During the third batch graduation at the Jakarta Founders Institute, host telco Indosat also gave a tease about the company’s upcoming accelerator program. Called Ideabox, the program will choose three to five mobile app startups every six months and them to build themselves into businesses.
Tauseef Riaz, Indosat’s chief digital program advisor, says that these chosen startups will receive seed funding of $15,000, as well as other support such as mentorship, facilities, a monetization platform, and promotional assistance from Indosat worth as much as $85,000. Moreover, DailySocial cites the same person as saying that the startups will be tied to a one year exclusive partnership with Indosat, but afterwards they can cooperate with other telcos like Telkomsel and XL Axiata if they wish.
With Ideabox, developers can take part in a step-by-step program that helps them to become full-fledged entrepreneurs. The first phase is the ideation stage, during which they can participate in Indosat’s annual competition called Indosat Wireless Innovation Contest (IWIC). After that, the winners will receive mentorship from Jakarta Founders Institute as part of the competition’s prize; that mentorship is the program’s second phase. The third phase is Ideabox’s full-on incubation program and seed funding.
Interestingly, Indosat is also currently in talks to launch its own venture fund to put in more follow up funding later on for the Ideabox startups, or find other VC partners to help with the next funding round.
The registration for Ideabox will start next month and we will have more details about the program and how to sign up then.
Indonesian telcos are definitely doing their part to make sure innovation still happens inside the telecommunication industry. Telkomsel recently launched an initiative to cooperate with local developers with its TemanDev program; XL Axiata has taken part by holding developer competitions like the one with Kotagames earlier this year.
(Editing by Charlie Custer and Paul Bischoff)