Indonesia sets target to have 3.95% young entrepreneurs by 2045

Denpasar (ANTARA) – Cooperatives and Small and Medium Enterprises Minister (MenkopUKM), Teten Masduki, is targeting to raise the proportion of young entrepreneurs from 3.18 percent to 3.95 percent by 2024 to prepare Indonesia to become a developed nation.

There needs to be a change in the mindset, especially regarding the creation of young entrepreneurs, which must involve universities and the private sector, Masduki said.

“This requires a new approach. Not with a bureaucratic approach. To prepare these new entrepreneurs, we have to work together with campus incubators and private incubators,” the minister highlighted after delivering a public lecture to Warmadewa University students in Denpasar, Bali, on Tuesday.

An incubator is a platform that accommodates and supports startups and new entrepreneurs in developing business models and connects them to investors.

Masduki said that currently, large campuses have their own business incubators, so the Ministry of Cooperatives and SMEs is seeking to help other universities to participate in forming business incubators.

MenkopUKM further said that to realize the target, Indonesia will need to produce approximately one million young entrepreneurs within two years.

“The minimum for developed countries is four percent. The average developed country now is between 10 and 12 percent. We are still lagging behind Singapore, which is currently 8.6 percent, while Thailand and Malaysia are already above 4.5 percent,” the minister said.

Therefore, he said he hopes that the signing of a memorandum of understanding (MoU) on cooperation by the Ministry of Cooperatives and SMEs and Warmadewa University in Denpasar, on Tuesday can be considered a stepping stone for campuses to direct students to become entrepreneurs instead of finding private or government employment.

“We really have to change the mindset of universities; we can no longer prepare graduates to become employees. We change how students are not job seekers, but job creators,” the minister said.

During his visit to the campus, Masduki also said that Bali will be a focus area for KemenkopUKM in the push to produce one million young entrepreneurs by 2024.

“We have chosen Bali as one of our priorities because Bali has an entrepreneurial DNA. Many successful entrepreneurs are here, and Bali is also a window, a window to enter the global market. At least, we can introduce MSME products from all over Indonesia through Bali,” he added. 

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