From founder to funder: The journey of Agung Bezharie Hadinegoro

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One of the signs of a mature startup ecosystem is when successful founders start transitioning into investors. And they back companies not only for profits but also in an effort to give back to the ecosystem.

Investors who were once founders usually have a better understanding of an entrepreneur’s needs. They also have deeper experience and insights into industry trends. Both of these are assets they use to help other founders facing the same challenges they've previously overcome.

The trend of founders becoming investors has been rising in Indonesia for the past few years. Tech in Asia notes that there were over 20 local startup founders who became angel investors in 2022. This number may have increased since then.

While many ventured as individual backers, some formed networks with other founders or joined venture capital firms as partners.

"Almost everyone at Antler is a builder, and we will always be builders. The value creation we bring as investors is personal founder support," says Partner at Antler Agung Bezhari Hadinegoro , who had previously been the Co-Founder and CEO of Warung Pintar.

He adds that most of Antler partners have backgrounds as founders. This is what adds value and distinguishes the VC firm from others. Besides Agung, Kanta Nandana, Director at Antler also has an entrepreneurship background, having previously been the co-founder and COO of omnichannel startup Kotoko and the founder of Samasta Coffee.

Antler also has other added value as an early-stage venture capital firm. The team is more involved directly with founders in brainstorming for product development, go-to-market and product-market fit strategies,? technology implementation, and fundraising.

“It’s important to note that we support founders, withound hand holding them. Ultimately, they make their own decisions and we will invest when we agree with their vision and logic. Post-investment, we will continue to be as helpful as needed,” he says.

New perspective

Mentoring over 50 startups takes a broader understanding of various industries. This is different from when he served as a founder, where he focused on the supply chain verticals his startup was involved in.

He believes that his success as an investor heavily depends on each founder's ability to overcome hurdles. In that context, selecting the right founder and understanding their character is crucial. It's also important for him to build good relationships with all the entrepreneurs in his portfolio.

"The difference in the investment position may also lie in more control by the founders. Every founder has the opportunity to become 'the next big thing.’ Can they overcome all the challenges?"

He also shares that part of becoming an investor is making a bigger impact in the startup ecosystem. Currently, the success rate of startup founders is still low – below 10% - he says. As an investor with experience in founding startups, he hopes to contribute to increasing that percentage.

"At this point, my way of working is being able to collaborate with future founders. There’s no better way to do it than here in Antler, where we back the most defining startups of tomorrow," he notes.