In a recent panel discussion at the BUILD Startup Festival, industry leaders shared valuable insights into the evolving landscape of starting a business in the Philippines. Organized by PayMongo, the event aimed to empower aspiring entrepreneurs with practical advice and strategies to overcome challenges and thrive in the competitive startup ecosystem.
The panel, organized by PayMongo and moderated by its CEO Jojo Malolos, featured prominent figures in the Philippine startup scene, including PayMongo Co-Founder and Chairperson Luis Sia, Growsari CEO and Co-Founder Ed Rollan, Great Deals E-Commerce Corporation Founder and CEO Steve Sy, and Franco Varona, Managing Partner of Foxmont Capital Partners.
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Among the key takeaways from the discussion were four essential tips for navigating the startup journey:
- Persistence Pays Off: Sia emphasized the importance of patience and resilience in overcoming obstacles. He advised entrepreneurs to stay committed to their vision and view challenges as opportunities for growth.
- Strategic Investments: Rollan stressed the significance of strategic investments, urging founders to carefully allocate resources to areas that will yield long-term returns. Understanding where to focus efforts and leveraging expertise are crucial for success.
- Differentiating Growth and Scaling: Sy highlighted the distinction between growing and scaling a business, emphasizing the need for founders to recognize when to expand operations and when to optimize existing resources for sustainable growth.
- Purposeful Fundraising: Varona underscored the importance of having clear intentions when seeking investment. He cautioned against raising capital for vanity or superficial reasons, emphasizing the necessity of aligning fundraising efforts with specific business objectives.
In addition to these insights, the panelists emphasized the importance of establishing support systems and mentorship programs to nurture the growth of local startups. Malolos noted the positive evolution of the Philippine startup ecosystem, attributing its success to collaborative efforts and innovative initiatives.
The BUILD Startup Festival, an annual event serves as a platform for industry stakeholders to converge and exchange ideas.
As PayMongo transitions into a digital financial services provider, the company remains committed to fostering the growth of Filipino entrepreneurs and driving economic advancement in the digital age.