July 10, 2020, 09.12 PM

Glimmer of hope

However, Mulia said that the number of startups with more than Rp. 100 billion in monthly revenues have jumped from 10.9 to 13.2 percent.

“Many of these startups perhaps found a sustainable business model that will get them through Covid-19, such as digitalization. Or they might have financial reserves to get them through this economic downturn,” he said.

Also read: Indonesian SMEs Record 14 Percent Growth in Exports

Mulya stated that the coronavirus has not stopped the startups’ progress.

“A number of startups managed to raise costs for production and promotion, even raise their salaries. Others even continued hiring," he said. “A main factor on their survival lies in innovation.”

However, Katadata said that many startups still have much to do, especially in digital infrastructure and literacy.

The Covid-19 pandemic has hit iconic startups like GoJek and Grab hard, forcing them to lay off hundreds of employees. 

(Writers: Yohana Artha Uly, Kevin Rizky Pratama | Editors: Erlangga Djumena, Yudha Pratomo)




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