Journalist report, Ismoyo
JAKARTA – Recently, many digital technology-based startups (startups) failed and were forced to make various efficiencies to survive. This phenomenon is called a technological winter.
The executive director of the Lippo group and founder of Venturra Capital, John Riady responded to this widespread phenomenon.
According to him, the recent situation deserves to be recognized as a storm that hits startups in almost all sectors.
In fact, according to him, the bursting of the startup bubble is not only happening in Indonesia, but also in the global market.
“The state of still weak macroeconomic indicators and geopolitical shocks due to tensions in Europe and East Asia have shaken the foundations of startups”, said John Riady, Monday (15/8/2022) .
“Because startups still really need thick cash as capital, as well as market stability,” he continued.
He continued, amid these dynamics, the trend of stock market start-ups is becoming more mainstream as a way out of the funding crunch.
A similar trend is hitting stock exchanges in Indonesia, various IT-based startups are conducting initial public offerings (IPOs).
The exit strategy for startups to pave the way for IPOs has also become fluid, as regulations allow startups to raise funds.
A form of new economy, stock exchange authorities and even the Financial Services Authority (OJK) have rolled out the red carpet to startups holding IPOs.
The Indonesia Stock Exchange (IDX) is preparing a new quotation board dedicated to the ranks of the new economy.
The hope is that with this strategy, market enthusiasm for startups will be kept on par with the main board.
Previously, the Financial Services Authority (OJK) issued POJK No. 22/POJK.04/2021 regarding Multiple Voting Shares (MVS), which paved the way for startups to enter the capital market .
The MVS, which is valid for a certain period of time, is supposed to protect the vision and innovation strategies of startups initiated by the founders, even if the startup is public.
“The steps of the authorities, both the stock exchange and the OJK, complement each other. On the one hand, the market will remain passionate about the particular habitat of the new economy, startups will believe more and more to speak because they do not lose control of innovation”, added John.
The problem is that although many startups are made overseas, IPOs are only one way for startups to support funding.
The IPO still leaves a fundamental problem for startup stocks to compete with public expectations, as well as market liquidity.
“Another fundamental question is the extent of the impact of solutive innovation continues to be created by the startup,” John said.
Considering the outperformance of the S&P 500 index of the information technology sector, from 2014 to 2021, shares of technology companies have increased by 422% (22.9% per year).
The score was indeed higher than the S&P 500 index which increased by 158% (12.6% per year).
However, the rally in tech stocks started to fade from late 2021 to the whole of 2022. Now, the performance gap of tech stocks with the occupants of the S&P index 500 is widening.
The same thing, says John, also happened in the country. IPOs of several unicorn-status tech companies, even facing a fairly deep market correction.
On the other hand, this fact cannot be avoided. “Most importantly, the startup still has promising prospects and innovations and solutions,” John explained.
He said that as a startup investor through Venturra Capital, the most important thing for a startup is valuation and future predictions.
As Lippo Group does in its efforts to develop various startups, the basic principle is to find and select partners, namely founders and startups who have a community problem-solving vision.
“In other words, as long as the startup offers solutions to the community and develops innovations that are always relevant, it will always have great prospects”, concluded John.
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