In the dynamic landscape of innovation and startups in the Philippines, notable trends and players are shaping the future of the tech ecosystem. I recently had the privilege of having a conversation with Lars Voedisch, Founder and Group CEO of PRecious Communications, and he shared insights about the observations, challenges, and opportunities within this local and regional tech ecosystem. As the award-winning PRecious Communications celebrates its second anniversary in the Philippines, it stands as a testament to the growth and potential of the country’s startup scene.
Despite global discussions around a “tech winter,” recent reports suggest that the Philippines is making strides in its startup endeavors. According to the Philippine Capital Venture Report, the country is performing slightly better than its Southeast Asian counterparts. This trend underscores the resilience and potential of the local startup ecosystem.
PRecious Communications, a company deeply entrenched in the startup landscape for over a decade, has played a pivotal role in contributing to this growth. By fostering partnerships, PRecious Communications has facilitated platforms for innovation to flourish. Collaborations with entities like 917 Ventures in the Philippines have provided access to vast networks and resources, enabling startups to trial, error, and scale effectively.
“We’ve looked into the startup ecosystem for over a decade; startups come in waves. Somebody like GCash is a wedding of a truly strong partner, a concept that works, and a platform that can scale. I think that’s the success factor for the Philippines. You have great ideas from outside the Philippines, you have the platform here, and the interest of the city that supports local people,” said Voedisch when I asked him how Philippine-based startups are compared to those around the region.
While funding remains a challenge, especially during the COVID-19 pandemic, the Philippines is emerging as a bright spot in the Southeast Asian startup scene. Reports indicate an increase in funding amounts, signaling growing investor confidence in the country’s startup potential. Voedisch attributes this resilience to the unique pace and model of the Philippines, which prioritizes sustainable growth over quick wins.
Reflecting on PRecious Communications’ journey as it celebrates its second year in the Philippines, Voedisch acknowledges the need for patience and relationship-building in the local business landscape. The company’s success hinges on nurturing talent and fostering a culture of innovation and experimentation. Embracing a learning platform ethos, PRecious Communications encourages curiosity and resilience among its team members.
Looking ahead, Voedisch envisions a vibrant future for startups in the Philippines. With an expanding network of partners and a deepening pool of talent, the country is poised for continued growth and innovation. PRecious Communications aims to further its impact by doubling down on its commitments to the Philippines, serving both local and regional clients with tailored solutions. With the right mix of partnerships, platforms, and talent, the country is well-positioned to solidify its status as a hub for startup success.