Unveiling startup secrets at the BUILD Startup Festival
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Building a startup in the Philippines' rapidly growing tech ecosystem presents both promises and pitfalls. Startups face the daunting task of turning a great idea into a real-world impact. At the recent BUILD Startup Festival, hosted by the Sinigang Valley Association, CoinGeek delved into how startups can successfully navigate the path from concept to scale. Here's what we uncovered from founders and industry leaders:
One of the key drivers of growth? Fintech.
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Franco Varona, Managing Partner at Foxmont Capital Partners, said the market shift has been a game-changer. 'This is a country that now, for example, does 50% of their financial transactions online. This only happened again over the last five years,' Varona pointed out. He also noted how policy support has played a pivotal role, saying, 'The government in the Philippines, I think it's safe to say, is the most supportive it's ever been to the ecosystem in its current state… actually investing directly in startups.'
But the path to traction isn't smooth. Constantin Robertz, Co-Founder and CEO of LOCAD, a logistics startup that streamlines e-commerce operations, got real about the startup hustle, noting that one challenge is, 'Finding customers that will believe in you when nobody else will.' He also emphasized the danger of overengineering, pointing out, 'In 90% of the cases you overbuild… as opposed to nailing a very specific use case very well.'
Meanwhile, Candice Quimpo, Co-Founder of Imaginable Impact, highlighted how inclusive teams outperform by design, not by accident. 'Diversity translates to better outcomes because you start looking at the problem differently,' she says. 'Startup allows us to look for solutions and to innovate, so that everybody benefits.'
For those seeking capital, Varona shared what investors are really looking for. 'The first thing we need to do is immediately think of you, your business, your problem—and you need to stand out,' he stated. He also praised the strategic mindset of local founders: 'Filipino founders have actually been quite good about making sure that the fundamentals of the business are there in place before chasing that growth.' And if there's one mindset that resonated throughout the festival, it's this: building a startup isn't a sprint—it's a long game. Founders need to think beyond quick wins and focus on sustainable growth. As Robertz puts it: 'Every company is built one step at a time… we underestimate what we can do in three years or five years.'
Key takeaways from BUILD: Build trust with early customers and believers
Don't overbuild—solve a specific use case well
Diversity drives better problem-solving
Government support provides real leverage
Want funding? Stand out and show traction
From the rise of fintech to the fundamentals of scaling, this year's BUILD Festival proved that the Philippines is more than ready for high-impact entrepreneurship. With the right strategy, team, and mindset, your idea could be the next big success story.
Watch | The Philippines startup boom: Highlights from Sinigang Valley Build Startup Festival
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