The best moments in the startup scene in 2017

With 2017 drawing to a close, let’s take a look back at some of the events that made the year bright and exciting for Filipino tech startups.

Here are some of the best moments in the startup scene this year:

Filipino startups began to embark on trends following the success of new enterprises abroad.

Just barely two weeks before yearend, fintech startup Qwikwire launched its initial coin offering. From it, the company aims to raise $9 million for a new project called AQwire.

Qwikwire will sell its cryptocurrency called “Qye” in exchange of Etherium from February 2016 until the end of April next year.

AQwire, a decentralized platform where real-estate companies can sell properties to buyers inside and outside of the country, will be launched September next year.

Last May 24, startup incubator Launchgarage teamed up with the Philippine Chamber of Commerce (PCCI), one of the oldest business chambers in the country, to conduct the “Supercollider Pitching Session.”

Ten tech startups from Launchgarage were given the opportunity to pitch their businesses to representatives from different illustrious business organizations, including the PCCI, the Philippines‑USA Economic and Business Council, and the Anvil Business Club.

The participating companies were Mober, Tralulu, GoodMealHunting, AltitudeX, Veer Technologies, Taxumo, Bloom Solutions, Magpie, Acudeen, and AirMighty.

Numerous pitching competitions have been held this 2017 and one of the most notable ones is “Startups to the Resque” organized by DTI in collaboration with QBO Philippines.

The contest did not just allow the competing startups to showcase their products and business models, but challenged them to use their business venture in addressing environmental disasters, outbreaks or pandemics, and conflicts and violence.

Held during Slingshot ASEAN 2017, 20 startups (16 were from the Philippines) from across South East Asia vied for the title. Manila-based e-Learning company FrontLearners, Inc. won the grand prize worth $10,000 while ChatbotPH trailed and received $4,000. Singapore-based BillionBricks grabbed the third spot and went home with $2,000.

Aside from monetary support, local startups have also been given an access to mentorship given by support-giving bodies. And this year, the Asian Institute of Management and Philippine Development Foundation led by Dado Banatao added another one to the list of organizations nurturing potential Filipino tech enterprises.

The two names collaborated to launch the AIM‑Dado Banatao Incubator which aims to support tech‑enabled startups in the country.

It’s a killer combo: one of the top business schools in Asia and a Silicon Valley alumnus.

Accounting firm PwC Philippines or Isla Lipana & Co., in partnership with QBO Philippines, released a 50‑page report profiling the country’s startup ecosystem.

According to the report, which tapped 106 startup founders, there are currently over 300 startups in the country and 200 of which are still operating.

It revealed that most local startups eye expansion in the country and in some Southeast Asian countries. The report also showed that monetary support and tax exemption are among the top demand by new enterprises.

The country also gave birth to its first unicorn this 2017.

Prefabricated property developer Revolution Precrafted was recognized as the first local startup to reach more than $1 billion valuation in the Philippines.

The two‑year‑old real estate company’s Series B round led by Singapore‑based venture capital firm K2 VC, whose previous investees include Uber, Spotify, led to the startup’s milestone.

2. Innovative startup bill

Last August 1, a bill aimed at developing the country’s startup ecosystem has been filed in the Senate.

Initiated by Sen. Bam Aquino, Senate Bill No. 1532 or the Innovative Startup Act seeks to reduce the barriers to the success of innovative enterprises by providing development program, tax breaks, and financial and technical assistance.

The bill also calls for a venture fund amounting to ₱10 billion.

The Department of Trade and Industry (DTI) on October 20 mounted Slingshot ASEAN at the Philippine International Convention Center in Pasay City.

The conference drew more than 1,300 delegates and around 20 foreign angel investors. A startup alley, showcasing more than 80 startups from all over the region, was also put up.

In a press conference during the event, DTI Sec. Ramon Lopez shared the department’s plan to consider providing incentives such as tax exemption and venture funds to tech‑based startups in the country.

All in all, 2017 was huge start of a prosperous journey for innovative enterprises.

With numerous initiatives to support budding entrepreneurs in the country, it won’t impossible for local startups flourish in the global market in the coming years.