US Secretary of Commerce Penny Pritzker with Kickstart President Minette Navarrete after a roundtable discussion with startup founders
US Secretary of Commerce Penny Pritzker expressed eagerness to explore the innovation and entrepreneurship environment in the Philippines as she sat down with select founders of local startups during a roundtable discussion hosted by incubation and investment firm Kickstart Ventures, Inc.
“The strategy for the Department of Commerce is to support innovation and entrepreneurship around the world, to provide an environment that supports people taking risks. The support for entrepreneurship is very important because a significant part of the economic world comes from new business,” she said.
Pritzker was particularly interested on how to spread opportunities to other entrepreneurs and to use entrepreneurship to help re-distribute wealth more broadly instead of having the business controlled by only a handful of influential families. She also probed on the impediments which prevent entrepreneurs from building large, scalable businesses. The US Secretary of Commerce is currently on a mission to talk to different incubators and entrepreneurship groups to understand how different countries are supporting innovation and entrepreneurs.
Minette Navarrete, President of Kickstart, moderated the meeting and noted that the presence of Pritzker is a positive step in recognizing that the Philippine startup community has something to contribute to the economy.
“I think the fact that she listened means that she is giving the Philippine startup community the opportunity to share their perspective, seek support, and maybe learn from what works in other countries. What she also signals is that entrepreneurs have a space in overall national development and in overall commercial terms between the US and the Philippines. If the startup community all keep going the way we’re going, we think we can do something to make a difference and help in nation building by creating jobs and viable businesses. We are excited. We understand that it will take a long time but we hope that at least by sharing perspectives, we can contribute to shaping the economic agenda and reworking the policy environment” said Navarrete.
Kickstart, a wholly-owned subsidiary of leading telecommunications company Globe Telecom, is currently helping 17 startup firms to grow by providing them with funds, mentorship, incubation space, and opportunities to meet potential investors both local and abroad.
At present, local startups are facing several challenges from the lack of capital, little government support, government bureaucracy, lack of IT infrastructure, among other things.
The startup founders present during the discussion are also hopeful of better things to come.