The University of Gadjah Mada (UGM) has successfully achieved award as an A-rated incubator institution. This accolade was conferred by the Ministry of Cooperatives and Small and Medium Enterprises (KemenKopUKM) to incubator institutions that have effectively supported and nurtured new entrepreneurial tenants and startups, enabling them to evolve into high-quality economic players. The Incubator Award 2023 event was organized as part of the government’s efforts to enhance the role of incubator institutions, aligning with the strengthened regulations governing business incubation incorporated into the 2020 Job Creation Law through the issuance of Government Regulation No. 7 of 2021 and Presidential Regulation No. 2 of 2022 Regarding Entrepreneurship Development. The event, held on December 9, 2023, in Jakarta, was attended by Arief Sudarsono, S.T., M.Eng., representing UGM and receiving the award. On this occasion, Deputy of Entrepreneurship at KemenKopUKM, Siti Azizah, expressed that one of the strategies implemented to achieve the growth targets for new entrepreneurs and startups is through incubator institutions.
Hargo Utomo, Director of Business Development, explained, “This award is a form of public recognition for UGM’s contribution to cultivating the startup ecosystem through the Innovative Academy Program initiated since 2014. UGM is committed to continually enhancing its role as an incubator.” “With the support of funding from the Asia Development Bank in the Promoting Research and Innovation through Modern and Efficient Science and Technology Parks (PRIME STEP) Project until 2027, UGM pledges to continually improve the range of facilities for startups to develop and strengthen their businesses through Innovative Academy,” he added. In 2023, UGM completed incubation activities for approximately 66 startups, with 35 of them progressing to the acceleration stage. It is anticipated that this recognition will further inspire and boost the performance of the Innovative Academy in supporting the advancement of the startup ecosystem in Indonesia, especially within the University of Gadjah Mada’s environment. Over the next five years, it is hoped that one of UGM’s startups will successfully secure funding from investors and increase its business valuation to reach the level of a series startup.