1st Philippine Startup Survey Unveiled at Slingshot ASEAN: Startup and Innovation Summit

By Mommy Donna and Kib - October 25, 2017

We all dream to have our own businesses and have more time freedom to spend with ourselves and with our loved ones.  We all dream of making a change to make this world a better place to live.  We all dream of creating something in order to leave a mark and a legacy.  


In reality, while we all want these things to happen in our lives, only few people who have the guts and determination to put it on the next level.  These number of people really wanted to innovate, to discover new things, to improve the lives of many, to be the source of inspiration to others that they can also do the things that they have done in order to succeed and reach all of their dreams and aspirations in life.  


Startups are formed by individuals or groups because they have this desire to introduce something new to the people.  They are driven by passion and desire to change the system and improve it.  They want to innovate, to discover, and to initiate a paradigm shift that will truly enhance the way we live.  

Startups are now creating a new trend in business.  They are not there to be like anybody else, but they want to become a standout and rise among others.  They want to be known for making a 180-degree turn in terms of paving the way to new technology.  

A recent survey was conducted by Isla Lipana & Co. /PwC Philippines in partnership with QBO (pronounced as ku-bo) Philippines in knowing how startups in the Philippines perform and contribute to the economy.  The 2017 Philippine Startup Survey was unveiled during the Slingshot ASEAN: Startup and Innovation Summit last October 20, 2017 held at Philippine International Convention Center (PICC).  The survey revealed that Filipino startups are confident and optimistic, with plans ranging from conducting initial public offering (IPO) to tapping new markets within and outside the Philippines.  To achieve their goals, they want to make their businesses sustainable through improved tax incentives, greater ease in doing business, and better access to capital.

Here are the other highlights of the survey:

  • 35% of the respondents launched their startups in 2016, and 19% launched in 2017.
  • 43% are in the pre-revenue phase, while 3% have annual revenues below Php2M.
  • When they were starting their businesses, the top challenges they faced were capital requirements (88%), regulatory requirements (54%), and general economic/businesses conditions (50%).
  • 63% are planning to raise equity financing to finance their growth.
  • 47% are planning to raise less than US$1M in the next three to five years, while 27% are planning to raise between US$1M and US$3M.
  • 94% are planning to welcome an investor in the next three years.
  • Primary uses of funds in the next three to five years are product development (39%) and marketing initiatives (29%).
  • Strategies for growth in the next three to five years are improve existing products or services (84%), introduce new products or services (79%), and enter new territories outside the Philippines (61%).
  • 63% are planning to conduct an IPO in the next five to seven years.
  • 95% are planning to enter new territories in the next five years.
  • New markets to tap are other areas in the Philippines (56%), Indonesia (59%), Thailand (57%), Malaysia (55%), and Vietnam (52%).
  • To help startups build sustainable businesses, top focus areas for improvement are tax incentives for startups (59%), ease of doing business (59%), and access to capital (55%).

DTI, QBO, IdeaSpace, and PwC presenting the report to the media

What can you say about the results of the survey?  Are you ready to join the startup bandwagon? Let's make a change in our country!

QBO (ku-b) is an innovation hub, or a platform for the startup community to collaborate, develop talent, and grow.  It provides startups with support and resources through events and capacity building programs as well as focused interventions designed to improve access to markets, knowledge, capital, and talent.  QBO is the country's first public-private initiative for startups, created through a partnership between IdeaSpace, J.P. Morgan, DOST, and DTI.  Spurred on by the vision of Filipino startups changing the world, QBO's mission is to create a globally competitive startup ecosystem in the Philippines.  Visit www.qbo.com.ph for more information.

Isla Lipana & Co. is PwC in the Philippines.  It has provided professional services in the Philippines for 95 years.  Isla Lipana & Co. sticks to the highest quality standards in delivering audit and assurance, tax and advisory services within and outside the country.  PwC's purpose is to build trust in society and solve important problems.  PwC is a network of firms in 158 countries with more than 236,000 people who are committed to delivering quality in assurance, advisory, and tax services.  Find out more about PwC at www.pwc.com

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