The Philippines Needs For More Startup Investments.
While investing into startup may come with its own risks, a global tech investor within the Philippines is encouraging local investor to provide funding for Filipino startup so the Philippines startup ecosystem can flourish.
“Support your own (local) startups. If you don’t invest in your own startup, how can you expect global investors to support them also?” said Khailee Ng, venture partner of 500 Startups.
Ng stated that the Philippine startup ecosystem is still in its budding stages, although the community in growing commendably. Out of the 750 companies were funded by 500 Startups, only three of them have been from the Philippines so far.
“This is a low number and we have to grow this,” Ng said.
He went on to elaborate that local investor play an important role within the growth of startups because besides the funding, they can also help develop connection, possibly even to global venture capitalist. He stated that there are already local angel investors in the Philippines but the numbers are still quite low. He cited Manny Ayala of tech incubated Hatched Inc, known to be one of the investors for a social new network Rappler.
“We need a hundred more Manny Ayalas in the Philippines,” he said.
His 500 Startup invest in early-staged teams and products, and provides them with funding that amounts up to $250,000. Ng stated that it’s the most aggressive tech investor in the world, by supporting startups from over 40 countries.
Famously known startups, PayrollHero, TwitMusic, and ZipMatch are all based within the Philippines and have been funded by 500 startups.
Ng said he invested into ZipMatch, a service company that acts as a middleman between real estate purchasers, developers and banks. He stated that the startup has already partnered up with the country’s top banks and property developers.
Thailand and Indonesia are two countries within the Southeast Asia to have some of the most organized numbers of tech events.
Japanese and Singaporean investors are funding most of the startups within Southeast Asia, but Ng stated that there have been an increasing interest among venture capitalist from the United States. In order for the Philippines to allure more investors, he said the country should invite more foreign investors by organizing various tech events.
During June 6th to 8th, the three-day Startup Weekend Cebu shall be launched at the University of Cebu Banila Campus. It will gather startup enthusiast to share ideas, form teams, create products and launch startups.