More Than Half of Indonesian Startup Founders Don't Have Tech Backgrounds i

A recent study by technology giant Google and United States-based global management consultancy AT Kearney shows growing investor confidence in Indonesia's startup market, with investment in the sector having grown 68-fold over the past five years to $1.4 billion in 2016. (Reuters Photo/Aly Song)

By : JG | on 9:36 PM July 12, 2017
Category : Business, Corporate News, Featured

Jakarta. A new study revealed that more than half of technology startup founders in the country do not possess formal educational backgrounds in the field.

Out of 102 founders of Series A-funded startup companies in the country, 58 percent graduated university with degrees in non-tech fields, according to a new collaborative study released on Monday (10/07) by online shopping startup iPrice and venture capital firm Venturra.

Popular majors of current tech chiefs include finance, industrial engineering, economics, marketing and accounting.

Those who took degrees in finance include Go-Jek co-founder Michaelangelo Moran and beauty product marketpalce Sociolla's co-founder John Rasjid, while Reynazran Royono, chief executive of cashback app Snapcart, and Haryanto Tanjo, chief executive of Moka, both majored in industrial engineering.

Meanwhile, Bhinneka chief executive Hendrik Tio, medical mobile app HaloDoc chief executive Jonathan Sudharta and food delivery startup Qraved director Adrian Li all majored in Economics.

Most Startup Founders Studied Abroad

During undergraduate studies, 58 startup founders in the country traveled overseas to earn degrees, showing little an almost equal amount of degrees earned at local and foreign universities.

However, 32 out of 36 founders who hold master's degrees earned them overseas. That figure includes online furniture store Fabelio chief executive Marshall Tegar Utoyo, who obtained his bachelor's at the Bandung Institute of Technology (ITB) but obtained an advanced degree at the University of Sydney in Australia.

Eighteen of the founders hold a master's in business administration, which requires students to obtain more prerequisites before graduating.

ITB Produced Most Founders

Though many startup founders hold advanced degrees from universities abroad, the majority of founders went through ITB's undergraduate program, which was ranked 331 in the Quacquarelli Symonds (QS) World University Ranking 2017/2018.

Bukalapak founders Achmad Zaky, Nugroho Herucahyono and Muhamad Fajrin are all graduates from ITB, as well as Agung Nugroho and Raynazran Royono.

Bina Nusantara University and Harvard University produced eight tech startup founders, while Purdue University produced seven, including Ruang Guru chief executive Adamas Syah Belva Devara, who also studied at Harvard.

Stanford University produced five startup chiefs and University of Indonesia produced four.

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