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Why cultivating preincubation key to digital economy
Research has shown that generating start-ups is a long and winding journey. The most common process is going through stages of experimenting and embracing failure, of entering the incubation phase and of sealing deals with investors. As entrepreneurs progress along these stages, the maturity of cofounders increases.
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Research has shown that generating start-ups is a long and winding journey. The most common process is going through stages of experimenting and embracing failure, of entering the incubation phase and of sealing deals with investors. (JP/Dhoni Setiawan)
T
here will be no successful societies without a digital economy in the future. The digital economy enables societies to create unprecedented economic value through technologies and will transform every single activity that people do today.
President Joko “Jokowi” Widodo recently stated that fostering the digital economy would be one of the key priorities of his second term in office.
The 1,000 digital start-up movement is a gesture from the government to signal that this area is in its sights.
But this is not enough. To achieve its aspiration, Indonesia needs to generate a critical mass of high quality digital start-ups throughout the country to capitalize on the promises of the digital economy. This is where the challenge begins.
Research has shown that generating start-ups is a long and winding journey. The most common process is going through stages of experimenting and embracing failure, of entering the incubation phase and of sealing deals with investors. As entrepreneurs progress along these stages, the maturity of cofounders increases. For example, during the experimenting or preincubation stage, many cofounders usually learn how to bounce back after failing several times.
Learning from failures during the early days is precious for these cofounders.
This experience of failure will be important for them as they begin work on the next incubation phase and work with future investors. This preincubation stage allows entrepreneurs to sharpen their intuition and skills through reflection and gain an understanding of what works and what does not before they go on to the next level.
