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Source for Tech Start-ups

  

Tech Start ups

Over the course of the last few years, the Philippines has not only undergone an economic boom but also a tech revolution. After much transformation, the country has succeeded in re-inventing itself and becoming a leading source of tech start-ups and talent.

After an intensive program aimed at privatizing and modernizing Fort Bonifacio - a former military base - turned it into the Silicon Valley of the Philippines. Boasting luxury condos, malls and skyscrapers, today Bonifacio Global City looks like any other major financial hub in the world. This modern financial district is the beating heart of the country's tech scene and it is hard to believe that not even two decades ago, it was still a military base filled with barracks built during World War II.
From being left behind in Southeast Asia, the Philippines has become the breeding ground for tech start-ups that quickly reach the billion-dollar value mark. These successful start-ups are fast becoming the norm in the country, which has produced 30 start-ups of the like within a year.
The country's booming economy - one of the world's fastest growing economies - is mostly responsible of that growth. As its massive business process outsources industry, employing more than a million workers, the Philippines has grown a ferociously strong tech services industry. The country also fosters talent as the some of the industry's fastest growing sectors are those employing advanced skills, like data analytics and mobile app development.
Boasting growing innovation, flexibility, talent and resources, the Philippines is fast attracting a growing number of tech start-ups. The Philippines also boasts a large English-speaking population, a young and highly educated workforce, and low labor costs.
Each year, tens of thousands of graduates specialize in engineering and technology. Most of them are highly skilled in app design and programming languages, which ensures a thorough capable workforce. Nowadays, internet has made it possible for companies across the planet to tap into this skilled workforce and find an ideal pool of on-demand talent for emerging tech start-ups.
As a former US colony, the Philippines has a workforce that is already familiar with the American culture, which is an advantage for companies looking to outsource.
There has also been revolution in society, a shift in culture and a change in the general mindset from one generation to the other. While Filipinos were happy to work in a call center in the past generation, there's a new generation of young and educated Filipinos who are willing to design and build their own products, and compete with tech films from around the world.
Thanks to this shift in culture, investors are now interested in working with Filipino companies. For instance, Philippine Long Distance Telephone Company invested $445 million in Germany-based Rocket Internet to establish a strategic partnership with the objective of encouraging a joint development of digital payment technologies for emerging markets.
Thanks to its strategic position, the Philippines are a gateway to the larger Southeast Asian market, since it boasts a westernized market while maintaining a shared ethnicity with many of its neighbors. Therefore, the Philippines is also a unique market that presents an interesting testing environment and it has served that purposed for a variety of products and services, including Uber and Facebook.
As Filipinos can speak English, start-ups can test their products in the Filipino market without having to translate them into another language.
The Filipino population has also laid the groundwork for a tech revolution given it active presence in social media. According to Opera Software's State of the Mobile Web report, the Philippines is the world's most active country on social media. Moreover, according to a study by Taiwanese advertising tech start-up Appier, 20.8 percent of multi-screen users in the Philippines use at least three devices, so they are actively purchasing technological products.
The Philippines tech sector has also been backed up by the Government. During the 2015 Asia Pacific Economic Cooperation, Trade Secretary Gregory Domingo stated, “I have to admit, the government has lagged behind in its understanding and support or the (start-up) sector. That's something we'd like to change going forward.”
In summary, whether the Filipino tech start-up industry will soar in the future or not, what seems clear is that the country appears to have laid the groundwork for the industry to succeed and could pave the way for other emerging nations.

 

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