The Philippines offers a unique and dynamic startup environment, making it an attractive destination for entrepreneurs looking to build and grow their businesses. With a young and tech-savvy population, the country provides a substantial talent pool eager to innovate and embrace new technologies. Additionally, the Philippines’ strategic location in Southeast Asia grants startups easy access to regional markets, fostering opportunities for expansion and collaboration within a rapidly growing economic landscape.

Moreover, the Philippine government has strongly supported the startup ecosystem through various initiatives and policies, such as the Innovative Startup Act, which offers tax breaks and incentives to new businesses.

The vibrant local startup community and increasing interest from global investors further enhance the ecosystem, providing startups with essential networking opportunities and funding avenues. Additionally, the country’s English-speaking workforce and high internet penetration rate make it easier for startups to communicate, collaborate, and reach a global audience.

The country has all the criteria for the world’s next innovation hub. However, for startups operating in the Philippines, the next set of challenges is scaling and taking their success to the next level.

Scaling in the Philippines

When scaling operations in the Philippines, startups must first focus on understanding the local market dynamics and cultural nuances.

Also Read: Mastering the funding maze: Unlocking financing pathways for founders in the Philippines

The Philippines is a diverse nation with a rapidly growing consumer base, but preferences and behaviours can vary significantly across regions. Startups should invest time in market research to identify the specific needs and pain points of their target audience. Tailoring products or services to meet these localised demands can greatly enhance market penetration and customer loyalty.

Additionally, understanding the cultural context is crucial for effective marketing and communication strategies, ensuring that messages resonate well with the local population.

Another critical factor is building a robust and adaptable talent management strategy. As startups grow, they will need to scale their teams efficiently while maintaining high productivity and innovation. The Philippines boasts a large pool of young, English-speaking professionals, but attracting and retaining top talent requires more than competitive salaries.

Startups should focus on creating a positive work culture, offering opportunities for professional development, and providing clear paths for career progression. Being adaptable in hiring practices, such as leveraging remote work or flexible arrangements, can help startups tap into talent from various parts of the country, further strengthening their operational capabilities.

But is there anything else that startups need to keep in mind?

Also Read: Echelon X: Unlocking the potential of the Philippines in Southeast Asia’s growth story

Find the answers at Echelon Philippines 2024 during the fireside chat titled From Start-Up to Scale-Up: Building and Scaling for the Philippines Market.

This session, held at Level 2 of the SMX Convention Center Manila on 26-27 September 2024, is designed for entrepreneurs and business leaders eager to understand the unique challenges and opportunities of scaling in the dynamic Philippine market. With Mohan Belani, Co-Founder & CEO of e27, as the moderator, the discussion promises to be engaging and informative, offering practical advice for startups at various stages of growth.

Joining him is Martin Cu, Partner at 500 Global, a renowned venture capital firm that has helped countless startups scale successfully. Cu brings a wealth of experience in identifying growth opportunities and navigating the complexities of the Philippine market.

Whether you are looking to expand your business or simply curious about the strategies that have propelled others to success, this fireside chat will provide actionable takeaways and a deeper understanding of what it takes to thrive in one of Southeast Asia’s most exciting markets.

See you there.

The post Navigating growth: Strategies for scaling startups in the Philippines appeared first on e27.

As the Co-Founder of FuturByte and a techie, I have had the privilege of observing and participating in various technology ecosystems around the world. Yet very few compare to the rapidly evolving tech hub that the UAE has become.

The rise of UAE as a tech hub

UAE’s rise as a tech hub is the result of meticulous planning and visionary leadership. The nation has long been known for its ambitious projects and forward-thinking infrastructure, but recent years have seen a concerted effort to build a robust technology sector.

This transformation is driven by several factors. Let’s have a look at some of them.

Strategic location and infrastructure

UAE’s geographical location at the crossroads of Europe, Asia, and Africa makes it an ideal gateway for international business.

UAE’s world-class infrastructure, including state-of-the-art office spaces, high-speed internet, and efficient transport systems, creates a conducive environment for technology companies to thrive. These resources simplify things for tech companies, freeing them of administrative and operational challenges.

When FuturByte was in the talks, we wanted to be in a region that is forever ready to adopt new technologies and there could have been no better choice than UAE!

Investment in innovation

The UAE government has made significant investments in technology and innovation. With tech hubs like Dubai Silicon Oasis, Dubai Internet City, and Abu Dhabi’s Masdar City, Emirates provides companies with the resources and environment needed to innovate and grow.

These hubs offer a supportive ecosystem that includes funding, mentorship, and networking opportunities. You get to interact with and learn from leading companies and get access to the best resources possible – just what you need to thrive.

Talent attraction and development

UAE attracts a diverse pool of international talent. Its educational institutions and partnerships with global universities ensure a steady pipeline of skilled professionals in technology and related fields.

UAE actively holds initiatives such as coding boot camps, tech incubators, and specialised training programs to prepare local talent pool.

Also, UAE’s commitment to research and development is evident in its investment in technologies such as artificial intelligence, blockchain, and the Internet of Things. It also hosts tech conferences, workshops, and seminars that promote knowledge exchange and collaboration among industry leaders and innovators.

Also Read: 10 unarguable things that great leaders do

Government support for tech initiatives

The UAE government has created a favourable environment for technology companies through various supportive measures and initiatives.

Here are some aspects that deserve appreciation.

UAE’s Vision 2021 outlines the nation’s goals, including a focus on innovation and technology. This long-term plan aims to position the UAE as a global hub for innovation and a leader in various technological fields.

Also, the UAE Artificial Intelligence Strategy was launched to position the UAE as a global leader in AI by 2031. This strategy focuses on integrating AI across various sectors, including healthcare, transportation, and education. It promotes research, development, and the application of AI technologies, providing a solid foundation for tech innovation.

Then comes UAE’s Smart City initiatives that leverage technology to improve the quality of life for residents. Projects such as Smart Dubai, Abu Dhabi’s Smart City initiative, and Sharjah’s Digital Transformation plan focus on integrating digital solutions into city services, ranging from smart transportation systems to digital healthcare platforms.

The UAE government provides various funding options and grants to support tech startups and entrepreneurs. Organisations like the Abu Dhabi Investment Office and Dubai FDI offer financial assistance and investment opportunities to high-potential tech ventures.

Some tech wins from UAE

The impact of the UAE’s tech initiatives is evident in the success stories emerging from the country. Numerous startups and tech companies have achieved significant milestones and contributed to the UAE’s reputation as a leading tech hub.

Careem is a prime example of a UAE-based startup that has achieved global success. The company, which started as a ride-hailing service, has expanded its offerings to include food delivery and payment services. Also, Dark Matter, a cybersecurity firm, founded in Abu Dhabi, has gained international recognition for its expertise in protecting digital assets.

As someone who has witnessed the evolution of various tech hubs, I can confidently say that the UAE’s commitment to technology and innovation is unmatched.

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In an era where technological advancements are reshaping the landscape of healthcare, Prevenotics is emerging as a beacon of hope in the early cancer detection space. Led by CEO SooYoun Chang, the company is at the forefront of revolutionising the early detection and prevention of gastric cancer with its AI-powered diagnostic tool, Prevenotics-G Pro.

Driven by the profound personal loss of her father, who was a respected role model, Chang has channelled her reflections and “what if” moments into a mission to save millions of lives and propel the medical field towards a future where early intervention is the norm. Her deep empathy and insights fuel a vision where technology and compassion converge to transform patient outcomes.

A personal mission turns into a groundbreaking venture

Chang’s journey to founding Prevenotics is deeply rooted in her personal experiences. Reflecting on her father’s battle with cancer, she shared, “Even my father, who dedicated his life as a medical doctor, unfortunately, missed the chance for early intervention as his cancer progressed to a severe stage. Watching him suffer was heartbreaking. This experience made me acutely aware of the urgent need for early detection and inspired me to create Prevenotics. I wanted to help others avoid the same regret.”

Before embarking on this venture, Chang spent 16 years at Sanofi, a global pharmaceutical leader, where she developed her skills in strategy, business development, and commercial excellence. Her extensive experience equipped her with the insights and determination necessary to challenge existing paradigms in the healthcare system and lead the creation of innovative solutions like Prevenotics-G Pro.

Building the team: Collaboration at its finest

The formation of Prevenotics was not a solo effort. Chang emphasised the importance of balancing medical, technological, and healthcare business expertise. Her team comprises a mix of medical professionals, including professors from Seoul National University Hospital, AI experts previously with LG Electronics, and healthcare business experts like herself.

Also Read: Healthtech, edutech dominated SEA’s funding scene in past 5 years: Tracxn

“Initially, I joined a group of high school and university alumni who were investigating the feasibility of medical research,” Chang recounted. “With my expertise in healthcare business and management, I contributed to defining the vision and planning the project. Recognising that the venture’s success hinged on effective market penetration and sustainable profitability, I decided to take the lead after validating the feasibility of our R&D efforts.”

This interdisciplinary collaboration bore fruit when the AI algorithms were developed by a team that included current CTO, Dr. Junwoo Lee, who was working as a chief researcher at LG Electronics at the time.

Bridging the gap: The power of early detection

The discrepancies in gastric cancer survival rates between countries are stark and alarming. In South Korea, the five-year survival rate for gastric cancer is an impressive 78 per cent, compared to a mere 25 per cent in the United States. This striking difference can largely be attributed to the emphasis on early detection and advanced screening methodologies in South Korea. “Early detection is crucial,” Chang stressed. “In Korea and Japan, where if gastric cancer is caught at stage one, the five-year survival rate soars up to 96 per cent. Conversely, stage four diagnoses see survival rates plummet to just seven per cent.”

These figures underscore the critical need for proactive cancer screening and prevention. “In the United States, a gastric cancer diagnosis often feels like a death sentence,” Chang noted, contrasting it with the higher chances of survival in regions with robust early detection systems.

Also Read: The rise of generative AI in digital mental health solution

Introducing Prevenotics-G Pro: A game-changer in cancer detection

“At the heart of Prevenotics’ innovation lies the Prevenotics-G Pro, an AI-powered diagnostic tool designed to assist in revolutionising the detection of gastric cancer through endoscopy. With over 90 per cent accuracy in identifying pre-cancerous conditions in under three minutes, this rapid, reliable, and non-invasive tool is set to transform early detection practices. ‘Our tool is designed to be both highly accurate and easy to use, which is crucial for widespread adoption. By assisting in early detection, we aim to significantly reduce mortality rates,” explained Chang.

Looking ahead: A vision for a cancer-free future

Prevenotics’ vision extends far beyond gastric cancer. The company plans to expand its AI technology to detect other types of cancers, including esophageal and colorectal cancer, with the ultimate goal of creating a comprehensive cancer prevention ecosystem. “Our vision goes beyond just one type of cancer,” says Chang. “We are committed to advancing AI technology to detect a range of pre-cancers at their earliest stages, ensuring interventions can be most effective.”

Chang also envisions a healthcare system where patients play an active role in their health management. “We aim to systematically manage pre-cancerous conditions, enabling patients, doctors, and health systems to collaboratively work towards a cancer-free world,” she affirmed.

Paving the way towards a cancer-free world

Prevenotics stands at the threshold of a new era in healthcare, where technology meets compassion to create a future where pre-cancer is detected early, treated effectively, and ultimately, prevented. Chang’s personal passion has driven groundbreaking innovation, offering new hope for patients worldwide. With every early diagnosis, the world moves one step closer to a cancer-free future.

As Prevenotics continues to blaze trails in the early detection of cancer, Chang and her team remain dedicated to their mission, turning personal loss into a global gain. Through AI-driven technology and an unwavering commitment to saving lives, they are poised to make a remarkable impact on global health, changing the prognosis for gastric cancer and beyond.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Image credit: Prevenotics

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In Indonesia, an emerging market with a growing middle class, most consumers have historically struggled to build their credit scores properly. As a result, many are unable to fully realise true upward socioeconomic mobility via access to loans and other financial instruments beyond savings accounts. This has been due in part to a lack of public clarity.

While the nation’s credit bureaus do have the information consumers would need to be empowered, for the most part, there has never been a user-friendly way to pull out one’s credit information and then make informed decisions about how to improve their standings before walking into a bank and applying for a loan. In Indonesia, nine out of every ten loan applications are denied.

AC Ventures in partnership with Boston Consulting Group, BCG X, and the Indonesian Chamber of Commerce and Industry, recently released a landmark sector report titled “Harnessing the Power of (Gen)AI in Indonesian Financial Services,” exploring the adoption and impact of Gen AI in the country’s financial sector, offering strategic advice for business leaders on integrating the new tech into their products and operations. 

One of the most interesting case studies in the report was that of Skor Technologies (Skor). The fast-growing company has emerged as a pioneer in democratising access to credit and financial information. Co-founded by Ongki Kurniawan in 2022, Skor has grown to become instrumental in helping local consumers effectively manage their financial health.

Ongki recently joined an episode of ACV’s signature podcast Indonesia Digital Deconstructed to discuss Skor’s flagship product SkorLife and how it is allowing Indonesians unprecedented control over their credit data. A substantial part of this includes the firm’s creative use of AI and Gen AI. 

“SkorLife is the first credit builder app in Indonesia, bringing control back to the users on their credit information,” Ongki explained. “This platform not only enables access to one’s credit data but also assists users in managing, understanding, and disputing their credit information. It’s a useful tool that aims to reshape how Indonesians engage with financial institutions.”

Ongki’s professional background spans multiple tenures at multinational financial and management consulting firms like Citi Group and BCG, but also senior roles at tech giants such as XL Axiata, Grab, and Stripe. These experiences furnished him with a deep understanding of the technological advancements and regulatory nuances of Indonesia, which he then went on to apply to the unique credit challenges faced by millions of Indonesian consumers.

“One of the core challenges is that the pace of technology has not been matched by the pace of regulatory frameworks in Indonesia, creating a variety of barriers that we need to navigate,” Ongki said, emphasising the ideal of technology and regulation moving in lockstep to fully empower local consumers.

Also Read: Navigating the Gen AI wave: A startup’s battle plan

SkorLife has seen impressive user engagement, with over 1.5 million app downloads and approximately 750,000 users accessing their credit reports through its platform. These figures are a testament to the app’s utility and the local demand for more transparency in the financial sector. The platform’s growth has been fuelled organically since its inception, significantly boosted by social media and word-of-mouth, highlighting the community’s growing trust and reliance on SkorLife.

On the AI front, SkorLife aims to cut its customer service costs by 50 per cent. As this accounts for 40 per cent of its total operating expenses, the team has introduced Gen AI assistance to offer continuous, round-the-clock support. This system uses transaction data, spending categories, and individual usage patterns to power a conversational AI interface. This interface provides users with personalised insights and recommendations to improve their credit profiles.

Ongki also pointed out the broader implications of Skor’s services: “This is about more than just understanding one’s credit score; it’s about equipping individuals with the knowledge to make informed financial decisions, thereby fostering a more financially literate society.”

Looking forward, Skor is committed to expanding its societal impact and refining its offerings. For Ongki, the near-term focus is increasingly geared toward open banking in Indonesia – a system that facilitates the secure exchange of customer data between banks, financial institutions, and third parties. This will allow non-financial companies (think e-commerce players like Shopee, Tokopedia, Bukalapak, and others) to embed customised financial services directly into their platforms. To give an example, imagine being able to apply for a bank loan quickly via Lazada’s mobile app while shopping for your kid’s back-to-school supplies.

Skor aims to enhance the financial well-being of millions across Indonesia by continuing to collaborate with regulatory bodies and financial institutions.

In a market full of opportunities yet challenged by issues like fraud and slow regulatory updates, Skor innovates. Ongki encapsulated this mission: “Our journey is about continuous improvement and adaptation, ensuring every Indonesian has the tools to secure a better financial future.”

Listen to the full episode on  Spotify, and Apple.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Image credit: AC Ventures

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As I take a moment to reflect on my career, I find myself looking back at a journey filled with both challenges and achievements. Despite holding three master’s degrees—in archaeology, law, and history—my path took a turn I never anticipated, largely due to the obstacles I encountered with dyslexia.

In a society like France, where language is revered and excellence in linguistic expression is not just appreciated but expected, I found myself grappling with a unique set of challenges that went beyond academics.

The unseen barrier: Dyslexia in a linguistic society

In France, the ability to write flawlessly is not merely a skill but a gateway to professional success. Professions like law, for example, require passing written exams that demand a mastery of language, with every accent and comma placed perfectly. This cultural emphasis on linguistic precision meant that my dyslexia posed not just a personal challenge but a professional blockade. My love for language, something that I share with many of my countrymen, was overshadowed by the fear of making a mistake—a fear that was often realised in a society where even the slightest error is openly corrected.

For someone like me, who struggled with the intricacies of French grammar and syntax, the pressure was immense. It wasn’t just about succeeding academically; it was about proving my worth in a culture that held language in such high esteem. Despite my best efforts, dyslexia remained a formidable opponent, one that steered me away from the very fields I had spent years studying.

Also Read: How autism shaped my life and what I want people to know

A parallel journey: Discovering computers

My journey with computers began at a young age. I received my first computer when I was just 8 years old, around the same time I began to discover the world of reading. While reading presented its own set of challenges due to my dyslexia, computers quickly became a source of fascination and comfort. I found that the logical structure of computers made sense to me in a way that language did not. By the age of 15, I was already delving into the world of coding, a passion that would only grow stronger as I navigated the complexities of language and learning.

Coding offered a refuge, a place where my dyslexia did not define me but rather empowered me. It was through coding that I was able to reclaim my confidence, finding a voice that had been stifled by the challenges of traditional language learning. The logic of programming languages was a revelation, a form of communication that was accessible and empowering in a way that written language had never been.

The liberation of generative AI

Now, as we stand on the brink of a new era in technology, I find myself reflecting on how far we have come. Tools like ChatGPT represent a revolution in written expression, democratising the ability to articulate thoughts and ideas in ways that were once unimaginable for someone like me. Generative AI is not just a tool; it’s a lifeline, offering a level of accessibility and empowerment that has the potential to change lives.

Also Read: Is generative AI the game-changer for productivity?

For individuals with dyslexia, the ability to communicate effectively has often been a challenge, one that can lead to frustration and self-doubt. But with the advent of generative AI, those barriers are beginning to crumble. It’s a testament to the evolving landscape of communication and a powerful reminder that innovation can indeed make the world a more inclusive place.

A new era of communication

As I continue my journey in the world of coding and technology, I carry with me the lessons learned from my experiences with dyslexia. I am reminded that challenges, while difficult, can also lead to unexpected opportunities. Coding has given me a new language, one that I can wield with confidence and pride. And now, with tools like ChatGPT, I am able to express myself in the written word in ways I never thought possible.

This reflection is not just about my journey, but about the liberating potential of technology for those who navigate the world a bit differently. It’s a celebration of how far we have come, and a hopeful look towards the future, where everyone has the tools to communicate their ideas, no matter the challenges they face.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Image credit: Canva Pro

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