To stimulate economic development and support marginalised communities, UGM has included financial aid to local startups that focus on green business practices as part of its programs. This effort aligns with the United Nations’ Target 1.4, which advocates for equitable access to economic resources, basic services, and financial assistance for all individuals, particularly those who are disadvantaged. UGM’s strategic framework integrates funding options with a comprehensive support system designed to help emerging entrepreneurs flourish.
UGM Startup Grant Program
Source: Innovative Academy – Startup Grant
One notable initiative is the Startup Grant program, launched by the Directorate of Business Development and Incubation in partnership with the Asian Development Bank (ADB). This program reflects UGM’s commitment to bolstering local entrepreneurial efforts. The PRIME STeP initiative provides startup founders with a wide array of resources, including mentorship, shared workspaces, global networking opportunities, and multi-year financial backing. Additionally, participants have access to UGM’s various resources, such as labs and research facilities, to support their business growth. The primary objectives of this program include speeding up market and user research through advanced tools, encouraging deep technology innovation in line with Industry 4.0, and creating partnerships with UGM’s business units, industry players, and government bodies to aid startups in their growth.
To be eligible for the Startup Grant, applicants must be students, faculty, staff, alumni of UGM, or community members with diverse backgrounds. Each startup team must have at least two members, including at least one woman, to promote gender diversity in entrepreneurship. The program seeks out innovative, technology-driven products that showcase clear business value and fit within the market. Participants must submit a pitch deck containing vital information about their startup, including a budget, with funding requests limited to 250 million rupiah. The program uses an activity-based assessment model, evaluating success based on activities that comply with UGM’s guidelines.
Moreover, the Innovative Academy has introduced its Startup Program & Talent Batch #11 Incubation, inviting entrepreneurs to join a vibrant ecosystem aimed at cultivating innovative startups. This initiative provides participants with the necessary resources and support to enhance their business ideas. Importantly, the top three startups from this cohort will be nominated for multi-year funding under the PRIMESTeP initiative in 2024.
Registration for the Startup Program was accessible for an entire 24-hour day during the application period, with the incubation program kicking off in July 2023. This initiative also shows UGM’s commitment to developing talent and innovation in the entrepreneurial ecosystem, where everyone has the right to access the necessary resources and support to pursue entrepreneurship. UGM enhances the community’s economic resilience and helps realise sustainable development goals by investing in local startups and advocating for financial inclusivity.