They were at a “really low point,” SpellDial founder Albert Padin said in our interview. After two years of chasing their startup dream to make the world dial names instead of numbers, Padin had to look for a job.
Padin said he could no longer stretch funding for his startup and decided to look for money. He linked up with Dave Overton of Symph, a technology solutions provider.
But weeks ago, SpellDial got a much-needed boost. It was picked by the Science & Technology Council as one of the 2012 ON3 pitching competition winners, along with Payroll Hero and NEXTIX, another Cebu start-up.
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.”