The Philippines’ startup community is thriving and because of that and establishing a startup business in the country would be a perfect idea since the country is rich in resources and has prevalent local and international trades. That is why, Philippines would be a good place for investors to establish a startup company.
Philippines has the potential to become the next startup hub in Asia and many local and foreign entrepreneurs and investors can agree to that. Although there have been some concerns about the country’s political stability, infrastructure, and telecommunications, foreign investors still see the Philippines as the greener pasture.
So what are the things investors look for in a Philippine startup?
TechTalks.ph lists down the top 5 things investors are looking for in a Philippine Startup for you to woo your investors and increase your chances in getting funded.
1.Have a Solid Team
There should be a solid, working team that would elevate the Plan A to Plan Z. A good team could so much in a startup especially during crisis, a team can find solutions and navigate what’s the best step to do next for the business.
- Know Your Market
In a world where there are many products and services offered, you need to make sure you stand out and offer unique solution to a problem. Is your product a “Nice to have” or a “Need to have”. Make sure that your target market is not too crowded already so that you won’t have many competitors and you need to offer something different to stand out.
- Be Open to Criticism and Get Ready to Pivot
If you a startup founder, you are expected to be a protective to your brand however you need to be open to feedbacks and outsiders opinion in order for your idea to grow. A good, successful business needs to start somewhere small and you need the help as many possible in order for you to pivot successfully. Always be open minded and listen to important people as much as you can.
- Spend Money Wisely
Investors will check how you spend your money and they need to know if you are spending wisely or spending it without thinking. Always make sure to spend only when necessary. If you can find ways to lessen the cost then do it. You have to make sure that every peso you spend will go to the right places.
- Dynamic Market Opportunity
This is the most important thing that investors will ask. How big is the addressable market that your company is looking to serve?
Big is defined as terms of not just market today, but the future market as well. If it's a market with existing solutions already, then you need to be prepared to explain how your product / solution is different from the existing brands. If it's a new, emerging product / solution, then you need to focus on how big the market is expected to get and what's driving its growth. Do your research.
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