UN, 500 Startups launch accelerator for social enterprises in Indonesia

500 Startups and the United Nations Development Program (UNDP) in Indonesia have launched ImpactAim Indonesia to boost social entrepreneurship in the country.

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The accelerator, which was first launched in Armenia in 2017, will select eight to 10 startups with customers, seed capital or more, and a business that serves the UN’s Sustainable Development Goals (SDGs), according to a statement. They will then be guided on impact measurement and acceleration and earn a chance to meet prospective impact investors from around the world.

The program, which will run for 10 weeks in Jakarta, won’t be taking fees or equity from participating startups, the statement said.

ImpactAim will work toward helping local startups amplify their positive impact through three main objectives: growing impact ventures, assessing their contribution to SDGs, and connecting them to networks and funding opportunities.

Christophe Bahuet, resident representative of UNDP Indonesia, said that the new initiative is part of UNDP’s role in championing innovation for SDGs. Such a partnership is also expected to open doors for many small enterprises, particularly in Indonesia’s most disadvantaged regions.

According to a 2018 report by Asia Pacific Foundation of Canada, micro, small, and medium enterprises are a key driving force for Indonesia’s economy, representing 99% of all businesses in the country and contributing 60% of GDP.