PHL startup policy continuity for unicorn production

 PHL startup policy continuity for unicorn production

The Philippines has been making strides in the startup industry in recent years, with the government implementing policies to support the growth of startups and encourage entrepreneurship. However, with the change in administration, there is a concern about the continuity of these policies and their impact on the production of unicorns in the country.

Unicorns are startups that have reached a valuation of at least $1 billion. These companies are rare and highly sought after, as they have the potential to disrupt industries and create significant economic impact. In the Philippines, there are currently two unicorns – e-commerce platform Lazada and fintech company PayMaya.

To produce more unicorns, the government needs to continue its support for startups. This includes providing funding, creating a conducive environment for innovation, and implementing policies that promote entrepreneurship.

One of the key policies that have been implemented is the Innovative Startup Act, which provides tax incentives, grants, and other forms of support for startups. This law was signed in 2019, and since then, the government has been working on its implementation. However, with the change in administration, there is a concern that the law may not be fully implemented or may be repealed.

Another policy that has been instrumental in supporting startups is the establishment of innovation hubs and incubators. These hubs provide startups with access to resources such as mentorship, funding, and networking opportunities. The government has established several innovation hubs across the country, including the Department of Science and Technology’s (DOST) Technology Business Incubator (TBI) program.

The government also needs to continue its efforts to improve the ease of doing business in the country. This includes streamlining processes, reducing bureaucracy, and addressing issues such as corruption. A conducive business environment will attract more investors and entrepreneurs, which will lead to the creation of more startups and unicorns.

Finally, the government needs to focus on developing the country’s talent pool. This includes investing in education and training programs that will equip Filipinos with the skills needed to succeed in the startup industry. The government can also work with the private sector to create internship and apprenticeship programs that will provide hands-on experience to aspiring entrepreneurs.

In conclusion, the Philippines has the potential to produce more unicorns, but this will require the government’s continued support for startups. The policies and initiatives that have been implemented need to be sustained, and new ones need to be developed to address the changing needs of the industry. With the right policies and support, the Philippines can become a hub for innovation and entrepreneurship, and produce more unicorns that will drive economic growth and create jobs for Filipinos.