THESE are exciting times for local startups, Plug and Play Tech Center co-founder and vice president for operations Jojo Flores said in a press conference last week.
Flores was in Cebu to announce this year’s ON3 Startup Pitching Competition. During the press conference in CeBuinIT or the Cebu Business Incubator for IT, Flores said at least four Philippine-based groups want to set up investment facilities to fund start-ups.
That is a sharp rise, indeed, from the number of local venture capitalists of previous years: zero.
In explaining his drive to cultivate startups and the culture that produces people who form startups, Flores cited a study by the Massachusetts Institute of Technology (MIT) Sloan School of Management titled, “Entrepreneurial Impact: The Role of MIT.”