Start-up companies are newly founded companies or entrepreneurial ventures that are in the phase of development and market research. One of ways of funding startup companies and receiving seed investments is using venture capital financing from venture capitalist. This paper investigates the impact of venture capital funding on human resource management in startup. Human resource, whether managers like it or not, does take a back seat during the initial startup phase of a new business. The result shown that in a country, which already has a mature startup’s ecosystem, venture capitalist provides a broad impact on the growth of startup. Not only provide funds but also related to a variety of organizational milestones, such as the formulation of human resource policies, the adoption of stock option plans, or the hiring of a VP of sales and marketing. In Indonesia, which the startup ecosystem is not yet mature, the impacts are slightly different since Indonesia still using traditional financing. In traditional financial arrangements, venture capitalists concern themselves mostly with the financial aspects of the firm, but leave matters of internal organization such as management and operations to the entrepreneurs or founders

創業公司」是指尚在市場研究及發展階段的新建公司或企業。資助創業公司和接受種子投資的方法之一是運用由資本家贊助的企業資金。這篇論文將探討企業資金贊助對於創業公司人力資源管理的影響。不可否認的，人力資源在新公司的創業起步階段扮演一個重要的角色。研究結果顯示：在一個擁有成熟創業體系的國家內，企業資本家對於創業的發展有深遠的影響力。他們除了提供贊助以外，也樹立了許多不同的發展里程碑，例如：策畫人力資源管理政策、採取股票計畫以及雇用銷售和行銷副總裁等。由於印尼的創業體系並未成熟，上述影響因而有所差異。在印尼，傳統金援贊助仍較為盛行。在傳統財務規劃的體系中，企業資本家多著重於該公司的財務方面，而把公司內部的管理及運作留給企業家或創業家著墨。

ABSTRACT 3
TABLE OF CONTENTS 4
LIST OF TABLE 6
LIST OF FIGURES 7
CHAPTER 1: INTRODUCTION 8
1.1 Research Background and Motivation 9
1.2 Research Question 10
1.3 Research Process 11
CHAPTER 2: LITERATURE REVIEW 12
2.1 Startup Definition 12
2.1 Type of Startup Company 13
2.3 Human Resource Management in Startup 14
2.4 Understanding Venture Capital Financing Stages 17
CHAPTER 3: RESEARCH METHODOLOGY 24
3.1 Research Method 24
3.2 Data Collection 27
CHAPTER 4: RESULT AND DISCUSSIONS 30
4.1 Venture Capital Financing Series 30
4.2 Startup Ecosystem in Indonesia 32
4.3 Venture Capital Firm in Indonesia 35
4.4 The Impact of Venture Capital financing as Human Resource Management 40

CHAPTER 5: CONCLUSIONS 44
REFERENCES 46
APPENDIX 47

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