TEMPO.CO, Jakarta - During the official handover ceremony on Wednesday, newly-appointed Communication and Informatics (Kominfo) Minister Johnny G. Plate revealed that he not only hopes for unicorn startups to flourish in Indonesia but also expects the birth of a hectocorn.
“There should be a hectocorn, if necessary. Don’t be discouraged by it, we must have [breakthrough] ideas,” said Johnny who ceremoniously accepted the Kominfo handover from former minister Rudiantara.
In an interview with journalists at the Kominfo headquarters, Johnny elaborates that he will expect more unicorn startups to emerge in terms of the domestic digital economy segment. Not stopping there, he also hopes that the current ones bearing the unicorn status will be able to elevate to decacorn.
The term unicorn is used to describe startup firms that are valued over USD 1 billion, while decacorn are given to firms with valuations of USD 10 billion. Hectocorn itself describes firms valued at USD 100 billion.
As of now, Indonesia houses four unicorn startup firms that comprise; Bukalapak, Traveloka, Tokopedia, and OVO. Meanwhile, the ride-hailing app GoJek has reportedly improved to the level of decacorn.