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  5. METI held the "Indonesia-Japan Fast Track Pitch Event 2023" in Jakarta to accelerate global open innovation of Japanese companies/startups

METI held the "Indonesia-Japan Fast Track Pitch Event 2023" in Jakarta to accelerate global open innovation of Japanese companies/startups

Japanese

September 5, 2023

External Economic Policy

The Ministry of Economy, Trade and Industry (METI) and The Japan External Trade Organization (JETRO), co-organizing with Coordinating Ministry for Economic Affairs, held the “Indonesia-Japan Fast Track Pitch Event 2023” in Jakarta to accelerate global open innovation of Japanese companies and startups.

1. Overview

METI and JETRO, co-organizing with Coordinating Ministry for Economic Affairs, held the “Indonesia-Japan Fast Track Pitch Event 2023” in Jakarta on September 1st.

In front of more than 300 participants (more than 170 in-person and more than 130 online), 23 startups from Japan, Indonesia, and other regions presented their proposals on the open innovation challenges provided by the 8 challenge owners, including Japanese companies and Indonesian companies.

Prior to the presentations, Mr. NISHIMURA Yasutoshi, Minister of Economy, Trade and Industry of Japan, Mr. KIYA Masahiko, Ambassador of the Mission of Japan to ASEAN, Mr. ISHIGURO Norihiko, Chairman and CEO of JETRO, Dr. Edi Prio Pambudi, Deputy Minister for Coordination of International Economic Cooperation, and Mr. Yohanes Lukiman, Policy Manager for Digital Transformation of the ASEAN Business Advisory Council gave opening remarks, stressing the importance of strengthening cooperation for the creation of innovation between the two countries.

2. Pitch session by the finalist startups

During the application period, about 140 startups from all over the world submitted proposals to challenges provided by challenge owner companies, including 8 Japanese companies and Indonesian companies. From among these, the following 23 startups selected as finalists by each challenge owner presented their proposals.

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Please refer to JETRO’s special website for the detailed challenge statements and finalist startups.

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Indonesia-Japan Fast Track Pitch Event 2023Link

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3. Networking session

At the pitch event venue, participants, including challenge owners, startups, VCs, accelerators, government organizations, and co-organizers, actively engaged in the network session and built networks with other participants.

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4. Co-organizers and Supporters

The “Indonesia-Japan Fast Track Pitch Event 2023”, the second Fast Track Pitch Event, was co-organized by　JETRO, METI, and the Embassy of Japan in Indonesia from Japanese government, and Coordinating Ministry for Economic Affairs from Indonesia, with extensive support from about 50 supporting companies and organizations.

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5. (Reference) About the ASEAN-Japan Co-Creation Fast Track Initiative

(1) Overview

In ASEAN, which is expected to become a growth center driving the world economy, leapfrogging startups have been creating many innovations that solve societal issues by utilizing digital technology in a wide range of fields such as logistics, payments, and finance. In addition, due to the young population structure and rapidly rising income levels, the size of the middle-income population that enjoys an affluent consumer lifestyle, especially in urban areas, is increasing.

For Japanese companies, it is becoming crucial to develop strategic collaborations with startups that are achieving rapid growth so that they can incorporate innovations that are newly created in the ASEAN region and improve their competitiveness in the growing ASEAN market.

With this understanding and taking the opportunity of the 50th anniversary of ASEAN-Japan friendship and cooperation this year, METI and JETRO have decided to launch the “ASEAN-Japan Co-Creation Fast Track Initiative” to support the creation of open innovation through collaborations between startups and large companies from both ASEAN and Japan. This initiative proposes a new format of cooperation with ASEAN countries to create new innovations.

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In June, 2023, JETRO signed an MOU with ASEAN-BAC for cooperation to promote the ASEAN-Japan Co-Creation Fast Track Initiative.

(Reference) Press release by JETRO

Under the ASEAN-Japan Co-Creation Fast Track Initiative, startups from ASEAN and Japan will have the opportunity to (1) receive support not only from Japanese organizations such as JETRO, but also from the government agencies of ASEAN countries, and (2) access not only major Japanese companies but also a wide range of startup ecosystems, including global companies based in ASEAN.

Moreover, finalist startups will receive additional points in the selection process in the Asia Digital Transformation (ADX) Promotion Program to support their PoCs.

(2) Past event of the Fast Track Pitch

1: Singapore

In Singapore, the "Singapore-Japan Fast Track Pitch Event" was held on April 20th, co-organized with the Ministry of Trade and Industry, Embassy of Japan in Singapore, Enterprise Singapore, and Singapore Economic Development Board.

For more information on the Singapore-Japan Fast Track Pitch Event and the challenges, please refer to the press release below.

2: Thailand

In Thailand, the "Zest Thailand Thailand-Japan Fast Track Pitch Event" was held on August 7th, co-organized with the Ministry of Trade and Industry, Embassy of Japan in Thailand, Enterprise Singapore, and Singapore Economic Development Board.

For more information on the Singapore-Japan Fast Track Pitch Event and the challenges, please refer to the press release below.

(3) Schedule of the future events

The next round of the Fast Track Pitch Event will take place in Hanoi, Vietnam, on November 3.

Inno Vietnam-Japan Fast Track Pitch Event 2023Link

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Division in Charge

Asia and Pacific Division, Trade Policy Bureau