The 120-day programme, which invests in early-stage startups in the telecommunication, media and technology sectors, is built to help Indonesian startups get US$1 million valuation.
“Ideabox has been designed as a response to problems faced by many Indonesian startups that are considered not good enough, resulting in small valuation. The objective is to give birth to Indonesian startups with a million dollar valuation,” said Andy Zain, Managing Director, Mountain SEA Ventures, and one of the initiators of the programme.
Ideabox will provide selected startups four months’ living expenses, usually between US$15,000 to US$25,000 (given in cash), office and co-working facility, and mentorship and assistance.
According to Zain, the idea behind the programme was that founders have enough funding to focus full time on running their startups during their stint with Ideabox.
“Ideabox also provides strategic partner to help create market opportunities and collaborations. There’s also an additional go-to-market fund provided by Indosat,” added Zain.
Its aim is to get US$1 million valuation together with the startups in 12 months, in which Ideabox would own 20 per cent share of the company.
The first batch last year saw four startups making the cut — Ngomik, ShooP, Dealoka, and Unyu. Zain shared that all four are in talks with various establishments and Ngomik has already got an offer from a Japanese company with a valuation of more than US$1 million.