Martin Hartono, one of the three sons of Indonesia’s richest man Robert Budi Hartono, said “technopreneurs” have a great opportunity to capture consumer-related sectors given the country’s young population

Focusing on Consumers With ‘Technopreneurs’

By Muhamad Al Azhari on 11:11 am October 10, 2013.


Martin Hartono speaking at a public lecture in Jakarta organized by the Tanoto Foundation in partnership with the economic faculty at the University of Indonesia. (GA Photo/Suhadi)

Martin Hartono, one of the three sons of Indonesia’s richest man Robert Budi Hartono, said “technopreneurs,” or entrepreneurs in technology in Indonesia, have a great opportunity to capture consumer-related sectors given the country’s young population. “Currently, young people who are in school will later get a job and spend… are the generation that is used to living with the Internet,” said Martin, whose father Budi and uncle Michael Hartono have a combined $15.5 billion net worth, according to Globe Asia calculations.Martin was speaking to the Jakarta Globe on the sidelines of a public lecture in Jakarta on Tuesday, organized by the Tanoto Foundation in partnership with the economics faculty of the University of Indonesia.

Martin, as part of the third generation of the family that controls Djarum Group, had started out as a business technology director, which served as a training ground for sharpening his true interest in the information and technology business — specifically, in Internet-related businesses.

At Djarum, he helped the company to implement various technologies, especially to improve the performance of supply chain management — from production to distribution. Djarum’s businesses includes banking, property, palm oil, electronics, telecommunications. Its roots are in cigarette manufacturing, when its first-ever kretek workshop was set up in 1951.

In 2010, Martin established Global Digital Prima Venture — known as GDP Venture — a venture capital firm that invests in various web businesses including e-commerce, social networking and digital media.

“I started this kind of business as I am upbeat on Indonesian consumers,” said Martin, whose GDP Venture made headlines in January 2011 when it acquired a stake in Kaskus, Indonesia’s biggest community website. At the time, Kaskus had 4.8 million registered members as well as 20 million unique visitors a day.

Gatra magazine reported in March 2011 that Djarum, through GDP Venture, invested Rp 1 trillion ($87 million) into Kaskus. Martin did not confirm the figure.

“What I like about Kaskus is the members have very strong loyalty. I was impressed, when there was the Mount Merapi eruption [in 2010], the Kaskusers [Kaskus members] were so quick to respond. They go there, without any sponsor, they raised money with their Kaskus flag to help the victims,” he said.

“In Indonesia, I know of only three brands that command such loyalty. First, [rock band] Slank, second, Persija [Jakarta, a football club], and third Djarum Black [clove cigarettes],” he joked in his lecture.

GDP Venture has interests in a number of other internet companies, including Infokost, which provides lists of boarding houses or apartments.

Martin also owns digital marketing agency Merah Cipta Media, of which its customers include Microsoft Indonesia.

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (, the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: