THE first day of the Innovation Summit was filled with inspirational stories of successful entrepreneurs and their ideas on succeeding.
“Building business through FAITH” is the principle that Cecilio Pedro, president and CEO of LAMOIYAN Corp., lives up to in his organization.
The word FAITH is an acronym for faith, action-oriented, integrity, time-bound and hard work, five things entrepreneurs should have to build a strong company, he said.
Pedro wants more people to get into business.
“Basically, it’s hard work. You will find so many opportunities out there but unless you take action and do something, nothing will happen.”
LAMOIYAN Corp. is behind the Filipino brand Hapee toothpaste, which came out in 1988 at a reasonable price and has been selling well to this day.
Pedro is not only focusing on his toothpaste product and is now exploring the possibilities in agriculture. He believes that Filipinos need to know how to produce their own food.
“The challenge next is the food production. We should not continue importing rice. We should not be importing corn. We should not be importing chicken. We should not be importing anything at all, for food,” said Pedro.
Meanwhile, Solid Group Inc. showed how their startup program Barko1000 managed to make it.
Barko1000 mystartup is a platform by the Solid Group Inc. that aims to challenge young Filipino entrepreneurs to explore their dream products.
“It is a fast and changing world. A lot of us may not understand what is happening, but it would be a sin if we do not support the next generation,” said David Lim, senior vice president of Solid Group Inc.
When young entrepreneurs join the platform, they can earn from whatever they sell online and receive discounts on what they buy. The goal of this platform is to patronize Filipino products.
“The Filipinos should learn how to upsell themselves,” added Lim.
Filipinos tend to pick foreign brands first.
“You cannot change culture without designing it. It is all a marketing problem. We have a serious marketing problem where the youth is not stepping up, not coming out. First, because, probably, we do not understand. So we don’t support them.”
The group wants to address the changing culture and empower the Filipino youth. This gives a chance for the youth to be in the limelight.
“We’re turning the business model from hardware, where hardware is purely hardware and the only way for Filipino brands can fight is that if there is heartware,” Lim said.
Solid Group Inc. is the creator of the Philippine brand MyPhone.