NINE new business players in the Philippines and France presented their innovative concepts of health, fitness, real estate and machine learning solutions to potential investors during the virtual startup pitch competition recently launched by the Chamber of Commerce and of French industry in the Philippines, in partnership with La French Tech Philippines and Digital Pilipinas.
The competition aims to provide a means for Filipino and French startups to come up with ways to solve many of the major problems the country is currently facing, amid the health crisis.
“This pitch competition is the illustration of a continuous action by the French chamber to bring together Filipino and French companies”, declared the French Ambassador to the Philippines Michèle Boccoz.
“In the midst of the…pandemic, it is the best time for us to see what [areas need] our attention and how businesses can help. The innovation and creativity brought by startups is crucial,” she added.
During the competition, the startups were able to pitch to multiple investors, which provided them with valuable exposure and invaluable feedback.
Chamber chief executive Marie-Maylis Charlat expected the competition to provide a platform for early-stage startups to connect with investors and potentially secure funding to accelerate their business.
“We hope to create a meeting platform between startups and investors, [while] the public can also engage by meeting each other,” Charlat said.
The contest proved how the Philippines, like France, is endowed with innovative business ideas that need additional support from investors.
Turning these concepts into realities will further strengthen the local startup ecosystem. Boccoz noted that he has seen notable growth in recent years.
In fact, the envoy cited Core Venture Capital’s study which revealed $858 million in funds raised from January to October 2021, or 97.83% of total equity raised from 2017 to 2020.
“The Philippines ended 2021 as Southeast Asia’s fastest growing internet economy, posting a 93% gain over 2020,” the envoy confirmed.