Page 5 - 201906G20Entrepreneurship Newsletter

Indonesia: "1000 Startups" Initiative Renewed

The IT ministry of Indonesia and several ecosystem stakeholders in Movement" will focus on expanding the scale of coverage and
the country's digital sector has launched the "1001 Digital Startup improving the quality of its startup development activities. It will
Movement". The "1001 Digital Startup Movement" is a continuation revise the program curriculum to focus more on incubation activity.
of the "1000 Startups" program that was initiated in 2016. It was a The program will also expand to five new cities and target to have
coordinated effort by multiple public and private sector stakeholders 5000 startups in the next five years.
to boost entrepreneurship across the country. In its first installment, The Indonesian government is doing its part to give its startup's
the program was conducted in ten major cities; Jakarta, Bandung,
Surabaya, Yogyakarta, Semarang, Malang, Medan, Bali, Makassar, ecosystem a leg up. In April 2019, the NextICorn Foundation was
established with aims to provide opportunities for more mature
and Pontianak, having participants underwent meet-ups, workshops,
hackathons, to boot camps and incubation programs. For three and startups to get access to growth capital and technology and
marketing support. It has targets to have at least 20 new unicorns in
a half years of its implementation, the program hasn't successfully
given birth to 1,000 startups. It says that 525 digital startups with Indonesia by 2025. Right now, the country counts four tech companies
valued at over US$ 1 billion now.
promising business were formed as a result. "1001 Digital Startups

Canada: $52.4 Million for Scale-up Program

Canadian Prime Minister Justin Trudeau announced on 16, April that the The $52.4 million investment is being made by the Government of Canada,
federal government is investing $52.4 million in a Scale-Up Platform, through FedDev Ontario. Today's investment is part of the government's
which will see Communitech, MaRS Discovery District, and Invest Ottawa Innovation and Skills Plan, which looks to make strategic investments
come together to support Canadian tech companies. This shows the to build "innovation ecosystems in Canada." Other investments have
need for the government to partner with organizations to support new included the Supercluster initiative, Venture Capital Catalyst, and the
technologies, in order to solidify Canada's place as a global leader in Global Skills Strategy. The $52.4 million in funding is being given directly to
innovation. The new program will give startups and scale-ups alike new MaRS, Communitech, and Invest Ottawa to help them develop programs
opportunities, create 18,000 jobs, and $11 billion in revenue, as well as providing coaching and advisory services and talent programs to help
attract $4 billion in investment. Scale-Up Platform plans to help 30 Ontario firms attract and retain top talent.
companies scale up, with the goal of helping those companies achieve Funding will also help add more physical spaces and lab resources for
revenues of $100 million or more, by 2024. The program will also look to deep tech companies, such as those at Velocity, and Waterloo Accelerator
provide services, including advice on accessing capital, talent, and global Centre. Additionally, the three hubs will also ensure that innovation
markets to thousands of other companies, as well as building stronger centers in smaller communities in Ontario will have access to scale-up
partnerships with post-secondary institutions.
programming, advisory services, and support.

ROK: Government Supports SME Exporters

In a bid to improve exports, the South Korean government will help
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small- and medium-sized companies enter overseas markets. The
Ministry of SMEs and Startups announced on 8th, May 2019 that
it will establish a joint logistics center, an online logistics platform
and propose a startup-focused international organization with the
Association of Southeast Asian Nations (Asean) as part of a wider
effort to develop exports via the internet. Joint infrastructure is
expected to reduce costs, while cooperation with ASEAN countries
will help companies enter markets overseas. The government aims
to help 15,000 companies focus their businesses toward exports
through online business support. It will also provide direct support
of over 40 billion won ($34.2 million) annually for an additional 5,000
companies across the country, handpicked by regional governments.
The announcement comes amid declining exports and sluggish
performance by SMEs export businesses. The government is hoping
that fostering the fast-growing online export market will improve
the situation. The government emphasized focus on emerging markets, such as Vietnam, Thailand and Russia. It said it will expand Korean
cultural content events with the Culture Ministry. The government also plans to support businesses in selling their products through overseas
TV shopping channels owned by Korean companies, such as CJ O Shopping, in Thailand and Vietnam.