The Greater Hub SBM ITB again held an Industrial Mentoring Session entitled “Market Validation & Go-to-Market Strategy.” The session took place on Friday (10/5), and this time, Erik Hormein, the Vice President of Investment at BRI Ventures, carried out the mentoring.
BRI Ventures, a subsidiary of Bank BRI, plays a crucial role in investing capital in startups in Indonesia and regionally. Leveraging BRI’s extensive network and financial sector expertise, BRI Ventures is committed to empowering industry leaders and driving economic growth in Indonesia.
According to Erik, market validation is a process to ensure that an entrepreneur’s product can be accepted by the market by testing the product concept on potential customers. Meanwhile, a Go-to-Market Strategy is a step-by-step plan for launching a new product or expanding into a new market that helps entrepreneurs launch products to the right audience with the right message at the right time. Erik explained the strategy and how to calculate these two concepts to the participants.
“It turns out that market validation is important and can take various forms. If our business is market validated, we will only be able to get funding from investors or venture capital,” said Pieter Jose, one of the SBM ITB students who participated in this activity.
This mentoring is intended to help participants initiate initial funding for their companies. Around 21 startups participated in this activity, and general participants also participated in this mentoring session.