The Philippine startup ecosystem is bracing for a wave of optimism as QBO Innovation Hub, the country’s pioneering public-private startup platform, announces its plan to launch a dedicated fund aimed at supporting Filipino startups.
This comes as a much-needed boost amid a challenging funding environment where investors are exercising greater caution and startups are prioritizing revenue and survival.
“We recognize the current funding challenges, but remain steadfast in our commitment to empower Filipino startups. Our upcoming fund will play a key role in fostering innovation and driving growth in the Philippine startup ecosystem,” said QBO’s executive director Jay Fajardo.
The fund, set to launch in early 2025, will be supported by partnerships with international development agencies and private sector enterprises.
It aims to provide crucial capital to promising ventures, particularly those aligned with the MVP group’s vision, operating in the digital-tech sector, addressing citizen-centric challenges, and on initiatives led by women.
The fund will enable QBO to expand its investments and welcome new partners, creating a ripple effect of support throughout the startup community.
QBO, inspired by the traditional Filipino bahay kubo, serves as a modern hub for Filipino startups and other ecosystem players to thrive. The name reflects the Filipino penchant for abbreviations, born from the digital transformation era marked by the rise of cell phones and the internet.
Since its inception, QBO has been dedicated to aiding startup success, nurturing the ecosystem and advancing tech and innovation. QBO is driven by the belief that unlocking the potential of an entrepreneurship-driven economy is key to nation-building, sustainable development, and inclusive growth.
The bold initiative undertaken by QBO is further bolstered by the comprehensive endeavors of Strategic and Collaborative Alliance for Leveraging Ecosystem of Startups National Capital Region (SCALE NCR), a dynamic consortium committed to expediting the growth of startups in the National Capital Region.
It is a collaborative effort founded by prominent NCR-based technology business incubators or TBIs, including QBO Innovation, Animo Labs, Miriam College and several university-based incubators like Adamson University-AduNest, Mapua University-Think & Thinker Laboratory, University of Sto. Tomas-TOMASInno Center, University of the Philippines Diliman-UPSCALE Innovation Hub and Technological Institute of the Philippines-NITRO.
SCALE NCR’s recent launch of the NCR LGU Mapping initiative forms part of its commitment to cultivating a thriving startup environment.
“The LGU Mapping initiative and the Startup Institute are fantastic examples of how we’re working to strengthen the foundations of the startup ecosystem. By working together, we can create a more vibrant and sustainable startup ecosystem in the Philippines,” Fajardo said.
The endeavor aims to uncover opportunities for collaboration and support, paving the way for a robust five-year Startup Development Roadmap.
By identifying key elements such as community culture, educational programs, and the prevalence of startups in each local government unit (LGU), SCALE NCR is strategically positioning Metro Manila for a higher ranking in the global startup ecosystem.
The Global Startup Ecosystem Report 2024 ranks Manila 81st to 90th in the Emerging Startup Ecosystem group ranking, and SCALE NCR is determined to improve this standing.
Further, SCALE NCR aims to accelerate 100 start-ups in 2025 through the creation of the Startup Institute, a platform designed to provide education, resources, and mentorship to aspiring and existing Fajardo noted that the upcoming NCR Investors Network will serve as a crucial bridge between startups seeking funding and potential investors.
“We’re witnessing a shift in the startup landscape, from generic e-commerce ventures to those focusing on niche, specialized use cases. This evolution signifies a maturing ecosystem where startups identify and seize opportunities to streamline and enhance specific processes,” he said.
