Strategic Negotiation Optimization of PT. SAS in Securing Venture Capital Funding

Abstract

PT. SAS is an Indonesian pharmaceutical-backed premium skincare startup that developed a scientifically validated product targeting hyperpigmentation, a skin condition highly prevalent in Indonesia's tropical climate. PT. SAS failed to secure funding from a venture capital firm at the final stage of the pitching process, even though the scientific evidence supporting the product was acknowledged positively by the investor. This outcome reflects a broader challenge faced by many early-stage startups in Indonesia, where translating product innovation into investor confidence remains a significant barrier to growth. This study investigates the negotiation failure through three research questions: how effective the current negotiation strategies were, what negotiation boundaries existed from both PT. SAS and the venture capital firm's perspectives, and how PT. SAS can optimize its negotiation performance and pitch deck for future funding engagements. A qualitative single-case study design was adopted, where document analysis and thematic analysis on semi-structured interviews were performed and triangulated across three data sources. Five themes were identified, and this study concludes that the failure was not caused by the product itself or incompatible deal terms, but rather because the Zone of Potential Agreement was never communicated due to multiple interconnected gaps. The findings and proposed solutions are directly applicable to PT. SAS's future venture capital engagements and offer transferable lessons for other early-stage startups in Indonesia navigating the investor funding process.

Abstrak. PT. SAS adalah startup skincare premium asal Indonesia yang mengembangkan produk teruji secara ilmiah untuk permasalahan hiperpigmentasi, kondisi kulit yang sangat umum ditemukan di iklim tropis Indonesia. PT. SAS gagal memperoleh pendanaan dari sebuah perusahaan venture capital pada tahap akhir proses pitching, meskipun bukti ilmiah yang mendukung produk tersebut mendapat respon positif dari investor. Hasil ini menunjukkan tantangan yang lebih luas yang dihadapi banyak startup tahap awal di Indonesia, di mana meyakinkan investor ketika menyampaikan inovasi produk menjadi hambatan dalam pertumbuhan bisnis. Penelitian ini mengkaji kegagalan negosiasi tersebut melalui tiga pertanyaan penelitian: seberapa efektif strategi negosiasi yang digunakan, batasan negosiasi apa yang ada dari perspektif PT. SAS maupun perusahaan venture capital, serta bagaimana PT. SAS dapat mengoptimalkan strategi negosiasi dan pitch deck untuk keterlibatan pendanaan di masa depan. Pendekatan studi kasus kualitatif digunakan, di mana analisis dokumen dan analisis tematik terhadap wawancara semi-terstruktur dilakukan dan ditriangulasikan dari tiga sumber data. Lima tema diidentifikasi, dan penelitian ini menyimpulkan bahwa kegagalan tersebut bukan disebabkan oleh produk itu sendiri maupun ketidakcocokan kesepakatan, melainkan karena Zone of Potential Agreement yang tidak dikomunikasikan akibat berbagai kesenjangan yang saling terhubung. Temuan dan solusi yang diusulkan dapat diterapkan dalam negosiasi PT. SAS dengan venture capital di masa depan dan memberikan pelajaran yang dapat ditransfer bagi startup tahap awal lainnya di Indonesia.