Ubud-FIN

Co-working space and startup community Hubud today announced the launch of Eastern Indonesia Angel Network (EIAN) in a networking cocktail event in Ubud (Bali). EIAN focusses on supporting the growth of startup community in the Eastern region of Indonesia.

The network has been launched with an aim to catalyse connections between investors, startups and other players, and raise awareness of investment opportunities in Eastern Indonesian startups.

The network plans to host regular meetings in Bali, Surabaya and Makassar, as well as building links with other angel networks in the country.

EIAN receives support from The US Consulate General in Surabaya, which assists the network by introducing American investors and briefing Indonesian government officials about the network. Ambassador Charles Rivkin, US Assistant Secretary of State for Economic Development, was also present at the event to start the process of identifying potential investors, startups, active partners and mentors.

Also Read: Uber announces a cash payment option in Indonesia

“Over the next three to six months, we will be putting the pieces together to operationalise the network and put together the final elements of its structure, composition and mission,” said Steve Munroe, Co-founder and Business Development Head of Hubud.

Despite still figuring out the final form of the network, including the kind of support that it will provide to potential startups, Munroe stated that the network is leaning towards an investment that has demonstrable social and environmental impact.

On the potential of the region, Munroe said, “I think lots of big things are already happening in Eastern Indonesia, as people apply the entrepreneurial mindset to address problems and opportunities they see around them.”