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��.

BUILDING UNICORNS��

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,��.����

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��