Report: Impact of Incubator and Accelerator Programs for Indonesian Startups
82% of founders said they are interested in joining an incubator/accelerator program to help build their business
There are a number of ways to choose from founder to validate and grow the established startup business. One medium that can significantly help startups grow is incubator and accelerator programs. Airbnb, Stripe, Ajaib, eFishery, Fazz, Privy, Xendit are just a few of the hundreds of late-stage startups that have graduated from incubator and accelerator programs.
Through a report entitled "Tinc Impact Report 2023", Tinc as the startup accelerator program belongs to Telkomsel together with DS/Innovate summarized the development trends of incubator and accelerator programs in Indonesia. This report also involves surveys and interviews with relevant stakeholders – incl founders, mentorsand organizers—to get an overall picture regarding the extent to which the program has had an impact on founder and the business.
This report consists of 5 main discussions, as follows:
- Digitalization and startup trends in the world and Indonesia; explore the journey of digital technology penetration in the last decade. One of the data disclosed, that fintech is still one of the most interesting sectors to be explored, as evidenced by the sizeable investment here. There are more than 250 startups fintech which has become unicorn in the world, raising a total of nearly $40 billion in funding between 2021-2022.
- Understanding the ecosystem startupbuilders, incubator and accelerator programs; defines the basic concepts of incubator and accelerator programs, as well as the benefits and curricula provided by each accordingly training-New.
- Development of incubator and accelerator programs in Indonesia; describes the various incubator and accelerator programs that have been running in Indonesia, also categorized based on a number of differentiating variables, depicted in the following graph:
- Perspective stakeholder of incubator and accelerator programs; results of surveys and interviews with various parties directly involved in the program in Indonesia. One of the interesting findings is that 90% founder survey participants already have an understanding of incubator and accelerator programs; 82% of them have plans to join one of its programs. Then from a number of respondents who had participated in an incubator/accelerator said there were three things that had the most impact after graduating from the related program; first to get an increase in competence (85%), second to get network expansion (85%), and third to increase self-confidence (65%).
- Tinc's value proposition as an impactful startup accelerator program in Indonesia; dissected the programs, facilities, and the differences offered by Tinc to the founder. Until now Tinc has accelerated 34 startups from 19 different business verticals. Interestingly there are already 28 use cases collaboration between the fostered startups and the parent company, namely Telkomsel which certainly opens up great growth opportunities, considering that this telecommunications company already has a very broad user base and sub-businesses.
Of course there is still a lot of interesting data and findings that are revealed in the report – including things that still need to be improved from incubators/accelerators to popular programs that are currently in great demand by founder in Indonesia. Details can be downloaded via the following link: Click here.
It is hoped that this report can broaden the perspectives of actors in the Indonesian startup ecosystem regarding incubator and accelerator programs, as well as being material for improvising existing programs so that they can have a better and wider impact.
Disclosure: DS/Innovate with Tinc from Telkomsel producing this report