Quick overview: Business opportunities in Indonesia that you can take are digital media, e-commerce, tourism, EdTech, HealthTech, and Green Tech poised for growth. Startup Studio can help you build and launch tech products. Also, they have a well-prepared strategy to go to market.
Who does not only want to fly and holiday in Bali without paying for a visa? Exactly. Everyone wants it. On Wednesday, 03 January 2024, Indonesia’s Minister for Tourism and Creative Economies, Sandiaga Uno, announced the department was looking into the viability of reintroducing legislation that would no longer have to pay for a visa on arrival for tourism purposes.
It means you no longer have to pay for a visa if you want to holiday or visit Bali. We look at different angles for the regulation of visa-free. We look for a big chance to look for new business opportunities, build tech products that have yet to be thought of before, and thrive for the long term. Is just talk? No, we find gold in this regulation that makes you rich. Start from small and think differently.
In this article, we want to guide you to open the mindset and opportunity to look for potential businesses that can start from zero to hero in the market. So, let’s get started.
Business Opportunity In 2024
First, we will disclaimer that you must do more research to find a suitable business for you. But here we will help you to find opportunities in business so that you can discover more in your research. If you need help from a developer to develop your tech product, we will help you with the best service and offer.
So, we find AI and cloud computing are trending right now. Many people know that AI is trending. Maybe in the future, it can be a red ocean. Because many brands are focusing on AI. But we think AI is still a large market. If we take a look, many people are interested in developing chatbots based on AI. On the other side are still other industries that have opportunities for you to take on your part of a startup. At this time we have the first business opportunity in Indonesia.
Harnessing Digital Media’s Potential in Indonesia
Digital media, as mentioned, is a thriving sector in Indonesia, attributed largely to its young, tech-savvy population. The expected revenue in the Digital Media market is projected to be a staggering US$2.64 billion by 2024. This growth is not just in numbers; it reflects a cultural shift towards more digital consumption and interaction. For entrepreneurs and startups, this signifies a vast ocean of opportunities.
Another sector is e-commerce. According to Statista, Indonesia was forecast to continuously increase between 2024 and 2028 by 35.35%. In 2028 is the new peak and is estimated to reach 131.36 million users. In addition, this is caused by increasing internet penetration and a growing middle class. With more consumers turning to online platforms for their shopping needs, there’s a tremendous opportunity for new e-commerce ventures, especially those that offer unique products or innovative shopping experiences.
Tourism and Hospitality Tech
With the reintroduction of visa-free travel to Bali, there’s a renewed interest in the tourism and hospitality industry. Startups could focus on creating tech solutions that enhance the tourist experience. Based on the data, revenue in the Travel & Tourism market is projected to reach US$8,971.00m in 2024, the largest Travel & Tourism market is the Hotels market with a projected market volume of US$5,029.00m in 2024. In the hotel market, the number of users is expected to amount to 30.88m users by 2028.
On the other hand, in the Travel & Tourism market, 77% of total revenue will be generated through online sales by 2028. This could include apps for local travel and dining recommendations, virtual tour experiences, or platforms that connect tourists with local experiences and accommodations.
EdTech (Education Technology)
The education sector in Indonesia is ripe for disruption. Based on data, this sector is projected to reach a revenue of US$1,383.00m and have a market volume of US$837.70m in 2024. The demand for online education in Indonesia has seen a significant rise, driven by the country’s large population and increasing internet penetration. EdTech startups that can provide innovative learning solutions, especially in the post-pandemic era, have a high growth potential. This could include online learning platforms, educational apps, or tech solutions that make learning more accessible and engaging for students across Indonesia.
Digital Health is another area with significant potential. Revenue in the Digital Health market is projected to reach US$2,028.00m in 2024. The market’s largest market will be Digital Treatment & Care with a total revenue value of US$906.30m in 2024. Startups can explore telemedicine, health monitoring apps, or platforms that connect patients with healthcare providers. There’s a growing demand for solutions that offer convenience and reliability in healthcare services.
Green Tech and Sustainability
According to a 2023 survey conducted on Indonesian consumers, around 8.55 percent of male respondents stated that they have switched to green energy, such as using e-vehicles or solar panels. In comparison, female respondents had a lower share of around 6.7 percent. Green technology and sustainability are not just global trends but also vital needs for Indonesia.
Startups that can provide solutions for renewable energy, waste management, or sustainable agriculture will not only contribute to a better environment but also tap into a market that’s increasingly conscious about sustainability.
Business Outlook 2024
As we approach 2024, the business landscape in Indonesia, particularly in Bali, is poised for significant transformation. Driven by technological advancements, a growing middle class, and supportive government policies like the visa-free initiative, the outlook is overwhelmingly positive. Key sectors such as digital media, e-commerce, tourism, and technology-driven services are expected to see robust growth. This growth is bolstered by Indonesia’s large and young population, increasing digitalization, and a burgeoning startup ecosystem. Entrepreneurs looking to enter these markets will find a receptive environment ripe with opportunities.
How to Start a Startup or Business in Bali
Starting a business in Bali, or anywhere in Indonesia, requires careful planning and understanding of the local market and regulations. Here’s a simplified roadmap:
- Market Research: Understand the local market needs, consumer behavior, and competition. This will help in defining your business model and unique value proposition.
- Legal Setup: Comply with local business laws. This includes registering your business, obtaining necessary licenses, and understanding tax implications.
- Building a Network: Establish connections with local businesses, government agencies, and potential partners. Networking is crucial in Bali’s business landscape.
- Leveraging Technology: Utilize technology to enhance your business. This could be through e-commerce platforms, digital marketing, or tech-based solutions specific to your industry.
- Cultural Sensitivity: Embrace the local culture and practices in your business operations. This is key to gaining trust and acceptance in the Balinese community.
Experience the Different Tech Journey with Startup Studio
For those embarking on a tech startup journey in Bali or Indonesia, partnering with a startup studio can be a game changer. Startup studios offer a unique blend of expertise, resources, and mentorship to help turn ideas into successful businesses. They provide:
- Access to resources: A startup studio provides founders with reliable talent that is ready to help develop and launch your tech product.
- Validation of ideas for the long-term: apart from that, startup studio provides services in building your minimum viable product structure so that your product idea can be sustainable in the long term
- Faster execution: A startup studio leverages its experience and expertise to accelerate the development and launch of the product.
- Support and maintenance: A startup studio offers ongoing guidance and advice to the founders for their digital products.
Engaging with a startup studio can significantly reduce the risks and challenges associated with launching a new tech product, especially in a dynamic and diverse market like Indonesia.
Final Words: A Land of Opportunities
As we look towards 2024, Bali, and Indonesia as a whole, stand at the cusp of a new era of entrepreneurial growth and innovation. The reintroduction of visa-free travel is just a catalyst in a series of positive changes shaping the country’s economic landscape. With sectors like digital media, e-commerce, tourism, EdTech, HealthTech, and Green Tech poised for growth, the opportunities for startups and new businesses are immense.
For those ready to embark on this journey, the path involves thorough market research, legal compliance, cultural integration, and leveraging technology to its fullest. The support system in the form of startup studios and a robust entrepreneurial network makes Bali not just a paradise for tourists, but also a fertile ground for innovators and entrepreneurs.
The future of business in Bali and Indonesia is bright, beckoning those with the vision and drive to be part of this exciting journey. Whether you’re a seasoned entrepreneur or a budding startup enthusiast, now is the time to explore, innovate, and grow in this vibrant and dynamic market.
As Bali opens its doors visa-free, the island isn’t just welcoming tourists; it’s inviting the world to be part of its extraordinary business revolution. The year 2024 marks the beginning of an era where business opportunities are as abundant as the island’s natural beauty, making it an ideal destination for those looking to make a mark in the world of business and technology.
Explore another discussion that we have been published in helping your business on every stage.