Jakarta, May 10, 2023 – The Education Fund Management Agency (LPDP) officially launched a new program named 5ME2045: LPDP Business Competition on Friday morning, May 5, 2023.
Five Million Entrepreneurs, abbreviated as 5ME, is the LPDP Business Competition's target to create five million entrepreneurs by the year 2045. In its inaugural launch, LPDP Business Competition 2023 aims to nurture the growth of 5,000 young entrepreneurs in Indonesia.
LPDP Business Competition 2023 invites budding entrepreneurs and business idea enthusiasts to compete in offering and developing their innovations. There are two business categories in the LPDP Business Competition: Business Initiation Plan and Business Growth Plan, with the following specifications:
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The Business Initiation Plan category is intended for entrepreneurs with business ideas or plans that have been operational for a maximum of two years. This category is open to entrepreneurs who have recently started their businesses, including high school students.
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The Business Growth Plan is designed for businesses that have been operating for two to five years and have the potential for further significant development. Participants in this category are also required to demonstrate clear and detailed business and growth strategies.
LPDP Business Competition 2023 features eight business themes, including the environment, health, technology, education, biotechnology, culture and tourism, creative industries, agriculture, animal husbandry, and fisheries.
Participants who qualify will receive various benefits useful for establishing new businesses, including networking ecosystems, practical experience, awards and recognition, competence development, and access to the entrepreneurial and investment ecosystem.
Registration for LPDP Business Competition 2023 is open from May 2 to May 31, 2023, and is accessible to the public. Individuals can register either individually or as part of a team with a maximum of three members.
All procedures, requirements, and registration details for LPDP Business Competition 2023 can be found by visiting the following link.
Fostering Entrepreneurship, Fulfilling Economic Democratization
The 5ME2045: LPDP Business Competition is not without reason. With a population of 275 million, Indonesia is known to be among the world's top 16 economies. Predictably, Indonesia's economic potential in the next 20 to 30 years will reach the top 10 to top five global rankings.
However, the entrepreneurial desire among the Indonesian population remains relatively low. To become a prosperous and economically productive nation, a minimum of two percent skilled and resilient entrepreneurs is required based on the total population of a country.
Recognizing these facts and challenges, LPDP is facilitating the Indonesian community, especially the youth, in developing innovative and sustainable business ideas.
According to the Director of Scholarships, Dwi Larso, Indonesia currently needs entrepreneurs whose businesses are based on opportunity. This means businesses supported by technology, knowledge, networking, capital aspects, and human resources. Increasing the number of opportunity-based entrepreneurs is crucial as it contributes to raising the Gross Domestic Product (GDP) per capita.
"To become an advanced country, Indonesia needs five million entrepreneurs by 2045. Therefore, LPDP wants to support the entire Indonesian population in achieving economic democracy. One way is by sowing the seeds of entrepreneurship among the younger generation and forming an entrepreneurial ecosystem, bringing together potential investors, mentors, and aspiring entrepreneurs," said Dwi Larso.
While attending the event virtually, LPDP's CEO, Andin Hadiyanto, stated that the Business Competition not only helps enhance the nation's human resource capacity but is also expected to become a meeting point for a new entrepreneurial ecosystem.
"In turn, it can also create a 'melting pot' consisting of the entrepreneurial community, incubators, accelerators, and investors in Indonesia, both in the private and public sectors," explained Andin Hadiyanto.
The grand launching event of 5ME2045: LPDP Business Competition was conducted online and broadcasted live on the LPDP Ministry of Finance RI YouTube channel. The event was attended by LPDP's CEO Andin Hadiyanto, LPDP's Director of Scholarships Dwi Larso, and invited guest Andi Taufan Garuda, CEO & Founder of Amartha Finance, also an LPDP scholarship alumnus.
