Crowd-sourcing & incubating technopreneurs in the PH

WANTED: TECHNOPRENEURS
Where to start with your brilliant idea?


"Rival telecommunication firms Philippine Long Distance Telephone Co. and Globe Telecom recently unveiled separate “incubation” programs offering seed capital, mentorship and business linkages to start-up technopreneurs.


"It is seen as an opportune time for them to do so, given the renaissance of technology stocks globally in the past 12 months that has made Steve Job’s brainchild Apple one of the world’s largest companies in terms of market capitalization.


"PLDT chairman Manuel V. Pangilinan recently launched “IdeaSpace,” which he says was his group’s commitment to the future of this country. “We want to help jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines,” he says.


"Ayala-led Globe Telecom also launched its own program “Globe Incubator,” promising an end-to-end support system integrating the ‘hardware’ of big companies with the ‘software’ of mentorship and community partnership. “There are people with the aptitude and the desire to become entrepreneurs, but they face many hurdles to giving up their day jobs. Even if they did launch their business, they may not have the training, capital, and business network to enable their startup to scale. Incubation makes resources available to those who need them,” says Minette Navarrete, head of Globe new business group.


"Pangilinan says his program would support innovative Filipino technopreneurs with great ideas but would go beyond commercial products and services. The program will also include solutions that can support social development and poverty alleviation, he says. And while the program will be open to the public, it prefers start-ups from different colleges and universities.


"For her part, Navarrete explains that unlike many corporate incubators, Globe incubator does not have profit or capital gain targets. “It’s not just about the money! The Globe incubator will offer seed funding, yes, but cash is only part of the story. We will make facilities available, offer education and mentorship, and introduce entrepreneurs to the people and companies who can help them expand and succeed,” she says.
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"“This is what we have been waiting for as a venture capitalist for the past 20 years whose objective—aside from delivering superior returns to our investors in the funds we manage—is to help develop and establish an entrepreneurial ecosystem in the Philippines,” says Martin Lichauco, managing partner of Global Gateway Venture Capital (G2VC).


"Lichauco, who is also managing director for Asia of global boutique investment bank Siemer & Associates LLC apart from his role in G2VC, says India and China have been successful in this regard but investors were are now looking for other countries with the same quality of talent of entrepreneurs.
"“We are no longer the chosen destination just because of low-cost labor…Investors are looking at the Philippines because of the quality of work our entrepreneurs are able to deliver. On the entrepreneurial front, I can confidently say that the quality of entrepreneurs and start-ups in the Philippines has increased 10-fold,” he says."