The Philippines is uniquely situated to lead tech startups in the Southeast Asia region in the coming years, according to speakers of the Geek in the Beach (GOAB) 2014 event held at the Movenpeck Resort in Lapu-Lapu City early Thursday.
Earl Valencia, founder of tech firm Idea Space, said the Philippines can be “a leader in emerging market innovations” despite the strong IT presence of Singapore and Malaysia which he acknowledged as the startup leaders in the region.
What is needed, he said, is for the country’s startups to ensure inclusive growth among its employees and the communities they are based in. “We shouldn’t worry about funding. There is funding for startups here in the Philippines. What’s needed is to answer or create market demand,” he said.
Milette Navarette, COO of Kickstart Ventures, said startups should be honest and upfront with their investors in explaining what they can offer to them and their clientele. “Investors have this radar and they can detect BS. So it’s up to startups to earn their trust and to trust others that they can deliver (on what they promised).”
In a speech, IT chief Mon Ibrahim of the Department of Science and Technology (DOST), said it’s crucial for the Philippines to establish its presence in the startup community since growth in online use is expected to rise in 2020. “Right now there are 194 million online users in the Southeast Asian region. The challenge for the government is to expand Wifi reach to the countryside and to develop online innovations particularly for emergencies,” he said.
