Few $$$ funded in Philippine start-ups

The Philippine and Indonesia shares similar demographics— being an archipelago with a large population, high number of active social media users, and with a median age of early to late 20s.

However, Indonesia has taken the spotlight in the start-up scene, leaving the question of whether the Philippines lacks capable individuals or if we simply haven't been given the attention we deserve.

As a matter of fact, we see $1M valuation a lot in start-ups abroad, a sight rarely seen in the Philippines.

When we engage with emerging tech founders, we notice a trend: they primarily develop solutions for the Philippines rather than aiming for a global impact.

While it is essential to address our local economic challenges, this narrow focus can hinder our competitiveness on the international stage.

The heart of the matter lies in the fact that many Philippine start-ups are fixated on serving the Filipino population alone. But what if we challenged ourselves to think bigger?

Let's be clear; this doesn't mean disregarding the needs of our fellow Filipinos. Instead, it is about envisioning the Total Addressable Market with a broader and more diverse population in mind. By catering to a global audience, our start-ups can have a more significant impact and attract larger investments.

Take the amazing Filipino start-up founders we have interviewed at Trilz, for example.

They generated traction and garnered attention from the local market, yet embraced how they are still in the first phase of the roadmap as they plan to expand to a much larger population.

In 2021, Philippine start-ups raised over $1 billion in funds, showcasing potential for growth and innovation.

The FinTech sector led the way with 65% of the total deal value, closely followed by media & entertainment, e-commerce, and blockchain.

The early part of 2022 witnessed remarkable deal activity in the country. These achievements have contributed to the rise of the Philippines' startup ecosystem, which has now reached the 52nd global rank.

Moreover, five cities in the country—Manila, Cebu, Cagayan de Oro, Davao, and Baguio, have made it to the Global City rankings, indicating their potential.

By adopting this global mindset, we can transform our start-ups from "How can we serve Filipinos?" to "How can we serve the world?”— a shift in perspective that would open up new opportunities and markets for our start-ups to thrive.

Imagine the potential impact on funding if we all embraced this way of thinking…

As Southeast Asian countries continue to flourish in terms of innovation and investment, it is only fitting that the Philippines receives the attention it deserves.

With its potential and capability to compete with neighboring countries, the question arises...

“When will the Philippines finally garner the recognition it is worthy of?”

It is time for the world to take notice of the untapped opportunities present in the Philippine start-up ecosystem.

👋 I am Chezka, an emerging-tech enthusiast, startup builder (2x), and bootstrapping this project when I'm not studying for my Financial Economics degree.

If you want to learn more about me, you can check this blog or message me on LinkedIn.

Feel free to connect and share your interests, advices (to me or if I could help, why not?) or anything that you do or plan on doing!