CoHive, Indonesia’s largest co-working space company (previously known as EV Hive) has initiated a partnership with Daegu Digital Industry Promotion Agency (DIP) which aims to support various startup companies from Daegu, South Korea, to develop their businesses in Indonesia. This latest collaboration has officially begun since the signing of the Memorandum of Understanding (MoU) between CoHive, DIP and GnB Accelerator on Thursday (January 24th, 2019). The focus of the MoU is to bridge the development of startup companies between the two countries.
This collaboration aims to build synergies between Indonesia and South Korea, including to share knowledge and capabilities. Ethan Choi, Co-founder and Chief Creative Officer (CCO) of Co-Hive explained that Indonesia has great potential as it is the largest market in Southeast Asia. "If we look at developments in the past five years, there have been four startup companies transformed into the 'Unicorn' level. Collaboration with South Korea will benefit Indonesia, especially learning from Korea’s success in developing the startup ecosystem through its cutting-edge technology," said Ethan.
For the whole four-day visit, DIP and eight startups from Daegu have conducted comparative studies to understand the entrepreneurial ecosystem in Indonesia. They also met with Indonesian startup founders and discussed opportunities for partnership. In addition to that, DIP also had a discussion with CoHive regarding the follow up of this particular cooperation, such as planning and developing programs that were suitable for startups from Daegu.
"This collaboration and visit are important for South Korean startups. We can understand better the Indonesian startup ecosystem and we can also explore opportunities to enter the Indonesian market through cooperation with various startups in Indonesia," said Seung Hyup Lee, President of DIP.
Lee added that Indonesia was considered to be the best country for Daegu companies to enter Southeast Asia region, before then having expansions to other countries, such as Malaysia and Singapore. "The aim of this collaboration is to strengthen the capabilities of these companies to go overseas through incubation at the local level, business acceleration, investment attractiveness and partnering with local companies," Lee explained.