Why Philippines: The Advantages of Launching and Setting Up Your Business

Echelon Philippines 2024 united startup leaders, entrepreneurs, and investors from the Philippines and Southeast Asia to support the region’s burgeoning tech market and drive economic growth.

The conference featured a panel discussion titled ‘Why Philippines: The Advantages of Launching and Setting Up Your Business’, which explored the nation’s economic landscape, key industries, and immediate market entry opportunities.

Moderated by Ranvir Singhsachakul, Director of Marketing and Business Development at MessageSpring, the panel delved into sustainable growth strategies that new ventures could adopt. These included fostering local partnerships, ensuring regulatory compliance, and investing in infrastructure to establish a solid foundation. The discussion also highlighted available government incentives, access to talent, and methods for building strong relationships with local stakeholders.

Speakers included Afanasiy Petrov of inDrive, Bela Gupta D’Souza of edamama, Ron Baetiong of Podcast Network Asia, and Jay Fajardo of IdeaSpace Ventures.

Also Read: Echelon Philippines 2024: Beyond traditional frameworks with Minette Navarrete of Kickstart Ventures

The panelists shared their insights on the Philippines’ appeal for new businesses: Baetiong discussed how incorporating startups in Singapore can improve fundraising options, while Petrov shared inDrive’s success in the Philippines by engaging directly with local communities. D’Souza noted the growing potential in consumer retail and e-commerce, driven by changing needs during the pandemic. Fajardo emphasised the progress in the Philippines’ startup ecosystem, especially in sectors like fintech and logistics.

Together, they advised new entrants to familiarise themselves with local regulations, seek partnerships within the market, and draw on the expertise of established founders for guidance.

Watch the session video above to learn more about the insights shared during the discussion.

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Missed Echelon Philippines this year? You can now catch the recorded sessions on demand, showcasing insights from leading startup experts, visionary entrepreneurs, and forward-thinking investors from the Philippines and Southeast Asia, all geared toward driving the next phase of growth. And stay tuned—more videos are coming soon!

Watch Echelon Philippines and ECX here.

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Supermom, a Singapore-headquartered online platform connecting brands to consumers (mothers, families, and local communities), has raised S$18 million (US$14 million) in a Series B funding round.

Granite Asia led the round and saw participation from returning investors AC Ventures, besides Hearst Ventures.

Also Read: How Southeast Asia’s Supermom retains its Fortune 500 clients

The company will use the funds to invest in AI capabilities and international expansion, enhancing its product offerings and driving innovation. Team expansion is also on the agenda.

The funding comes less than two years after Supermom bagged a Series A round of SGD8 (US$6) million in December 2022 led by Qualgro.

Established by Joan Ong (former MD of Terrapinn), Luke Lim, and Rebecca Koh, Supermom is an AI consumer data platform that uses the power of the mom community to provide learning opportunities and recommendations on products and services. It enables consumers to share insights and user-generated content, fostering connections among like-minded parents. In exchange for their insights and user-generated content, Supermom creates income-earning opportunities for mothers and helps foster connections among like-minded parents.

The startup claims to have built an ecosystem and network of over 10 million parents in Southeast Asia, over 6,000 online communities, and over 250 consumer brands as its clients, including AIA, Kimberly Clark, Abbott Laboratories, Unilever, Mandiri, Indofood, and Wings Group. 

Also Read: Parenting platform Supermom closes US$6M Series A led by Qualgro

Supermom has a presence in Indonesia, Malaysia and Vietnam.

Luke Lim, CEO of Supermom, said: “As a company we remain committed to building the largest AI-driven data platform in SEA connecting brands and consumers.”

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KASIKORN X Venture Capital (KXVC), under Thailand’s KASIKORN Business-Technology Group (KBTG), has introduced KX Horizon, a programme specifically designed to support early-stage (pre-seed and seed) startups in the AI, Web3, and deeptech sectors.

Also Read: Thailand’s tech renaissance: Building bridges to global success

This initiative seeks to attract visionary founders, investors, and partners to collaborate within the programme. Particular emphasis is placed on startups developing infrastructure and applications that align with market demands and facilitate access to funding sources.

KX Horizon also aims to assist these startups in entering the Southeast Asian market and competing successfully on the global stage.

Those taking part in the KX Horizon programme will receive various forms of support, including an expert mentorship network to offer guidance related to investment and resources to business operators, strategic consultation on designs, market insights and idea testing in support of the business and technical aspects, and access to funding sources via investors, organisations, and operators within the KX Horizon network.

By providing these resources, KX Horizon aims to empower founders to validate their product concepts, swiftly enter the Southeast Asian market, and succeed on the intensely competitive global stage.

Also Read: The upside of conglomerate influence in Thailand’s tech industry

The programme has a particular emphasis on those developing infrastructure and applications in the following areas:

• Applied AI embracing cutting-edge AI technologies, including small, specialiseds models, agentic models, edge infrastructure and application of AI in financial services, cyber security, etc.
• Web3 focusing on blockchain infrastructure, decentralised physical infrastructure networks (DePIN), asset tokenisations and application layer
• Deeptech emphasising critical areas like financial services, healthcare, sustainability and manufacturing

Additionally, the programme aims to support active and highly skilled founders with a track record of successful startups who are eager to collaborate to bring new ideas to life.

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Last year, inDrive—a global mobility and urban services platform operating across 46 countries—announced the launch of its new venture and merger and acquisition division, New Ventures. According to TechCrunch, the company aims to invest up to US$100 million in startups within emerging markets over the next few years.

New Ventures started with markets where inDrive already operates; so far, it primarily focuses on South and Central Asian countries. But in 2025, it plans to ramp up activities in Southeast Asia (SEA).

“We do not have strict targets that specify the number of startups we must invest in. Unlike a VC fund, we have the flexibility to take as much time as necessary to find the best ‘hidden gems’ in mobility-adjacent sectors across emerging markets,” writes Andries Smit, Vice President of New Ventures at inDrive, in an email to e27.

In the conversation, Smit explains in detail how the team’s experience with running inDrive helps them in this new endeavour. He also shares the company’s plan for SEA in 2025.

The following is an edited excerpt of the conversation.

What insights do you learn from your experience with inDrive that helped with the founding of this VC arm? What specific problem do you aim to tackle with New Ventures?

inDrive was launched by Arsen Tomsky and his team in Yakutia, the world’s coldest inhabited place, which is far away from Silicon Valley and top international financial hubs such as Hong Kong, Singapore, London or New York.

Also Read: The future of mobility is in public-private collaboration

As a company, we know firsthand how difficult it can be for the ‘underdog’ – a tech company coming from an unusual emerging market and not tapping into the established global tech and financing networks – to make it. inDrive was able to beat the odds to scale its bid-based ridesharing business and other urban services to 46 countries, including Indonesia, Malaysia, Thailand, Vietnam, India and Pakistan.

We wanted to use what we had learned during our decade-long transformation from an underdog startup to a tech unicorn with the world’s second-most downloaded mobility app to help other promising startups in emerging and frontier markets.

That is why, at the end of last year, inDrive launched New Ventures, its own in-house VC arm, to find like-minded tech startups in sectors adjacent to mobility (e.g. food delivery, courier services). We have been scouting startups with the goal of helping them reach new heights, focusing on promising ‘underdogs’ whose operations are improving lives in their communities.

What is your investment philosophy? What are the criteria that you are looking for in a potential investment?

New Ventures plans to invest up to US$100 million over the next few years by making annual allocations from inDrive’s balance sheet. We will size the annual allocations based on the size of our pipeline of investment opportunities that meet our stringent growth and scalability criteria and resonate with our corporate super-mission to improve people’s lives.

Regarding the hidden emerging-markets gems, we primarily focus on like-minded post-seed/Series A-stage tech-enabled companies that can demonstrate substantial year-over-year growth exceeding 2-3x.

We look for healthy economics and cash flow in our investment targets, paying special attention to efficiency across loan-to-value, customer acquisition cost and retention metrics.

Also Read: H3 Dynamics decarbonises global aviation industry with multiple aerial mobility products

What notable insights can you share regarding the SEA startup ecosystem, particularly as we get through the funding winter? How can startups build a sustainable business in this environment?

The SEA startup ecosystem holds great promise, but startups must prioritise sustainability and efficiency in the current funding crunch.

With US$72 billion invested between 2019 and 2023, markets such as Thailand, Malaysia, and Indonesia present strong opportunities. Yet, capital efficiency remains a challenge in the region.

Over 50 per cent of SEA households are value-focused, preferring affordable, essential services over premium options.

Overall, this aligns with inDrive’s core mission and business model to provide fair, affordable services to value-driven consumers, particularly in underserved communities. By focusing on value rather than solely convenience, startups can build sustainable models that resonate deeply with this significant consumer segment.​

What major plan do you have for 2025? What opportunities do you aim to seize?

As we enter the last quarter of 2024, we are already planning for an exciting 2025, especially in emerging markets with positive demographic trends, rapidly growing economies, and tech-savvy populations. SEA, with its value-focused and fast-growing population of 670 million, presents incredible opportunities for New Ventures.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

Our mission for 2025 is to accelerate inDrive’s super-mission of improving the lives of at least one billion people by 2030. We plan to achieve this by expanding into these high-potential markets, leveraging mobile-first services that meet the rising demand for affordable, convenient solutions while addressing social inequality and empowering communities.

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Image Credit: inDrive

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An exit can be a bittersweet experience. As a startup CEO, you’ve poured your heart and soul into building your business. Now, it’s time to reap the rewards of your hard work. However, a successful exit requires a well-crafted marketing strategy that follows industry best practices.

Discover seven powerful tactics that can help increase your company’s visibility and sales and maximise your return on investment.

Update your brand identity

A company’s brand identity is usually developed in the early stages of your startup journey, helping spread brand awareness during the first few years of your business. However, updating it when you plan to bow out can help attract potential acquirers. No investor would spend money on an outdated business, so an update is necessary months before your exit.

You may need to refine your brand vision and mission statements and improve your website’s user experience/user interface (UX/UI) design. Update your brand story and reflect on your startup’s achievements. For instance, consider creating a section highlighting your best projects, partner brands and other successful initiatives.

Focus on your value proposition

Your value proposition is what will make your startup attractive to your competitors. The value of a startup is based on a wide variety of elements, including the company’s cash flow, its financial history and the brand loyalty of its customers. What makes your product or service valuable to the market? How do you differentiate it from your competitors’ offerings? Gather valuable customer insights, define your unique selling proposition (USP) and craft a strong proposition statement. 

Also Read: New player emerges in Vietnamese startup ecosystem: Accelerator as a service

If you already have an existing value proposition, consider refining it and making it more apparent in your online content. Assess whether focusing on one niche or aggressive growth is better for your startup’s goals and capabilities, then adjust your value proposition statement accordingly.

Form relationships with potential acquirers

Build rapport with potential buyers long before the exit. Engage in joint ventures, attend industry events and consider short-term partnerships to gain exposure and reach new markets. You can also build partnerships by connecting with complementary or non-competing organisations with similar goals, values and vision. Offer them mutual benefits for collaboration.

In rare cases, competitors may contact you and show interest in acquiring your startup. If you decide to offer your business to a competitor, it’s recommended that you hire a professional business broker to protect your trade secrets and other classified information. This expert can also help protect your interests if a potential buyer attempts to lowball you.

Ensure alignment of content

Your offline and online content speaks about your business. Ensuring your voice remains consistent and relevant is imperative, especially before exiting. Ensure all content on various platforms conveys a coherent visual and written message. 

Remember that consumers are starting to value transparency over hard sell. Nowadays, people trust testimonials and firsthand accounts over brand claims. To boost your credibility, consider writing a few blog posts and creating video content highlighting your customers’ stories. 

Implement an account-based marketing strategy

It’s no secret that organisations that strategically focus on their target market are more likely to meet and exceed financial goals, such as revenue and market share growth. However, customer-centricity doesn’t happen overnight. You must start an account-based marketing strategy to pursue high-value leads without compromising resources. 

The global ABM market is expected to grow to US$1.6 billion by 2027. Adopting this strategy can help boost revenue and reflect well on your company, attracting more potential buyers.

Optimise customer experience

Creating a positive customer experience to make your startup more appealing to potential buyers. Here are some things to consider when making improvements:

• Website: Your website is often your customer’s first point of contact. Ensure it’s easy to navigate, visually appealing and mobile-responsive. Poor website performance may lead to site abandonment and negative user experience. A well-designed website can help reduce bounce rates and boost sales.
• Loyalty programs: Incentivise loyal and first-time customers to encourage repeat purchases. Offer early bird access to new products, discounts and points to be used for future purchases. A robust loyalty program can help trigger loyalty and organic growth.
• Customer feedback loop: Create a system for collecting and analysing customer feedback. Utilise social media platforms, surveys, emails and any form of direct communication to showcase your company’s dedication to customer satisfaction.

Prepare for due diligence

Due diligence allows a potential buyer to assess your startup’s financial health, operations and possible concerns, providing them a closer look at your business. Ensure all materials, customer contracts, previous campaigns, and other marketing-related documents are readily available. Track and analyse key performance indicators (KPIs) such as conversion rates and customer lifetime value to demonstrate your company’s success potential.

Also Read: 3 stages of marketing for your startup that can drive effective results

How common are successful startup exits?

According to a CB Insights report, Asia experienced 16 per cent of exits in 2023. However, it’s worth noting that the success of your exit will depend on your overall strategy and plan. You should have a well-defined action plan and be ready to defend your company’s growth potential. 

Investing in marketing tactics when planning to exit your startup might seem counterintuitive. After all, why spend resources promoting a business you’re about to sell? However, a strong marketing plan can help attract the attention of your ideal buyer. It’s also your way of protecting the legacy you’ve worked hard to build for years — surely, it’s worth it.

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