On the Road Towards a Blue Economy - 12 Blue Sector Start-ups and SMEs Pitch Business Solutions at the Blue Finance Accelerator Demo Day
June 23, 2023
Jakarta, 23 June 2023 – The Blue Finance Accelerator Demo Day event marked the final stage of the Blue Finance Accelerator (BFA) program, a joint initiative by the Coordinating Ministry of Maritime Affairs & Investments, Asian Development Bank (ADB), and United Nations Development Programme (UNDP), under the UN ASSIST Joint Programme. Held in Jakarta on the 22nd of June 2023, 12 blue companies participating in the program had the opportunity to pitch their business solutions and impact on the Indonesian blue sector to an audience of private investors, government officials, financial institutions, development organizations, and the wider ecosystem.
The Demo Day provided a platform for the 12 companies to access enhanced opportunities for investment or financing aimed to scale their solutions for the blue economy. It enabled match-making and potential collaboration opportunities between the companies and relevant stakeholders, especially government officials for private-public partnerships. Furthermore, it widened the companies’ exposure to the larger ecosystem.
The Blue Finance Accelerator (BFA) was launched in August 2022, with a mission to support the development of a blue economy in Indonesia by accelerating the growth of local Startups/SMEs in blue sectors, as well as strengthening institutional knowledge and capacity of Central & Local Government units, in line with the Indonesian Government's commitment to The 2030 Agenda for Sustainable Development.
The 12 companies selected for the BFA program consisted of 7 startups and 5 SMEs with a focus on operating in blue sectors, including sustainable aquaculture and fisheries, marine debris and waste management, plastic pollution reduction, coastal community development, and climate change resilience. The selected companies are Banoo, Common Seas Indonesia, Conplas, Komodo Water, Koperasi Karya Pesisir, Lamops Craftwork, Mall Sampah Indonesia, Mina Ceria Nusantara, Organic Lombok Indonesia, Rezycology, Sambung Asa, and Sebumi.
Starting the program in January 2023, the 12 companies under the BFA underwent a six-month acceleration program providing capacity-building support and training modules in areas of business growth, Impact Measurement and Management (IMM) for the SDGs, investment readiness, gender-lens approaches, and sector-specific development. At the same time, more than 70 government officials also received training, exposure, and case studies about the Blue economy. The materials provided to the Startups/SMEs and government participants under the program are relevant to challenges and conditions in the Indonesian blue sector. These challenges included sustainable aquaculture, plastic waste management, and pollution reduction, sustainable ports and shipping, marine renewable energy, conservation and restoration of marine ecosystems, ecotourism, and coastal community development.
In addition to the showcase and pitching sessions by the 12 selected companies, the BFA Demo Day also included a panel discussion on the subject of "Investment in Blue Sector Initiatives", inviting speakers from UNDP, represented by Muhammad Didi Hardiana, Head of Innovative Financing Lab, and Mariko Asmara from Ango Ventures, JAC Indonesia and WIR Asia Tbk.
“The upscaling of blue ventures is critical to preserve ocean health and contribute towards the blue economic development in Indonesia. Collaboration among development mechanisms is crucial for advancing the blue economy. Indonesia is committed to fulfilling its commitments and ensuring secure maritime industries and global economic recovery through innovative youth-led initiatives and cross-sector partnerships,” said Pak Jodi Mahardi, Deputy Coordinating Minister for Maritime Sovereignty and Energy for the Coordinating Ministry of Maritime Affairs & Investments.
“UNDP is committed to advancing Indonesia's SDGs by fostering business growth and societal impact. Through the Blue Finance Accelerator (BFA), we provide capacity-building support with training modules focused on important elements, such as Financing Pathways and Investment Readiness, Impact Measurement and Management (IMM) and SDG Alignment Toolkit, and Gender Lens. Our fervent hope is that this platform enables local enterprises and government to engage in impactful blue economy projects, fostering collaboration, innovation, and contributing to the ongoing discourse on Indonesia's blue economy growth“, said Muhammad Didi Hardiana, Head of Innovative Financing Lab, UNDP Indonesia.
“It's great to have the opportunity to take part in the BFA programme. Especially on the BFA Demo Day, we had the opportunity to present our pitch deck in front of the panelists and investors, which is also an invaluable experience for our future progress,” said Yudhistira Wiryawan, Commissioner of Sambung Asa.
"Accelerated programs such as the BFA are urgently needed by social entreprises to help them identify and develop their respective potentials, and open up opportunities to connect with stakeholders who can help businesses move forward and have a wider impact," said Romy Cahyadi, CEO Instellar.
About Blue Finance Accelerator (BFA)
The Blue Finance Accelerator is a program presented by the United Nations Development Program (UNDP) and the Asian Development Bank (ADB), in collaboration with the Coordinating Ministry for Maritime Affairs and Investment as key ministry partners, United Nations Industrial Development Organization (UNIDO) and Instellar Indonesia as partners executor. This 6-month accelerator program aims to provide capacity building and support on business and impact mechanisms for startups and SMEs operating in the blue sector - sustainable fisheries, aquaculture, marine debris management, plastic pollution reduction, climate change mitigation, or adaptation. This program targets a minimum of 12 startups/UKM consisting of seven startups and five UKM to undergo acceleration.
About the Accelerating SDGs Investment in Indonesia (ASSIST) Program
The ASSIST Cooperation Program supports the Government of Indonesia to meet the SDG targets by 1) using proven and new financing enhancement instruments through providing pre- and post-transaction technical assistance for innovative financing instruments; and 2) providing capacity building to relevant stakeholders to increase institutional capacity in accessing and utilizing finance towards achieving the SDGs. The joint program will help create new partnerships to leave no one behind.
About the United Nations Development Programme (UNDP)
UNDP The United Nations Development Program (UNDP) is the leading United Nations organization working to end the injustices of poverty, inequality, and climate change. Working with an extensive network of experts and partners in 170 countries, we help countries build integrated and sustainable solutions for people and the planet. Learn more at www.undp.org or follow us at @UNDPIndonesia
About the Asian Development Bank (ADB)
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1996, it is owned by 68 members—49 from the region. Its main instruments for helping its developing member countries are policy dialogue, loans, equity investments, guarantees, grants, and technical assistance.
About Instellar Indonesia
Instellar Indonesia has been accelerating social innovation within organizations, and working together towards measurable and sustainable social impacts through incubation, consulting, and investing in other mission-driven companies. Instellar Indonesia has impacted 143+ social entrepreneurs in various projects and programs since 2014 by playing the role of catalyst, connector and community platform to develop ecosystems for mission-driven businesses and social entrepreneurs in Indonesia.
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