Arsianews, Jakarta – Indonesian startup Solve Education! has been shortlisted as one of the 30 finalists to compete in the Next Billion EdTech Prize. The contest itself recognizes and rewards technological innovations and breakthroughs in the field of education in emerging economies. Solve Education! aspires to help young people across the globe receive quality and effective education through apps.
As reported by the Jakarta Post, from March 22 to 24, the finalists are set to compete in a pitch contest at the Global Education and Skills Forum (GESF) in Dubai, United Arab Emirates. The forum will further shortlist six startups to compete in the grand final. US$25,000 will be awarded to the top three winners. The first prize winner is set to receive the Next Billion Prize Trophy.
“The Next Billion Prize was named to remind the world of the billion young people – a number that is growing every day – that are being denied an education that allows them to make the most of their talents,” the statement reads.
Indonesia has seen a surge of cash into its technology sector over the past two years, helping support dozens of homegrown start-ups ranging from ride hailing apps to e-commerce firms.
And with a population of more than 250 million, a swelling middle class and growing availability of cheap mobile devices, firms from across the world are piling in.
“We believe that Indonesia is poised for a huge leap forward for its digital economy, following China’s growth and becoming the leading tech destination in the Southeast Asia region,” Adrian Li, a partner in Jakarta-based Convergence Ventures, told AFP.
Big-name investors including Expedia and Alibaba are pumping billions of dollars into Indonesian tech startups in a bid to capitalise on the country’s burgeoning digital economy and potential as Southeast Asia’s largest online market.
As reported by Khaleej Times, last year $631 million in disclosed venture capital was ploughed into the country, according to research firm CB Insights, up from $31 million in 2015. But that figure has already been shattered in 2017, with $3 billion worth of deals clinched as of September 2017, said Meghna Rao, a tech industry analyst at the firm.
Tokopedia – a marketplace that allows users to set up online shops and handles transactions – won $1.1 billion in capital from China’s Alibaba in August.
Motorbike on-demand service Go-Jek secured $1.2 billion from Chinese tech giants JD.com and Tencent Holdings in May, according to data from Crunchbase.
In another sign of confidence, Koison became Indonesia’s first e-commerce service to go public in October. “While it’s too soon to say that this investment is indicative of a larger pattern of Indonesian startups pulling in many big ticket investors, it is part of a growing clutch of mega-rounds,” Rao said.
Internet use is growing faster in Southeast Asia than any other region in the world, with 124,000 users coming online every day over the next five years, according to a 2016 report from Google and Singapore’s Temasek Holdings.
By 2020 an estimated 480 million people are expected to be connected to the internet, up from 260 million in the region last year.
Indonesia’s mobile-first market will comprise more than half of Southeast Asia’s e-commerce market by 2025, with an estimated value of $46 billion, the Google report said.
“When you do startup business in Malaysia, Singapore, Thailand and Indonesia, the cost, effort and time that you spend is almost even. But when you go to Indonesia (growth) is unlimited – the market is so big,” said Willson Cuaca, whose venture capital firm East Ventures specialises in early-stage investments.
As a result, big names like US venture capitalist Sequoia Capital, Japan’s Rakuten Ventures and travel company Expedia – as well as Chinese tech giants – have all made investments in the country.