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Last year, Tech in Asia hosted a company retreat in Bali, which was my first time visiting the place. I’d heard lots about it, though, and my initial impressions were rather simple: lots of beaches, resort hotels, restaurants, and of course, good food.
Upon arriving, I’d say I was right for the most part, although it was somewhat amusing to notice that there were way more tourists than I expected. In some ways, it really felt like a bubble for travelers.
While Bali lived up to my hype and expectations, there’s a side to it that many might not be aware of: its growing tech scene. In today’s story, we break down the local tech ecosystem and how it’s shaping up so far.
Today we look at:
- Bali’s rise to prominence as a tech hub
- Fresh funds for an Indonesian farming-as-a-service startup
- Other newsy highlights such as Qoala shedding 80 staff just four months after its fundraise and Ant Group’s partnership with DFS Group.
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From tourists to tech
Image credit: Timmy Loen
Like most other places that relied heavily on tourism, Bali took a massive hit during the pandemic. Its economy contracted a fair bit, and many locals lost their main source of income. In response, the local government decided to shift its focus to the tech sector.
- Baby steps: There are several companies, incubators, accelerators, and co-working spaces emerging in Bali. In 2018, the Indonesia Digital Creative Industry Society recorded 32 startups based in Bali and West Nusa Tenggara. By 2021, there were 59 startups in Denpasar, the capital city of Bali, alone.
- Get your boots on: Bali-based firms have had some difficulty raising funds, and many of them end up bootstrapping their businesses. Given Bali’s reputation as a holiday destination, investors may perceive tourism-related ventures as more familiar and lucrative opportunities, regardless of their connection to the tech industry.
- Talent pool? Why not a sea of talent: Primakara, a local university, has been offering various startup development programs since 2015. Apart from these initiatives, Bali has also attracted many foreigners who have established companies locally. They’ve done well too: According to Tracxn data, foreign players have gotten more funding compared to local entrepreneurs.
Read more: Bali’s rude awakening and rise as a key tech hub in Indonesia
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