Startups eye funding for expansion plans

 Photo credit to DOST-Davao Region
Photo credit to DOST-Davao Region

AN OFFICIAL from Davao City Chamber of Commerce and Industry, Inc. (DCCCII) said local business startups in Davao City are now seeking expansion of their operations.

Citing participation of Davao City start-ups during the Davao Investment Conference’s (Davao ICon) Davao Start-up Spotlight, an event exclusive to highlight the local start-up businesses, DCCCII Vice President for Information and Communications Technology (ICT) Roland Suico said start-ups are mostly into expanding their operations to level up their production capacity to respond to their growing market demand.

“I understand na ang pinaka-main reason nila (I understand that their main reason) for the [Davao Start-up Spotlight] is to get funders, as they already have the business model, the business ideas,” Suico said in an interview with SunStar Davao.

“Sa ilahang pagstart, [the funds] are from them, but right now that they are already seeing opportunities in the market na kinahanglan dako ug maglevel-up ang ilang production capacity, siguro naghuna huna sila to keep ang ilahang nasugdan (When start-up businesses begin operations they start on their own from scratch, but right now that they are already seeing opportunities in the market that require a large increase in their production capacity, perhaps they thought of sustaining their businesses), that’s the reason why they need finances,” he added.

He also stressed the local start-up’s immense and inclusive potential venture for Dabawenyos in giving employment to ordinary people.

“Malaki ang potential ng mga startups [sa Davao City] (Davao City has large potential start-ups)... I’m really happy that they really start from scratch and eventually they thrive,” Suico said.

He also said he hopes the city government and local community to support more start-ups, which in return, would generate more jobs to Dabawenyos.

Suico, who is also an owner of a start-up business focusing on software development, shared to startup entrepreneurs to find their niches when thinking of starting one.

He also underscores collaboration, establishing strong linkages, and building networks as drivers for start-ups to thrive.

In a speech during the Davao Spotlight Start-Up Week in Sotogrande Hotel on September 13, Suico said that the recently-concluded Davao ICon back in July had played a pivotal role for startups in fostering an environment of entrepreneurship, innovation, and collaboration in Davao Region.

“We see partnership forged, networks expanded, and support systems strengthened, all in pursuit of a common goal - to propel Davao to new heights of economic growth and prosperity,” Suico said.

Meanwhile, Ideas Davao convenor and start-up business official Richard Day said that financial technology and education technology, mostly driven by artificial intelligence (AI), are currently top drivers of start-up businesses in Davao City.

Artificial intelligence had been utilized by most business startups in the city especially in innovations in financing, labor, and education. ICE

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