Coming from what he calls the “small island” country of Singapore, SIXCAP Group founder Patrick Teng says he is amazed at the economic growth in Indonesia.
“Every year, Indonesia produces one new Singapore,” he said at the 3rd annual meeting of the Indonesia Economic Forum (IEF) at the Shangri-La Hotel Jakarta on November 15, 2016.
But to reshape Indonesia’s huge economy, he said innovation is required.
And innovation, harnessing the power of technology and of the crowd, is what SIXCAP has been doing, including in Indonesia in partnership with the Yogyakarta-based Gadjah Mada University (UGM).
“I learned about this huge fortune at the bottom of the pyramid. There are 25 million farmers or 10 percent of the Indonesian population. So I would like to prosper from that sector,” Patrick said.
SIXCAP and UGM are partnering for a tremendous initiative to support farmers through technology called DESA, or Digital Extension Supporting Agriculture.
“This is the sense of responsibility that drives us,” he said.
Today, there are 15,000 farmers connected by cellphones.
“I thought, why doesn’t SIXCAP support 25 million smartphones and make it free for every farmer?” he said.
“This is just an idea, but SIXCAP wants to look at this idea in another three years,” he said.
Another joint initiative is a $6 million UGM - SixCap Digital Innovation Center at UGM's main campus in Yogyakarta that will allow students to conduct research.
In health care, they have developed NusaHealth, a mobile app that uses artificial intelligence to monitor and improve personal health.
For the environment, they have geo-spatial intelligence, where mobile digital mapping allows people to help identify hot spots in their area and combat the annual haze problem.
Patrick stressed the idea that changes are based on responsible and responsive innovation, as well as making a meaningful contribution to Indonesian society.
“I personally believe that business should be more than just profit. Business and innovation should make a lasting positive impact,” he said.