Currently Indonesia is one of the target markets for Russian startup founders”, said Vlad Ayukaev, CEO of PVG, in an interview for Tech in Asia.

Tech in Asia, namely Deandra Syarizka, and Vlad Ayukaev, CEO of PVG, had an interview dedicated to a new phenomenon – the formation of a community of Russian-speaking startups in Indonesia – as well as its causes and impact on the local economy.

Indonesia, particularly the island of Bali, has become a magnet for Russian-speaking digital nomads, the majority of whom are app developers, crypto activists, or startup founders. Vlad identified several factors that led to Indonesia becoming their new target market.

First, the high number of population and therefore potential customers—approximately 275 million people. Second, the increasing value of Indonesia's digital economy. Third, low competition in many industries, for example in edtech, fintech or SaaS solutions for B2B. “Russia is famous for its tech developers, now they see great opportunities to implement their innovative forward-thinking ideas in a slightly competitive market”, said Vlad.

However, in order to successfully develop in the Indonesian market, foreign entrepreneurs do not have to act alone, many of them hire local experts, who help penetrate the market, localize the content, and explain how local regulations operate. In exchange, founders share with them unique knowledge, deep expertise and certain new skills. 

As Indonesian people, especially Balinese are open minded to the new and well well-aware of the benefits of cooperation, they are welcome to  the foreign entrepreneurs. 

To read the full version of the interview follow the link.