THE Philippines’ startup ecosystem is lacking a “unique story” to further bring the country in the global value chain of tech-based products, according to Silicon Valley-based venture capital firm.
Plug and Play teamed up with the Department of Trade and Industry in launching the National Startup Accelerator Program which aims to develop budding enterprises build innovative products and solutions through mentoring and tap equity funding.
In a meeting with journalist-participants of the Friends, Allies, Partners Program, Plug and Play co-founder Jojo Flores said the accelerator program would address the gaps in the Philippines’ startup scene.
“What was essentially missing was a unique story to tell. We have to market ourselves versus other countries. I think for the last 10 years, what was missing in the Philippines was a unique selling proposition,” Flores said.
He added: “On the tech side, the Philippines did not have a story to tell.”
The Plug and Play co-founder said the accelerator program will help an initial 50 startups access funding across its global network.
“I can tell them [venture capitalists] that we have a $120-billion service industry in the Philippines and I have the best 50 startups for you to look at that are creating the next generation technology,” Flores said.
“This program that we have right now is a game changer. This does not exist earlier,” he said.
Moreover, Flores said the accelerator program would also increase the trade between the Philippines and the US.
“It will attract FDI from the US… I think a more enhanced product offering is of interest to US companies so they will support this program,” Flores said. (GMA Integrated News)
