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Jakarta Post

Unprotected digital industry

  • The Jakarta Post

  /   Wed, July 24 2019   /  01:04 am

With smartphone penetration estimated to near 48 percent of the population, Indonesia has become one of the most fertile grounds for e-commerce businesses in the world. Unsurprisingly, the number of start-up companies has grown rapidly in the last five years. The latest data of Startup Ranking.com shows the number of Indonesian start-ups stood at 2,122, the fifth-largest after Canada, the United Kingdom, India and the United States. According to a study by American consulting firm McKinsey & Company published recently, alongside India, Indonesia has outrun the world in digital adoption amid an investment shift in start-ups to Asia over the past five years.Indonesia itself boasts three unicorns — start-ups valued over US$1 billion — and one decacorn valued at $10 billion. With such growth, McKinsey maintained its 2016 projection that the digital economy would contribute $150 billi...