Indonesian startup founder Bootstrant brings a company out of her garage

Dayu Dara Permata, 36, is co-founder and CEO of Indonesian real estate trading platform Pinhome.

Provided by Pinhome

It’s no secret that building a successful startup often involves risk, iteration and failure. Dayu Dara Permata knows it very well.

The 36-year-old co-founder and CEO of Indonesian real estate trading platform Pinhome. She has stood out from her own garage in about five years and raised more than $75 million, according to company representatives and PitchBook.

"Entrepreneurship is really hard. There is no immediate success...you just need to prepare for failure," Permata told CNBC. “If you try to avoid a failure altogether, then (and then) you are just delaying it.”

She added: "Maybe you didn't try enough, which is why you didn't see failures, but its role is really hindering growth."

A humble beginning

gem, People born and raised in Indonesia have always been an extraordinary person.

"I'm a very simple family...we don't come from money, so I have to really make everything I want," she said, adding that her parents are always strict and demanding on her.

"I always expect me to be number one and be successful academically," she said. "I have always loved property because, living with very strict parents - (that's) my house, my rules. So, I think I want to own my own house, so I can have my own rules," Porrata said.

She said she was diligent, competitive, and “always focused on academics” as a child. By the age of 23, she had purchased investment properties, which are several.

After graduating from college, she continued her corporate career for nearly a decade, eventually taking on the senior vice president role at Southeast Asia on-demand service platform Gojek, where she met Ahmed Aljunied, co-founder of Pinhome.

After about four years in Gojek, Permata said she was ready to embark on her own entrepreneurial journey.

“I think at the end of Gojek,[the company]operated in over 200 cities across Indonesia,” she said. “I worked with my CTO Ahmed…[He’s]always been an entrepreneur. He has built businesses before, and he (sayed): ‘Why don’t we start our own business?’’

"Fail quickly, learn quickly"

So in early 2019, the two began to conceive and build a business from Permata’s house garage. Over the course of nine months, Permata said she invested her savings about $150,000 to the company.

"My husband is my first employee. Our first five team members work out in our (garage). It's really like nine months of bootstrapping," she said. "I also work full-time at Gojek and it's still a long time, but we managed to squeeze time (for our startup."

Permata learned with her experience as a real estate investor that she knew she wanted to solve many of the pain points of Indonesian real estate. The process of buying and maintaining property is very "manual" and "dispersed", she said.

“All the pain of finding a home and connecting with an agent…(this is a) a six to nine month process, all on WhatsApp, you’re dealing with people who are totally strangers…I thought: ‘Why is this so traditional, why is technology not changing the industry?’’’’

Permata and her co-founders believe that Indonesia's real estate sector is already mature.

Try failing every day, but learn from it…I think it will help you be patient in the long run because it’s not a sprint, it’s a marathon.

Dayu Dara Permata

Co-founder and CEO of Pinhome

"We tested different business models ... In the first business model, we are exploring real estate crowdfunding. The second business model, we are exploring property management. Then, the third time, we are exploring … real estate co-owned."

“We do iterations almost every two or three months,” she said.

After testing some failed ideas, Permata and Aljunied landed on their fourth idea, which eventually became Pinhome’s idea today, an end-to-end real estate trading platform that offers brokerage, mortgage and family services.

A company representative said Pinhome, launched in January 2020, serves 3.5 million active users today on its website and mobile apps.

"Fail quickly, learn quickly. That's how you get closer to success." "Try failing every day, but learn from it...I think it will help you be patient in the long run because it's not a sprint, it's a marathon."

She added: “If your energy doesn’t manage your energy well, you may quit before you succeed.”

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