In the last decade, the growth of technology-based startups in Southeast Asia, particularly in Indonesia and Thailand, has shown impressive achievements. In 2022, despite being classified as developing countries, Indonesia and Thailand recorded the highest number of unicorn startups in the region, following Singapore in first place. This development aligns with projections for digital economic growth in Indonesia, expecting to increase by 19% to reach $130 billion by 2025. Thailand is also projected to grow by 15%, with a digital economy valued at $53 billion in the same year (Google, Temasek Holdings, and Bain & Company, 2022).
Strengthening Indonesia-Thailand Partnerships
Recognizing this potential, KUMPUL, in collaboration with Techsauce, a media and community company from Thailand that focused on technology and business news, hosted the Techsauce Global Summit 2024 in Bali on September 25, 2024. This event aims to strengthen partnerships between Thailand and Indonesia and enhance understanding of the crucial role of technology in building a robust regional digital economy across Southeast Asia. The event’s primary focus is to promote collaboration among governments, startups, educational institutions, and the private sector to jointly address challenges, stimulate innovation, and attract investment in various technology fields.
Insights from the Industry Leaders
The Techsauce Global Summit 2024 featured 26 speakers from various organizations, including government, startups, corporations, and academia. In addition to gaining valuable insights, participants also had the opportunity to connect and explore collaboration possibilities with Thai startups. Hokky Situngkir, Director General of Informatics Applications, opened the forum, appreciating the enthusiasm of leaders and investors for Indonesia’s advancement.
“In recent years, Indonesia has experienced rapid digital growth, with 79% of the population connected to the internet. KOMINFO is actively accelerating growth and serving as a catalyst for the regional digital economy, especially in Indonesia,”
Also present at the forum were Faye Wongso, Chairperson of KUMPUL, Oranuch (Mimee) Lerdsuwankij, CEO of Techsauce, and Ronald Simorangkir, CEO of Mandiri Capital Indonesia, who participated in a panel discussion on technology ecosystem development between Indonesia and Thailand. In this session, Mimee, CEO of Techsauce, shared her observations on the Corporate Venture Capital (CVC) investment trends, which have yet to invest significantly in ASEAN countries.
“The top priority is encouraging CVCs to increase investments in ASEAN tech startups to strengthen the regional startup ecosystem. Besides the potential financial returns, CVCs seek strategic benefits such as innovation, access to new technologies, and network expansion. Therefore, startups need to understand CVC needs and offer aligned solutions to attract investment and become strategic partners,”
Echoing Mimee’s statement, Faye Wongso highlighted the need for platforms that strengthen the startup ecosystem and enhance understanding of CVC.
“We envision a future where co-founders from ASEAN countries can collaborate more effectively, allowing funding processes from investors to run more smoothly. Dialogues like this are essential, where representatives from various countries meet to learn from each other. Each ASEAN country has unique strengths. By measuring impact and sharing best practices enables us to learn from each other and accelerate the region’s startup ecosystem development,”
KUMPUL’s Commitment to Fostering Global Collaboration
The Techsauce Global Summit 2024, organized by KUMPUL and Techsauce, showcases KUMPUL’s commitment to cross-border collaboration and global market access. Beginning with a focus on developing early-stage startups through incubation and acceleration, KUMPUL now assists startups in scaling their businesses through strategic connections and collaborations with various cross-border entities as part of KUMPUL’s Global Market Access initiative. Ready to elevate your business to the next level? Please complete this form, and let’s accelerate your international expansion together!
Written by Diyah Trisasmita