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  3. The system of partnership conducted by the venture capital company as the alternative funding for the MSME in Medan (study case in PT. Sarana Sumut Ventura Medan)

The system of partnership conducted by the venture capital company as the alternative funding for the MSME in Medan (study case in PT. Sarana Sumut Ventura Medan)

This research will discuss about the concept of system of partnership between every parties which include in the funding system by the venture capital. International Journal of Management (IJM) Volume 11, Issue 3, March 2020, pp. 208–219, Article ID: IJM_11_03_022 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=3 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication Scopus

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  1. International Journal of Management (IJM) Volume 11, Issue 3, March 2020, pp. 208–219, Article ID: IJM_11_03_022 Available online at http://www.iaeme.com/ijm/issues.asp?JType=IJM&VType=11&IType=3 Journal Impact Factor (2020): 10.1471 (Calculated by GISI) www.jifactor.com ISSN Print: 0976-6502 and ISSN Online: 0976-6510 © IAEME Publication Scopus Indexed THE SYSTEM OF PARTNERSHIP CONDUCTED BY THE VENTURE CAPITAL COMPANY AS THE ALTERNATIVE FUNDING FOR THE MSME IN MEDAN (STUDY CASE IN PT. SARANA SUMUT VENTURA MEDAN) Zulfi Chairi*, Afrita, Eko Yudhistira Universitas Sumatera Utara, Medan, Indonesia *Corresponding Email: zulfi@usu.ac.id ABSTRACT The alternative funding with the venture capital fund is a new solution to solve the funding problem which is often being faced by the entrepreneurs who have no enough capital or asset as a guarantee to ask for fund from the funding institution. It called MSME, in its practice MSME is proven contributive to boost the nation economy especially to absorb the human resources. One of the obstacles in the MSME development is the difficulty to get the fund capital. In general, society will feel the impact if the government can help a lot of MSME. In Sumatera Utara there are more than 2.8 million MSME but only 20% of its number which is registered in the Cooperation and MSME department. one of the example of venture capital company is PT. Sarana Sumut Ventura in Sumatera Utara, Medan. It provides capital but the MSME doer need to be guided to manage its business to make it better. This research will discuss about the concept of system of partnership between every parties which include in the funding system by the venture capital. This research will discuss about the rights, responsibilities and how is the protection to each parties which are included in the funding system. Keywords: Venture Capital, MSME, System of Partnership Cite this Article: Zulfi Chairi, Afrita, Eko Yudhistira, The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan), International Journal of Management (IJM), 11 (3), 2020, pp. 208–219. http://www.iaeme.com/IJM/issues.asp?JType=IJM&VType=11&IType=3 1. INTRODUCTION The existence of MSME is one of the strength to build the nation economy and to gain bigger power to accommodate the potency of people`s economy in Indonesia. Nowdays the government concern to accommodate the MSME to survive even in the economy crisis. This http://www.iaeme.com/IJM/index.asp 208 editor@iaeme.com
  2. Zulfi Chairi, Afrita, Eko Yudhistira because the MSME is one of business sectors who have biggest number with the biggest power to absorb the human source to boost the people`s income in order to increase the development and economy growth. The MSME sector has a big target market and there will always be a market for its product. Its because it targeted the low-medium class society who has a biggest percentage in Indonesia. The MSME can survive in the crisis because its capital is owned by the owner directly (Ardiyanto, 2013). The main problem in the MSME development is the difficulty to access more capital. Capital is main thing to start and expand the business. In fact MSME is considered not bankable yet to get more fund from bank because in general MSME doesn’t have asset as guarantee as one of the general requirement to get fund from bank (Erwin, 2018). This is why there is a need of alternative funding to develop the MSME. in Medan there are thousands of MSME who focus in many business sectors based on the data from cooperation and MSME Department in Medan. The data is as follow: Table 1 Data Number and Types of MSME in Medan Micro Small Medium Total of MSME Time Business Business Business December 2018 734 110 11 855 Source : Medan Statistic Board (2019). Based on the data above, it can be concluded that the divers of MSME in Medan show the enthusiasm of Medan people to run a lot of business. This is why the Central Government and the Regional Government should work hand in hand to build all types of MSME in Medan. This is also inline with the constitution purpose to give welfare to all society of Indonesia. That is in the article 33 and 34 of Indonesia Constitution of 1945 where the state should develop a system of social guarantee for all people to empower the poor and weak society. Based on the constitution purpose, the funding problem for MSME can be solved by the government by the alternative system of funding by using the venture capital system. Venture capital is the form of active funding by the venture capital company to the partner company. The venture capital company involve into the partner to solve a lot of problems such as the limited of capital, permission problem and lack of knowledge and competency and managerial problem (Yatsechko, 2020). Venture capital company is a funding company which can be an alternative of funding to the MSME because venture capital has a unique characteristic in comparison to other form of funding company. The concept of venture capital funding system has been recognized by the President Decree Number 61 of 1988 about the Funding Institution the Ministry of Finance Decree Number 1251/KMK.013/1988 about the Funding Institution Rules, and the more detail regulation about the venture capital company by the OJK Regulation Number 34/POJK.05/2015 about the permit of business and the legalization of venture capital company, OJK Regulation Number 35/POJK.05/2015 about the management of venture capital company, OJK Regulation Number 36/POJK.05/2015 about the good corporate governance of Venture Capital Company, OJK Regulation Number 37/POJK.05/2015 about a direct investigation of venture capital company in general, the funding system of venture capital is business cooperation between all parties which are involved so its urgent to concern about the concept and system of partnership which is run to make sure the rights and responsibilities of all parties are clear to protect and give certainty of law for all parties. http://www.iaeme.com/IJM/index.asp 209 editor@iaeme.com
  3. The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan) 2. LITERATURE REVIEW 2.1. Partnership Partnership is an agreement made by two or more individuals to own and carry out a business together with the aim of making a profit and sharing the profits obtained together. Partnership is a juridical relationship arising from voluntary agreements between various parties concerned, both verbally, or in writing or implied from the personal actions of the relevant allies (Malik et al., 2020). Unlike a limited liability company, partnership is more risky because there is no strict separation between the owner and management. However, the organization of its accounting must be guided by the provisions governed by the usual Accounting Principles (Yahya, 2019 and Sheng etal., 2020). So in terms of accounting the partnership as a business unit must be considered to have a separate position from its owners. In a partnership, of course there must be an agreement as the basis for forming the alliance. In a partnership agreement, the name of the partnership, members, date of establishment, nature and line of business. 2.2. Joint Venture A joint venture is a business venture that is carried out by two or more business entities for a certain period of time. This collaboration was created to provide specific goals and determined in agreed plans (Maxin, 2020 and Wang, 2020). This system usually ends after these goals are fulfilled unless the parties decide to continue working together. The parties involved in this system are governed by the contractual agreements they make. The agreement sets out things like their obligations, the rate at which they will share profits or losses, their rights and obligations with each other. 3. METHODS This type of research is a qualitative descriptive. Qualitative descriptive research attempts to describe a social phenomenon. In other words this research aims to describe the nature of something that is taking place at the time of study. This qualitative method provides complete information so that it is useful for the development of science and can be applied more to various problems. Descriptive inquiry method aimed at solving existing problems in the present. This method tells, analyzes, and classifies; investigate with survey techniques, interviews, questionnaires, observations, or with test techniques; case studies, comparative studies, time and motion studies, quantitative analysis, cooperative or operational studies. It can be concluded that this descriptive method is a method that tells and interprets existing data, for example about a situation experienced, a relationship, activities, views, attitudes that appear, or about an ongoing process, the effect that is at work, abnormalities that are emerging, visible tendencies, sharp conflicts, and so on. 4. RESULT AND DISCUSSION 4.1. Result 4.1.1. Parties in the Partnership System in Venture Capital Venture Capital is one of funding source in form of partnership program between the big company with the small and medium enterprises. With this concept the venture capital will involve two companies or more, the parties are: Venture Capital Company Venture capital company is a party which give fund to the other company which need capital. In business practice the venture capital company which regulate the flow of the company, share, and hold the management position, help the production, marketing and other important http://www.iaeme.com/IJM/index.asp 210 editor@iaeme.com
  4. Zulfi Chairi, Afrita, Eko Yudhistira thing. In general there are two types of venture capital funding system which is given by O.P Simorangkir, they are: • Single Tier Approach is a form of management where the venture capital company collect money and manage the money which is invested in form of equity capital. The venture capital company function as the funders and the management company. • Two Tier Approach is the form of venture capital management which involve two separated companies, one as the fund company and the other become the management company who work hand in hand to manage the capital of the companies. (O.P Simorangkir, 2004) The Business Partner Party This party is the one which need capital to develop its product. In this case the business partners are MSME Enterprises. Based on the Act Number 20 of 2008, the criteria of MSME are: 1.Micro Enterprise An enterprise which can be categorized as micro enterprise is an enterprises which has wealth equal to Rp. 50.000.000,- not included the building and land. The total income of selling in a year maximum is Rp. 300.000.000,- 2.Small Enterprises An enterprise can be categorized as Small Enterprise if the company has wealth equal to maximum Rp. 500.000.000,- and the selling income in year is between Rp. 300.000.000,- to Rp. 2,5. 000.000.000,- 3. Medium Enterprise An enterprise can be categorized as the medium enterprise if the company has wealth equal to maximum Rp. 10.000.000.000,- and the selling income in year is between Rp. 2,5.000.000.000 to Rp. 50.000.000.000,-. Capital Funders The capital funders can be a venture capital or the third party institution out of the venture capital which give the money for the venture capital activity. For instance the money bank which is given for the venture capital activity, the insurance money, retirement money from an individual, government money or other source of money (Muda et al., 2019). To make an capital equity from the venture capital company to the MSME there are types of agreement made between the venture capital company with the MSME. The agreement is made based on the need of the funding system. There are two common types of the agreement, they are: A. Direct Investment Agreement Direct investment agreement is a capital equity where the venture capital give money directly in the form of equity investment. The direct investment also can be done when the venture capital company buy some of the share from the MSME. The direct investment agreement can be done if only the business partner form is a limited company. The direct investment can be done by made a joint company in a form of a limited company. B. Indirect Investment Agreement The form of direct investment above is an ideal way as well as being of interest to venture capital company in financing MSME. Nevertheless, given the level of development and capability of prospective MSME is very diverse, in the context of financing MSME, in addition to being able to do it by way of direct invesment, it can also be done by indirect http://www.iaeme.com/IJM/index.asp 211 editor@iaeme.com
  5. The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan) investment.Indirect investment is capital participation by venture capital company in MSME not in the form of equity capital, but in the form of convertible bonds or limited participation/profit sharing. These two forms of indirect investment will certainly have different consequences in their operations from each other, as well as the form of direct investment. 4.1.2. The Legal Relationship between the Parties The agreement between venture capital company with the MSME will create a legal relationship and caused rights and responsibilities for all the parties. The rights and responsibilities will be crystalized in legal clause which will be adjusted to the need of all parties. The rights and responsibilities of the parties are: Rights of Venture Capital Company • The venture capital company has a right to get the payment of installment and profit sharing from the funding which is given by the venture capital company, include the main loan. • Entitled to do Divestment, namely the release of investment by a venture capital company, if the business of a partner company has achieved its targeted success. • Entitled to scold the default MSME. • The venture capital company also entitled to do review or take back their investment or cancel the funding which has been given by the venture capital company if the venture capital company think that the investment will not give benefits for them. Responsibilities of Venture Capital Company The venture capital company basically is the funders of the MSME, but the venture capital company also has responsibilities, such as: • The venture capital company is responsible to guide the MSME; • The venture capital company is responsible to do obligatory report to the government especially regarding the help from the government. Rights of the business partner or the MSME • Entitled to get services from the venture capital company; • Entitled to get the funding from the venture capital company to run its business; • Entitled to get guidance from the venture capital company Responsibilities of business partner or the MSME • The MSME is responsible to give back the funding to the venture capital; • The MSME is responsible to pay the interest of the loan. Both venture capital companies and small companies in principle have a legal position in the partnership pattern that a venture capital company is a company that finances a partner company in the form of capital participation for a certain period, while a business partner company is a company that obtains financing in the form of equity participation from a company venture capital. (Rahman, 2003). 4.1.3. The Form of Venture Capital Funding to The MSME The venture capital fund to the MSME can be done by several forms, the forms are: Direct Funding Form This funding form can be done by the venture capital company by giving funding directly to the MSME who already has a legal form. If this concept/form is conducted, the venture capital should be active to the MSME, usually the venture capital will placed its http://www.iaeme.com/IJM/index.asp 212 editor@iaeme.com
  6. Zulfi Chairi, Afrita, Eko Yudhistira representative as the member of board of director or commissioner. In this concept the MSME should be able to fulfill the criteria which is wanted by the venture capital company. This is why its more possible for the medium enterprise than the micro or small to get this form of funding. The form of funding can be done in two ways, the first by establish a new company with the share holders are the venture capital and the initiator of the idea. The equity capital is determined in the contract which has been agreed. The funding concept should be supported with the number of skilled human sources, without good human source this concept will be failed, that’s why the venture capital usually will make an agreement with the professional and certain institution to supervise the fund in Figure 1 as a follow : Professional Institution VCC MSME Venture Capital Company (VCC) Give the fund Do a Mutual Benefit Cooperation • The concept of the cooperation is a direct system from the VCC to the other company • The candidate of the funded company should be formed as a CV, Firma or the Limited Company • VCC work with the professional to give service (Legal protection, workshop, and audit) Figure 1 The concept of the cooperation is a direct system The form of direct funding with franchise The form of direct funding with the franchise is almost same with the direct funding concept. The difference is the supervision activity which is done by the venture capital company or the professional can be transferred to the franchise. In this concept, the venture capital company is most likely the capital provider to the MSME. the franchise system will help the venture capital company, especially to help the MSME to do things such as: • Standard of Operation; • Technical and Managerial Help; • Quality control; • Workshop This is why, franchisor will get fee from the venture capital and will also get royalty from the MSME show in Figure 2 : http://www.iaeme.com/IJM/index.asp 213 editor@iaeme.com
  7. The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan) VCC Franchise Funding Institution Professional Funding Business Relationship Mutual Benefit Cooperation • The concept of the cooperation is the direct form of funding from the VCC to the franchise of a product or service • Franchise get technical and managerial help from the franchisor and for the franchisor will get fee • VCC will work with the third party to give the service (audit, workshop and legal help) Figure 2 The concept of the franchisor and for the franchisor The Plasma Core Concept The plasma core concept is almost same to the direct funding with the franchise system. The difference is, in the franchise system, franchisor will give technical help only to a unit of business but in the plasma core concept the main or core company will guide and lead several companies in a vessel, in this vessel the plasma companies should support the core company. This system purpose is to create sustainability which will mutual benefit to the core and plasma companies. The concept of plasma core is very suitable to the business which focus on agriculture, farm or transportation business. Core VCC Company Plasma Plasma B Plasma VCC will give funding Core company will supervise the plasma companies VCC will make cooperation with the core company Figure 3 The Plasma Core Concept http://www.iaeme.com/IJM/index.asp 214 editor@iaeme.com
  8. Zulfi Chairi, Afrita, Eko Yudhistira • The concept of the cooperation is the form of funding to the plasma companies which involved the core company. • Cooperation between VCC with the core company to help and guide the plasma companies in quality, managerial and etc • The Funding is given to the plasma companies: 1. To fund the main project which suppor the core company business; 2. To create new business which related to the core company business. Overpass Concept This financing concept is a form of financing provided to a company whose ownership is owned by several owners, where each owner has a business that supports each other so that the added value obtained becomes better. This established company functions as a trading house for the company's owners and is usually managed by professionals who have no relationship with the owner of the company, so that independence can be maintained properly. VCC Company Owner A Owner B Owner C VCC Give the Funding Business Relationship Figure 4 The Overpass Concept Partnership Concept The pattern of venture capital financing by way of partnership must involve a large company, which will buy goods and services produced from venture capital partners. The pattern of cooperation is preceded by cooperation between large companies and venture capital companies, then venture capital companies provide financing to partner companies or vice versa. The purpose of this partnership pattern is intended to help and foster together for the progress of suppliers / suppliers which in turn will provide added value for big entrepreneurs. On the other hand, for suppliers / suppliers, this partnership will provide a guaranteed market for the goods and services it produces and a mutually beneficial relationship will occur. This partnership pattern is very suitable for large industries that require complementary goods for the benefit of the products produced, for example the car industry needs nuts, the textile industry needs buttons, which are not produced by large entrepreneurs. http://www.iaeme.com/IJM/index.asp 215 editor@iaeme.com
  9. The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan) VCC Supplier A Supplier B SuppierC VCC Give the Funding Business Relationship Mutual Benefit Cooperation Figure 5. The Partnership Concept 4.1.4. The Partnership Concept of Funding PT. Sumut Ventura Medan to MSME in Medan Group-based credit or known as group landing is the provision of credit to individuals who are members of a group so that they can have access that is incorporated in a program. Programs that are implemented are usually aimed at the poor who do not have collateral to obtain credit. According to Zeller and Simtowe (2006) this group-based credit is made for individuals but all group members are responsible for the payment of the credit. Based on the obligations and responsibilities of joint loans, each member who does not experience difficulties can help pay for other members who are not experiencing difficulties. The measure of success of group loan programs can be seen from the rate of return. Positive benefits obtained if using a group-based credit system with a joint liability lending financing scheme, among others, reduces the adverse selection problem, which when forming a group pays attention to credit worthiness so as to prevent high risk loans. In addition, it can reduce the problem of moral perversion in that each member supervises and monitors each other to ensure that members use credit funds for productive activities so as to guarantee credit payments. Venture Capital Company Group of Society Society Society Society Society VCC Funds the Business Partner Business Relationship Figure 6 The Partnership Concept of Funding PT. Sumut Ventura Medan to MSME http://www.iaeme.com/IJM/index.asp 216 editor@iaeme.com
  10. Zulfi Chairi, Afrita, Eko Yudhistira Based on the data from PT. Sarana Sumut Modal Ventura Medan, the number of MSME under the supervision of PT. Sarana Sumut Modal Ventura is as follow: Table 2 Number of MSME under the Supervision of PT. Sarana Sumut Ventura Medan Group Time Reguler Total of MSME Landing December 2017-July 2019 185 6.337 6.522 Based on the data above, the number of MSME undet the guidance of PT. Sarana Sumut Ventura Medan is classified as debtor who get capital and funding as an individual (Reguler) and debtors who get capital and funding as group. Group funding is giving a credit to individuals who join as a group so the group has access in a program. The program usually is purposed to the poor society who has no asset as guarantee to get credit. Most of the group is consisted by the housewives. The group credit is made for individual but all the group members responsible to the group credit payment. Based on that responsibility in the group loan all members will responsible to help the group members who uncapable to pay the installment fee. The program success can be seen from the payback intensity. The benefits from the group credit system is to reduce the adverse selection problem. Furthermore this system can reduce the moral problem because all group members will watch each other to make sure the installment fee will be paid on time. The maximum loan is Rp. 20.000.000,- (twenty million rupiahs) for each of group credit. This credit is only for people/groups who live in Medan not for the people who live in other region. 5. DISCUSSION When compared with other forms of business cooperation, joint ventures have distinguishing features that are easily understood. For example, the problem of time period. Joint ventures have a shorter collaboration deadline than CV. On the issue of the number of parties that collaborate, a joint venture is bigger than a partnership because a joint venture involves two or more business entities being combined. Whereas partnership only involves one business entity with its founder, which can be two or more. Some types of businesses that are required to conduct joint venture companies are: ports, production, telecommunications, aviation, services, railroad, drinking water, atomic power generation, and mass media. Joint ventures must be carried out by foreign investors for domestic companies. This is because business is important for the country and influences the lives of many people. Meanwhile there are also businesses that are prohibited from conducting joint ventures such as war equipment, national defense, production of weapons, machinery, and detonation equipment. Before starting a joint venture, several important things related to the system: Companies involved in joint ventures must state their goals in agreements and agreements made before the collaboration begins. Between the collaborating parties there must be an agreed agreement in written form, detailing the obligations, profit and loss ratio, rights, and obligations. If the cooperation objective is fulfilled, the collaborating party has the right to terminate the business relationship, unless an agreement has been made before stating that the two parties continue to cooperate. In a joint venture, two companies that agree to do a partnership must make an agreement on the distribution of profit ratios. The profits will be shared equally. The collaborating party makes a joint venture with control in one aspect; assets, operations, or business entities. The collaboration of two business entities with a joint venture system brings many benefits. Combining resources automatically increases the potential for business success. Combining expertise and complementing the strengths of expertise of each business http://www.iaeme.com/IJM/index.asp 217 editor@iaeme.com
  11. The System of Partnership Conducted by the Venture Capital Company as the Alternative Funding for the MSME in Medan (Study Case in PT. Sarana Sumut Ventura Medan) entity Save money in running business strategies, such as spending on advertising, exhibitions and product publications 6. CONCLUSION AND SUGGESTION 6.1. Conclusion • The funding with the venture capital system is a business agreement which involved parties such as the venture capital company, MSME and the funders who have their own rights and responsibility which are crystalized as legal clauses. • The concept of funding between the venture capital company and the business partner (MSME) can be a direct investment form, direct investment with franchise form, the core-plasma form, the overpass form, the umbrella form, the partnership form and the group funding form. The form has their own characteristic and will be used based on the need of the business partner (MSME) and the venture capital company to give a mutual benefit. PT Sarana Sumut Ventura Medan is using the group funding form and already give funding to arroud 6.552 MSME in Medan. 6.2. Sugesstion • In general, alternative funding which is done by the PT. Sarana Sumut Ventura Medan is good already but the funding system should not only focus on the group funding form which has limited funding amount to Rp. 20 million rupiahs. Furthermore the PT. Sarana Sumut Ventura Medan should see the business aspect and potency also the condition of MSME especially the one which need more than the limited amount itself. • The group funding form is purposed to the MSME activity which the members of the group usually live in the same neighborhood. This requirement will hamper the other society who has group and do not live in the same neighborhood. It will be better if PT. Sarana Sumut Ventura Medan replace this requirement therefore there will be more group able to get the fund and join the PT. Sarana Sumut Ventura Medan funding system. ACKNOWLEDGEMENT The research was funding by the Directorate of Research and Community Service Directorate General of Research and Development Strengthening Ministry of Research, Technology and High Education of Indonesia 2019 budget year. The research team also thank the Research Department of Universitas Sumatera Utara and all actor who has support this research REFERENCES [1] Budiawan, Ari Rahmad Hakim. (2015).The Financing Model in Business Partnerships in Venture Capital Companies Based on Presidential Regulation Number 9 of 2009 concerning Financing Institutions, University of Mataram, Journal. 9(1).70-83. [2] Erwin, K and Abubakar, E., 2018. The relationship of lending, funding, capital, human resource, asset liability management to non-financial sustainability of rural banks (BPRs) in Indonesia. Journal of Applied Economic Sciences. 56(2). 520-542. [3] Republic of Indonesia. 2019. Medan Statistic Board. Medan. [4] Indonesia Constitution of 1945. [5] Malik, A., Pereira, V., & Budhwar, P. (2020). HRM in the global information technology (IT) industry: Towards multivergent configurations in strategic business partnerships. Human Resource Management Review, 100743. http://www.iaeme.com/IJM/index.asp 218 editor@iaeme.com
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