# Research sources ledger

Every source cited across the ventures research, dated so nothing is lost or re-fetched
blindly. Grouped by topic. Add new rows as research continues (via PR).

## MSME / digital adoption (Indonesia + SEA)
- [ANTARA — 25.5M UMKM go-digital (Jul 2024)](https://www.antaranews.com/berita/4397157/kemenkop-ukm-255-juta-umkm-telah-go-digital)
- [ADB/SEADS — 71M MSMEs in SEA, Indonesia ~64M](https://seads.adb.org/articles/realizing-potential-over-71-million-msmes-southeast-asia)
- [Astute Analytica — SEA SME software → USD 12.9B by 2032](https://www.astuteanalytica.com/industry-report/southeast-asia-sme-software-market)
- [Mordor — Indonesia e-commerce USD 94.5B (2025) → 194B (2030)](https://www.mordorintelligence.com/industry-reports/indonesia-ecommerce-market)

## POS / commission
- [HitPay — Indonesia POS comparison + pricing (Moka/Majoo/Pawoon/Olsera)](https://hitpayapp.com/blog/pos-system-indonesia-comparison)
- [Ken Research — Indonesia cloud POS market](https://www.kenresearch.com/indonesia-cloud-point-of-sale-market)
- [Majoo — commission calculation pain (salon/barber)](https://majoo.id/blog/detail/cara-menghitung-komisi-karyawan-dengan-aplikasi-barbershop)
- [FolioPOS — managing salon staff commission](https://www.foliopos.com/blog/detail/cara-mudah-mengelola-komisi-pegawai-pada-salon-anda)

## WhatsApp automation
- [DataIntelo — WhatsApp Business API market ($8.2B 2025 → $38.6B 2034, 18.8% CAGR)](https://dataintelo.com/report/whatsapp-business-api-platform-market)

## Websites
- [Fastwork — jasa website company profile pricing](https://fastwork.id/web-development/company-profile)
- [iniwebsitemu — biaya pembuatan website Indonesia 2025](https://iniwebsitemu.com/artikel/biaya-pembuatan-website-indonesia-2025-panduan-harga-lengkap)

## F&B
- [Databoks/BPS — 5.28M F&B businesses (2024)](https://databoks.katadata.co.id/en/trade/statistics/69645d7a588e0/)

## Beauty / aesthetics / spa / gym
- [Arizton via GlobeNewswire — Indonesia medical aesthetics USD 257M→490M, 11.5% CAGR](https://www.globenewswire.com/news-release/2024/11/06/2975522/28124/en/Indonesia-Medical-Aesthetics-Market-Report-2024-2029-11-5-CAGR-Forecast-with-Market-Set-to-Reach-USD-495-64-Million-by-2029.html)
- [Grand View — Indonesia spa products market USD 1.5B (2024)](https://www.grandviewresearch.com/horizon/outlook/spa-products-market/indonesia)
- [MarketLine — Indonesia gyms 2,200 clubs, 1.6M members, 1% penetration](https://www.marketresearch.com/MarketLine-v3883/Gyms-Health-Fitness-Clubs-Indonesia-41033910/)

## Property / automotive
- [RentechDigital — 9,726 real estate agencies (May 2025)](https://rentechdigital.com/smartscraper/business-report-details/list-of-real-estate-agencies-in-indonesia)
- [Custom Market Insights — Indonesia automotive aftermarket USD ~5B, 70% informal](https://www.custommarketinsights.com/report/indonesian-automotive-aftermarket-service-market/)

## Insurance
- [Statista — insurance industry Indonesia (penetration ~3.5%, life premium 156T)](https://www.statista.com/topics/11734/insurance-industry-in-indonesia/)
- [Ken Research — Indonesia critical illness insurance market](https://www.kenresearch.com/indonesia-critical-illness-insurance-market)