Change the Focus of Activities, Third Year NextIcorn Increases New Investment "Deals"

Entering its third year, the annual NextIcorn (Next Indonesia Unicorn) has shifted the focus of its activities by increasing bilateral meetings between investors and startups in order to create deal new investment. This change also marks the start of NextIcorn as a independent foundation.

Chairman of NextICorn Daniel Tumiwa explained, in the previous two years, NextICorn was still an annual conference program organized by the government. There is a government mission carried out by holding various conferences and seminars that present many speakers.

"We want to reduce that, with more meeting bilateral. We have to budget for foundation funds so that we can prepare for bigger dreams in the future," he explained, Thursday (7/11).

NextICorn this year it will be held on 14-15 November 2019 at Jimbaran Hub, Bali. The target is attended by 150 investors from various parts of the country and 132 local startups.

Of the curated stages of startup funding, about 20% of them have raised under $1 million, 55% have raised between $1 million-$5 million, and 25% above $5 million.

It is expected that there will be 4.800 requests for bilateral meetings in the two days and at least 1.500 meetings that could lead to further meetings until they actually happen. deal.

For the record, last year this event was attended by 125 investors and 88 startups. There were 3.999 meeting requests during this process, but the realization was only 801 meetings. From there, the meeting follow up 400 meetings.

The startups that join are tightly curated. Daniel explained that there are a number of criteria that must be met, for example in the form of a PT or PMA with a minimum local ownership of 25% and at least having obtained an investment of $100 thousand from an external investor.

If still bootstrap participating startups have a minimum traction of 5 million MAU for media startups, GMV above $1 million for e-commerce startups, or the application has been downloaded more than 1 million times. If it's a SaaS startup, at least Annual Recurring Revenue (ARR) of $500 thousand.

After that, they had to follow the interview process by the Amvesindo team until they were officially entered into the list of participants.

The whole summary (Compendium) from this startup will be provided exclusively and confidentially to investors. The level of investors who come is also limited, at least at the level of Managing Director.

"This classification makes the startup curation presented with quality. For investors, list this will make it easier for them to directly hold a meeting with the startup. The information is complete, it can be read immediately."

Daniel said that so far, his party has received around 100 startups that have registered. Of these 40 startups are start-ups dominated by the health, education, and agriculture sectors.

Completely self-financed

Since becoming a foundation, NextICorn is now financing all of its activities independently and this is its first year. Basically, this foundation was established personally with their own funds by the founders who came from various stakeholders.

Some of these names are Rudiantara, Thomas Lembong, Lis Sutjiati, Rambun Tjajo, Nadiem Makarim, Achmad Zaky, William Tanuwijaya, Feri Unardi, Rudy Ramawy, David Rimbo, and Donald Wihardja. Beyond that, NextICorn has a range of investors from corporate circles, including Gojek, BCA, Sinar Mas Group, and Astra Group.

Daniel said, with all stakeholder, his party will take NextICorn seriously so that it will not only be an annual international conference event, but also carry out promotions throughout Indonesia and encourage collaboration between startups and corporations.

"Timingit fits right now. Corporations start lyric startup for collaboration. Some of them have also started their initiation into digital. A few years ago the bridge was too far away, now it's just right," he concluded.