Universitas Muhammadiyah Yogyakarta (UMY) increased the number of professors through Mukti Fajar Nur Dewata’s inauguration in UMY Open Senate Meeting in Sportorium, Yogyakarta on Friday (27/05). In his inaugural speech, Prof Mukti Fajar raised the theme “Law and Welfare: The Regulation Concept in the Sharing Economy Era” to explain that currently, we are in a sharing economy era with a disruptive innovation business model. It means that commonly the youth might be the business owners through startups categorized as Micro, Small, and Medium Enterprises (MSME). “Therefore, they work on their own and did not create business institutions to receive legal recognition due to the requirements. Several businesses might grow big, but the others might grow and go bankrupt,” Mukti said.

Furthermore, based on his studies, the sharing economy creates disruptive innovation that disrupts various conditions. Because currently, Indonesia uses conventional business regulation norms. From a legal perspective, it needs to, first, redesign regulation to be more pragmatic to control the rapid development of the business model; second, transfer the regulator authority from the government to the business owners giving a right to create self-regulation as a regulation produced from various business owner agreements. “It can be more effective to maintain a healthy competition and dynamic markets to bring a lot of benefit to consumers,” he said.

On the other hand, the Chairman of UMY Senate, Heru Kurnianto Tjahjono explained that the professor is more than a professional career for a lecturer. In his opinion, a professor will also contribute to a better transformation of broader lives and long-life learners. He was also grateful for the inauguration of Prof Mukti Fajar as a Law Professor. “Furthermore, he also has a position as the Chairman of the Judicial Commission. He has a big responsibility and public trust,” he added.