Evaluation of the Impact of RO(S)I 2024 on Empowerment of Alumni of the Indonesian Government Scholarship: Investigation of Innovation Mindset and New Business Formation

Abstract

The GoI scholarship program is one of the Indonesian government's strategic initiatives to produce superior human resources contributing to national and global development. This study aims to evaluate the impact of the RO(S)I 2024 program on the empowerment of the Republic of Indonesia government scholarship recipients' alums, focusing on innovation mindset change and increased new business formation. Using quantitative and qualitative approaches, data was collected through surveys and in-depth interviews with alums of the scholarship program participants. With Return on Investment (ROI) calculations on each aspect of impact. The analysis showed that the Economic ROI was 2.25, the Social ROI was 1.59, and the Mindset ROI was 1.15, resulting in a Final ROI 4.99. This finding indicates that LPDP alums have a significant role in economic growth, improving social welfare, and forming an innovative mindset that impacts global competitiveness. Although the domestic contribution is considerable, the impact of alums abroad still has room for improvement, especially in business connections, research collaboration, and educational diplomacy. Therefore, further strategies are needed to strengthen alumni engagement in developing Indonesia's innovation ecosystem and expand their global impact.