan mengenai CVC. Saya merasakan validasi pertama kali untuk bekerja dengan entitas luar adalah ketika berkolaborasi dengan Mandiri Capital untuk meluncurkan Mandiri Digital Incubator pada tahun 2016. Itu menjadi interaksi pertama kami dengan sektor perbankan.

Sejak saat itu kami telah bekerja sama dengan Pegadaian dan Pertamina untuk memperkenalkan sinergi perusahaan rintisan dan korporasi.

Ketika Anda berbicara tentang transformasi digital di sektor perbankan, BRI telah menjadi salah satu yang paling progresif dalam mengimplementasikan inisiatif digitalnya sejak tahun 2017. Pembahasan tentang dana sudah dimulai pada tahun 2018 dan tesis ekosistem telah dibuat.

Saya menyatakan dengan jelas bahwa perpindahan ke BRI Ventures tidak berarti meninggalkan MDI Ventures sepenuhnya. Keduanya jelas bersinergi dalam banyak hal dan belajar untuk saling memanfaatkan sumber daya satu sama lain: bank terbesar, perusahaan telekomunikasi terbesar, dengan startup teknologi berada di tengah. Kami tengah menantikan kesempatan untuk berkolaborasi sesegera mungkin.

Sedikit jeda membahas industri, coba ceritakan sedikit tentang pengalaman mengajar Anda.

UPH Lecture/ Nicko Widjaja
UPH Lecture/ Nicko Widjaja

Lagi-lagi, hidup tidak bisa diprediksi – bahkan untuk orang-orang yang tidak menyukai institusi akademik. Saya pernah mengajar di UPH Business School selama 2010-2015 (dalam kurun waktu sama dengan Systec Ventures). Ini menjadi kesempatan menarik, bisa bersinggungan dengan pemikiran dari generasi mendatang dalam hal kepemimpinan, kewirausahaan, dsb.

Saya memiliki metode yang tidak konvensional. Ketika bertemu dengan salah satu murid saya, mereka bisa berbagi pengalaman berada di dalam kelas yang ‘kacau’. Kebanyakan, saya akan membahas tentang ekonomi digital masa kini dan memaparka studi kasus Amazon, YCombinator, Yahoo, dan lainnya, serta mengaitkannya dengan isu-isu domestik.

Apakah yang menjadi rahasia kesuksesan Anda?

Pertama, jangan takut untuk membuat kesalahan selama ada hal yang bisa dipelajari. Kedua, berani mengambil resiko serta lebih terlibat dalam prosesnya.

Written by Nicko Widjaja
Written by Nicko Widjaja

Apa saran Anda untuk para pelaku industri untuk memulai startup?

Saya dikenal sebagai seseorang yang blak-blakan dalam mengomentari startup, tapi inilah pendapat saya: Anda merasa bisa menjadi unicorn selanjutnya? Tidak, saya katakan.

Beberapa unicorn bahkan tidak pernah bercita-cita untuk menjadi unicorn. Pemikiran sebagai underdog justru yang mengantar Google, Facebook, dan Netflix ke atas panggung. Mereka menang melawan dominasi para korporat kelas atas: Netflix Vs Blockbuster, Amazon Vs Barnes & Noble (serta segenap rantai retail di Amerika), Apple Vs IBM, dsb. Jadi, jika Anda mengaku sebagai startup dan bermimpi mendominasi industri tanpa ada validasi internal maupun external, ini bukan ajang yang tepat.


Artikel ini ditulis dalam Bahasa Inggris, diterjemahkan oleh Kristin Siagian

Izak Jenie Learned Not to Bite Off More Than What He Can Chew

This article is a part of DailySocial’s Mastermind Series, featuring innovators and leaders in Indonesia’s tech industry sharing their stories and point of view.

Izak Jenie was having an ordinary life before he got introduced to the tech industry. He was amazed by the technology and what he can do with it. He started many companies at such a young age and experienced some failures during his business era.

In his 40s, he never stopped to create value and making innovation. Sticks and stones may break his bones but technology and internet always excite him. He is now the CEO of JAS Kapital, Founder of MCAS Group, and contributors to many other tech-related activities.

Below is the excerpt to sum up the dynamic chart of his career in the tech industry.

Izak Jenie serves as a director of Jakarta Founder Institute
Izak Jenie serves as a director of Jakarta Founder Institute

You’ve been having encounters with the tech industry at a very young age. What was your childhood like?

It was ordinary, spending most of my time playing around the neighbourhood. Back then, I was studying in one of the private schools in Jakarta with many regulations I’m not fond of. My health record was bad, I used to get convulsions and have asthma, thank God I’m still alive.

There is no academic issue back in the old days, but authority triggers me. I even made a petition when the school rescheduled PE to Bahasa Indonesia unnoticed, due to the absence of the teacher.

Who introduced you to technology?

My late father, Aldi Jenie. He was working at one of the state-owned enterprises, Pertamina, and also tech enthusiast. He often brought me to his office to see the latest technology and introduced me to the programming industry at the early days. When I was only 12 years old he introduced me to programming in the mainframe. I created my first programming language named APL (A Programming Language). I’m hooked! I learned so much from many computer books he brought while travelling/on duty, he even bought the first and very expensive IBM PC to support our interests in technology.

He taught me so much of technology and life itself. Having a position as a Group Head, we didn’t really dig a fancy life, he still made money out of freelance translation. The one thing he always says is to be grateful and don’t bite off more than you can chew.

Having a daily encounter with technology, are you having any issue with a social life?

Since I was a child, my father always told me to speak up. I do lots of public presentations, also learned so much about people interaction. I was a mentor in computer science since high school. I entered Trisakti university and took a major in Electrical Engineering because my friends doing so. Yes, I have friends.

My activity used to be doing music and computer all the time, I take it until my college life. I started computer clubs on campus also for the public and joined campus choir before I finally graduate after missing some classes because I’m too preoccupied with work. In fact, this is where I met my current wife, she motivated me to finish university.

Izak Jenie with the campus choir
Izak Jenie with the campus choir members

Have you ever worked in a company?

Yes, graduated in five years, I have difficulty in finding jobs. While my friends were working at high-profile companies, I was unemployed for 6 months. Most of the top-five companies reject my application, it was until an opportunity appears from BBS (Bulletin Board System) that one of the popular private company in Indonesia is looking for a high-skilled computer graphic graduate.

The interview went well and I got to talk so much on my favourite subject. After the not-so-long process, I got accepted with a salary above my expectation. It’s not even a week after my successful interview, I just declined an opportunity by another well-known firm. This is where I learned about commitment.

In 1994, you came up with VoIP. How did you come up with such an idea and make it into global recognition?

It was after I graduate college, my specialty is actually to solve a puzzle. Back then, when the internet was still a rare thing, there’s a specific modem that can convert voice into data. I initiated the idea to connect modems and create software to send signals. It might sound simple nowadays, but in the 90’s it was such a revolution. In current layman terms – it was P2P Community Phone Network in 1994.

I made a pact with two other internet enthusiasts, Jeff Pulver in New York and Brandon Lucas in Tokyo, we started to develop the idea and make it into the news in London Financial Times, Wall Street Journal and other big media. It really helps with my career until now.

After the discovery, what did you do? When were you started to build your own company?

First thing first, I resigned from the job I had. VoIP has taken most of my time at the company. Meanwhile, this world is too full of opportunity to just stay back by the desk. This has become my first and last job.

When we’re talking about building a company, actually, I started my own company of computer graphics at the 2nd semester in my college year, earned money by making flying logos to pay my own bills and tuition. It was long before I met some great colleagues and shared insights from many parts of the industry.

In my exploration time, I met someone in a similar industry which was fond of my idea and willing to invest some cash. Euphoria struck hard and I was spoiled by easy cash. My first trial is an online bookshop named Sanur.com and it didn’t work as planned. I’m having an argument with the investor and decided to step out. After a long process and a project worth Rp200 million, I can finally make peace with my last company. Jusuf Sjariffudin also took part in the success, with Ishak Surjana, we created a company named Jatis.

You started Jatis, build the whole company from scratch until making impact. Why you decided to leave?

We started Jatis as an Enterprise Consultant when foreign business arrived and dominate the market. My strategy was to sign contracts as much as possible by pitching with many potential clients. However, our attempt to create a perfect and solid project management model does not supported by good pricing model. Consultancy is a tough business when you are a local player since mostly you don’t command the pricing structure and it becomes an issue when we’re trying to scale-up.

Accelerating from small to middle-size might be easy, from that point further is the crucial part, whether to stay or to climb higher. I left Jatis because of my interest shifted in B2C technology market and I’m pretty tired back then as a consultant to do the same B2B over and over again every year. My business life was like spinning toy – I circling around in the same place for years and cannot innovate further. It’s not easy to leave a company where you’ve been working for 12 years.

Izak Jenie with Jatis team
Izak Jenie with Jatis team

During your business experience, how did you manage to rise from the failure?

I think it was the lowest point, there is no place for me in the industry, I was so close to being a public enemy. Finally, I had a meeting with my mentor, also my old friend – Simon Halim – he was ex-CEO of E&Y. He taught me to make plans and report the progress every week to him. He helps me carefully list all my problems, categorized it one-by-one and create a solution for each. Step by step, I get back on track and managed to get out of all my problems in three years. Fighting your problems and debt is like taking the swimming practice, you just start your long swim and take a breath every 10m or so. As long as the finish line does not move – you will get there eventually.

During this moment is also the starting point of Nexian era. I was in the long queue to buy the handset when I decided to approach the founder and declared my mission to create a better app for the product. It turned out well and Nexian becomes the hype that day. I created a company together with Nexian, focus on mobile content for handsets. We created dozens of handset concept with the help from notable celebrities like Slank, Anang, Ashanti, Syahrini and other innovative concepts. Nexian JV is my first highly-profitable company.

Currently, you are the CEO of JAS Kapital, Founder of MCAS Group, and contributor to many other activities in the industry. Tell me more about the journey.

My life becomes more interesting when I met my current partners — Jahja Suryandy, Martin Suharlie, and Michael Stevens. Together we started MCAS Group in 2017 with the vision to disrupt the digital ecosystem in Indonesia. We took the company public and now the business grows very fast. We are now conducting in-depth research on AI technology and Fintech, focusing on reshaping various industries for the next 20 years.

There is no single industry able to escape technology penetration, and in the next 20 years, we are to shift most of the work into machines. It doesn’t mean to be unemployed, but most people will move to much better jobs with more free time in their hand for the most important thing in life: family.

I might have made some bad decisions in the past, but hard-working, ideas, persistence will always help us progressing every day. I always look up the quotes “Lack of money doesn’t make you lose your value, but lack of idea is,” and I never stopped producing ideas up until now.

MCASH IPO in 2017
MCASH IPO in 2017

You’ve known as a speaker at tech-business events and also a mentor to many startup incubators. What do you think is very fundamental in building a business?

The hardest part of developing a company is to transform a personal-based business into an institution. In order to survive, one must build a system and fix the fundamental issue first. Also, focus on what you’re doing now, do not get too excited you started so many businesses you have no time to handle. Try not to bite off more than you can chew.

For those who want to start, let’s go back to the most fundamental part of the business – create a healthy profit. Basically, your cost should be less than your revenue, and the difference of it is simply called profit – please don’t try to come up with other definition as most startups do.

Izak Jenie as a speaker at SelasaStartup / DailySocial
Izak Jenie as a speaker at #SelasaStartup / DailySocial

Nowadays, startups are bleeding and it’s not really good for the industry. Toxic mindset is mushrooming where startup founders think that it is ok to lose money and chase the future nirvana. Well, not everyone will become Unicorn, only those who are persistence, have a good network and execute well are capable. The rest has to struggle for the company to stay afloat and it’ll be very difficult when you have no profit. I’ve seen too many cases where founders got exhausted and not only the business failed but their personal life as well.

Thus, as much as possible – make your startup profitable. VC money is a good way to jumpstart your business, however, don’t be spoiled with multiple series of VC money and try to run the company independently. Once you master it, most people can easily replicate.

User’s Feedback on Using Popular E-money Amidst the Tight Business Competition

The payment-app (e-money) competition in Indonesia is entering a new chapter. The more players penetrate the market, the more interesting goes the war of strategy.

Nolimit, a company worked on online media analytics has recently released a report on social media perspective related to some payment apps. They highlighted the social media issue about each company in July 2019.

LinkAja is actively posting on Instagram, Facebook and Twitter with 120, 179 and 189 posts each during July 2019. Dana is quite active on Youtube with 4 videos. These include posting for promos, inspiration, education or any other interaction.

On Instagram, LinkAja with 584,300 followers has reached 118,220 engagement with 0.17 ratio per post. This is far behind Doku with only 11,035 followers but getting 49,929 total engagement with 4,16% ratio.

In terms of followers in July 2019, Dana is leading the table with 12.01% growth on Instagram, 13.23% on Facebook and 30.09% on Youtube. On Twitter, Go-Pay made the most of followers with 18.52% percent.

Negative feedback comes from technical issues

In terms of feedback, LinkAja (26,354 feedback with +85,03%) and Doku (1,068 feedback with +85.55%), followed by Dana (49,570 feedback with +76.67%), GoPay (54,172 feedback with +45.41%) and Ovo (137,556 feedback with +3,26%).

Positive feedbacks mostly comes from promotions, such as 30% cashback from Ovo, GoPay PayDay and discount for BTS Bring The Soul ticket on Book My Show from Doku. The additional feature has an impact on social media. It’s easier to buy game vouchers using LinkAja, transfer via Dana or making Google Play transaction through GoPay.

Previously, iPrice Group and App Annie mentioned in their report; Gojek, including GoPay, Ovo, Dana and LinkAja placed as the e-wallet with the highest user rate. Observing the activity and feedback on Nolimit’s report, it shows LinkAja’s effort to accelerate user growth using social media interaction. Posts related to promotion, education and other interactions are quite high on various platform.

A small distinction with Ovo as many were talking about. They gain more negative feedback due to customer complaints on decreasing balance and login issue. Other players as GoPay, Dana, LinkAja and Doku also face the same complaints on social media about technical issues, such as top-up and transaction failure. However, positive feedback covers it all.


Original article is in Indonesian, translated by Kristin Siagian

Platform “Wellness” Fibo Targetkan Basis Pengguna Lewat Automasi

Pelaku bisnis dalam industri sport and wellness kini semakin banyak bermunculan. Setelah Doogether, The Fit Company, dan Ride, muncul Fibo, sebuah startup penyedia platform SaaS yang mempertemukan pemilik lapangan (merchant) dengan pengguna (user).

Berawal dari kesulitan dalam menemukan lapangan basket yang available dan sesuai kebutuhan, Founder dan CEO Fibo Jefferson Loren berinisiatif untuk membuat startup yang dapat mempermudah penggunanya menemukan dan memesan lapangan olahraga. Startup yang mulai beroperasi di pertengahan tahun 2017 ini telah melegalkan usahanya dengan nama PT Ayuk Olahraga Bersama di awal tahun 2018.

Fibo memiliki aplikasi bernama Fibo Sports yang baru bisa digunakan di platform Android. Selain itu, terdapat juga Fibo Merchant yang bisa digunakan para pemilik tempat olahraga untuk mendaftarkan lapangan mereka. Layanan ini secara aktif telah menjangkau area Jakarta Selatan, Tangerang, dan Bekasi.

Menyadari ketatnya persaingan dalam pemesanan tempat olahraga, pihaknya sempat mengalami kesulitan dalam meningkatkan jumlah pengguna. Sampai akhirnya mereka menemukan celah berbasis sistem manajemen turnamen. Fibo Match memungkinkan pengguna membuat turnamen serta menyediakan data dan informasi terkait kegiatan tersebut berikut profil para pemain dalam satu platform. Melalui solusi ini, mereka mencoba meraup sebanyak mungkin user untuk menggunakan platform automasi Fibo.

“Kita juga membuka peluang bagi brand untuk menempatkan iklan dalam turnamen. User base kita memang belum terlalu besar, namun seiring turnamen yang terus berjalan diharapkan pengguna kian meningkat, sehingga semakin banyak juga brand yang mau menjadi sponsor,” tambah Loren.

Selain itu, startup yang masih beranggotakan 13 orang ini juga sedang mengembangkan paket B2B, ditujukan untuk korporasi yang ingin memanfaatkan sistem manajemen olahraga untuk karyawan mereka.

Mengenai pendanaan, saat ini timnya masih berjalan secara bootstrap, namun pihaknya mengakui sedang dalam pencarian investor strategis dengan visi yang sama. Loren mengungkapkan rencananya [jika mendapat pendanaan] untuk melakukan cross-sport category dengan menambahkan cabang basket dan juga badminton, lalu menjalankan ekspansi secara geografis.

“Kita akan gunakan 60%-65% di lapangan, sementara sisanya sekitar 30% akan digunakan untuk teknologi. Targetnya adalah di awal tahun 2020,“ tambahnya.

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Nicko Widjaja on the Tech Investment: The Rise of The Misfits and the Underdogs

This article is a part of DailySocial’s Mastermind Series, featuring innovators and leaders in Indonesia’s tech industry sharing their stories and point of view.

The tech scene is no joke, in order to succeed, one must not play by the book. As one of the pioneers in the tech investment, Nicko Widjaja, has been through hell and back looking at the industry. As the CEO of telco backed MDI Ventures, he manages to put the company as one of the few profitable venture capital firms in Indonesia.

In 2011, he started his own VC firm named Systec Ventures when many were unsure on how big the tech startup scene would be in Indonesia. Closed the fund in 2013, and became the head of Indonesia’s largest startup incubator program under Telkom Indonesia a year later with Telkom Indigo Incubator. In 2015, he went to head the new iteration of Telkom Indonesia’s creative capital thesis, MDI Ventures.

After successfully leading the exit of five overseas companies, setting up Singapore operation, and raising the second fund for MDI Ventures, Nicko Widjaja is now moving up to head the newly established BRI Ventures with fund eyes up to $250 million targeting fintech ecosystem of Indonesia.

All these achievements are through a series of hard work and dedication. Here’s the glimpse of his story.

Let’s start from the early days of Nicko Widjaja and what’s behind his brilliant mind?

Let’s say I was born on the right timing. If only I was born 10 years earlier, it would be too early, and later would be too late.

I was never a big believer of institutionalized education. It’s outdated, traditional, and somewhat resembled a factory – you’re in and, voila, you’re out for a placement somewhere. I was a rebel growing up. I like to challenge my peers in school most of the time – not the kind of rebel against parents or anything like that.

Growing up, I didn’t fit anywhere. A square peg in a round hole, so to speak. It was quite depressing actually to see the world around you like the movie ‘Divergent’ – the early 90s is somehow reflected in that movie. I was educated in a Catholic institution, like some sort of prep school for ‘successful people’, bred to commit to the family honor, career, reputation, blablabla for life.

And crazy thing was that some people I grew up with really became what they said would be now. Bankers, architects, doctors, or even someone’s son/daughter-in-laws – what the fudge?

As I struggled to fit it, I flunked many subjects. Math, Science, English, and so on. I might have this reputation as chronic procrastinator growing up, until I failed Sports, then the public opinion had begun to label me as rebel. Then the world around me changed. I became the ‘factionless’.

I think this is the beginning when I realized that I don’t have to follow what everybody is and have plenty of time to understand myself better. This is the very important foundation of becoming a Mastermind: Know yourself.

What major did you take? And why?

Oh well, that what we’re ‘designed’ to do anyway, isn’t it right? You graduated high school, go to college, get career/married, go on retirement. An endless cycle of pain.

My reason for going to university was different than most of the dudes back then. Most of them were like: “Hey, I’m majoring in accounting because I want to become an accountant later! Yippy!” or “Hey, I think I’m good at doodles, I’d like to try graphic design!”.

I went because I think I could learn more about myself. What excites/inspires/motivates me and what doesn’t. Where I can find greater purpose/goal/ambition in life and where can’t. Why this particular subject draws me in curiosity and why the other doesn’t.

I didn’t take up to decide a major until the third year of my university year. I’m lucky to have such supportive and understanding parents in that way. I took a bunch of engineering focus courses in my early years and realized that it wasn’t for me. Later took some business courses and I found them quite dull, until I finally found liberal arts. The study of human evolution, narrative and interaction had become a fascination in my life.

Whatever it is that I’m currently doing, it is all a homage to that particular school of thought.

Tell me the early days of your arrival back in Indonesia. What have you done?

After graduating from Oregon State, I moved to San Francisco in 2000. The city was blossoming with dotcoms, just a year before the bust – that what we called startups then. I was attracted to the whole pitch from e-commerce to pre-social media portals.

I did a few gigs in the dotcoms, mostly working in content development, business analysis, and all those chores you expected from a fresh grad.

I returned to Jakarta in 2004 when I joined Indofood as their corporate development officer reporting directly to the CEO where I learned most of the basic working experience and the helicopter view of corporate strategy. I’ve worked there for three years, and during that moment I started to hear chatters about someone was doing something on the Internet.

I resigned from Indofood in 2007, co-founded some businesses, Thinking*Room (multi-disciplinary design company), Mindcode (innovation and consumer research company), and investing in some movie productions. I described my pre-VC days as ‘I-wish-life-was-that-simple-again’ days.

During 2009-2010, I was brought to the early Indonesia’s tech scene by some friends who founded Koprol, Urbanesia, Dealoka, and this was the first time I knew Rama and the Dailysocial – look how we’ve shared this timeline together for almost 10 years!

How did you come up with Systec?

I was in my movie editing studios in 2009 and some friends called over the phone, “You got to come here and listen to this guy!”

Then later they invited to this pitch about a local startup trying to challenge Google in Indonesia, something like Google in Bahasa Indonesia, or something like that – quite a revolutionary too at that point of time. That was crazy, because Google could’ve just easily implemented all languages in instant just like that. But this guy somehow brought pride, nationalism mix together, and voila he collected a hefty $1-2 million easy.

Initially, they asked me to introduce them with some high net worth. I did some introduction here and there – I guess why not – until I found myself talking about the digital ecosystem altogether. Kind of finding myself in a fundraising mode when talking about digital.

Then a few months later, I co-founded Systec Ventures with some colleagues from Mindcode. It was super early ecosystem if you remember in 2011, there were only a handful of us at such events like Sparxup, Echelon, etc. Systec Ventures was a venture builder studio, a hybrid of incubator + investor + collaborator – similar to Science Inc. It was exciting because I can work closely with entrepreneurs. They can utilize our open space (much like what you see in co-working offices now) for free as long as you’re an investee. I think here you can get the bigger picture on how the ecosystem working its way up.

Systec Office Circa 2012 / Nicko Widjaja
Systec Office Circa 2012 / Nicko Widjaja

Are you willing to share the demise story?

Many might not aware that VCs are making money from the sale of shares in the portfolio they invested in – not from dividends. In Systec Ventures, we’re so busy working on each of the portfolio to perfect their product, content, business model, that we realized until later that without follow-ons then there’d be no path to profit – again this was during the earliest day of Indonesia’s startup scene.

One by one, the portfolio was losing liquidity, while betting on the one or two feature products.

It was a huge lesson learned, and that what contributed to the whole conventional realization that ‘cash is king.’

What did you do next? Indigo?

In 2014, we’ve got introduced to Telkom Indonesia, and they are about to restart the Telkom Indigo Incubator for digital startups. We both learned from each other especially Telkom Indonesia started the open innovation program about the same year as Systec Ventures in 2011. In the past, Indigo Incubator was the kind of a lab when you arrange startup founders to eventually work for one of the projects in Telkom Group. Pretty much similar to Systec Ventures, or any other conglomerate backed venture wannabes out there.

When we (the ‘we’ is mostly Systec’s team) got into Indigo Incubator to help improve the program, we realized that follow-on should be the metric of success – just like any incubator program all over the world.

And back then… follow-on was rare. Most of the incubator programs (especially in corporates) in those days also failed to attract outside investors. (I think one thing about us at Systec Ventures got it right was access to high net worth who are about to venture in the digital business)

We invited our investor networks to even engage during the program as mentors/advisors. We managed to get 40% follow-on rate in our first batch and now Indigo Creative Nation is perhaps Indonesia’s most leading startup accelerator program with more than 70% follow-on and a market cap of $180 million with notable startups such as Payfazz, Nodeflux, PrivyID, Sonicboom, GoersApp, and so on.

How did you manage to find the good deals?

My investment philosophy is simple: You get good deals from someone who knows how to get the best deals. The next question is why would they give their best deals to you? We at MDI Ventures, we really develop and nurture our relationship with top tier global investors. Sharing and combining our resources together with Telkom Indonesia was part of the strategy for our upside in getting the best deals.

I’ve heard of one VC in Singapore giving away term sheets to startups without even honoring them in the end just to bring LP money in. That’s sad because, in this industry, news travels fast, and if you really want to thrive in this industry, your reputation is everything.

How about these past few days in MDI?

MDI Ventures is perhaps one of the few profitable VCs in Indonesia. Last month alone (June/July), we experienced three exit events, totaling of five exits thus far after only 4 years in operation, that is one IPO in the TSE and another one in the ASX. This signals the new dawn for the region’s startups as more money is flowing inbound. The team’s spirit is at all time high.

Let’s move on to BRI. How did you manage to go there?

MDI Ventures was one of the first models of Corporate Venture Capital (CVC). Rumor has it that we were referenced every time CVC is mentioned in corporate meeting rooms all over town. I believe the first validation to work with outside entity was when we collaborate with Mandiri Capital to launch Mandiri Digital Incubator in 2016. That was our first interaction with the banking sector.

Since then we’ve been working closely with Pegadaian and Pertamina to introduce startup x corporation collaboration synergy.

When you talk about digital transformation in the banking sector, BRI has been one of the most progressive implementing its digital initiatives starting in 2017. Started discussing about the fund in 2018 and the ecosystem thesis was coined.

I stated clearly that leaving for BRI Ventures doesn’t mean leaving MDI Ventures completely. Both are clearly in synergy in many ways and learning to leverage each other’s resources: the biggest bank, the biggest telco, and the tech startup right in the middle. We are definitely looking forward to forming up a collaboration sooner that you expected.

Taking a break from the investment story, tell me about your teaching experience?

UPH Lecture/ Nicko Widjaja
UPH Lecture/ Nicko Widjaja

Again, life sometimes takes a strange turn – especially for someone who hates school. I taught at UPH Business School during 2010 – 2015 (around the same time of Systec Ventures). It’s an exciting opportunity to experience the streams of thought from the next generation of leaders, entrepreneurs, etc.

My method was quite unconventional. I believe when you meet one of my students they could share one of their experiences of being inside my chaotic classroom. But most of the time I spoke more about the new digital economy, comparing case studies from Amazon, YCombinator, Yahoo, etc. and build some sort of relevance to what’s happening domestically.

If you can attribute your success, what would it be?

First, don’t be afraid to make mistakes as long as you try to learn as much from them. Second, some skin in the game.

Written by Nicko Widjaja
Written by Nicko Widjaja

Any suggestion for those who want to start their own startups?

I might be known for my bluntness when judging startups, but here’s what I think: You feel you can be the next unicorn? No, I don’t think so.

Unicorns didn’t even aim to be one. It’s the mindset of the underdogs that put Google, Facebook, Netflix on the pedestal. It’s the underdogs who won against the corporate arrogance of domination: Netflix Vs Blockbuster, Amazon Vs Barnes & Noble (and later the whole retail chains in America), Apple Vs IBM, and so on.

So, if you’re a startup and your aim is world domination before even begin to validate yourself, then you belong in the insane asylum.

Pomona Receives Over 41 Billion Rupiah Series A Funding

The platform developer for omnichannel and marketing solution “Pomona”, today announced Series A funding. It touches $3 million or equivalent to 41.8 billion Rupiah, led by Vynn Capital supported by Ventech China, Amand Ventures, Stellar Kapital, and Central Capital Ventura. It consists of two stages, the first one closed last year.

“This round we called series A-2 because it consists of two rounds. We already closed for the first round last year (undisclosed), then the next round this year. We closed a new round due to the acceleration of new product development,” Pomona’s Founder & CEO, Budiman to DailySocial.

The funding is to be allocated to the penetration of its new service, including to accelerate product development and new staff recruitment. As previously known, the company has shifted focus before on solution to help FMCG (fast-moving consumer goods) business and CPG (consumer packaged goods) to improve sales conversion for the product campaign through the end-to-end solution.

In terms of users, Pomona is currently offered cashback for various products consumer’s bought from minimarket or supermarket. Users just have to upload the bills to the platform. Whether any related products having promos, cashback will directly be sent into their account.

“By offering cashback and intensive discount, we can get the consumers to connect with brands while making an equal financial benefit to the people,” Benz said.

Developing a consumer analysis service

In helping the brand to maximize product penetration, Pomona provides a series of services. One is the analytics tools for measuring consumer’s involvement level, offline sales conversion, and marketing campaign effectivity.

They also develop a solution based on “white label”. It allows certain brands to deliver presents directly to consumers, as part of the loyalty program. They also gain revenue from analytics tools subscription and fee from the verified transactions.

Since it was founded by Benz Budiman (CEO) and Ari Suwendi (CTO) on May 2016, Pomona runs a B2B2C model. Some FMCG and CPG companies are currently using its services, such as Unilever, Japfa, ABC President, Sosro, Frisian Flag, and others.

We have plans to improve the analysis capability to help brands measuring effectivity for market penetration. It includes improving the connection of the company with producers and distributors, for more transparent business.

“For most of the customer’s interaction with the product happened offline, brands have difficulty in measuring the coverage and engagement in the market. FMCG and CPG companies can get related insights on consumer behavior and adjust their strategy through our solution,” he added.


Original article is in Indonesian, translated by Kristin Siagian

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MTARGET Reveives Seed Funding from Prasetia Dwidharma

The SaaS platform for marketing automation, MTARGET, receives seed funding from Prasetia Dwidharma without revealing the number. As Yopie Suryadi (Founder & CEO) told DailySocial, the cash will be used to build-up team and to increase penetration. On B2B segment.

In the run of product development and current expansion, MTARGET strives to increase growth and improve the revenue team. During 2018, the company has listed a monthly growth of 22%, with total users reached 2100. And until now it has reached more than 3000 users.

Started with email marketing automation platform named MailTarget, they are now transformed into a marketing cloud solution. They have the vision to help business interaction and brands to get more personal with users, using the right data and tools.

Last year, MTARGET has its debut in Malaysia. In terms of product marketing, they placed a business team there. It’s the same target, supporting SMEs and startups to build marketing strategy through digital channels.

Currently, MTARGET provides some leading features include email marketing, email automation, interactive form, landing page, and social media management platform.


Original article is in Indonesian, translated by Kristin Siagian