Ladies and gentlemen, a good day to all distinguished speakers, judges, and participants.
First of all, allow me to congratulate all participants and startups who made it to the final pitch competition of the Shell Livewire Culminating Event, “IGNITE 2021 CYBER.” We also thank the Shell Petroleum Corporation for inviting us to be part of today’s event, it is always an honor to speak before talented individuals who are strong advocates of innovative entrepreneurship.
On behalf of the Department of Trade and Industry (DTI), we recognize the untiring efforts of Shell in promoting entrepreneurship, mentorship, innovation, and employment to strengthen local economies through its global flagship program, Shell Livewire (SLW). Despite launching just last year of 2020, SLW has managed to attract over 500 local startups from a variety of economic sectors and successfully provided jobs to more than 230 individuals amid COVID-19.
Due to the unprecedented crisis brought by a global pandemic, startup jobs are also considered to be more “future-proof” as the economy gradually transitions to digital services. Thus, people working these jobs will potentially have more in-demand skills moving forward to the post-pandemic future.
According to the 2021 Global Startup Ecosystem Report (GSER), the Philippine startup ecosystem is valued at USD584-M, with USD101-M in total early-stage funding over the last 2.5 years. The Manila Startup Ecosystem ranks among the top 30 in the Asian ecosystem in performance. Moreover, the Philippines has a young and growing ecosystem with over 700 startups, more than 200 co-working spaces, over 35 incubators and accelerators, and numerous potential investors and venture capitalists nationwide.
The startup industry plays a promising role in pushing the public sector forward by providing huge efficiency gains in governmental organizations and public services and by helping establish competitive regulatory environments. Likewise, technology startups offer a higher job multiplier because they often pay high wages, export more frequently, and effectively attract foreign direct investment (FDI) from international investors.
On our end, we want to assure you of DTI’s continued support and
facilitation of the industry’s
concerns. This includes the Innovative
Startup Act, signed by President Rodrigo Roa Duterte in 2019, which has the
ultimate goal of nurturing creative and innovative
Filipino entrepreneurs. While in partnership with other government agencies, DOST and DICT, we have the Startup Grant Fund where we can provide initial and supplemental Grants-in-Aid for startups/startup enablers.
Furthermore, we are growing and enabling the country’s startup communities and nourishing our young entrepreneurial talents in the technology and creative industries through the Startup Development Programs that will bring products/services to the global market, such as the Global Acceleration Program (GAP), Strategic MSMLE and Startup Link (SMARTLink), Startup Acceleration and Incubation by DTI (StartupAID), International and Local Exposure Assistance Program (iLEAP), and the 250 million pesos Startup Venture Fund (SVF).
The Global Acceleration Program or GAP seeks to help accelerate the growth of viable tech startups with priority given to startups that address the challenges brought about by the COVID-19 pandemic. Meanwhile the SMARTLink connects MSMEs with startups or digital enterprises that can provide digital solutions for their operations, such as in e- payments, chatbots for customer management, human resource, and payroll management, among other digital services.
In addition, StartupAID focuses on the concerns of startups through customized programs that are intended to assist them as they grow, scale-up, and advance towards putting their product to market. Lastly, in coordination with the National Development Company (NDC), the 250 million SVF program will provide matching investments by selected investors for qualified innovative startups with high-growth potential.
Once again, we would like to congratulate the chosen top 10 tech startups for your modern and innovative ideas that continuously push for the greater economic sustainability of the country. We call on you to utilize everything that you will learn from today’s event as you develop your business operations and sustain your role as a catalyst for innovation.
Maraming salamat po at mabuhay tayong lahat! ♦
Date of Release: 16 November 2021