PURE Energy Holdings Corp. chief finance officer Victor Lee said innovation is key for startups to survive tough market competition.
During the 3rd CFO Innovation Philippines Forum, Lee noted that a successful venture needs to be holistic, nimble, and highly visible to see opportunities.
“The survival and success of startups improves as the economy grows. However, they should manage certain factors such as branding ideas, mobilizing capital, using advanced technologies and institutionalizing innovations,” he said.
As a former venture capitalist himself, Lee noted that aside from conceptualizing business ideas and marketing them, startups should also be more proactive to attract investors.
“Investors are becoming more discerning and markets are evolving. It is no longer enough for startup hopefuls to create and execute ideas and hope to thrive,” he said.
“There is also a need for institutionalization of business model, product, and even technology,” Lee added.
Even PEHC’s renewable energy business, which include greenfield hydro power projects, can be viewed as startups in the need to adjust to complex business and regulatory environments and successful financing.
Moreover, the CFO pointed out that the rise of the new media has a vital role in the success of new ventures.
“Digital media is an important and powerful tool that can be used to reach out to customers, marketing and for investor relations,” Lee said.
Prior to joining Pure Energy Holdings Corp., Lee was founder of Alcatel Ventures, an investment manager of the SK Telecom - Qualcomm Wireless Development Fund and advisor to the SK Telecom – HP Ventures Fund. His venture capital career began when he was vice president of BT Ventures, the venture capital division of Bankers Trust Company, specializing in technology and banking solutions investment.
PEHC is an investment holding company established in 2013 focusing on energy and utility sectors in the country.
PEHC, through its subsidiary, Repower Energy Development Corp., harnesses and develops indigenous natural resources in niche areas and converts it to renewable energy from which the surrounding communities directly benefits.
PEHC, through its subsidiary, Tubig Pilipinas Group Inc., is also engaged in bulk water supply and water distribution company with operations around the country. TPGI has a coverage spanning Luzon, Visayas, and Mindanao. (PR)