At a recent forum led by startup incubator Brainsparks, the Philippines was highlighted as an emerging startup hub following the recent doubling of Manila’s startup ecosystem valuation. According to the 2024 Global Startup Ecosystem Report, Manila’s startup ecosystem was valued at $6.4 billion, nearly double the previous year’s valuation of $3.5 billion.
“The growth we are seeing in the Philippine startup ecosystem is encouraging for both startups and venture capitalists,” said Artie Lopez, co-founder of Brainsparks. “There are immense opportunities for innovation and entrepreneurship here. Our startups are becoming more competitive in the region.”
The forum gathered key stakeholders from the startup and venture capital communities, along with government representatives, to discuss the driving factors behind the country’s robust startup growth and its promising future.
“The Philippines is a thriving hub for tech companies,” said Thaddeus Koh, co-founder of startup ecosystem platform e27. “Its strategic location in Southeast Asia, coupled with a highly skilled and affordable workforce, grants access to a massive regional market and acts as a gateway to neighboring economies.”
He also noted the government’s active promotion of foreign investments, which helps create a vast consumer base for businesses.
“This growth is a testament to the hard work and innovation of our startups, supported by the local startup community. We are committed to supporting this journey,” said
Government support
Karl Pacolor, division chief of Innovation and Collaboration at the Department of Trade and Industry, highlighted government initiatives like the Innovative Startup Act (ISA), which supports startup companies in the Philippines. Pacolor emphasized the government’s role in sustaining this growth, aiming to expand the startup ecosystem beyond Manila to other parts of the country.
The Philippines has shown significant improvement in innovation, climbing the ranks in the Global Innovation Index from 100th in 2014 to 56th in 2023. The Philippine Development Plan aims to place the country in the top 50 by 2028.
“We have plans to bring startup growth beyond Manila, creating a more inclusive and widespread startup culture throughout the Philippines,” Pacolor said.
Echelon in the Philippines
In another development, Brainsparks and e27 have partnered to introduce the first-ever Philippine edition of Echelon, a tech and startup business conference. Scheduled for Sept. 26-27, 2024, at the SMX Convention Center Manila, Echelon Philippines 2024 will unite startup leaders, entrepreneurs, and investors from the Philippines and Southeast Asia.
The conference will feature showcases and business matchings to foster regional partnerships and facilitate funding and investments essential for startup growth. It will also highlight insights from thriving sectors, revealing new opportunities and inspiring participants to explore untapped markets.
“The Philippines is an ideal location for the tech community to flourish,” Koh said. “We want to put the spotlight on the Philippines and create more opportunities for everyone through Echelon Philippines 2024.”
e27 started Echelon a decade ago to foster tech ecosystem resilience by promoting deeper collaboration, sharing new knowledge, and driving collective innovation. Echelon X, the 10th edition of the tech business conference, featured 65 exhibitors and was joined by over 7,000 attendees.