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November 2018 - FORBES Indonesia

It is perhaps a sign of the times that many almost invariably tend to mention digital economy and millennials in the same breath. The two seem to go hand-in-hand in defining the shape of the business world to come. In Indonesia, digital economy (DE) already makes up 8.5% of the country's GDP of $1 trillion -- up from 7.3% last year -- which amounts to roughly $85 billion. But first things first: DE is a term first coined by a Japanese economist in the 1990s.

In more practical terms, DE is generally understood to be economic activities based on online connections among people, businesses and devices. In recent times, DE has also encompassed online loans here. According to the OJK (Financial Services Authority), up to August the business is worth Rp 11 trillion and is set to hit the Rp 20 trillion mark by the end of the year. OJK has also disclosed that the number of borrowers today stands at 1.8 million, a figure that is expected to rise to 3.0 million by the end of the year.

Now, at the other end of the equation are "millennials", a term first used by American demographers William Strauss and Neil Howe for those born between 1981 and 1996. They theorized that since the 1940s life comprises of roughly four-generation cycles that began with the baby boomers, followed by the relatively Generations X and Y, and ultimately millennials. As they see it, millennials focus on achievement, modesty and good conduct, and predicted that this generation would radically reshape American life. If Strauss and Howe foresee millennials in the U.S. "radically reshaping American life", that sweeping phenomenon is already taking place here, as this issue's Cover Story attests. Baby boomers and Generations X and Y should take heed. To paraphrase Apple CEO Tim Cook: to stay ahead, one must go where the pack is moving to, not to where it is now.

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