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MANILA - Globe Telecom is cashing in on the innovation of start-up technology companies for future growth amid a mature telecom market in the Philippines.
Minette Navarrete, Kickstart Ventures Inc. president told reporters that the Ayala group and Singapore Telecom have invested P100 million to fund start-up technology companies.
Kickstart, a subsidiary of Globe, is an incubator that aims to help startups launch their own businesses.
"The telecom market is mature. There are 101 SIM cards for every 100 people. So, what's next? Where the growth comes from? The classic answer is innovation. Our business will grow if there are new applications, new destinations, new products and services," Navarrete said.
"We want to create a good environment for innovation. We want to rewrite our economic future," she said.
Navarette said the company is interested in the whole range of things that technology can make better, not only in telecommunication or property.
"Actually, we are excited if we can use technology for non technology purposes such as education, technology, good citizenship, retail, advertising or to lower the cost of operation and improve distribution," Navarette said.
She said the company will give chosen start-ups tools to build and test their ideas, seed funding for faster execution, training and mentorship from experts in various fields, plus introductions to partner companies within the Globe, Singtel and Ayala networks in the Philippines and abroad.
In addition, selected startups will have access to Globe platforms that are usually open only to large established companies.
"We are not running a national competition. Our role is to go to the grassroots, go to the local communities rather than force people to come to us," Navarette said.
Kickstart will provide at least P500,000 to as much as P15 million to P20 million per company.
Navarette said Kickstart will have a 20 percent equity in the start-up company.
"Globe and the rest of the Ayalas are committed to the Philippines... we are interested in getting innovation going in the Philippines. We'd love to be in an environment where innovation thrives," Navarette said.
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