CEBU, Philippines — Over 20 start-ups are gathered in Asmara Urban Resort & Lifestyle Village today, vying to make themselves known to start-up enablers and collaborators as Cebu prepares for the upcoming Fiestartup 2023 in November.
Initiated by the Department of Trade and Industry (DTI-7), today’s event is part of the series of events that will be conducted by multi-sector groups, which includes the Department of Information and Communications Technology (DICT-7), Department of Science and Technology (DOST), Mandaue Chamber of Commerce and Industry, Cebu Chamber of Commerce and Industry (CCCI), and Korean-owned start-up enabler Dohe Philippines Inc., in order to maximize Cebu and the region’s rich resources in technology innovations.
This event will feature three highlights: the Startup Fair, the Startup Cebu Assembly, and the Startup Showcase.
Fiestartup is an original Cebuano, DTI-backed initiative that aims to raise awareness about Cebu's startup ecosystem and promote development, investment, and expansion opportunities for tech startups in the Visavas-Mindanao market. It aims to be an annual gathering of startups, investors, government agencies, academics, software developers, and other startup enablers.
In a press conference held yesterday, DTI-7 regional director Maria Elena C. Arbon admitted that apart from efforts made to create a stronger start-up ecosystem since 2016 in Cebu and the entire Central Visayas, a lot of collaborations from the private sector and government should be done to give birth to world-class start-up companies from Central Visayas, particularly Cebu.
At present, there is a handful of local start-ups that are on the process of growing up and may get the capitalists attention, explained Arbon.
Now that the Philippine government has various policies and laws being enacted to support the start-up community, Arbon expects more success stories from the local start-up communities in Cebu and the rest of the region.
DTI’s Competitiveness Bureau for instance, has venture funding for “investible” innovations, aside from the growing interest from high net worth businessmen who are now considering Venture Capitalism.
Likewise, DOHE has allocated at least US$200 million to develop the Philippine start-up community in the next 10 years.
According to Walter Wang, DOHE-Cebu vice president, the company is putting extra attention Cebu being a melting pot of world-class innovators.
As a startup accelerator, DOHE's primary business is providing training, mentorship, and network building services to connect startups with potential investors, partners, and talent pools. It works closely with DTI, DOST, DICT, local universities and their technical business incubators (TBIs), the Cebu, Mandaue, and European Chambers of Commerce, and various fellow private sector enablers, to meet its goals.
The annual Philippine Venture Capital Report, indicated that startup funding in the Philippines reached new levels totaling US$1.1 billion in 2022. The sum represents an increase of nearly seven percent from 2021's previous record of US$1.03 billion and a 27-fold increase from 2010's mere US$40 million.
As of February 2023, the Philippines had already recorded 17 startup deals, putting the Philippines on track to reach 23 deals by the end of the first quarter of 2023. The figure would put first quarter startup investment at pre-COVID-19 levels, demonstrating investors’ bullishness in the prospect of technology and digital platforms in the nation. — (FREEMAN)