DBS Indonesia and Greenhouse Present Key Players in the Indonesian Startup Ecosystem, Sharing Insights About Market Expansion
DBS Indonesia and Greenhouse present one-stop event gathering the most active business leaders from around Southeast Asia to drive the growth of startups and MSMEs in Indonesia
INDONESIA,07 November 2019 -
As Southeast Asia’s largest economy with a relatively young population of 260 million, Indonesia offers a significantly large pool of consumers and workforce while enjoying steady economic growth. Such strong fundamentals have helped make Indonesia an attractive country for startups and SMEs to expand to. However, it can be challenging; Indonesia is ranked 73rd in the World Bank’s Ease of Doing Business Index. To help startups and SMEs kickstart their expansion to Indonesia, DBS Indonesia and Greenhouse held a one-of-a-kind event titled Market Expansion Indonesia: Compliance, Recruitment, and Funding.
"Nowadays, startups have sprung up in Indonesia, especially in the field of technology, because of the disruption of digitalization. We also see businesses keen to enter and grow in Indonesia. Whether local or foreign, both face common challenges, namely in recruitment, funding and compliance. Therefore, we are collaborating with Greenhouse to bring together professional service giants, disruptive startups and investors from all over Southeast Asia to share insights. Startups and SMEs can also leverage our local and regional network to support their expansion," said Rudy Tandjung, Director of PT Bank DBS Indonesia.
Greenhouse is a startup that provides integrated solutions empowering businesses to expand in Southeast Asia, currently active in Indonesia, the Philippines, Singapore, Thailand, and Vietnam. Their products and services include a marketplace for users to book company incorporation and secretarial services, as well as guidelines and materials to help educate them through the process of launching a company in Southeast Asia.
Viktor Kyosev, Chief Operating Officer of Greenhouse said, “As we know, entering new markets like Indonesia is not easy, but has huge potential. This event is intended for business people who are planning to expand or just recently expanded into Indonesia, want to expand their network, or are looking for funding.”
Viktor continued, “We aim to provide insights on the latest trends or regulations in Indonesia, related to compliance, talent and recruiting, and venture capital funding.”
The discussion is divided into three sections with their respective themes namely market entry panel, recruitment panel, and a fireside chat on funding.
In the market entry panel session, the topics include common mistakes, misconceptions, challenges, and opportunities presented in entering Indonesia and other fast growth markets throughout the Southeast Asian region. This panel session aims to help startups to predict possibilities and ways to avoid pitfalls and reap rewards as quickly and painlessly as possible.
Alvin Christian, Managing Director of TMF Indonesia said, "In his second term, President Joko Widodo aims to improve Indonesia's economy from the 16thlargest ranking in the world today to 5thplace in 2045." Alvin continued, "To achieve this, the government is implementing various improvements and efforts to streamline policies and procedures tofacilitate doing business in Indonesia, such as implementing the OSS (Online Single Submission) system, simplification of the number of licenses and permits needed to operate a business, and ongoing discussion on labor law reformation."
Meanwhile, the recruitment panel session addressed talent, a key asset to any business. Featuring recruitment experts and a startup which has successfully expanded and hired in new markets, insights relating to common barriers, misconceptions, strategies, future trends, and opportunities in Indonesia and other fast growth markets across the region were shared.
Ken Ratri Iswari, CEO and Founder of GeekHunter, stated, "Today, many companies use hiring strategies beyond just salary value. They personalize their hiring strategies according to the candidates they are after. "
Last but not least was a fireside chat on funding in Indonesia. In this discussion, insights on the funding and startup landscape in Indonesia and Southeast Asia, and how startups have effectively entered and scaled within these same markets, from international headquarters, were shared.
Joe Zhang, Principal of TNB Aura, stated, "Investment decisions of venture capitals consist of many factors and they vary according to the stage of the startup. For example, in early stages such as pre-launch and pre-revenue, more emphasis will be put on assessing the experience and vision of founding team. After startups enter growth stage, metrics such as profit margin and unit economics become more critical. Nonetheless, investing into startups is like forming partnership and friendship, people are always one of the most relevant factors at all stages."
Moderated by Co-Founder & CEO, Greenhouse, Drew Calin; Senior People Manager, Greenhouse, Ingrid Chai; and Principal, TNB Aura, Joe Zhang. Panels featuring Managing Director, TMF Group Indonesia, Alvin Christian; Managing Director, Vistra Indonesia, Miguel Latorre; Founder & CEO, Kontrak Hukum, Rieke Caroline; Director, Michael Page Indonesia, Ben Ewbank; Founder & CEO, Geekhunter, Ken Ratri Iswari; Head of People, Fave, Yuliana Dewi; dan COO, Ralali.com, Alexander Lukman.
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for eleven consecutive years from 2009 to 2019.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 27,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.
Greenhouse is the first marketplace for incorporation and corporate secretarial services in Southeast Asia. Greenhouse empowers you to book the services you need to establish your company in markets including Indonesia, the Philippines, and Singapore, as well as connect with market entry consultants in these markets. For more information, visit www.greenhouse.co.
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