The new RISE Pitch Night initiative offers great opportunities for Philippine startups to present their ideas and convert them into reality.
During the pandemic, there was a significant influx in the adoption of the digital lifestyle, elevating consumer demand for more efficient and advanced digital technologies that raised startups' awareness and establishment in the Philippines. The developments in fintech, e-commerce, and logistics put local startups in the spotlight.
With a reported 73 million internet users and a 24 per cent growth rate in the internet economy, the Philippines paves the way for innovators and startups. However, studies reveal that nearly 90 per cent of startups eventually fail, and only 10 per cent survive to continue their journey. Startups’ success relies on their ability to innovate and transform their ideas and ramp up operations as required, including proper mentoring and the right network.
After a qualifying pitch competition in the country, eight startups received a P500,000 (USD 8,477.46) equity-free grant from Makati City. The event was conducted to sustain their development, and the founders attended a 12-week training programme preparing them to pitch to qualified investors properly. In addition, many top investors and innovators met the qualified startups for the culmination of the RISE (Resiliency Innovation Sustainability Entrepreneurship) Pitch Night. This was their final pitch to investors to open new investment opportunities.
Such initiatives provide a platform for entrepreneurs to showcase their talents and turn game-changing ideas into reality. It also democratises innovation by accelerating startups from all areas of society and presenting them in front of qualified investors. These events gather creative minds and offer them financial access through funding and mentoring. When startups reached a certain milestone, RISE provided them with P500,000 (USD 8,477.46) in financial aid to ensure that the grant helped them create a sustainable business, build their structures, and establish a solid legal foundation for their businesses.
Pitch Night opens opportunities for a new generation of innovators, founders, and entrepreneurs to make their existence known in the region and connect them with potential investors while expanding their network. The most critical financial decision for startups with ideas having the potential for great success is finding the right investors or partners. These events focus on young innovators and identify founders already taking the startup ecosystem.
Out of the eight startups selected for their ideas, potential, and skills, one received the opportunity to trial the investor-startup relationship and test innovations rapidly in a supported environment. Moreover, Makati City benefited from the RISE challenge by becoming the country’s premier tech hub. Makati became the new Silicon Valley of the Philippines, a centre for tech startups and a breeding ground for the next big event.
