With the aim of maximizing the potential of entrepreneurs and the startup industry in the Philippines, a memorandum of understanding (MOU) has been signed by the Department of Information and Communications Technology (DICT), Plug and Play Tech Center, and the DFNN Group of Companies.
The MOU was signed by DICT Secretary Ivan John Uy, Jojo Flores of Plug and Play Tech Center, and Ricky Banaag of DFNN Group of Companies during the most recent 6th “Geeks On A Beach” held at Panglao Island, Bohol.
The Philippine Startup Industry
“This initiative powered by Plug & Play sets out to come up with forward-looking strategies to harness the power of startups, injecting new ideas and creativity into the startup industry as well as prompt the growth of an intellectually-based economy,”
Flores specifies that the MOU will speed up the development of the startup industry in the Philippines and increase its share of the US$3.5 billion tech/startup market.
“We need to protect our interests where we build the products of technology and artificial intelligence (AI) by bringing everyone to build these new tech industries to protect our local industries as well, in terms of the tech/BPO industry, electronics assembly, and the like,”
The MOU represents the solid partnership of numerous sectors, both public and private. As it has the objective to assist the startup industry, the promotion of employment in the Philippines and the strengthening of foreign exchange reserves naturally follows. This makes a clear way for the advancements of technological innovation that will boost Philippines’ overall economic growth.
Additionally, stakeholders and the government will work together to construct the Horizon Philippines program, according to the MOU. This was said to create a new intellectual property asset that will support the development of an IP-based economy.
According to the agreement, this strategy would not only assist the expansion of the economy but also put the nation in a strong position to prosper in a global economy that is becoming more and more knowledge-driven and competitive.
Jojo Flores went on to say that by developing local tech products, this country will be able to be the one to export products to other countries. The whole idea is to produce and offer the products to the global market by taking advantage of the services sector.
There is approximately one hundred entrepreneurs today that are already developing new products for the information and communication technology (ICT) market.
“Money and funds are in the private sector. Startup support funds from the private sector over the last three years raised a billion dollars from global investors and 90 percent of that is Foreign Direct Investments (FDIs). Let’s help shape our nation’s startup growth and development,”
Plug & Play Tech Center and DFNN, Inc.
The Plug and Play Tech Center is a corporation that offers services for venture capital investment. By facilitating connections between blue chip companies and industry trends, the organization focuses in technological venture capital growth and offers consultancy services.
On the other hand, the DFNN, Inc. is a systems integrator and provider of information technology (IT) solutions in the Philippines. The company provides financial organizations as well as gaming industries with information technology services.
With a focus on these sectors, – finance and gaming industries – it creates, manages, and updates web-based and mobile apps for large corporate clients. Additionally, it offers stock brokerage firms both Web advertising services and proprietary order routing software.
In support to all these goals, the business also holds licenses from the Philippine Amusement and Gaming Corporation (PAGCOR) for digital and pari-mutuel games, sports betting trades, as well as electronic gaming machines (EGMs) by means of its subsidiary companies and partners.
Based on the objectives of this collaboration, the Philippines’ startup industry will surely experience a huge boost towards more success. Stay tuned for more updates!
For more information about startups, tech, and design, you can also visit the official website of Geeks On A Beach.
