Startups encouraged to invest in cybersecurity

The founders of�������Ի�����advised��budding entrepreneurs��who��want to turn their ideas��into a business��to “know [their] mission and muster the courage to start.”��

“Ideas are viable, but at the end of the day it’s action that matters,” said Jaime Hing III, co-founder and chief technology officer of payment gateway��PayMongo, in a��recent��conference organized by Amazon Web Services (AWS), a cloud computing platform provider.��

“You can start small, and you may encounter wrong turns, but I’m pretty sure you’ll learn along the way,”��he said.����

For Joshua Aragon,��chief executive officer��of��Zagana.com, a platform that delivers fresh produce from farmers to consumers, knowing your purpose is the ingredient necessary for working towards what you want to achieve.��

“When I hire people, I always ask what their personal mission is to make sure that it’s aligned with the company’s,” he��said. “Build a good company culture.��Why are you here?��Whatever passes through that is the strategy to execute things in place.”��

Zagana, which��will��launch its app��soon,��pivoted from a B2B to a B2C company soon after the first national lockdown in March 2020. Mr. Aragon noted the importance of empathy throughout that entire process: “Know what your customers are feeling… How can you help the community survive the pandemic?”��

The pandemic has seen the rise of services in key areas like telehealth, fintech, and ecommerce. The Association of Southeast Asian Nations (ASEAN), in particular, witnessed early-stage funding growth in the first quarter of 2021,��shared Digbijoy Shukla, business development lead of AWS’ startup ecosystem in the region. Pre-series A deals were up 64.1% year on year, he said, which AWS sees as an encouraging sign.��

“E-commerce, from the backend, also enables a lot of other startups [to thrive], like those in fintech and logistics,” Mr. Shukla��said.����

Technological shifts have also made it cheaper to launch a startup.����according to entrepreneur-turned-venture capitalist Mark Suster; from 2010 onwards, the cost whittled down to $50,000. Cloud technology, in particular, has enabled lean startups to leverage technology to launch and scale fast and cost effectively.����

Mr. Shukla said it was important for founders to be lifelong learners. “Even with a good mix of skills, [the skillsets needed] will change��as the business adapts and pivots.”����

Making the right technological choices is��also��key for��a business to succeed.��Being secure by design is an imperative,��according to Mr.��Shukla,��and customer data should never be risked.��“Customers are a privilege,” he said. “Can this be built securely before you go? If the answer is no, then find another way.”����

Added��PayMongo’s Mr. Hing:��“Understand how a cloud provider can fit your needs.��Our topmost priority��was��security, followed by reliability, ease of use, and cost. Check those factors and weigh the pros and cons.”����

The fintech company, Mr. Hing shared, is looking into utilizing machine learning for accurate analysis of risk courses and patterns. “We want to provide a safer ecosystem,” he added.��

The Philippines ranks 52nd��in the Global Startup Ecosystem Index’s��latest global startup ranking.��Messrs. Hing�����Ի���Aragon agreed that ease of doing business, as well as revisiting existing policies, will help spur the growth of the Philippine startup ecosystem.��

“Hopefully, we can also create more policies to help build infrastructure like 5G connectivity and road networks [to help bring the produce down to Manila],” Mr. Aragon��said. —��Patricia B. Mirasol��