CEOs of Top Digital Companies Forecast a Booming Startup Industry in 2024

Bohol, Philippines—Top industry players forecast a “very booming” technology startup community in 2024 amid a post-pandemic scenario in the Philippines.

Roland Ros, CEO and Founder of Kumu, said he expects to see more creators and startup companies coming from the provinces outside of Manila considering the continued infrastructure development in the countryside.

Ros predicted that there would be “less reliance on what’s happening in Manila” with the building of more (telecom) towers across the Philippines.

“We will be able to see more startups being built in the countryside,” Ros said during the Geeks On A Beach technology summit held here.

ER Rollan, CEO, and Co-founder of B2B e-commerce platform Growsari, said that this is the perfect time to get started with the digital economy when competition is still not as high as compared to other countries.

Rollan said that a lot of companies in the Philippines still do not have digital solutions to their needs.

“This is the best time to actually get started even if it is an industry in which there is an existing player. It is very likely that that player, no matter how early that company is, probably has no competition,” said Rollan.

“We are in that state. It is not a very competitive country in terms of the number of players but there are 110 million Filipinos, it is a growing economy, and the Secretary said it is going to be the fastest growing country in the region.”

Businessman Steve Sy, CEO and Founder of Great Deals E-commerce, said that the next five years will see a boost in the startup ecosystem with private funding becoming easier.

Sy recalled that pre-pandemic saw a non-existent ecosystem as compared to now where there are a lot of venture capitalists that will fund startups.

“In terms of growing power and in terms of our ecosystem, there is more, and is growing at a fast pace,” Sy told some 500 participants of the tech conference.

“So in terms of excitement, I think the beauty of the Philippine economy is that we are a very consumer-driven economy. So basically, whoever is our President, it is always growing.”

“I think in terms of digitalization, there is a lot of exciting goings on. And I think 2024 would be a very good year for the industry.”

After a 5-year hiatus, at least 500 Startup entrepreneurs, software programmers, and local and foreign tech investors are in Panglao Island in Bohol for the technology summit.

The whole conference co-organized by the Department of Information and Communication (DICT) is expected to have pitching opportunities, business coaching, matching, investors’ roundtable, and exhibits from various stakeholders.

Held at the white sand beaches of Panglao Island from November 22 to. 24, the participants discussed the trends and forecasts on tech, startup, and design, with conversations and interactions on technological advances.

DICT Secretary Ivan John Uy formally opened the activities today alongside several speakers from popular and up-and-coming startup community leaders across the Philippines in line with the Philippine Startup Week 2023.

Plenary sessions explored potential investment opportunities, while breakout sessions will touch on FinTech, EduTech, HealthTech, AgriTech, ClimateTech, and other category-specific themes catering to youth and women.

The conference would also discuss the impact of a new law, the Innovative Startup Act, and DICT’s programs to the Philippine startup ecosystem.

GOAB will feature Chris McCann of Race Capital, Mohan Belani of e27, Earl Valencia of Plentina, Gina Romero of Connected Women Philippines, Symph’s Albert Padin, Jason Torres of Mashup Garage and Neon Playground, Foxmont Capital Partners’ Franco Varona, Katrina Rausa Chan of IdeaSpace and QBO Innovation Hub, Jen Bilango of CoinsPH; Jay Fajardo of Medifi and LaunchGarage, Ron Baetiong of Podcast Network Asia, Haifa Carina of DEVCON Philippines, Ashley Uy of Synacy, John Naranjo of Ingenuity PH, Paulo Campos of Kaya Founders, Republiq’s Bryan Yap, Vince Loremia of Cleaningly and Tudlo, Jayvee de Leon, Earvin Ang of Aqwire PH, Pia Bernal of Kickstart, Jack Madrid of the IT and Business Process Association of the Philippines, and Leah Rasay of the Communications Design Association of the Philippines.

“We are as excited as our alumni and the startup community in bringing GOAB back. Ten years after the first GOAB and a pandemic-induced hiatus, there are certainly a lot of new and positive developments to celebrate from the advance of digitalization, the rise of AI, and more funding raised by Filipino startups,” said GOAB founding organizer Tina Amper of GeeksPH in a statement.

GOAB is also presented as a convergence between the ICT industry and Tourism with previous venues including Cebu, Boracay, and Puerto Princesa in its previous editions. (ZAG)