1. Startups

Octopus Selected as a Participant of the Google Startup Accelerator Program Specifically for Circular Economy

Besides Google for Startup, there are a number of other startup accelerator programs that focus on fintech startups

The "Google for Startups Accelerator: Circular Economy" program announced the 12 selected participants in batch first. Octopus, an aggregator platform for recycling waste from Indonesia, is the only representative of Indonesia. 11 other startups came from the United States, South Korea, India, and Taiwan.

In an official statement submitted by Google today (7/2), the 12 startups participating in the GFS Accelerator program use technology to deal with various complex problem areas, from food waste and fashion to recycling and usable products. return (reusable products).

Over the next three months, they will all be given training, mentoring, as well as insights from Google and external mentors to help develop projects that are being worked on. Then on the demo day at the end of the program, the participants will be asked to present what they have done.

“Joining the Google for Startups Accelerator provides an opportunity for us to learn more from Google, as well as tap into a network of ecosystems that can help accelerate the rapidly growing Octopus. One of the topics we are interested in is related about acquiring new customers or new consumers,” said Co-Founder & CEO of Octopus Indonesia Moehammad Ichsan.

According to him, the circular economy is a very new thing in Indonesia, so getting consumers or application users is still the biggest challenge we are currently facing. By joining this program, he hopes to learn strategies to attract users' interest in utilizing the Octopus platform in a sustainable manner.

Head of Startup Ecosystem SEA, SAF, and Greater China Region Thye Yeow Bok added, in Indonesia the waste industry managed by scavengers or informal workers is still the key to waste management in this country, especially in rural areas, conventional waste collection systems have not been implemented. .

In his view, Octopus provides a solution that makes informal waste collection more accessible and efficient. This makes it easier for individuals and organizations to support waste recycling efforts in Indonesia. "This is what makes us very happy to support and help expand their efforts," added Bok.

Bok continued, currently various companies and organizations around the world are starting to take steps to shift from a linear economic model, namely the "take, make, throw away" model to a circular economy. Circular economy is an economic model that extends the life of products and raw materials so as to minimize waste and conserve the use of limited natural resources.

“Right now at Google we are looking at ways to maximize resource reuse across our operations, products and supply chain. Apart from that, we also help various parties who want to do it together, by supporting startups that are trying to build a circular economy.”

Managing Director of gTech Sustainability Estee Cheng added, “Recycling plays an important role in advancing the circular economy. More and more companies are thinking about the technical and design aspects of their products from an early age, and are integrating recycling aspects into their products from the start to support the circular economy concept. This means that when a product reaches the end of its useful life, it can be converted into a new product.”

More Coverage:

Previously, Google announced a new GFS Accelerator on October 2022 in order to support startups and non-profit organizations in North America and Asia Pacific who are trying to solve challenges related to the circular economy, aiming to minimize waste, extend the life of products and raw materials, and help regenerate natural systems. The circular economy model is based on the principles of reducing, reusing, repairing, rejuvenating and recycling raw materials and products.

It said there were hundreds of applications that signed up to take part in the program.

Another accelerator program

Besides Google, a number of impactful startups from Indonesia have also been participants in various accelerator programs held by global parties. Here's the information:

  1. US-based VC firm AgFunder, and ecosystem-builder Singapore-based GROW hosted AgFunder GROW Impact. The program, which was first held in 2019, has raised more than $60 million collectively from all of its startup graduates. Startup from Indonesia, Green Rebel Foods is one of the graduates.
  2. Accelerator program JICA NINJAS 2022 partner with WIND chose three impactful startups from Indonesia who were entitled to take part in the acceleration program in November 2022. The three startups are Bell Society, CarbonEthics, and Surplus. They managed to qualify after going through a curation process from a total of 200 startups that registered.
  3. The Grow Impact Accelerator, which has now opened its 4th cohort, chose the startup Mycotech Lab as one of the 10 selected startups in the 3rd cohort. Not only the mentoring program and access to market networks, participants also receive an investment fund of $100 thousand.
  4. Sustainable Impact Accelerator which inhosted by the Singapore Center for Social Enterprise, raiSE, and Quest Ventures, has now opened a 2nd cohort. Selected participants will also receive an investment fund of $40 thousand. Frea, a startup founded by Indonesians, was one of the participants on cohort first.
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