By BERNIE CAHILES-MAGKILAT
Majority or 77 percent of startup founders said that capital requirement is their biggest challenge although challenges have shifted from regulatory to business concerns, according to a survey.
The 2020 Philippine Startup Survey by Isla Lipana & Co./PwC Philippines (PwC) showed that 73 percent of the investors plan to invest up to $5 million in Philippine startups in the next three years. The 2020 startup survey is PwC’s second collaboration with QBO and IdeaSpace.
Such findings surfaced as asked the startup founders and investors about their current status as well as their plans.
“We accomplish more when we work together as a community. The stories in this report are inspiring and give us all hope that anything is possible with dedication and a dream,” said Rene “Butch” Meily, QBO Innovation Hub and IdeaSpace Foundation, Inc. president.
The Philippine startup ecosystem has changed over the last three years. Despite recent developments, Diane Eustaquio, IdeaSpace Executive Director, believes that challenges will keep coming. “Charging ahead, the 2020 Startup Survey brings to fore the issues we need to address to strengthen and bring the ecosystem towards maturity. I’m glad to know that fewer founders mention that funding is an issue, it shows they understand how to address constraints and lessen risks.”
For his part, Atty. Alexander Cabrera, PwC Philippines’ chairman and senior partner, expressed optimism as the number of growing startups is on the rise.
“This year, it is comforting that majority of the founders are scaling up. We are seeing that our founders want to do business, and stay in business,” said Cabrera.
This year, the Management Association of the Philippines (MAP) members also took part in the survey. “We would like to thank all the MAP members and other executives from the Philippine business community who participated in the survey. The Philippine startup survey results will hopefully encourage investors to support the ideas of the startups and help deepen the bench for future business leaders,” said Francisco “Francis” ED Lim, MAP President.