Trade chief says youth key to developing startup industry

THERE is still hope that a Filipino might launch the next Facebook.

Trade Secretary Gregory Domingo said on Monday that the youth is the crucial ingredient in nurturing the startup sector in the country.

“Since you are a young population, you are English speaking, you are internet literate…so basically, you are the millennials so there is so much opportunity that is in front of you that we can take advantage of over the next three to five years,” Domingo said in his keynote speech during the first day of Slingshot MNL 2015.

The trade secretary said that the Filipino youth serves as a big talent pool where the possible tech giant like Facebook or Google will emerge.

“We have an ample supply of talent to be able to provide at least some serious development in this space,” he added.

However, the trade secretary admitted that the government is trailing from other countries in developing the startup industry.

“On the government’s part, I have to admit that the government is lagging behind in its understanding and support for this industry. But we want to change that because there is so much opportunity,” Domingo said.

Thus the trade department launched Slingshot MNL, the official startup event of APEC Philippines 2015, which seeks to link Filipino micro, small and medium tech enterprises to government agencies and possible investors to grow their businesses.

“Indeed, SMEs have a big impact when it comes to inclusive growth,” said Trade Undersecretary Ponciano Manalo in his speech at the event’s opening yesterday.

The trade official underscored the three-pronged approach, which the APEC will implement in aiding SMEs in its member-economies: build management capability and entrepreneurship innovation; improve SMEs’ access to financing; and create a healthy business environment for entrepreneurs.

The two-day SlingshotMNL 2015 gathered more than 100 startups in a single venue.