Filipino Startup Ecosystem Booming, Says Report

A report by QBO Innovation in collaboration with the DOST and SCALE NCR says Filipino startups experienced significant growth in 2024.

Amidst threats of a global recession, the Philippine economy has managed to maintain a healthy outlook of sustained growth. One area of growth that is of particular interest is the Philippine startup ecosystem. But just how exactly are Filipino startups faring? Are they able to scale? And how are they contributing to the growth of the country’s economy?

According to a recent 2024 report by QBO Innovation, a company that aims to empower Filipino startups to flourish, Filipino startups are experiencing significant growth, with regional hubs expanding across the country. 

QBO innovation’s Startup Ecosystem Mapping Reports is a series of papers created in collaboration with the Department of Science and Technology (DOST) through the Philippine Council for Industry, Energy and Emerging Technology Research and Development (DOST-PCIEERD) and SCALE NCR (the Strategic and Collaborative Alliance for Leveraging Ecosystem of Startups – National Capital Region). The five reports focus on key locations in the Philippines, namely Ilocos Region, Lanao del Norte, Iloilo, Negros Occidental, and General Luna, Surigao del Norte.

Each report provides a comprehensive overview of the startup ecosystem within each region, identifying success stories, growth potential, and actionable insights on how enablers can further development.

Alwyn Rosel, Executive Director of QBO Innovation, highlights the role this report plays in empowering Filipino startups, saying,  “Regional development is essential to strengthening the country’s overall innovation landscape. These reports serve as a roadmap for empowering local startup ecosystems, bridging gaps, and unlocking new opportunities for innovation-driven growth. For startup founders and aspiring tech entrepreneurs, this means greater access to support networks, funding opportunities, and industry collaborations that can help turn ideas into scalable ventures. By working together, ecosystem builders, policymakers, and investors can fuel the next wave of Philippine startups, ensuring that innovation thrives in every corner of the country.”

The 2024 Startup Ecosystem Mapping Reports

Taking a closer look at the highlights of the 2024 Startup Ecosystem Mapping Reports, QBO Innovation notes the following:

•  Iloilo stands out among the five regions surveyed. This is due to strong government support in the region, including local policies and initiatives designed to foster Filipino startup growth. 
• Negros Occidental received benefits from a strong collaboration between the academe and industry. This created a steady pipeline of talent and innovation in Metro Bacolod. 
• Lanao del Norte received a boost from a thriving base of young tech talent enabled by academic institutions and local entrepreneurs. 
• The growth of General Luna in Surigao del Norte was primarily due to a growing community of digital nomads and tech workers. 
• Meanwhile, Region I (Ilocos region) experienced increased startup activity in urban centers like Laoag and Dagupan.

Challenges faced by Filipino startups

While all the surveyed regions showed encouraging signs of growth among Filipino startups, the report notes that challenges remain. Foremost among these are challenges in scaling. Many startups struggled to expand beyond their communities due to limited access to funding and broader markets.

About QBO Innovation

QBO (pronounced ‘ku-bo’) is the Philippines’ first public-private initiative focused on providing a platform for the startup community to collaborate, develop talents, and grow. It operates incubation and acceleration programs for startups across multiple stages and industries

The company was created in 2016 through a partnership with IdeaSpace, J.P. Morgan, the Department of Science and Technology (DOST), and the Department of Trade and Industry (DTI).

To learn more about the 2024 Startup Ecosystem Mapping Reports, visit https://bit.ly/2024StartupMappingReport.