Articles

Valuation of GoTo Post-Merger: Analysis of the Key Drivers

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The pandemic has led to significant growth in Indonesia’s digital economy, with e-commerce and on-demand services driving growth. However, many startups go public before achieving profitability, raising concerns about their long-term financial sustainability. PT GoTo Gojek Tokopedia Tbk., an Indonesian startup, went public in April 2022 but experienced a 75% decline in share price by December. This research aims to identify potential strategies to improve GoTo’s profitability, determine implementation methods, assess intrinsic value, and analyze associated risks. The research design process includes a literature review, data collection, and financial projections using the Discounted Cash Flow method. Horizontal integration through mergers and acquisitions holds the greatest potential to enhance GoTo’s profitability. Implementing this strategy requires sustainable revenue growth, strategic investments, and rigorous cost management practices. GoTo must prioritize sustainable revenue growth, strategic investments, and cost reduction strategies to achieve its strategic objectives.

Analysis on the Impact of Company Employer Branding with the Desire of Generation Z in Choosing Their Workplace: A Case Study of PT BRI

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Generation Z’s entry into the workforce has shifted perspectives on work. They have clear job expectations and are more demanding, seeking fulfillment, purpose, and a better quality of life. Employers who prioritize these needs will attract and retain Generation Z, shaping the future of work. They are technologically adept, socially aware, and engaged in global issues. Despite uncertain times due to the pandemic, rapid technological growth, and potential economic recessions, Gen Z enters the workforce with clear job expectations. The primary research objective is to develop employer branding strategies that align with the values and expectations of Gen Z. The methodology used in this research is Interactive Model Analysis to know what the important factor for Gen Z is according to Employer Attractiveness Scale (EmpAt). Primary data are acquired by doing an in-depth interview with several employee of PT BRI and also from external that is Gen Z who are currently working in a startup. This research revealed that from 5 dimensions of EmpAt, the most important one to explore is Safety Values because it is one of the benefits of working in BUMN company.

The Impact of Perceived Organizational Support on Employee Motivation in Indonesia Technology Startup Companies Post Pandemic Covid 19

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Covid 19 poses significant challenges for Indonesian technology start-ups. Beginning with shifts in work modes, unstable global conditions, and geopolitics. This has caused many businesses to lay off employees, which can negatively impact employee motivation and perceptions of the organization. Perceived organizational support and motivation are crucial factors to consider in this circumstance, as the startup industry in Indonesia is rapidly growing and positively impacting the economy. This study presents an overview of the current state of perceived organizational support, autonomous motivation, and controlled motivation among employees of technology startups. It also investigates the effect of perceived organizational support on autonomous and controlled motivation among employees in Indonesian technology startups, which can be beneficial knowledge for startup practitioners. This study’s respondents involve 279 employees from Indonesian technology startups. Its analysis employs a simple linear regression method. The findings show that among employees at technology startups, perceived organizational support significantly affects autonomous motivation but has no significant effect on controlled motivation.

Incubator and Accelerator Startup Program on Startup Performance (Study Case in Indigo Telkom Indonesia)

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The rise of technology-based startups in Indonesia, which has led to an increase in the number of startups and failures due to their inability to grow and generate profits. Business incubators and accelerators are seen as an alternative solution to aid startups in overcoming their challenges. Indigo, an Incubator and Accelerator Program for digital startups owned by PT Telkom Indonesia, offers a complete program to support Indonesia’s digital startup ecosystem. This study aims to determine how respondents perceive the variables of Infrastructure, Management Support, Training & Development, Financial Support, Network, Synergy, and Startup Performance so that they can improve the program that is considered insufficient. In addition, this study also aims to determine the effect between the variables of Infrastructure, Management Support, Training & Development, Financial Support, Network, Synergy on Startup Performance. The research method used in this research is descriptive quantitative method with saturated sample sampling technique and the analysis technique used is descriptive analysis and mulativariate SEM PLS.

Business Valuation for Company Decision Making Case Study of: PT HIJ

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The spread of COVID-19 and technological advancement has opened many doors for start-up company around the world, especially in Indonesia. Due to the nature of the virus where it may spread through physical contact, people have been avoiding going out, aligned with government policy that restrict citizen movement such a lockdown. The consumer behaviour began to shift as shown by number of people cooking at home, and number of delivery service are increasing. Seeing opportunity to serve in this market, PT HIJ is then founded to provide timely full set of fresh high-quality ingredients ready to cook delivered to the door of the customer. After one year of operation, the management experienced shortage of fund to grow the business and believed that it is right to source for new funding from the investors. As the management team have no experience in performing valuation, they would like to receive an insight about the valuation of their business. The study will cover the business model of PT HIJ, start-up ecosystem, analysis of the business environment and evaluation of valuation method. Based on the study, PT HIJ has a solid business model to grow its business. The trend of digitalization, government support and rising health awareness will benefit the company as one of the new start-ups itself. Also include in this study is valuation process performed using discounted cash flow method, venture capital method and scorecard method. It can be concluded from the three techniques, the valuation resulting in an enterprise value ranging up to IDR 470 million, with the median of valuation at IDR 262 million.