THE startup ecosystem in the Philippines can draw valuable lessons from the thriving ecosystem in Indonesia and other emerging startups in Southeast Asia, an expert said.
Speaking at an event organized by the Cebu Chamber of Commerce and Industry (CCCI), Mohan Belani, founder of Singapore-based e27, suggested that the Philippines study the successes and challenges faced by Indonesia’s startup community and apply its insights to its own local ecosystem.
Indonesia has established a considerable lead over the Philippines in terms of its startup ecosystem, according to Belani.
Belani spoke at the “Innovation and Technology: Summit and Expo” at SM Seaside City Cebu on Friday, Aug. 18, 2023. The event was organized by CCCI as part of the Cebu Business Months (CBM) 2023.
His e27 is one of Asia’s leading startup ecosystems’ go-to platforms for insights, connections, talent and funding opportunities.
In his presentation titled “Startup Innovation and Disruption Driving Impact in Southeast Asia,” Belani said Indonesia is currently Southeast Asia’s hotspot for startups, boasting a diverse range of products spanning from ride-hailing services to fintech solutions.
Maximize support
Belani urged the Philippine government to actively concentrate on providing substantial support to emerging startup entrepreneurs. He advised focusing on developing products and services that effectively address local challenges.
Drawing attention to Indonesia’s successful initiatives, Belani highlighted Indonesian government’s support for startups and small and medium-sized enterprises (SMEs) through grants, credits, financing systems, and networking programs like the Startup Incubator Program, designed to foster local entrepreneurship across the nation.
He noted that Indonesia’s startup growth, which began in the late 2000s to early 2010s, initially relied on private investor funding until government support was extended due to its evident potential.
One of the successful startups in Indonesia was PT Gojek, an on-demand multi-service platform and digital payment technology group based in Jakarta. It was first established in 2009 as a call center, connecting consumers to courier delivery and two-wheeled ride-hailing services.
“What is really important for the Philippines is to look inward and ask yourself: What is inside your ecosystem that you can really double down, that you can really support?” he said. “And how can you build the skills and services to allow your entrepreneurs to grow?”
Belani told Filipino entrepreneurs to focus on creating products that have the capacity to solve problems not only of a local community but also that of other communities in Southeast Asia.
“We need local based entrepreneurs to solve local-based problems,” he said. “It’s not always about making money. There are critical local problems that are necessary to be solved and only solved by startups.”