A lot has been said lately about doing business in Indonesia and why companies like Facebook, Google and RIM chose Malaysia over Indonesia. Some of the reasons named are the lack or shortage in human capital, the bureaucracy, tax issues and maybe even some liability issues. And then there’s corruption and bribes. For as long as I live here the newspapers are full of corruption scandals often involving huge bribes. Complete drama’s between the police, government officials, tax officials and in the centre of it all the KPK, which is the anti-graft body in Indonesia.
So how hard is it actually to start a business in Indonesia?
First a big fat disclaimer. I’m a foreigner living and working in Indonesia. By no means do I think I know the Indonesian society better than native Indonesians. But, when it comes to foreigners starting a business here I think have something to say simply because I pretty much went through the whole process. So this is a post by a foreigner doing business in Indonesia intended for other foreigners who are considering to register a business here.
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DailySocial, Indonesias #1 #2 tech-startup (re-)blog site, trusted source by both investors and startup entrepreneurs. Great bunch of “crazy” guys, lots of laughs (despite that some got bombed by standup comedy lovers) but in the end the confrontation was inevitable. Yep, it’s about time we step in and set these guys straight for the sake of all startup entrepreneurs in the world. Sangat Pedas “tidak peduli” style, you can always count on us.
It started with a post by William Henly, corporate strategy expert, investment banker, multi sector entrepreneur & Fortune Indonesia’s Top 40 Executive Under 40. Basically William sees the Indonesian tech-startup market lately as overhyped, over-valued and he thinks the market is not transparent enough, even using the word “misleading”. Though I wouldn’t go as far as William, I too had some things to say about the Indonesian tech-startup market but from a different perspective. As for the transparency, William, here you can find some of the valuations and deal info of Tokopedia, Kaskus and Detik, even though it’s not all based on solid first hand statements it comes pretty close.
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Ok peepz, time for some serious compliments to everyone involved in the Sparxup 2010 event. For a first time event like this I can really only take my hat of for the people that made this possible, especially everyone behind the screens who worked hard but seem to enjoy the rewards. The investment event was impressive if already only looking at the keynote speakers who were attending. I was surprised and impressed by Indonesias Minister of Trade Ms. Mari Eika Pangestu who delivered a clear message to the Indonesian startups, realizing the possibilities of the booming digital market, showing vision and delivered it in flawless english. Sarah Lacy showed that you just need a name card with a few keynotes to keep the crowd fascinated and Michael “Smitty” Smith was for me the absolute highlight of the day.
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2010 was the year that the big venture capitalist finally discovered Indonesia which now has become the land of unlimited opportunities. Some investments have already happened but much more will follow in 2011. I’m not an expert but I’ve worked with several VC’s in different startups and would like to share some experiences and hopefully give some good advice.
Disclaimer
This post is based on my personal experience and “knowledge” so any comments are welcome.
Any similarities to actual people, situations or VC’s are pure coincidence. A salut to our own VC, guys all negative things I might say about VC definitely doesn’t apply to you guys, you’re the best! To all other VC’s in the world: I LOVE YOUR MONEY YOU!
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A lot has been said lately about doing business in Indonesia and why companies like Facebook, Google and RIM chose Malaysia over Indonesia. Some of the reasons named are the lack or shortage in human capital, the bureaucracy, tax issues and maybe even some liability issues. And then there’s corruption and bribes. For as long as I live here the newspapers are full of corruption scandals often involving huge bribes. Complete drama’s between the police, government officials, tax officials and in the centre of it all the KPK, which is the anti-graft body in Indonesia.