East Ventures, a pioneering sector-agnostic venture capital firm that has supported over 250 tech companies across Southeast Asia, today launched the fourth initiative of Indonesia PASTI BISA, namely Maju Terus Pantang Mundur (Keep Moving Forward, Never Give Up) or IDPB MTPM. It is a collaborative project led by East Ventures in response to the current rampant employee layoffs, especially in the tech ecosystem. IDPB MTPM is the continuation of IDPB, a collaborative movement spearheaded by East Ventures since 2020 to support communities during the crisis in Indonesia.
Indonesia PASTI BISA Maju Terus Pantang Mundur provides an opportunity for aspiring entrepreneurs to develop their business ideas and take their first step in creating a startup. Through the designed program, the impacted talents can realize their business ideas, receive direct coaching from experts in the digital ecosystem across multiple areas, connect with investors, and receive a total funding of US$ 500,000 (IDR 7.5 billion) in the form of uncapped convertible notes for 30 teams, with supports from prominent partners, such as IDN Media, Tech in Asia, Katadata.
IDPB MTPM consists of the subsequent activities:
(1) Open Application: 23 – 30 November 2022
Eligible participants can submit their application with information about the team and business idea.
(2) Shortlisted Team Announcement: 1 December 2022
East Ventures will announce shortlisted teams through IDPB MTPM and East Ventures’ official websites and social media channels.
(3) Coaching and Hackathon: 2 – 12 December 2022
The shortlisted team will start 10 days of coaching and 1 day of the hackathon with East Ventures and experts, such as Albert Lucius (Founder & CEO of TipTip), Sigit Kouwagam (Co-Founder of Bibit & Stockbit), Rachmat Kaimuddin (Deputy for Infrastructure and Transportation Coordination Coordinating Ministry for Maritime Affairs and Investment), Andree Susanto (CEO of Waresix), Stefanus Ade (Chief Investment Officer of Indonesia Investment Authority (INA)), Farid Naufal Aslam (Co-Founder & CEO of Aruna), Izak Jenie (Technical Advisor for Digitalization for Indonesia’s Health Ministry), Henry Hendrawan (Co-Founder of Pintarnya), Willis Wee (Founder & CEO of Tech in Asia), Winston Utomo (Founder & CEO of IDN Media), Wesley Harjono (Managing Director of Plug and Play Indonesia), East Ventures’ investment team, and many more, to hone and sharpen their business ideas.
(4) Demo Day: 13 – 14 December 2022
The teams will present their MVP in front of the judges.
(5) Announcement: 14 December 2022
30 teams will be selected and get funding. The announcement will be made through IDPB MTPM and East Ventures’ official websites and social media channels.
As a pioneering and leading sector-agnostic venture capital firm, East Ventures has established a robust digital ecosystem in Indonesia and Southeast Asia. Since its inception, creating intentional impacts has been part of East Ventures’ DNA, which is not only merely created through investments but also through the creation of immediate initiatives in the critical time. Like other crises we have gone through, this recent crisis will bring opportunities as our digital economy still has much more to offer.
“Thousands of talents within the tech ecosystem were laid off. We believe that the impacted talents have great potential, yet they are just at an unfortunate time and condition. To keep them unleashing their potential, East Ventures wants to create a platform to support those individuals impacted through Indonesia PASTI BISA Maju Terus Pantang Mundur. We believe in the importance of collaboration among all players in the ecosystem to go through the hard times, as we always do,” said Willson Cuaca, Co-Founder and Managing Partner at East Ventures.
“Indonesia PASTI BISA Maju Terus Pantang Mundur serves as a platform to connect bright talents and aspiring entrepreneurs in receiving the right guidance so that they can realize their entrepreneurial dream. We encourage all impacted talents to apply to this coaching and hackathon program. We are looking forward to partnering with any organizations to support this initiative. We hope to see many great talents and potential ideas to solve pain points in Indonesia. We are looking forward to moving together in reviving and developing the digital ecosystem and taking steps toward achieving an inclusive and sustainable future,” said Avina Sugiarto, Partner at East Ventures.
To facilitate any related questions regarding this initiative, East Ventures will conduct a “Ngobrol Bareng Founders” session on 28 November 2022 at 11.00 AM – 1.00 PM (GMT+7), which will be conducted in a hybrid format at Djournal House Senopati, Jakarta, and YouTube. The participants and partners interested in joining this initiative can submit applications through www.indonesiapastibisa/mtpm by the latest 30 November 2022.