During the Geeks On A Beach (GOAB) tech and startup conference, owners and executives of IT companies said the rosy outlook of the Philippine economy and progressing IT sector set an ideal environment for startup businesses.
According to Orlando Vea, Chief Wireless Officer and founder of Smart Communications, Inc., the country has the potential to become a global IT hub because of its booming startup scene. However, he said it needs to be supported well and maximized.
Earl Valencia, President at IdeaSpace, said the Philippines has the fundamentals suited for putting up a business. These are research, development, and funding. What has to be done is to get everyone educated and involved with the opportunities in the IT sector.
He added that support from large companies will greatly help to get things going. Support from other organizations such as the local government, private sectors, and academe will also fuel the startup scene.
Some of the key drivers of the startup community in the country are the English-speaking population, tech-savvy generation, and high Internet penetration, said Bowei Gai, founder of World Startup Report.