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Business Insight

Indonesia is in danger of running out of 'unicorns'

Action is needed to foster more early-stage startups

Gojek and a handful of other leading tech companies have ridden away with a disproportionate share of venture capital investments in Indonesia. (Photo by Akira Kodaka)

Indonesian startups have been at the center of attention in Southeast Asia for the last few years. But as a growing number of them have graduated to unicorn status, investors have steered away from early-stage deals in favor of technology companies with some track record of success.

More than $4.07 billion was invested into local startups in 2018, up 36% from 2017. While that sounds impressive, the funding imbalance toward more established companies threatens to dry up Indonesia's pipeline of startup champions.

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