Interviews

Impact in Numbers

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Berdaya Talk is an initiative that explores the stories of change makers and the initiatives they have developed to support sustainable development in Indonesia. This time, we are joined by Tauhid Pandji (Tauhid), Country Head – Indonesia at WaveMaker Impact.

Can you share what WaveMaker Impact is all about and the mission that drives your work?

WaveMaker Impact is a climate-tech venture builder on a mission to create real, lasting change in the fight against climate change. We are committed to building a portfolio of innovative companies with the potential to significantly reduce global greenhouse gas emissions – aiming for a bold 10% reduction by 2035.
While headquartered in Singapore, our reach extends across Southeast Asia, operating in five countries and expanding into Australia and India. Our ambition is to transform the future, one venture at a time, by harnessing the power of technology and scalable solutions to address the world’s most pressing environmental challenges.

How did you get started into the world of impact investing?

I’ve always been drawn to the intersection of business and making an impact. Coming out of university, I understood that making money is essential, but I knew there had to be more to life than just work, money, and following pre-set paths. Early in my career, I was in search of something more meaningful in the choices I made.
After graduating, I explored different career paths, starting as a journalist. I’ve always loved reading and writing, and I saw journalism as a window to the world – a way to help people see beyond their everyday lives. Later, I transitioned to business development, working in the energy and oil and gas sector, which gave me exposure to a wide range of industries. But then, I found myself shifting toward tech startups. I joined Uber in 2017, and from there, moved on to GO-JEK and eventually OYO.
It was during my time at these startups that I realized businesses could be a real force for good change in the world. Unlike traditional companies that might take decades to create significant change, startups have the power to make an impact in just years – and at an impressive scale, reaching millions. That’s when I began to think more deeply about the problems our world faces today, particularly climate change. It’s not only one of the biggest global challenges but also a life-threatening crisis.
By 2022, I saw an opportunity to combine my experience in tech startups with my desire to tackle climate change. That’s when I joined WaveMaker Impact. Their mission of reducing 10% of global emissions is an ambitious goal, and it won’t be easy – but that’s what makes it inspiring. It’s our North Star, and we aim big, knowing that even if the journey is tough, every step forward is progress toward real change.

Coming from traditional oil and gas, then moving into tech startups, and now working in climate tech - how do you compare these different industries and the experiences you've had in each?

Drawing from my experience in the energy and oil & gas industry, which is incredibly CAPEX-heavy and physically demanding, I’ve seen firsthand how much infrastructure is needed, whether offshore or on land, to drill and extract resources.
We’re talking about millions of dollars for operational costs. On the other hand, my experience in tech companies has been the complete opposite. With tech, you’re often working with digital platforms that require very little physical assets.

When it comes to climate tech, though, sometimes you need a blend of both worlds. Climate tech refers to any solutions or technologies that help reduce emissions, and emissions are so deeply embedded in our industries and day-to-day lives.

Take agriculture, for example – where do the emissions come from? One of the biggest sources is methane from rice fields, along with emissions from chemical fertilizers, waste and diesel usage.
The thing is, you can’t reduce those emissions with software alone. For example, you can teach farmers to adopt more sustainable practices – like a method called alternate wetting and drying to reduce methane emissions from rice fields.
Such practices would require a physical component to be involved. Whether it’s cutting down on chemical fertilizers, using organic compost, or implementing precision farming, there are real, tangible solutions required.
For someone used to the tech world, which is very software-heavy, climate tech might seem like an odd combination. But the reality is, to tackle something as complex as climate change, we need both software and hardware solutions. The challenge lies in finding a way to make these models scalable, feasible, and ultimately viable.

How would you describe the climate tech landscape here in Indonesia?

I believe Indonesia holds tremendous potential when it comes to climate opportunities. In several sectors, the country has a strong competitive advantage compared to the rest of Asia, and even the world.
With the fastest-growing middle class in Southeast Asia, there’s rising demand for energy, housing, vehicles, clothing, and food- presenting a significant opportunity for emissions reduction in the future.
The country is also home to some of the world’s largest rainforests, vast peatlands, and rich marine ecosystems like mangroves and seagrass, all crucial for carbon sequestration. When you look at these sectors, the opportunities to deploy climate solutions are immense.
However, there are also significant challenges. One of the biggest is the awareness and knowledge gap surrounding climate tech. While awareness is slowly growing, it’s still relatively limited. Most startups in Indonesia aren’t focused on climate tech yet. There are a few emerging solutions in the space, but it’s not nearly enough.
That’s why we’ve adopted a venture-building model – because we recognize that we need to actively help create and develop these models. It’s a critical step toward unlocking the full potential of Indonesia’s climate opportunities.

What is the venture building model and what are its benefits?

A venture builder differs from a traditional VC in several important ways. First, instead of simply investing in existing startups, we actually build startups from the ground up.

We collaborate with proven entrepreneurs - founders who have successfully built and exited startups in the past - and we guide them through the entire process, from ideating the business concept to testing it in the market, launching it, and providing the initial funding.

One of the key advantages of venture building is the structured process we offer our founders. On their own, founders face a higher chance of failure, needing to pivot multiple times before achieving product-market fit, and this can take a long time.
However, with venture building, we provide a system with shared resources and expertise. This significantly reduces the risks and shortens the time it takes to launch a successful business.
Research shows that startups emerging from venture studios tend to have a higher success rate. They also tend to reach the market faster and often raise their next round of funding more quickly compared to conventional startups.
This is largely due to the rigorous process and support they receive throughout the venture-building journey.

Having a track record of being seasoned founders is one of the key criteria you look for when investing in startups. Could you share more about what other criteria are important to you? How do you typically assess a company before deciding to invest?

For our founders, it’s important to note that climate tech is still relatively new and can be daunting to navigate. We don’t require them to come to us with a fully formed idea, solution, or product right from the start. Instead, we help them explore opportunities in climate tech, brainstorm ideas, and test them out.
One of the most essential traits we look for in a founder is curiosity. Along with passion for making an impact, curiosity drives them to embrace the challenging journey ahead.

At WaveMaker, we operate on this mantra: opportunity equals value minus perception. What we mean is that we emphasize the importance of seeking unique insights - something that's not always easy to uncover.

It requires founders to let go of previous assumptions and be open to learning something new. This curiosity helps them navigate the complexities of the process while challenging their own hypotheses.
Another critical aspect of success is focusing more on customers and the problems they face, rather than solely on a specific solution. The most successful startups are those that solve significant and relevant customer problems.
It’s not enough to just create a product that addresses environmental issues; we ensure that it’s something that fulfills real, tangible needs for customers in the market. This approach makes the impact sustainable and the solution effective.

What are your vertical focuses in climate-tech investing?

Yes, so we operate around five key pillars, which we refer to as our carbon map. This carbon map is essentially a framework of opportunity areas we’ve identified within the climate sector, specifically in Southeast Asia. These pillars are:
  • Land use and carbon sinks
  • Sustainable agriculture and food
  • Mobility and transport
  • Industrial processes
  • Electricity for buildings
  • Under these five areas, there are various sub-opportunities. Let’s take one example we discussed previously: Octayne. In Southeast Asia, the adoption of renewable energy is still significantly lower compared to other parts of the world.
    For instance, New Zealand is almost 100% powered by renewable energy, mainly from wind and solar. In contrast, Southeast Asia as a whole is still under 10%.
    But there’s a huge opportunity here. Many coal power plants in countries like Indonesia are being phased out by the government over the next 10 to 20 years. One current initiative is a co-firing program where these coal plants must switch 50% of their fuel source from coal to biomass.
    PLN, Indonesia’s largest state-owned electricity company, needs millions of tons of biomass each year to meet this goal. The problem is that, while there’s plenty of agricultural waste like rice husk available, the supply chain is disorganized, fragmented, and undervalued. Octayne saw this as a huge opportunity to organize the value chain for agricultural waste and transform it into a valuable resource, replacing coal in power plants.
    This example fits both within our sustainable agriculture pillar- because it reduces agricultural waste – and our industrial processes pillar, by replacing coal with a more sustainable alternative.

    When you invest across the different regions, is there any knowledge exchange happening that benefits the portfolio of companies you develop?

    Absolutely – climate science is universal, and many technologies applied in one country can be adapted for others.
    Our startups have the opportunity to cross pollinate and learn from each other in terms of deploying their climate technologies. For example, we have several startups in the agriculture space which can translate to shared learnings and even integrating strategies.
    However, the way they need to be implemented will not be a simple copy and paste. The challenges and market dynamics differ, so localization becomes essential, you have to tailor your approach based on the specific context of each region.
    In short, while we can learn from and replicate successful models from other regions, we need to remain very focused on understanding and addressing the local issues unique to Southeast Asia. That’s the key to making these climate solutions work effectively in this part of the world.

    Where do you stand on the debate of technology being the key driver of climate solutions? Do you think tech is at the forefront, or is it more towards business model innovations?

    Last year, we closed our first fund at WaveMaker Impact, raising $60 million. Our focus is on investing in technologies that are ready to be deployed – solutions that are already making a difference but need the right push to scale.
    While deep tech, like hydrogen energy, holds incredible potential, it’s still a long way from being commercially viable. For this first fund, we’ve chosen to concentrate on what’s actionable now.

    There’s a study that shows we already have the technology to address 50% of global emissions. Half the battle can be won with what’s already within our reach, and that’s where our focus lies.

    The challenge isn’t the lack of technology, but rather understanding the barriers to its adoption, especially here in Southeast Asia.
    We’re asking: What’s holding us back? What’s the friction that’s preventing these innovations from taking root?

    What are some exciting trends in the impact investing space that you’re looking out for?

    Referring back to the five key pillars within our carbon map, there’s so many opportunities that we foresee. There are a lot of researches and publications related to climate tech released every year.
    So, as we continue on this journey, one thing is clear: technology isn’t our limitation. If anything, there are more and more innovations emerging, validated through research and development.
    Not only are there new methods for reducing emissions, but existing technologies like solar panels are becoming more efficient every year. The same goes for electric vehicles and advancements in agriculture. With deeper understanding, we’re finding better ways to implement these solutions. Not only that, with better awareness, more talent is being drawn into this space.
    As we all know, Southeast Asia has a solid tech ecosystem – there are around ~4,000 startups in the region, with half of them based in Indonesia. Indonesia alone now boasts about 20 unicorns.
    This growing ecosystem creates a tremendous opportunity for us to connect with experienced founders who’ve built successful startups. Many of them now have a passion for impact, and if they want to transition into climate tech, we’re here to guide them through that journey. For us, it’s not just about technology; it’s about empowering those with the drive to make a difference in the world.

    How can passionate founders reach out to WaveMaker Impact?

    We’re always on the lookout for passionate founders – people ready to build companies that can truly make a difference. Our founder recruitment happens year-round, whether it’s through online platforms like LinkedIn, where we post opportunities, or through offline events like networking meetups and ecosystem gatherings in key markets. These events give us the chance to meet incredible individuals face-to-face and build real connections.
    Thanks to these efforts, we’ve received a strong number of applications, and each year we’re now helping launch about eight startups. As we continue to improve our approach, scale up, and expand into new regions, we’re excited to see that number grow even higher.

    What kind of advice would you give someone who's looking to apply to the Wave Maker impact ecosystem ?

    As I mentioned, curiosity is such an essential ingredient in the founders we work with. It’s perfectly okay for founders to come in with a unique insight or a strong interest they’re passionate about. But we also guide them through an exercise we call the ‘founder Ikigai,’ where we really dig into their deeper reason for doing this. It’s about combining what they love and are best at with the opportunities we see in the market.
    I think this ties back to one of our core beliefs at WaveMaker Impact: opportunity equals value minus perception. It’s easy to think that just because a climate solution is successful in places like America or Europe, we can simply bring it over and expect the same results here. But in my experience, it doesn’t work that way. You really need to dive deep into understanding what the customer wants, how they behave, what barriers they face, and what incentives will actually motivate them to switch to climate solutions.
    That’s why curiosity is so important. You have to stay open to the process and be willing to ask the hard questions.

    If people want to learn more about WaveMaker Impact where can they find you?

    Learn more about WaveMaker Impact by clicking their social links below
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