East Ventures on Instagram: "Idea is always around you; be alert and spot the problem. . We never believed in the-1%-of-population market sizing. We believe in bottom-up market approach. But even before that, finding the product-market fit is key before size up the market. . @warungpintar.co is the classic example of it. . After we launched Jakarta Smart City (JSC) Hive - Pak Jun, the warung's owner in front of our new shiny coworking space, meet our team including Irene (currently East Ventures’ Partner). He was worried that we would chase him away from his run-down-road-side shop. He was occupying pedestrian walk at that time. We had two options: legally we could ask him to close down and leave or morally we could help him. We chose the latter. . So we helped him by bring in his warung within JSC Hive complex, in parking space area and took initiative to renovate the warung. We deployed technology from our portfolio companies. After one month, he gave us feedback that his income has increased by 7x. . We knew by then that we had found product-market fit. . The next question was; could we produce 1000 Pak Jun, faster and cheaper a.k.a scale up. After 1000, could we do 10,000? What would be the ceiling? What would be the market that we could hit? We started sizing up the market, bottom-up. We started to think how to scale this fast with venture model. @bezhariehadinegoro (current Warung Pintar's CEO) started leading the operation team and Willson started fund raising. . This is what we call technology inclusion: we bring capability and efficiency to those who couldn't afford it or acquire the skill themselves. . We want to do good, but first we must do well. We need to find sustainable business model. So when you do well, you could do good. It is a virtous cycle. . You can read the rest of the story in this article (please pay the subscription and support @techinasia ) . Link: bit.ly/EVwarungpintar . #eastventures #startup #venturecapital"