The Philippines’ Ecosystem for Technology Startups
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The Philippines’ Ecosystem for Technology Startups - Asian Development Bank
THE PHILIPPINES’ ECOSYSTEM FOR TECHNOLOGY STARTUPS
Gary Teves, Hannah Muralla-Palustre, Christopher Miguel Saulo, Jahjiel Pajutan, Mario Jordan Fetalino III, and Paul Vandenberg
MAY 2023
Country Report No. 7
Ecosystems for Technology Startups in Asia and the Pacific
Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)
© 2023 Asian Development Bank
6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines
Tel +63 2 8632 4444; Fax +63 2 8636 2444
www.adb.org
Some rights reserved. Published in 2023.
ISBN 978-92-9270-099-7 (print); 978-92-9270-100-0 (electronic); 978-92-9270-101-7 (ebook)
Publication Stock No. TCS230116-2
DOI: http://dx.doi.org/10.22617/TCS230116-2
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Contents
Tables and Figures
Foreword
Business models continue to evolve rapidly, spurred by new digital technologies and their deployment in providing goods and services in innovative ways. We can now order food, hail a taxi, move money, arrange travel, watch entertainment, shop for just about anything, and even take courses or consult a doctor using digital methods. At a deeper and often less visible level, technology is affecting production processes in the form of Industry 4.0. Technology-based startup enterprises—or tech startups, for short—are an important part of the evolving business-to-business and business-to-consumer landscape in Asia and the Pacific as well as globally.
Startups develop in an ecosystem that can support—or hinder—their development. That ecosystem involves many national elements, but regional and international factors also are important, especially in increasingly open and globalized economies. Finance, often from venture