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Jakarta Post

New accelerator to help develop food startups

  • Norman Harsono

    The Jakarta Post

Jakarta   /   Sun, April 7, 2019   /  09:38 pm
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About 90 percent of startups end in failure caused by the founders' difficulty in recruiting suitable and competent CEOs to run their businesses, according to a survey by 'CBN Insight' in 2018. (Shutterstock/Jirsak)

The Creative Economy Agency (Bekraf) has spent more than Rp 40 billion (US$2.8 million) over the past three years to build a local food startup ecosystem and it says the investment is paying off as more businesses are entering the system, including the latest addition of Accelerice, a private startup training center. “We need to scale up Indonesia’s food startups. Bekraf can provide capital but it is not enough. We also need big companies to lend their networks and experience,” said Bekraf's deputy for capital access, Fadjar Hutomo, who heads the food industry initiatives, during the center’s launch in Jakarta. He was referring to his agency’s annual Government Incentive Aid (BIP) scheme that has disbursed an average of Rp 155 million to 19 food startups, which he acknowledged was a minuscule number compared to the country’s 5.6 million food ...