Over the past four years, 917Ventures has vetted over 500 ideas, successfully launched, validated, and tested 26 ventures, and currently maintains a portfolio of 13 companies. This year, 917Ventures has focused its efforts on climate tech and the Micro, Small, and Medium Enterprises (MSME) sector, aligning with the Philippine government’s commitment to prioritize the digitalization of MSMEs.
I recently had the chance to speak with Natasha Dawn Bautista, Head of Growth and Programs Group at 917Ventures, the Philippines’ largest venture builder, and we discussed their exciting developments and initiatives for MSMEs, and how they align themselves with the government in shaping policies that facilitate innovation.
“Among the challenges we see is that MSMEs tend to be scrappy. They know what their problem is, for example, they need digital marketing, but they do not want to pay (for such a service). That is what 917Ventures is trying to crack that is why we have freemium services. Talent is also a challenge, not just in the Philippines, but across the region. There is room for improvement when it comes to upskilling our leaders and employees for us to prepare for the future. The step 1 to becoming digital is always difficult — converting paper to paperless — is always a huge barrier,” according to Bautista when asked what they see are the common hindrances why MSMEs are not keen to adopt digitalization.
During our discussion, she mentioned some of the ventures they have in their portfolio that address these challenges:
FundSpace: Bridging the Capital Gap for SMEs
At the core of FundSpace‘s mission is the recognition of the financial barriers faced by MSMEs. Understanding that traditional lending practices often fall short in meeting the diverse needs of small businesses, FundSpace steps in to bridge the capital gap. The platform caters to a wide spectrum of SMEs, ranging from startups to established enterprises, offering a financial lifeline that spans from PHP50,000 to a substantial PHP100 million.
What sets FundSpace apart in the crowded landscape of financial services is its unwavering commitment to flexibility. Unlike conventional lenders that often enforce rigid terms, FundSpace understands the unique nature of MSMEs and tailors its offerings accordingly. This flexibility extends to various facets of the loan process, including options, amounts, and interest rates.
RUSH: eCommerce Enabler & Loyalty Provider
In the ever-evolving landscape of eCommerce, the digital realm has become an indispensable arena for businesses, and RUSH, an innovative venture under the 917Ventures umbrella. RUSH takes center stage as an eCommerce enabler and loyalty provider, specifically designed to cater to businesses, particularly those in the food and beverage industry. It plays a pivotal role in not only establishing but enhancing their online presence.
At the heart of RUSH’s mission is the creation of bespoke websites and apps tailored to the unique needs of businesses, with a particular focus on those in the food and beverage sector. Recognizing that a generic approach falls short in the diverse world of culinary offerings, RUSH crafts digital storefronts that go beyond mere functionality. These platforms are designed to be visually appealing, user-friendly, and reflective of the brand identity, ensuring a seamless and enjoyable customer experience.
KodeGo & MemoApp: Addressing Skill Gaps & Streamlining Operations
KodeGo, a groundbreaking initiative under the 917Ventures banner, stands out as a transformative force in the education and employment landscape. This innovative boot camp operates on the principle of “study now, pay when hired,” addressing the critical issues of accessibility and affordability in digital skills acquisition.
The digital age demands a workforce equipped with cutting-edge skills, and KodeGo steps in as a catalyst for change. Recognizing the widening gap between traditional education offerings and the evolving needs of the job market, KodeGo addresses the digital skills gap by providing a dynamic and accessible learning platform.
The core innovation lies in KodeGo’s “study now, pay when hired” model, a departure from traditional educational payment structures. This approach eliminates the financial barriers that often deter individuals from pursuing career shifts or upskilling opportunities. Rather than requiring upfront payment for courses, KodeGo links the cost directly to the outcome—employment.
In the realm of digital business solutions, MemoApp emerges as a homegrown hero, competing with international counterparts such as Docusign while carving its niche in the market. Unlike its global competitors, MemoApp takes pride in being proudly Filipino and understanding the unique needs of local businesses. This automation tool goes beyond mere efficiency; it is a testament to innovation tailored to the specific requirements of businesses in the Philippines.
MemoApp positions itself as a formidable contender in the realm of automation tools, directly competing with renowned international players like Docusign. While global solutions may offer a broad approach, MemoApp distinguishes itself by being attuned to the intricacies of the Filipino business landscape.
One of MemoApp’s standout features is its cultural resonance and alignment with the business practices of the Philippines. It is not merely an adaptation of global solutions but a bespoke tool designed to address the unique challenges faced by Filipino businesses. This tailored approach ensures that MemoApp is not just an automation tool; it is a partner in the journey toward operational excellence.
iNQUiRO & M360: Harnessing the Power of Data for Effective Communication
Understanding and effectively engaging with customers is paramount to success. iNQUiRO, a data-driven solution, stands as a powerful ally for businesses seeking to unravel the complexities of customer profiles. Through seamless integration with M360, a robust communication tool, iNQUiRO empowers businesses to not only comprehend their customer base but also engage with them across various platforms. This symbiotic relationship between iNQUiRO and M360 becomes a game-changer, enabling businesses to reduce costs, expand their reach, and enhance customer engagement.
iNQUiRO sets the stage by harnessing the power of data analytics. It dives into the intricacies of customer profiles, providing businesses with valuable insights into the preferences, behaviors, and demographics of their clientele. By leveraging data, iNQUiRO facilitates a deeper understanding of customers, enabling businesses to tailor their strategies and offerings to meet the evolving needs of their target audience.
The synergy between iNQUiRO and M360 marks a strategic collaboration. M360, as a communication tool, serves as the conduit through which businesses can translate their understanding of customer profiles into actionable engagement strategies. The seamless integration ensures that data-driven insights seamlessly inform and enhance the communication processes undertaken through M360.
Challenges & Future Directions
Among the common hurdles faced by the MSME sector are hesitancy in seeking funding, shortages in skilled talent, and the initial challenges MSMEs encounter when embarking on their digitalization journey. 917Ventures is dedicated to tackling these obstacles by upholding its commitment to sustainability, prioritizing cost efficiency, and offering a supportive human touch to assist businesses in navigating their path toward digital transformation.
Looking ahead, 917Ventures is exploring the integration of Artificial Intelligence (AI) to build more solutions for MSMEs, facilitating better talent acquisition, and exploring franchising opportunities to help successful brands thrive in the market.