“You can have three Southeast Asian countries before becoming a unicorn or conquer Indonesia and become one,” as told by Devina Halim, one of the Market Validation Program (MVP) host speakers from East Ventures, when asked about the benefits of market expansion to Indonesia.
To help tech-driven companies from Singapore validate their expansion into the Indonesia market, a Market Validation Program (MVP) was developed by NUS Enterprise, BLOCK71 (Jakarta); as part of the In-Market Launchpad Programme, an initiative of the Infocomm Media Development Authority of Singapore, supported by Enterprise Singapore. The programme consists of three segments: Model in Singapore, Validate in Jakarta & Prospect Beyond.
The programme kicked off with the Model segment in Singapore which saw companies going through the business model canvas framework and introduced to the market entry canvas which formed the baseline for the validation trip to Jakarta.
The validate segment in Jakarta then took place over three days, with 16 host speakers comprising companies/startups, corporates and government organisations invited to address topics on the Indonesian market landscape through talent and customer chase sessions as well as business incorporation matters and Government initiatives and policies. There was also a trip to BSD City to visit the BINUS-Apple Developer Academy and 99.co as well as a full-house networking dinner with stakeholders in the startup ecosystem and local businesses. The MVP concluded with a structured validation session on the third day for companies to do a few rounds of 1-on-1 pitching of their market entry canvas for advice from a panel of market advisors on their expansion plan and market readiness.
With a population size of almost 270 million and over 170 million internet users, it’s hard for anyone to dispute the massive market and sheer abundance of opportunities present. However, localising and finding that product market fit remains critical to the journey of any business expansion. Understanding what it really means to set up, do business and sell to Indonesians was the first step in this journey for the Singapore companies through this MVP.