Badri Munir Sukoco
Professor, Faculty of Economics and Business,

Director of Postgraduate School,
Universitas Airlangga https://pasca.unair.ac.id/badri-sukoco

Kontan Daily – 20 December 2021
https://epaper.kontan.co.id/news/769735/Trendsetter-dan-Perusahaan-Kelas-Dunia

In early December, President Joko Widodo emphasized that Indonesia must become ???????????????????????????????????????? ???? (and not ????????????????????????????????????). ????????????????????????????????????????????? must be innovative, and become Indonesian culture to succeed in economic transformation with products with high added value. This is what world-class companies do by being ??????????????????????????????????????? ?????.

How to develop world class companies that become ?????????????????????????????????????????? ??? global?

???????????????????????? ????????????????????????????

Data ???????????????????????? ?????????????????????????????????????????? ????????????????????? (GII) 2021 shows South Korea occupying the top position in Asia (#5 in the world), followed by Singapore (#8), China (#12), and Japan (#13). What about Indonesia? We rank #76 in the world. Not surprisingly, products from these countries are not only king in their domestic markets, they are even flooding the world. Including Indonesia. Not only automotive, ????????????????????????ℎ????????????, ????-??? ??????????????????????????????, ????????????ℎ??????? ?????, even the food has become a trend in Indonesia.

More detailed data shows that South Korea's high technology exports (products and services) reached 25% of its GDP, while China's was higher (29.9% of GDP). Likewise, the percentage of exports related to exports of cultural goods, China is 3x greater than South Korea. The large number of exports strengthens the position in GII 2021 as innovation becomes a trend and is consumed throughout the world. This is also one of the reasons China increased its position to #12 (2021) from #15 (2019). Even the highest in the group ????????????????????? ????????????????????????-???????????????????????? ????????????????????????????????????.

???????????????????????????????????????? ????????????????????????????????

This large export cannot be separated from the contribution of the many companies that innovate in China. Although many doubt it, because most do ??????????????????????????? on products from developed countries at the beginning of the 21st century. Even a strong argument was built by Abrami et al. (2014) in ??????????????????????????? ????????????????????????????????? ???????????????????????? entitled “????ℎ???? ????ℎ???????????? ????????????'???? ??????????????????????????????????” However, this is gradually being eroded by the large export of existing technological innovations, starting from ℎ????????????? ?????????????????????????????????????????? until ???????????????????????????????????????????? ????????????ℎ????????????????????????????????? which legitimizes the position in GII 2021.

A comprehensive study conducted by Greeven, Yip, and Wei (MIT Press, 2019) grouped 4 types of innovators in China: ???????????????????????? ????, ℎ????????????????????? ????ℎ????????????????????????, ???????????????????? ????????????, and ????ℎ?????????????????????????????? ?????. Group ???????????????????????????? is ???????????????????????????????????? with a wide market with revenues of more than US$10 billion and is well-known. The existence of ?????????????????????, ???????????????????????????? , And ???????????????????????????? known all over the world.

???????????????????????? ????ℎ???????????????????????? the market is narrow, but the income is large (

The latter two groups are newcomers that focus on high technology and were founded after the 2010s. ????????????????????????????????? with ???????????????????????????????????????? The low market has a narrow market, so its income is limited

Lastly, ????ℎ???????????????????????????????????? has a mass market so it has ??????????????????????????????????????? high, and revenues >US$1 billion. For example ???????? ???????????????????????? for health services or ??????????????? ????ℎ????????????????????? for transportation.

In the early decades of China's economic transformation, entrepreneurs were more politically affiliated and relied on manufacturing, ???????????????? ????????????????????????, or finance. The four groups above also represent different generations, but all have university education. Interestingly, changemakers get most of their venture capital injections from Chinese banking funding and the ????????????????????????????? For ??????????????????????????????, this venture capital injection can also be a diversification so that it is still relevant in the future, especially targeting both mass market.

The line of innovator companies above illustrates a business phenomenon that prioritizes innovation and technology as its advantages. Furthermore, Greeven et al. (2019) said there were 30-40 ????????????????????????????????? which has a global impact, and is between 200-250 ℎ????????????????????? ????ℎ???????????????????????????. More than 15 thousand ????????????????????????????????????, and most of them are alumni of the startup competition that organized by government and private institutions. And also over 50s ????ℎ??????????????????????????????????????? ?? which is ready to become a global player in the near future. Company lineup ????ℎ???????????????????????????????????????? It has been operating for quite a long time with experience and a reputation built up. They are the locomotive of economic growth that will lead China to become a developed country in the near future. This is also in line with the opinion of Chistensen, Ojomo, and Dillon (2019, ????ℎ???? ???????????????????????????? ??????????????? ?????????????????????????) that market-creating innovation will deliver a country becomes developed.

????????????????????????????????????????????

Refers to ???????????????????????????? ???????????????????????? 500 in 2021, Indonesia is only represented by Pertamina (#287). Meanwhile on ???????????????????????? ???????????????????????? 1000 for public companies, Indonesia is represented by BRI (#362), BCA (#436), Bank Mandiri (#507), and Telkom Indonesia (#762). Even though Indonesia's domestic market is the 7th largest in the world, most of it is enjoyed by global companies from other countries.

Become a nation ????????????????????????????????????????????? is a necessity for Indonesia to become a developed country. It is not only the job of the government and state-owned companies, but private companies that are established and operating in Indonesia must also be able to produce innovations that create and move the market.

Need policies and ?????????????????????????????? What is clear is that Indonesian companies are able to take advantage of the large domestic market to experiment and innovate. And everything must be based on science and technology, because that is the future that we must serve and create towards Advanced Indonesia 2045.