THE local government unit (LGU) of Makati is spearheading the creation of multiple centers of excellence for start-ups throughout the country.
The business capital of the country has been chosen as the pilot site for the Innovative Cities Initiative of Digital Pilipinas (DP), in partnership with the Department of Trade and Industry-Board of Investments (DTI-BOI), to tech up one locality at a time, linking the LGUs, the academe, and the private sector.
DTI-BOI Undersecretary Fita Aldaba underscored the vital role of technology in building a city or a nation, adding that the government views emerging technologies āas drivers to achieve sustainable development.ā
āWe can create new products and solutions in smart building, digital health, and vehicle tech,ā she said, while citing that the acceleration of such innovations has led to ādigital economy in the Philippines, with revenues projected to reach $25 billion by 2025.ā
With this in mind, the Innovative Cities undertaking aims to raise national innovation and technology quotient to strengthen local economies and grow their industries, while focusing on making the country relevant in digitalization and Web 3.0 conversation.
āTogether with our partners, we look forward to creating regionally relevant solutions for everyone; and, at the city and provincial level that can then plug into a more extensive national and international ecosystem,ā noted Amor Maclang, DP and World Fintech Festival convenor, Fintech Philippines Association executive director and trustee, and GeiserMaclang cofounder.
Rising start-up ecosystem
IN collaboration with the Resiliency Innovation Sustainability & Entrepreneurship (RISE) Certification Program, this initiative will gather start-ups with creative minds and provide them with funding and mentoring, according to Ronin Chief Executive Officer (CEO) and Cofounder Yani de Guzman.
āWhat we hope to do is to provide them the P500,000 financial aid when they reach certain milestones to ensure that the grant is helping them create a sustainable business, develop their structures, and form a solid legal foundation for their businesses. We will show and give them an opportunity to pitch [their ideas] in front of qualified investors,ā she pointed out.
For Makati Mayor Abigail Binay, the start-up route is the best way to explore opportunities. She said, āI hope for the Philippines to rise higher in the global economic scene. We believe that we can enable the start-up ecosystem to help businesses thrive and get ahead in the curve.ā
National expansion
IN the same way that the Innovative Cities initiative will be developed for other LGUs, de Guzman emphasized that the RISE Challenge, while establishing its base in Makati, is open to entrepreneurs nationwide.
Their partnership with the countryās financial capital, per Maclang, is to create a āsandbox environment to inspire entrepreneurs to develop disruptive ideas and not be afraid to take risks because the DTI has put in place policies to support their journey.ā
Looking forward, she set sights at the 31 other cities identified by the Digital Cities Program of the Department of Information and Communications Technology, particularly for information technology-business process management companies outside of Metro Manila, to also roll out the program.
Nine of them have successfully completed their five-year roadmaps: Balanga, Batangas, General Santos, Iligan, Legazpi, Puerto Princesa, Taytay in Rizal, Tuguegarao, and Zamboanga.