PwC, QBO release first-ever Philippine startup survey

Isla Lipana & Co./PwC Philippines (PwC), in partnership with QBO Philippines, launched the 2017 Philippine Startup Survey during Slingshot ASEAN: Startup and Innovation Summit on 20 October 2017 at the Philippine International Convention Center (PICC) in Manila.

PwC, as the Knowledge Partner for the summit, conducted the survey in partnership with QBO Philippines, the country’s first publicprivate initiative for startups formed in 2016.

Survey findings reveal that Filipino startups are confident and optimistic, with plans ranging from conducting initial public offering (IPO) to tapping new markets within and outside the Philippines. To achieve their goals, they want to make their businesses sustainable through improved tax incentives, greater ease in doing business, and better access to capital.

PwC Philippines’ Deals and Corporate Finance Managing Partner Jade Roxas-Divinagracia, explains: “Respondents were asked about their experiences, insights, motivations, plans, and needs. The report also gives a snapshot of the beginnings and the current status of the Philippine startup ecosystem.”

“Through insights gleaned from this report, we hope that the government and private sector can continue to collaborate to support entrepreneurs in turning their ideas into reality,” says Rene “Butch” Meily, President of QBO Philippines and of IdeaSpace Foundation, Inc.

IdeaSpace Foundation, Inc. is one of the founders of QBO Philippines. Its Executive Director, Diane Eustaquio, notes: “The journey though is not going to get any easier as the landscape is VUCA (volatile, uncertain, complex and ambiguous). Let us continue to work on paving the way for Philippine-based technopreneurs and their innovations so that they can prove their impact on creating greater business value and a brighter future.”

Atty. Alexander Cabrera, PwC Philippines’ Chairman and Senior Partner, has nothing but respect for the 106 CEOs and founders who participated in the survey. “I hope that the stories will inspire other startups, investors, corporates, and the government to work together, and build great companies. There is a huge multiplier effect to empowering aspiring entrepreneurs.”

QBO Philippines co-founder, the Department of Science and Technology, expresses its desire for the startup community to thrive. DOST Secretary Fortunato De La Peña says, “May everyone realize and appreciate the entrepreneurial environment that has been set up especially for those whose agenda includes not only having a robust source of livelihood but also contributing to the country’s development on the overall.”

For his part, Secretary Ramon Lopez of the Department of Trade and Industry, another QBO Philippines co-founder, shares the same sentiment: “We are confident that with the demonstrated capacity of the Filipino in terms of creativity, talent, and hard work to be innovative and entrepreneurial, plus the continued partnership among stakeholders, we can build an inclusive innovation and entrepreneurship ecosystem that can help in the development of MSMEs.”

For more details and to download your free copy, visit www.pwc.com/ph/startup