The Entrepreneur Financial Fiesta (EFF), a government-backed initiative launched in 2020, continues to play a pivotal role in Indonesia's startup ecosystem. With 3,860 entrepreneurs reached and 646 startups securing a combined Rp201.9 billion in funding, EFF exemplifies the government’s commitment to fostering innovation and economic growth.

"EFF has partnered with IDX Incubator through the Road to IPO 2024 program, opening doors for startups to go public. This is a significant step toward ensuring the sustainability of our startup ecosystem," said Maman Abdurrahman, Minister of Micro, Small, and Medium Enterprises (MSMEs), during the event in Jakarta on Tuesday.

This program bridges gaps between investors and promising startups, encouraging collaboration and addressing Indonesia's longstanding funding challenges. According to data from the Financial Services Authority (OJK), approximately 55.43% of entrepreneurship funding needs—equivalent to Rp1.519 trillion—remained unmet in 2022.

Despite these challenges, Indonesia boasts the sixth-largest number of startups globally. Between 2022 and 2023, the number of startups grew from 2,324 to 2,558, marking a 9.15% increase. "This growth showcases our immense potential to become a leading player in the global digital ecosystem," Maman noted.

The government has implemented strategic measures to support this burgeoning sector, including seed funding schemes, tax incentives, and the development of innovation hubs and co-working spaces. These initiatives aim to help startups navigate critical phases of product and market development.

Maman emphasized that EFF is more than just a forum—it is a transformative platform where ideas are shaped into scalable businesses, fueled by investor collaborations. As Indonesia’s digital economy grows, programs like EFF remain crucial to nurturing the next wave of unicorns and strengthening the country’s position on the global stage.

ANTARA