Jakarta-based Gan Kapital chief financial officer Wesley Harjono said that his company will join hands with Plug and Play Tech Center to fund Indonesian startups. As many as 50 startups will receive cash injection every year.

“In one year, we can earmark US$10 million to fund startups,” Wesley said at the Presidential Palace on Tuesday, November 15, 2016.

Plug and Play has agreed to develop Indonesian startups through funding in pre-seed, seed round and incubation program. The agreement was made following President Joko Widodo’s visit in February to Plug and Play office in Silicon Valley, California, the United States.

Wesley went on to say that Gan Kapital and Plug and Play will not distribute an equal share of the US$10 million to 50 startups. He said that one startup will be given a maximum of US$500,000.

Plug and Play owner Saeed Amidi said that funding will only be focused on e-commerce startups. He foresees that Indonesian e-commerce startups will develop rapidly.

“I think that what will work in Indonesia will be the same [formula] which was already successul in China three years ago and California seven years ago. Shared economy will become a focus, it is evident in Gojek,” he asserted.

Plug and Play is already familiar with startups. The company has funded hundreds of startups and co-owns a number of leading digital products, e.g. Dropbox, PayPal, Soundcloud and Skytree.

President Joko Widodo met with Plug and Play on February during his visit to Silicon Valley. President Joko Widodo asked Plug and Play to help develop Indonesian startups, particularly those in e-commerce. Because President Joko Widodo sees that the future of Indonesian economy lies in e-commerce.

source. en.tempo.co