Tuesday,
May 15, 2012
TOP
Filipino entrepreneurs advised Cebuano startups to step up and dream big if
they want to become successful developers.
Winston
Damarillo, founder of Developers Connect Philippines (DevCon), said that
although Cebu has a big potential in becoming a hub for software development,
it lacks ambition.
“In
Cebu, we’ve got a good recipe here. We have good infrastructure development,
supportive government and academe and enterprising people. However, there is
one thing missing. We need to add a few more ambitions, people who desire for
something bigger, people who dream bigger,” said Damarillo.
Damarillo
was one of the speakers during the Entrepreneurship Camp last Monday in Casino
Español in Cebu City.
Damarillo
is the chief executive officer and co-founder of Morphlabs, a leading provider
of cloud computing solutions that started in Cebu.
Tallwood
Venture Capital managing director Diosdado Banatao said the country should
build on its rich pool of manpower to fuel economic development. He said
Filipinos have brilliant ideas that should be tapped.
Ecosystem
“We need
to build an ecosystem for these entrepreneurs all over the country. We are not
quite there yet in terms of IT and software development, unlike other emerging
countries. But, we need to get there, talk more about it and encourage more to
do it,” Banatao said.
Banatao
is the chairman of the Philippine Development Foundation (PhilDev), a
foundation that works for “science and technology-based entrepreneurship and
innovation for social and economic development in the Philippines.”
Banatao
advised budding entrepreneurs to realize their dreams by taking up science and
engineering courses and pursuing post-graduate studies to expand their horizon.
“There is a very big market out there and competition is tough,” he said.
“There is a very big market out there and competition is tough,” he said.
Banatao
said PhilDev is giving a SuperFund Scholarship Grant to 151 students of P1
million each to complete college degrees in the fields of science and
engineering.
Banatao
is a venture capitalist who is one of the most successful Filipino technology
entrepreneurs. He is currently supporting the work of 22 small but promising
startups.
He is a
successful engineer and entrepreneur. He is credited with developing several
key semiconductor technologies and is regarded as a Silicon Valley visionary.
According
to Damarillo, at least 30 percent of each computer in the world today has a
Banatao invention in it.
Compelling
need
During
his presentation, Banatao said that one of the five major success factors for
startups is a product idea that aims to address a market need.
“You
need to identify a compelling need in the market,” he said.
Banatao
also noted that what venture capitalists look into are unique solutions or
difficult-to-do technologies and unique design techniques.
“Hard
enough in possibilities that no one has ever done before, even if we check with
the Intellectual Property Rights or unique design techniques that improve all
existing techniques for applications and out-design everyone,” he said.
“Innovation
is a mixture of a lot of technologies to produce a product. It’s the blending
that makes it magical,” he said.
Another
success factor is a sound execution plan. Banatao said the quality of product
planning determines product success. He said it is important to craft a roadmap
in preparation for the technology or product requirement in the future.
Banatao
also advised entrepreneurs to establish a strong technical and management team
and build good rapport with them.
A solid
financial support is another key factor for start-up success. Banatao advised
entrepreneurs to also consider working with investors who are willing to take
risks and have the ability to lead.
The
Entrepreneurship Camp, the first in the Philippines, offered mentoring
opportunities from top technopreneurs in the industry.
Damarillo
said among the tech developments they hope startups would develop are those
that offer solutions to immediate problems such as rice importation or
solutions that address problems in employment, according to Alvin Gendrano,
Microsoft director, developer and platform evangelist.
Startups
can also come up with applications for standard franchising business solutions
for emerging markets.
Admitting
that transforming the Philippines into a product-driven country would take some
time, Earl Martin Valencia, head of Strategic Business Development of Smart
Communications Inc., said all stakeholders need to be involved.
He urged
large companies to take a look at the potential of the country to become a hub
for software development. “Startups would like to see more successes in
technology so they will be motivated,” he said.
Winners
of the Startup Weekend, meanwhile, asked for continued mentorship from venture
capitalists so they could develop innovative products worthy of attention in
the global market.
Published in the Sun.Star Cebu
newspaper on May 16, 2012.
