Two "Start Up" Innovators from Indonesia Receive Funding Injections

Name: Two "Start Up" Innovators from Indonesia Receive Funding Injections
Uploaded: 2024-04-15T12:57:01Z
Duration: 20 min 32 s
Description: Two Indonesian startup companies, Mycotech Lab and Sampangan, received funding injections at the Asian Philanthropy Conference.

Two Indonesian startup companies, Mycotech Lab and Sampangan, received funding injections at the Asian Philanthropy Conference.

JUMARTO YULIANUS

· 4 minutes read

DOKUMENTASI TEMASEK TRUST
Innovative startup company leaders posed for a photo together in Singapore on Monday (15/4/2024). They received an injection of funds of SGD 250,000 or around IDR 2.9 billion at the Philanthropy Asia Summit 2024.

SINGAPORE, KOMPAS – Two startup companies (start up) from Indonesia received funding injections of 250,000 Singapore dollars or around IDR 2.9 billion at the 2024 Asian Philanthropy Conference or Philanthropy Asia Summit in Singapore, Monday (15/4/2024). Both are considered innovators in the fields of climate and nature because they have innovated in waste management.

The two start ups from Indonesia are Mycotech Lab (MYCL) and Sampangan. MYCL is a B Corp certified biotechnology company, which makes products from agricultural crop waste bound with fungal mycelium. This versatile material is used for various purposes, from footwear to automotive interiors and building materials.

Meanwhile, Sampangan provides negative carbon products through carbonization technology by converting all unsorted waste into versatile and sustainable raw materials.

Their goal is to become a global force in circular economy that offers sustainable products through holistic waste management. Specifically, they operate in the fields of water treatment, agriculture, and poultry industry.

Also read: The Future of Indonesian Startups is Very Fragile

MYCL and Sampangan are among the first group of participants for the mentoring amplifier program at the Philanthropy Asia Summit 2024. A total of five start ups received funding injections.

The other three are Circ based in the United States, GRST in Hong Kong, and MAYANI in the Philippines. Each received 250,000 Singapore dollars in funding.

"This year-long amplifier program aims to foster impactful start ups that become commercially viable and have a positive impact in Asia," said Chief Executive Officer (CEO) Center for Impact Investing and Practices (CIIP) Dawn Chan.

According to Chan, the program received 139 submissions from 35 countries. The themes are varied, including energy and electricity, sustainable food and land conservation, ocean conservation, as well as circularity and waste.

All of this reflects a significant interest in market impacts and the desire of founders and innovators to tackle climate and environmental challenges in Asia.

”Amplifier takes a whole ecosystem approach, bringing together experts, mentors and resources from across industries and sectors to collectively support impactful ventures in scaling their businesses,” she said.

The program is supported by impact innovation partner the Mastercard Center for Inclusive Growth (Mastercard Center for Inclusive Growth). Start-up companies receiving funding can also access practical guidance and expertise from more than 30 industry veterans in the business, investment, and professional services sectors to accelerate the growth of innovative solutions.

”Asia is a center of innovation with a fast-growing start-up culture in many countries. We see more and more start ups working to address complex social and environmental problems. However, it turns out they have to struggle with the 'valley of death', lack of access to expert guidance, advisors and funding," said Chan.

He said, empowering promising start-ups to achieve measurable and financially sustainable impact requires efforts from the wider ecosystem.

Also read: The Character of the Start Up Founder is the Main Consideration for Investors

”We thank the Mastercard Center for Inclusive Growth and our ecosystem partners for contributing valuable time and resources to the amplifier program,” she continued.

Mastercard Center for Inclusive Growth Founder and President Shamina Singh said the amount of input and ideas received for this amplifier program really reinforces the importance of supporting Asia as a leader in positive environmental and social impact ideas.

”I look forward to seeing the impact this start up creates, especially as we look for innovative solutions to help create a more just and sustainable world,” she said.

Impactful

Annisa Wibi, Co-Founder and Chief Operating Officer (COO) of MYCL, said, the main goal when starting MYCL was actually simple, wanting to make a meaningful impact in the world by exploiting Indonesia's agricultural potential have not been used.

"Even though this country (Indonesia) is rich in agriculture, only 1 percent of agricultural waste is converted into compost. "Through the amplifier program, we want to overcome the 'valley of death' and increase its impact," she said.

Hana Purnawarman, Co-Founder of Sampangan, stated that building a start-up company is done with the belief that it can create prosperity for everyone. This is done while doing good for the environment using the most abundant resource on Earth, which is waste.

"Through amplifier, we hope to develop our business to the next level by getting input from experienced coaches and mentors as well as business development opportunities and financing to expand our business and company impact," she said.

There is a growing momentum for change in Asia. We know that resolving the global climate crisis requires collective action. Asia is a dynamic and diverse region that contributes more than half of the world's emissions.

Partnership for action

Philanthropy Asia Summit 2024 led by the Philanthropy Asia Alliance took place in Singapore on April 15-18. With the theme "Partnerships for Action", this event brought together corporate leaders and philanthropic foundations to collaborate and act on three important issues. These are climate and nature, holistic and inclusive education, and global and public health.

Temasek Trust CEO Desmond Kuek said, since 2021, the Philanthropy Asia Summit has served as a collaborative platform to catalyze multi-sector partnerships for impact.

This has demonstrated what can be achieved through collective action, from solutions to improve the planet, uplift communities, to showcasing the ideas and actions of leaders.

"There is a growing momentum for change in Asia. We know that solving the global climate crisis must involve joint efforts. Asia is a dynamic and diverse region, contributing more than half of the world's emissions," he said.

Former British Prime Minister Tony Blair said that the Philanthropy Asia Alliance has done excellent work in a short time. They have moved quickly to support various transformative and impactful community activities, such as those related to climate change.

"The government often does not support philanthropists. However, the speed of the philanthropy sector far exceeds that of the government in achieving its desired goals," he said.

Also read: Buffett and Munger's advice on investment, India and China

Editor:

CORNELIUS HELMY HERLAMBANG