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Jakarta Post

Unicorns and millennials’ aspirations

Aninda Dewayanti and Prayoga Permana (The Jakarta Post)
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Jakarta
Wed, March 13, 2019

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Unicorns and millennials’ aspirations Illustration of millenials. (Shutterstock/File)

T

he term unicorn became a trending topic after the latest presidential candidate debate. Both candidates voiced support for unicorns through tax cuts, infrastructure and business friendly regulations.

Presidential candidate Prabowo Subianto, however, mentioned the potential for wider economic disparities and capital outflows because of the unicorns’ expansion. Yet today’s most important task is to link Industry 4.0 with job creation among educated youths in Indonesia.

Millennials, who are people aged between 20 and 35 years old, account for 24 percent of Indonesia’s population, or 63.4 million people. The economic aspirations of millennials matter. As ISEAS researcher Budi Irawanto points out, their unique behavior as strategic voters makes them highly likely to determine the outcome of elections.

Educated millennials might perceive the economy differently. The Economist coined the term “millennial socialism” to identify those who demand more equality yet do not entirely oppose the market economy. Meanwhile, those in Europe who reject Brexit do not neglect the importance of being economically integrated for more access to jobs and education.

Both candidates should be aware of their uniqueness in perceiving economic policies and how it would affect wealth creation in this demographic segment.

Citing Statistics Indonesia (BPS) data, former finance minister Chatib Basri expressed concern over educated youth unemployment. It has been said that those with higher education, particularly from senior high school and upwards, are lacking in job opportunities. Could unicorns be a solution?

In the Indonesian context, we have seen new opportunities when new entrepreneurship trends emerge. There are those who would rather take the initiative, create their own space to channel their creativity and market it online.

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