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RISINGECOSYSTEMS


GLOBALOUTLOOK


Green start: Liv.It is a hub for disruptive businesses building sustainable remote work structures


been synonymous with productivity. Thanks to technology and the rise of flexible working, someemployers (andemployees) have quickly real- ised that environmental cues can have a considerable impact on crea- tivity and productivity at work. In fact, a 2019 study by Oxford University’s Saïd Business School found that happy workers were 13% more productive—dispelling the myth that productivity is solely con- fined to offices or corporate culture.


Thinking globally A research project led by Bain& Company, in collaboration with Google and Temasek, forecasts that the south-east Asian internet econ- omy will grow to $100bn by 2025— but in Bali’s case, its shortcomings must first be addressed. The lack of local funding is hurt-


ing the ecosystemin more ways than one. Not only is it hindering the crea- tion of homegrowncompanies, it is also perpetuating the lack of scalable projects targeting global markets. A business ideamay be born in


Bali, but if it is to get off the ground, the likelihood is that it will need to look for funding elsewhere.


“It’s a lot easier for start-ups to


validate their products and get trac- tion in Jakarta than it is in Bali,” states Melvin Hade, a partner at Global Founder Capital. David Soukhasing, managing


director at Angin — Indonesia’s first and largest investment network — says access to suppliers, business partners and talent also needs to improve. Mr Soukhasing would also like to see greater support at the angel investor level: “The money is there, we just need additional capacity and vehicles to channel it to local entrepreneurs.” A change in mindset is also nec-


essary.“We need to help entrepre- neurs think beyond the island, to build scalable products that could work at the archipelago level and abroad,” he continues. Incubators and leadership networks could prove crucial here. There is also the issue of talent


drain. “Local developers should be encouraged to remain in Bali and notmove to Jakarta or Jogja,” Mr Soukhasing adds. Many leave enticed by the higher salaries availa- ble elsewhere. To continue feeding the talent


December 2020/January 2021 www.fDiIntelligence.com


supply, technology and innovation need to cometo the fore as attractive fields of study. Considering that the government is motivated to bolster the area’s digital economy, it seems only natural that these sectors will soon compete on par withmore tra- ditionalemployers, such as hospital- ity and business management. The symbiotic relationship


between locals and expats could spell further improvements for the island’s talent pipeline; with foreign- ers creating jobs for and and train- ing the local workforce. For Bali to become a serious


player in the country’s tech develop- ment vision, itmust shed its ‘vaca- tion island’ reputation and tap into the opportunities for scale in nearby markets. As remote work becomesmore


normalised, the island is uniquely positioned to attract a new wave of digital nomads and entrepreneurs seeking to work in beautiful sur- roundings and enjoy a quieter pace of life—nowit just needs to become a logical choice for those wanting to build a solid entrepreneurial career and create scalable solutions at a fraction of the cost.■


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