Helping businesses thrive in the rapidly growing startup landscape
By Len Amadora
Published Apr 26, 2023 09:01 am
Digital transformation has revolutionized the business landscape and has put startups upfront giving them a competitive advantage. Startups are leveraging digital tools and platforms to create innovative solutions, disrupt traditional industries, and create new markets. Herewith, the startup landscape in the Philippines has grown significantly earning considerable interest from venture capital groups.
Starting a business venture comes with many challenges. Although many conglomerates and venture capital firms have provided rounds of funding, it has still been difficult for small to medium enterprises and startup firms to scale their business despite reaching massive growth.
“Filipinos are known for their resiliency, and we have seen this firsthand at QBO,” said Katrina Rausa Chan, Executive Director of QBO Innovation Hub, an organization at the helm of the Philippine startup ecosystem. “However, there are still multiple infrastructure barriers that inhibit the full potential of Filipino entrepreneurs, especially when it comes to digitization and scaling up their businesses.”
Growing beyond the early stages remains to be a key challenge for businesses in the Philippine startup scene. While funding is an important aspect, having skilled Filipino tech talents is necessary to grow the business in the country. A startup’s early stages often sets the foundation for its success, and this requires top talents who have been through the whole journey of scaling the business.
Another layer to current industry demands is the need to inspire and motivate women entrepreneurs, as they make up nearly 90% of micro and small enterprises. At such a vulnerable stage for entrepreneurs, particularly women, it is important for them to be supported by programs that equip them with the right tools to move forward in the industry. Extending opportunities such as accelerators, incubator programs, and even competitions not only provide entrepreneurs and budding startups with access to new knowledge and tools, but also help to boost their confidence to pursue their business plans.
“Since a lack of resources has been identified as the reason for startup failure or discouragement, these programs should empower leaders and enablers—especially underserved female founders—as they continue to rise in the entrepreneurial landscape,” said Chan. “Under QBO’s Startup Pinay initiative, we have been able to grant our community of founders’ access to exhibition opportunities in the Philippines and abroad. Empowering these female-led business through training, network building, and development initiatives would further increase their visibility and place in the industry.”
For the fast-developing Philippine startup ecosystem, connections are key and the involvement of both the public and private sector are critical. The current landscape provides ample opportunities for public and private organizations to invest in startups, and this can be done through strategic partnerships.
“QBO addresses the innovation challenges of startups and business incubators by creating ecosystem development programs,” said Chan. She shared that collaborations with key public and private organizations have helped QBO in developing startup programs: “To foster a space for a well-functioning ecosystem, QBO has involved numerous stakeholders such as the public sector, NGOs, accelerators, and the academia to improve the landscape for these startup founders.”
For QBO, it is important to find a connection with stakeholders that share in the same vision of accelerating innovation and entrepreneurship in the Philippines. Entrepreneurs, especially those in the tech space, need access to the resources and expertise that these stakeholders must make better decisions that will directly affect their business.
“Building one’s network is necessary in this field because it is crucial to connect with like-minded individuals who share similar values and experiences,” said Chan. “The Philippines is a developing startup economy, and local players need opportunities to grow and connect—and this is what we at QBO are working towards.”