Southeast Asian accelerator and early-stage investor 1337 Ventures marked its entry to the Indonesian market with the launch of five-day validation bootcamp programme Alpha Startups Indonesia 2016, a result of a partnership with Convergence Ventures, Baidu Indonesia and Gobi Partners.
The first event will be held on March 28 and applications open on February 23. The second batch will be held in August.
Alpha Startups is a five-day idea validation bootcamp with the mission of nurturing startups with viable business models. Participating startups will have the opportunity to pitch to leading regional-level investors at the end of the five day camp via a demo day session.
Up to three teams will receive mentorship, office space, facilities and a micro-investment valued at US$25,000 to support the team during the ensuing three month acceleration phase. Through 1337 Ventures’ partnership with AWS, top teams will also be extended AWS credits, and premium AWS business support in addition to a wide range of other 1337 partner resources.
The programme has coached 196 startups from previous camps in Malaysia, Singapore and the Philippines. 23 of the graduates received follow-on financing from angel investors, accelerators, venture capital firms and government funds.
“There are a good portion [of business ideas] who have founders with strong potential, but haven’t started their company yet. We hope to channel these types of leads and people to the accelerator, so that we have a chance to accelerate their progress into a fundable business,” explained Convergence Ventures’ Managing Partner Adrian Li in an e-mail to e27.
“Given the success ratio of Alpha in other countries, we hope to see a good percentage of the graduating businesses to receive funding and go on to create impactful businesses going forward,” he added.
He also explained that the programme’s key strength is its ‘leaner, faster programme customised to Southeast Asia’s emerging markets.’
As a result of the emergence and support of local venture capital firms, institutional investors and favourable government policies, Indonesia sees a fast-growing tech startup ecosystem. Entrepreneurship and tech-focused studies are gaining value in classrooms and society, as startups continue to demonstrate viable career paths for university graduates.
“We have carefully researched the market and believe there is a clear opportunity for proven early-stage accelerator programs to turn teams with ideas into funded high potential startups,” said Bikesh Lakhmichand, Founding Partner of 1337 Ventures, in a statement.
The partnership itself began a year ago, when Convergence Ventures, together with Baidu Indonesia and Gobi Partners, met with partners from 1337 Ventures and were impressed by their ‘lean, hands-on approach’.
Attributed to Anisa Menur