Connect with us

Hi, what are you looking for?


To produce unicorns, PHL startup community needs policy continuity


The startup community hopes to weather the uncertainties that accompany the upcoming national elections.  

“It’s not always a matter of new policies, but also of the consistency of policies,” said Carlo C. Calimon, concurrent director of Let’s Go Foundation, a non-profit that advocates entrepreneurship, and local incubator and accelerator StartUp Village. “When the next person comes in, everything is scrapped.”  

Startups need a stable environment to test their ideas, he added. Food trucks, which were all the rage several years ago, are now only seen in parties because of paperwork issues. 

“When you apply for a food truck permit, the LGU [local government unit] will say you can’t apply, because you’re not under any category. You kill the startup before it actually starts,” Mr. Calimon said on Friday at a BusinessWorld Insights webinar.


Innovation should be a national priority and not “a nice side dish,” said Katrina Rausa Chan, concurrent executive director of QBO Innovation Hub, a platform that supports startups, and IdeaSpace Foundation Inc., a non-profit for early-stage startup founders. “As much as a grassroots approach benefits Filipinos, a top-down approach would be great as well,” she added. 

“Talent is the fuel that drives any startup, and Filipinos have proven their ability to execute in companies around the world,” she said, pointing out several factors working in the country’s favor: a young demographic, a growing economy, its willingness to adopt technologies, and an increase in fundraising this year.  

Total fintech funding in the first half of 2021 amounted to $5.56 billion in the Asia Pacific — more than double the same period last year, and on track to top pre-pandemic levels, per S&P Global Market Intelligence, a provider of financial and industry data and research.  

Among the shining stars of the local innovation landscape is Mynt, the first unicorn born in the Philippines, and the company that powers the e-wallet GCash.  

“Building these unicorns is a long-term game, and GCash was able to innovate and build on top of its product,” said Luis S. Sia, co-founder and chief commercial officer of PayMongo, a payment processing platform. “GCash also speaks to the underserved market. They cater to Filipinos who do not have access to the same financial services as those who are banked.”  

Like GCash, PayMongo was founded when its founders realized that MSMEs (micro, small, and medium enterprises) needed a payment product tailored to their needs.  

“I think entrepreneurs should focus on providing value for customer,” Mr. Sia said. “At the end of the day, technology is there to support how people can solve problems.”  

While the coronavirus pandemic was an inflection point for growth, entrepreneurs don’t need global crises to innovate. “Now is the time companies and businesses are embracing technology and innovation… we have to put our creativity into play even without disruptions,” Mr. Calimon said. — Patricia B. Mirasol 

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



SAM WORTHINGTON in Avatar: The Way of Water LONDON — Filmmaker James Cameron is taking audiences back to his visually mesmerizing world of Pandora,...


IN a fictional Japanese village called Kuge, a newly hired police officer Daigo Agawa (played by Yuya Yagira) arrives in town a broken man....


LONDON – Britain’s royal family will be braced for renewed criticism from Prince Harry and his wife Meghan on Thursday when a Netflix documentary...


1 of 8 Christmas at Alabang Town Center ALABANG Town Center’s Christmas Emporium takes centerstage at the Town Plaza, and includes a full-scale Tower...


L FILIPE C SOUSA-UNSPLASH THE Department of Transportation (DoTr) is engaging the Asian Development Bank (ADB) for technical support in opening up the Ninoy...


1 of 6 Quarentados, Save the Children offer virtual caroling THE VOCAL group Quarentados partners with Save the Children Philippines for “Namamasko Po,” virtual...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.