CoHive, Indonesia’s largest coworking space company has stepped up its commitment to support the growth of startups through a global competition called Get in the Ring (GITR) Jakarta 2019 at CoHive 101, Mega Kuningan. In this competition, several Indonesian startup founders contested their innovative ideas and business models on a battle ring.
There were 40 startups registered to compete in the GITR Jakarta 2019, where 15 of them were selected by judges and public votes on March 25th, 2019. On Thursday, April 11th, 2019, the selected fifteen startups proceeded to a preliminary round, where they received mentoring session and competed to secure their places on the top six at the final round that was held on the same day. The final round was divided into three battles, in which each confronted two startups against each other. The 20-minute battle session comprised of a short introduction and five rounds.
CoHive’s Head of Corporate Communication, Kartika Octaviana explained that GITR competition would allow Indonesian startups to expand their business networks both locally and internationally. She added that while the growth of startups in Indonesia was very massive, the sustainability rate was still considerably low. It was due to the lack of comprehension regarding the type of business models that work as well as the limited access to funding. One of the solutions for these problems was by expanding networks with investors, incubators, and accelerator. “We really hope that Get in the Ring Jakarta 2019 will open up the way for startups to go global and to make Indonesia proud,” said Kartika on a press release, Thrusday (11/4/2019).
In every battle of the final round, each startup only had 30 seconds to address their statements. Each round had a specific topic to explore, such as (1) Team; (2) Achievements; (3) Business Model & Market; (4) Financial Condition and Proposed Investment; as well as (5) Open-ended questions. After completing the five rounds, the judges gave critical questions and specific feedback to the startups.
One of the judges from East Ventures, a venture capitalist firm, Devina Halim explained that they were looking at the value proposition of the startups to decide the winner. “In addition to that, we also look at the business models and achievements of the particular startup. We are trying to see which one has the biggest chance to win the competition at the global level,” said Devina.
The winner of the GITR Jakarta 2019 will receive a ticket to Berlin to represent Indonesia to compete with winners from other countries. In addition to that, the winner will also have the chance to access funding from local and international investors, to access training and mentoring, and to also expand their business networks.
Vestifarm came out as the winner for this year’s competition. It is a financial technology (fintech) based company that provides revenue sharing platform in agriculture and animal husbandry. Vestifarm tries to overcome the problem of the high risk of crop failure due to erratic weather conditions. In addition to that, this platform also tries to help farmers and breeders who often find difficulties in accessing bank loans.
Vestifarm CEO, Dharma Anjarrahman, explained that the GITR competition was very unique. He claimed to have often participated in similar competitions but only this time he felt that he had gained a new experience. After becoming the winner of the Get in the Ring Jakarta 2019, Dharma hopes that the company can grow bigger from its current 15 employees.
“The future target is that we can help more Indonesian farmers. As we know, Indonesia currently has around 40 million farmers. We hope that we can contribute to improve their standard of living. On the other hand, we also want to offer investment alternatives that are halal for the Indonesian people,” added Dharma.
This year is the second time for CoHive to hold GITR competition, which is the result of a collaboration with the Get in the Ring Foundation. It is a global network organization, which has partners in more than 100 countries. GITR Foundation aims to support innovators to grow faster by building a strong global network. It collaborates with various organizations, corporations, and government institutions to encourage startups to innovate and create solutions for various world problems.