Proposal for SMU Innovation Award by Diaspora

AboutPPI-SIndonesian Students’ Association in Singapore, also known as Perhimpunan Pelajar Indonesia Singapura (PPIS),

was established in 2005; envision to be the most predominant student-run incubating platform to springboard

youth potential to make a ripple, if not the wave, that changes the world. Although fully endorsed by Indonesian

Embassy in Singapore, PPIS maintains its firm stance as a non-profit and non-political organization that is financially

independent.

Comprising of eleven member organizations from Nanyang Technological University, National University of Singapore, Singapore Management University, Singapore Institute of Management, Productivity Standards Board Academy, Technology Management Centre Academy, Entrepreneur Resource Centre Institute, Kaplan Singapore, Raffles Design Institute, Singapore Manufacturers Federation Institute, and Management Development Institute of Singapore; PPIS has the potential to capitalize various talents of

15,000 Indonesian students’ population in Singapore through activities and dedicated platforms. Furthermore as

shown from its past and current activities, PPIS’ exposure has started to expand slowly yet surely to the ASEAN

communities, albeit the main target remains Indonesian.

PPIS’ projects covered three main sectors: social community development, culture & tourism promotion, and

community journalism & network creation, evidently by our magazine www.heydiaspora.com. These three sectors

are covered through various activities that inherits the PPIS’ spirit: effective, sustainable, creative and stood up on

its own.

Diaspora currently operates as part of PPIS publications and marketing wing.

Proposal for SMU Innovation Award 2011

1The current executive committee of PPIS 2010/2011

AboutDiasporaIndonesia has a substantial amount of student population studying abroad, and the term substantial is an understatement. From ASEAN Scholarship holders in various secondary schools to YouTube aspiring stars, from Elle Indonesia’s Designer of the Year to Valedictorians & Summa Cum Laude laureates studying in tertiary institutions, these students or former students are indeed talented in various subjects in Singapore alone.

Without disregarding the B students, Cum Laudes, and the street smarts, PPIS has created initiatives that nurtures all by combining the experienced and the passionate. This combination turns out to be effective and manages to utilize these abundant talents through aforementioned activities. Diaspora Magazine was born over this notion.

A brainchild of three PPIS members, Diaspora was firstly established in November 2009 as an online publication for misplaced and displaced Indonesians, whether it is in Singapore or other countries. An online publication is the ideal format; it can make use of many different kinds of talent, whether it is good language skills, an academic understanding of social/political/economic/scientific issues, or even graphic design, while at the same time incurring a very minimal cost. This leads to the possibility of making use of diverse talents from all different schools in Singapore.

After starting off with just an online publication, Diaspora has grown to encompass an event organizing arm, as well as a blog in addition to its online magazine; both of these points will be further elaborated in later sections. Nonetheless, Diaspora’s aim remains the same: to be an online platform for talented Indonesian students in Singapore to showcase their abilities. Our definition of talents, however, doesn’t fall strictly upon academic grades and certification. We place a bigger emphasis on trial and error and professional teamwork than mere perfectionism and meritocracy. Hence, our future endeavor.

Due to significant Indonesian student populations in countries other than Singapore, such as Australia and the United States, Diaspora strives to eventually be an online platform for talented Indonesian students not just in Singapore, but also the world.

Proposal for SMU Innovation Award 2011

2Diaspora’s Latest Crews & Talents

OurDiasporaDiaspora aims to be an all-reaching online platform for talents. Currently, it consists of two existing arms: publication

and event organizing, both of which are elaborated below.

PublicationDiaspora’s publication arm is the Diaspora Magazine (http://heydiaspora.com). Currently, staffed by Indonesian

tertiary students in Singapore, the magazine publishes writing on a variety of topics, ranging from pop-culture to

unconventional issues, from school-based events to government breaking news, and specifically, news from one

Indonesians to other Indonesians, if not to non-Indonesians.

Diaspora Magazine is divided into two main sections: the Magazine and the Blog. The Magazine is above all the

marquee section of the publication. It publishes articles on a variety of topics, such as Perspektif, viewpoints on

social, economic, and political issues; Hautu, guides for students on living in Singapore; Meme, which discusses

pop culture phenomena; Kampus, updates on what is happening in schools; and more. The Blog was initiated in

mid-2011, and covers more up-to-the-minute, concise, and multimedia posts. The Blog is divided into three

sections: Radar, coverage on events happening around Singapore and, to a lesser extent, Indonesia; Agenda, a

curation/short summary of news, mainly concerning Indonesia, that students need to know; and Meme. The Blog’s

objective is to deliver essential information at a timely basis, and as such is updated at a much more frequent basis

compared to the Magazine.

While there is a sizable Indonesian student population in Singapore as previously mentioned, in the past they have

always been somewhat segmented; students from SMU, for example, do not necessarily know students from NUS.

While this connectedness has been improved on through PPIS events and initiatives, Diaspora Magazine has also

helped to further eradicate this. Our roster of writers and contributors come from all different schools in Singapore,

and our Kampus section covers events from all schools. This would, at the very least, constantly update people on

what is happening to Indonesian students in other schools.

Currently, Diaspora Magazine has acquired a constant readership rate of 1200 – 1500 returned users monthly,

coming from 45 different countries/territories, predominantly within ASEAN regional countries, but not to ignore

percentage of US & European readers. Most of our readers are members of PPIS and its affiliates (school-specific

Indonesian student organizations), as well as other, non-student organizations such as the Indonesian Professionals

Association (IPA) and FKMIS (Forum Komunikasi Masyarakat Indonesia di Singapura). Readers have also shown

great interest towards our magazine by actively contributing insightful comments in our website.

Proposal for SMU Innovation Award 2011

Proposal for MaD Award 20103One of many Diaspora’s event

Event OrganizingDiaspora’s event organizing arm, Hoopla!, was firstly suggested in late 2010 as a possible avenue to market the publication arm and gain additional readership. The inaugural Hoopla! Film Festival (see appendix) was organized over a two-week period in February 2011 in various locations throughout Singapore. Targeting mostly Indonesian students, the festival showcased several films considered to be current hallmarks of Indonesian cinema, including works by both established directors as well as students from Indonesia’s most prominent arts schools. Attracting almost 500 students across Singapore, the event has succeeded in promoting Indonesian popular culture in Singapore, as well as raising Diaspora’s profile among its target market.

We showcased a total of five films from well-known Indonesian filmmakers, as well as several shorts created by film students from Institut Kesenian Jakarta (Art Institute of Jakarta). The genre and theme of the films are diverse, from lighthearted romantic comedy (Janji Joni) to horror (Pintu Terlarang) and drama (Chants of Lotus, a story of four women from four different parts of Indonesia, all with their own troubles). For the rights to showcase the films, we approached, among others, Kalyana Shira Films and Joko Anwar, a prominent film maker house in Indonesia that has churned out commercially and reaped many critical international festival awards movies in the past, including Janji Joni and Arisan!.

OurModel

Our1proposed business model is an online creative advertising agency, which we strive to achieve in the medium term, through pre-existing social platforms. We find this particular model to be interesting and also implementable in a Singapore context.

Practically, the creative section of an advertising agency consists of two main activities: copywriting and design. Talents for both can actually be found among Indonesian students in Singapore. For copywriting, the existence of talents have already been proven with Diaspora Magazine; while journalism and copywriting are different, copywriting skills would not be very difficult to hone for people with a journalistic background. Design talents, on the

Proposal for SMU Innovation Award 20111 http://cb.hbsp.harvard.edu/cb/web/product_detail.seam?E=329151&R=SMR302-PDF-ENG&conversationId=383039

Proposal for MaD Award 20104Diaspora Online Magazine: For Misplaced & Displaced Indonesians

“The bottom line is this: For many problems that a company faces, there could well be a solution out there somewhere, far outside of

the traditional places that managers might search, within or outside the organization. The trick, though, is to develop the right tool for

locating that source and then tap into it.”- Eric Bonabeau

other hand, have been underutilized by Diaspora Magazine, although this is not unusual as of course, the main

point of the magazine itself should not be the design, but rather the writing.

While the talents have certainly not been proven through Diaspora, there have been enough instances where

Indonesian students from art schools showcased their talents, whether through their own school’s portfolios or

participation in event organizing. We feel that this is strong enough to show that Indonesian students from art

schools have a strong design background. As such, by marrying these two types of talents together, we believe

that we are able to jump onto advertising by tapping on “the collective” talents.

To provide you with a more structured description, a visual description is prepared below:

Visual Description

Proposal for SMU Innovation Award 2011

5

Operational & Commitment Flow

In brief respect to the visual description above, our business model is simply a synthesis between "crowdsourcing" & "provision point mechanism". Both methods2, together making up the core model for kickstarter.com, have proven to be an effective approach in consolidating financial assets or talent resources for either budding commercial firms or pro bono NGO causes.

Crowdsourcing has also proven to be an innovative approach in introducing new products and services into the market. Ben Kaufman3, the founder of quirky.com, had promised this and has since shifted the general common paradigm of what he defined as “armchair inventors”, those who have great product ideas but no time, money, and/or expertise to make them happen. In a crusade to democratize invention, the 24-year-old entrepreneur has managed to reap $6 to $10 million by the end of 2009, created an online community of 65,000 members (which grows 20 percent each month), and raised $12,6 million in funding. The company was founded earlier that year.

This is not to mention the old-time hype in news publication magazine shown by the renowned Arianna Huffington of the Huffington Post and Tina Brown of The Daily Beast; both have since advocated the power of community journalism and the curation of opinion within their communication workflow.

Based on these proven cases, we carefully prepared a business model that provides a win-win situation for both our clients and our main users, namely the talents. The business categorization explained here is mainly based upon the client’s budgetary capacities. Our three marketing springboard model are as follows:

1. SME Clients & Established NGOs

Typical to regular advertising agencies out there within the industry, our Diaspora accounts team will approach and be approached by clients for our services in structuring their campaign. This planning stage of the campaign encompasses not only the creative and technical aspect of each campaign, but the budgeting as well. Should an agreement be reached, the campaign will then be posted on our social website, which will then crowdsource talents through our social site.

Interested talents will have to come in a team of three to register for the campaign. This grouping mechanism ensures commitment among the crowdsourced talents by seizing and relying on the devoted and the committed as a spearhead in completing the project. These early adopters of our model, who we presume to be committed in skill enhancing and porftolio building, are the keystone towards the success of our business model adoption.

Proposal for SMU Innovation Award 2011

2 http://en.wikipedia.org/wiki/Crowdsourcing

http://en.wikipedia.org/wiki/Provision_point_mechanism

3 http://www.entrepreneur.com/article/220045

6

“We’re making invention accessible.”- Ben Kaufman (CEO, Quirky.com)

Moreover, discretion will be given towards talents to plot their own project timeline and deliverables. We will also introduce a bidding mechanism within our model in order to propagate competition among talents. Each of them is allowed to propose lower or higher budgeting costs should they think they can complete the campaign in a smaller group or within a quicker timeline. It's all or nothing for the talents, hence the provision point mechanism. Talents should get a sign off from the clients to receive the allocated budget, which is to be shared among the teams.

Over at the client’s side, this bidding mechanism also ensures a win situation for them to choose on either launching their campaign faster or at cheaper costs, without discretionary forces from us as the structurer of the campaign. Independence is also given towards the clients to choose the specific group to complete the project. Should they are not satisfied with the options provided, the client can always say no.

2. Aspiring SMEs & NGOs

Mainly, the difference of this model is over clients’ options to crowdsource their talents. It is assumed that these clients, despite the rising nature of their firm or organization, will have restrictive budgets to spend on a proper marketing campaign.

To cater this, we will still ensure them convenience by structuring their campaign. The talent, however, will be chosen decisively among our core publication creative department or selected people that we deem competent to complete the project at the stipulated timeline. The campaign will not be published within the site, unless it has been completed and launched.

3. Start-ups & Pro-Bono NGOs

As self-explained by the category, this model will be pro-bono. There will be no campaign structuring process as client is assumed to have prepared their own goal-driven campaign. However, we will help the clients to complete these tasks through our network. Simply, it is similar to what kickstarter.com had created minus the necessity of money donation.

Example of such campaign is as following:- Increase facebook likes for WXO’s facebook page by 200%- Get RSVP for 100,000 attendants/day for a fundraiser opening- Promote a viral campaign by posting provided materials through the social networks, etc.

Upon this assortment of clients, specifically clients 2 and 3, Diaspora will be responsible for the progress of work done by talents. However, we will not be responsible upon the quality of the work. We will continually track the deadline and remind talents to complete the task as promised, but there will be no warranties upon this completion. Legally, clients have the rights to enhance their agreement upon talent's work exclusively without Diaspora’s boundaries should they think it’s appropriate.

Proposal for SMU Innovation Award 2011

7

Talents will be prompted to create their own profile within our site. The profile will act as a showcase for their past

artwork portfolios or to show their current commitment levels. They will have a level system that differs from one

individual to another. The level system will be purely based upon the completions of tasks that they have taken, and

their ability to work in a team with lesser skills. The higher their level, the more they are allowed to take projects on

their own, and vice versa. They can create and mix and match the aforementioned teaming within this site too as

long as it falls under the agreed designer’s & project’s code of conduct.

Furthermore, with the existence of our magazine, talents who have little or no portfolio background will be have a

chance to showcase their work. These talents will be prioritized upon request from client #2 and would heighten

their chances to be grouped among more experienced talents. Within the magazine itself, they will also be

constantly requested to promote themselves through artistic enhancement in the publication, be it in a

conceptualized photojournalism piece or graphically designed editorials.

Aside from primarily crowdsourcing talents, Diaspora will also recruit talents from non-artistic backgrounds as a

periphery talents to run our business. These talents, which are more likely to be students with expertise in various

skills, will also receive exposure to a professional industry post-graduation. Some possible job creations from this

business model will be copywriting, web maintenance, strategic planning, market research, accounts, creative

planning, and other departments as needed in the advertising industry. This would open up possibilities upon the

crowdsourcing requests for these talents in the further future.

In conclusion, this closed loop system would prevent any talents disregarding their pre-existing portfolio to sell

themselves out to the clients. On the other loop end, exposing Diaspora's publication as the nurturing platform for

talents will further increase our readership and expose talents to the general public.

Cash FlowAs an innovative crowdsourcing advertising agency, we are providing clients with ease in outsourcing their

marketing efforts with affordable yet professional talents. There are two main sources of income, which includes

income from service commission & advertising spots across the site.

All artworks created will be owned 100% and, upon handover, be controlled 100% by the clients. Diaspora will act

as an incubator that facilitates quality-check prior to campaign handover. For all these services that we render for

clients 1 & 2, Diaspora will take 10% from the profits of all completed campaigns. This charge excludes secure

payment portal fees with regards to international clients' payment. All successful campaigns will be followed up on

a case by case basis and extensively promoted within our agency's site and publication's site for free.

As to pro-bono cases, we will not take any profits from the causes/campaigns posted or any goals reached.

Advertising income will be calculated upon the creation of the site and will be posted within our current publication

site. We will ensure that advertised products or services will never compete with the posted campaigns.

For the expenses flow, regularly we will fork out capital for the periphery support department in a freelance basis

and site maintainance. Core talents, as explained, will be remunerated based on the agreed campaign budget. We

Proposal for SMU Innovation Award 2011

8

are not closing any potentials expenses upon the B2B partnership with other agencies or other advertisers throughout the implementation of the campaign.

Pain&Solution!

Market Size & CompetitionWe would consider existing advertising agencies, from bigger multinational corporations such as Ogilvy & Mather and Publicis Groupe to smaller local firms, to be our competitors. It would not be easy for us to compete with such agencies due to their professional networks and experience; however, there is a particular niche market which we believe is not yet addressed by any of the established agencies, hence the clients categorization.

From the point of view of our targeted client, partnerships with these established agencies would cost a substantial amount of money. While it would not be a problem for bigger, often multinational, corporations, this inadvertently leads to the creation of a niche market consisting of companies that demand the same quality marketing/advertising campaigns, but are not willing to channel the required funding. This is usually due to either the company having other, more important priorities, or simply because they are an entity whose objectives do not include profit maximization. As such, we would tap this particular niche as a potential target market, as we are able to provide affordable advertising/marketing services without compromising the quality of the end product.

This target market mainly includes small to medium enterprises (SMEs) and nonprofit organizations. SMEs, in particular, make up 99% 4 of all enterprises in Singapore alone; out of that amount, 14% is in the design service industry. Assuming that the remaining 86% do not have an in-house marketing team, there is still very much demand for affordable advertising services.

WorkforceIt is imperative that we have a workforce consisting entirely of students. Plus this with the nature of advertising design that has higher tendency to work independently, pain in recruitment is inevitable.

However, our talents groups, are students. The proliferation of design schools in Singapore, such as Lasalle College of the Arts, Nanyang Academy of Fine Arts, Raffles Design Institute, as well as more established schools such as National University of Singapore, Nanyang Technological University, and polytechnics that have recently offered design programmes, provide not only a higher pool from which to recruit but also constant and rapid replacements.

Not to mention the increasing rapid art appreciations within countries such as Indonesia, China, Malaysia, & India. These countries have significantly opened a talent manufacturing plants from the creation of art schools to electives modules that introduce art knowledge to student.

Our ideal solution is to link these schools into a dynamic international affiliation program whereby the campaigns and projects we created were integrated within their curriculum. What’s better than getting A in your PACKAGING

Proposal for SMU Innovation Award 20114 As per figures obtained from the Singapore Department of Statistics

9

101 or ANIMATION 101 and getting pocket money out of it. By employing students from various tertiary institutions within and around Singapore, we are able to provide these students with the opportunity for hands-on learning before actual employment; in short, this can provide an experience similar to that of an internship. We find that this would have a significant impact with regards to pricing and expenses; as the student’s primary intention is to obtain working experience and grade, we are able to push down salary-related expenses, and with that, the pricing.

Sustainability With regards to our talent sourcing coverage, the global widespread of our Indonesian Students network will be intensively utilized over the initial stage. Patronage on our publication alone has exceed our expectation in terms of readers locations. It's not impossible for our clients to reach out international talents and launch the campaign outside its regional territory. Magazine will act as an absolute advertisement channel for all confirmed clients' campaign. More details upon our current and potential business partner will be explained in latter section.

Without disregarding the problems though and based on our experience within the publication, we are aware that through the independence we provided to our clients, we also introduce ourselves with talent problems. Clients may under-cut our platform to reach talent or vice versa that eventually will drive down our bottom line. However, we felt that this is also inevitable.

With repeated exposition upon the work ethics of a designer, we are not able to promise a perfect antidotes upon all the precautions that we have set. The hope upon this pain is ironically revolves within the restrictive commitments of the talents itself. By being a student, they will not be able to handle long term projects that spans in year time. The least that Diaspora could do to mitigate these problems are by providing more school-related appeal toward our talents and by engaging these early adopter into our internal publication. We will also not disclose their profile toward the clients.

Our core team currently is securing these problem’s antidotes through our potential partnership with art schools across Singapore and within our initial regional country target.

Intellectual PropertyWe acknowledge the importance of intellectual property rights upon the future artworks and products created by our talents. We will provide each users with a secure storage for artworks that they created. These virtual storage will ensure that there will be no infringement of intellectual property made within different talent groups. Upon the user code of conducts and terms and condition, we will also outlaw all of our users to in any attempts to damage IP of others or themselves.

On the other hand, we will also create a legal protection mechanism that apply no obligation from our company upon the selection of winning artworks/products/campaigns. Separate agreement made without our company’s recognition will be deemed as a third party agreement between clients and talents, no responsibilities will be made upon such case.

Proposal for SMU Innovation Award 2011

10

OurTeamMain Operational Team1) Putra Muskita. Putra is the current Editor-in-Chief of Diaspora Magazine, a position he has held since June

2010. His responsibilities mainly concern the publications arm, which includes content direction and quality control. He also works with the Operational Head in Diaspora’s other, non-publication initiatives. Putra is a final year student at Singapore Management University, majoring in Accountancy and Finance. He recently completed a finance internship with Citibank N.A. Singapore’s corporate banking division.

2) Prima Aulia Gusta. Prima is the current Operational Head of Diaspora Magazine. As former vice president of PPIS, he co-founded the magazine with Nida An Khafiyya, former editor-in-chief & Fakhri Moelhadi, former PPIS’ marketing head of department. His responsibilities mainly concern Diaspora’s external interests, whether it is marketing, sponsorship, event organizing, and business development. He spearheaded the first Hoopla! Film Festival in early 2011. In addition to his vice presidency in PPIS, Prima is also the media adviser for Nusantara Development Initiative, a social entrepreneurship project. Prima is a final year student at Singapore Management University, majoring in Information Systems. He has experienced professional working environment in public sector, aspiring IT start-ups, consulting, and recently advertising with Publicis Groupe Singapore.

3) Joice Vania Gumala. Vania is the current Co-Editor of Diaspora Magazine. Her responsibilities mainly concern the publications and assisting the Editor in Chief with content direction and quality control. A recipient of the prestigious Singapore Scholarship, Vania is currently a penultimate year student at Nanyang Technological University’s Nanyang Business School. She recently completed a marketing internship with Marshall Cavendish in Singapore.

Potential & Current AdvisorsThere are several advisors that we are considering to approach or we have confirmed partnering, all of them having had considerable experience in their respective fields.

1) PPI Singapura. We believe that PPIS would be the best advisor when it comes to student matters; they are arguably the best avenue through which we are to approach Indonesian students. Moreover, PPIS has had longstanding established relationships with several companies, mostly Singapore-registered subsidiaries of Indonesian parents, as well as the network of Indonesian professionals in Singapore.

2) Budiono Darsono. Mr Darsono is the Editor-in-Chief of Detik.com, a prominent Indonesian community news website. Mr Darsono has conducted seminars in Singapore previously, in partnership with PPIS, mainly on the topic of online journalism.

3) PPI Dunia. PPI Dunia is the umbrella organization that comprises all Indonesian students associations from various countries all over the globe. With president of Indonesia as it’s patron, the association have a key role in providing an international network of Indonesian students.

Proposal for SMU Innovation Award 2011

4) Prita Kemal Gani. Ms Gani is the current director of the London School of Public Relations, one of the most notable tertiary institutions for advertising and communication studies in Jakarta. She has previously worked together with PPIS, and thus remains within their network.

5) Nida An Khafiyya. Ms. Khafiyya is one of the founders of Diaspora Magazine, and was the first Editor in Chief. She is currently a junior research analyst with the consulting firm McKinsey & Co Singapore, concentrating mainly on Indonesia, and will serve as our principal advisor.

6) Adamas Belva Syah Devara. Mr. Devara is one of Mr. Prima’s Ex-team-mate in PPIS when he’s just a fresh exco member in 2008. Currently, Mr. Devara is responsible to the great success of social-driven facebook apps Bantu Indonesia, which has 11,237 members as of this proposal was written. Mr. Belva has graced his various experience by interning in world-renowned banks, consulting firms, and special presidential advisory team. On top of his medals and awards, he’s a management consultant in McKinsey & Co Indonesia.

7) Victor Putra Lesmana. Mr. Lesmana has been the person who pushes Mr. Prima to join the competition. As a former Global Operation Manager for IBM, Mr. Prima has been constantly consulted him on the project’s sustainability and innovativeness. He’s a senior analyst now in Boston Consulting Group Indonesia.

8) Dimas Harry Priawan. Mr. Priawan is the former president of NTU Student Association and producer of Indonesian Arts Festival III. Mr. Priawan get acquainted with Mr. Gusta through the same festival on the different year. Currently Mr. Priawan is working as an engineer with ST Microelectronics, while juggling between many social movements that he’s founded: Computer for Indonesia and Scholarship for Indonesia.

Proposal for SMU Innovation Award 2011

Appendix

!

"#!!"##$

!!"#$%&'!"!($#

!

!!

!

!

!

"##$%&'!()%*!(+,-).&%!/011!2"'((!3114!

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

!

!

"#$%&!'(#!)*#!)&%!+#'),(#-!+.$/0!)*')!&.$$!1#!02(##3#-!.3!%,(!%4#3.35!'3-!2$%0.35!02(##3.35!%+!%,(!+#0).6'$7!!!"#"$%"&'"($)*&+!"#"$%"&,-).)(/%0&

!"#$%&'#()*+,-+.)/#"0&')

!

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

!

!!

!"#"$%&'()!&(*')+"#,-').+/'(-0)12)31-&04)

!"#$%&'#()*+&",+-).'/"012)3+45+)*6)784+&9'2):"+)!"0+&+2);<")

!

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