v9.0 – Acquisition, Take it or Leave it
Greetings for you all of our readers and participants of #StartupLokal community! Happy New Year! May all of the startups here on Indonesia keep growing and let’s make this community even bigger and even more productive!
The first meetup on this new year and new month took place at BlackSteer, FX Lifestyle X’enter, Jakarta on 6th January 2010. The #StartupLokal meetup v9.0 theme is Acquisition: Take It or Leave It. With the speakers that have experienced them, Satya Witoelar(Yahoo! Koprol), Antonny Liem(PT. Merah Cipta Media / Merah Putih, Inc), and Willson Cuaca(East Ventures) and to burn the excitement a little bit more we had Aria Rajasa(Gantibaju.com) as the moderator.
We had the biggest attendance to date, 335 people came and there is barely any space for people to move or walk! Media exposure from Kompas, CHIP and InfoKomputer probably is what caused this crowd, or maybe we’re getting bigger faster!
Satya Witoelar from Koprol which was bought by Yahoo! last year gave us some insights from his experience:
- Pick the right Co-Founder. It is very important first step into building a startup to choose the right partners. It is okay to have different character, as long as you can complete each other.
- Know the industry. Find out and understand deeply about the industry you’re going to make a startup in before you jump into it.
- Press friendly. Befriended with the press, make a great story about your startup so it’s easier to be exposed by the media/press.
- Know your community. Get to know your user’s behaviour and build communities around it. Listen to their voice and grow your startup according to their needs.
- Get committed. You need to be serious and committed in order to build a successful startup, it can’t afford to get only half your effort.
- Take challenges. Be brave when you’re given challenges by people, for example from the investors. Show your capabilities so that can grow their trust in you.
- Get revenue. Think about how to get revenue from your startup. Plan the right Business Model so you can attract potential investors.
- Structure it well. Build your company’s structure as good as it can be, for example for legal and tax. If there’s an investor interested in your startup, you can present all of the details to them. It will give you a bargaining power.
- Shareholders. If you’re already in a serious talk with investor, inform the shareholders of your startup with the updates so there won’t be any hassle in the future. (P.S: Don’t pick a shareholder who just came in with the money but not doing anything for your startup)
- Don’t think you’ll get acquired. Don’t think from the day one that you will be acquired, it will weaken your effort.
There’s an interesting discussion between Satya and the audience as Aria asked how much money did Yahoo bring to the table to buy Koprol, which prompted the audience to guess the much-coveted price. It ended up with no comment from Satya and people guessing between 600 Millions to 1 Billion IDR.
Antonny Liem and Willson Cuaca shared their experience from the other side of the table. They both agree, that there isn’t any decent startup ecosystem yet here on Indonesia, that’s why they’re here.
Willson also added that East Ventures not only giving out seed funding to the startup but also advices. Money is important but it’s not the only thing.
For your information East Ventures already funded local startups such as Urbanesia, Tokopedia, Apps Foundry, PriceArea and DisDus. While MerahPutih, Inc. that Antonny owned have LintasBerita, KrazyMarket and DailySocial on their portfolio.
At the end of the discussion, both Willson and Antonny answered to the question how/what’s their guide to pick a startup to invest in. Willson answered with 3P, People-Product-Potential Market. He will see the profile of startup’s owner first, and then the type of the products, last how is this startup going to be at the market.
While Antonny said it’s Prototype-Personality-Vision for him. Startup doesn’t have to have a great product. It doesn’t need to have a great feature as long as it can attract a lot of users. He also seek out the behaviour and the characteristics of the owner and last but not least, he needs to see a same vision between him and the owner.
It was a super exciting meetup to conclude and see you guys at the #StartupLokal meetup v10 on 10th February!