ON THE second day of the Cebu Business Month: Innovation and Technology Summit 2023, the spotlight turned to the dynamic world of startups. Visionaries and emerging entrepreneurs gathered to explore the growth of startups and the expansion of their reach.
The summit took place at the Skyhall Convention in SM Seaside City on August 18, 2023.
Four pivotal themes emerged at a recent startup event: igniting innovation through effective execution, exploring the role of investors, reimagining the role of artificial intelligence, and fostering collaborative partnerships for global impact.
Speakers emphasized the importance of having a clear vision and a well-defined plan, as well as the ability to execute on that plan effectively as well as being agile and adaptable in the ever-evolving startup landscape.
They discussed how AI can be used to improve efficiency, automate tasks, and make better decisions. However, they also warned of the potential risks of AI, such as bias and job displacement.
Finally, the speakers shared insights on how to build and maintain successful partnerships with other businesses, governments, and organizations.
As consumer behavior in Cebu City shows an increasing trend towards heightened demands, Marzan's insight call for effective execution becoming imperative as startups strive to align their strategies with the shifting tide of consumer expectations.
Marzan's reminds innovators that ideas should be seamlessly translated into tangible solutions.
Moreover, Marzan's perspective introduces a transformative concept, "Innovation is about disrupting ourselves before disrupting others."
Within Cebu City's thriving startup landscape, this notion takes root, advocating for proactive adaptation. By continuously refining internal processes and offerings, startups fortify their readiness to face external disruptions, ensuring a position of strength within the competitive arena.
The goal was to provide budding startups with the tools, insights, and opportunities they need to kick-start their journey towards financial stability and success.
One key catalyst in the journey of startups towards financial stability is the role of venture capitalists and angel investors. These financial experts provide not only capital but also invaluable guidance and mentorship.
Venture capitalists and angel investors were recognized as essential players in the startup ecosystem, providing not only financial backing but also mentorship, expertise, and access to networks. Their involvement is essential for accelerating the growth and development of startups, helping them achieve sustainable success.
"When you're an angel investor, it's best to invest in something that you know." His words serve as a reminder that informed and strategic investment can significantly contribute to the growth and success of early-stage businesses,” Joseph De Leon, a Founding Member and Lead Investor of Manila Angels Investor Network (MAIN), said,
Joel Santos, President and Co-Founder of Thames International, imparts a saying, "Transform the fear of the unknown (AI) into a useful tool."
Santos urged startups to view AI not as an enigma, but as a means to amplify their potential and navigate new horizons confidently.
Echoing this sentiment is Earl Valencia, Co-Founder and Chief Business Owner of Plentina, who questions: "How can we harness AI's advantages without disruptions?"
Valencia's query resonates deeply with Cebu City startups, inspiring them to channel AI's potential positively. By coupling AI's strengths with their own, startups can forge a symbiotic alliance, driving collaborative growth and pioneering within an AI-centric landscape.
Santos' call to conquer the unknown and Valencia's plea for strategic AI utilization converge, guiding startups towards a path where AI's potential becomes a catalyst for their success. Paving the way for innovation, these invaluable insights steer Cebu City startups toward a future where smart AI collaboration fuels transformative accomplishments.
"If something is not working, it's okay to leave it and change,” said Mohan Belani of E27.
This ethos underscores the essence of adaptability, encouraging startups to recognize when a chosen path isn't yielding the desired outcomes and to boldly embrace transformation.
As Cebu City's entrepreneurial ecosystem thrives, this becomes a beacon guiding startups to navigate challenges with agility and embrace progressive shifts in pursuit of impactful innovation.
In the tapestry of Cebu City's bustling startup landscape, Walter Gang, representing DOHE Cebu, contributes a metaphor rich in symbolism.
"To build a flame, you need a spark," he said, an analogy that mirrors the city's role as a spark that ignites the fire of innovation.
This spark signifies the genesis of entrepreneurial endeavors, serving as the catalyst that fuels a journey of transformation and growth.
Just as Cebu City stands as a spark for burgeoning startups, Gang's insight serves as a reminder that every startup embarks on its journey with a foundational spark, poised to illuminate the path to global innovation.
Embedded within the fabric of Cebu City's ambition to catalyze global innovation and cultivate startup empowerment, these quotations converge as guiding principles.
The readiness to adapt and the concept of a transformative spark intertwine, offering startups a roadmap to navigate the complex terrain of the business world.
As Cebu City propels its entrepreneurial ecosystem forward, these profound insights stand as cornerstones, inspiring startups to harness their potential, foster change, and ignite a transformative flame.