Payoneer recently hosted “Accelerate Your Growth” at the Grand Hyatt Manila. This event marked the conclusion of Payoneer’s first-ever business incubation program in the Philippines, created in partnership with Bridge for Billions, a social enterprise renowned for its impact-driven mentorship and incubation programs. Sponsored by the Payoneer Foundation, the six-month program focused on empowering Filipino entrepreneurs to overcome common barriers such as resource limitations, lack of mentorship, and challenges in expanding their market reach.
In the Philippines, where SMBs make up 99.5% of businesses and employ 60% of the workforce, entrepreneurs frequently face obstacles in scaling operations and tapping into global markets. Payoneer’s 2024 SMB Ambitions Barometer survey, which gathered insights from 3,779 SMBs across 15 countries, found that 38% of Filipino businesses cite brand awareness and marketing as their top challenges. This program aimed to address these hurdles by providing essential resources and guidance through mentorship and training in business fundamentals, ultimately positioning startups for sustainable growth.
“At Payoneer, we are dedicated to enabling small and medium-sized businesses to thrive in the global economy. Our partnership with Bridge for Billions is a testament to our mission of providing the tools, resources, and support that Filipino entrepreneurs need to scale their businesses internationally. Today, we celebrate their achievements and look forward to their continued success,” according to Monique Avila, APAC Senior Director of Customer Success at Payoneer.
Celebrating Innovative Ventures & Inspiring Entrepreneurial Journeys
At the event, select ventures showcased their final presentations, with Hey StorySeller Studios, a data analytics company founded by Anna Violeta, winning first place for its innovative data management tools that empower businesses. Second place went to Tambanokano Aqua Farm by Mary Grace Silverio, a venture dedicated to advancing aquaculture technology for crab-based products. Studio Naghisa by Sheila Fuentes, a digital creative agency focusing on brand optimization for women entrepreneurs, secured third place.
Panelists from the startup and impact investment sectors offered guidance to aspiring entrepreneurs. Love Gregorie Perez, Director at XChange Philippines, highlighted the importance of building a strong foundation in metrics, culture, and vision for long-term business success. Meanwhile, Denise Dalusong, Gender and Inclusion Head at Vilgro Philippines, underscored the increasing consumer demand for purpose-driven businesses over traditional brand loyalty.
Eileen Borromeo, Co-Founder of Life by Petto and Podcast Network Asia, discussed the essential role of community in entrepreneurship, emphasizing, “Entrepreneurship at the grassroots level is practically non-existent; one of the challenges of our education system is to not just teach our children how to study well to get a good job, but to study well so that they can create a business. It’s why I’m very excited when I get to talk to young people who put forward an idea that they believe in.”
Impact Investment Specialist Erwin Lizarondo advised the budding entrepreneurs, stressing the need for building strong teams and seeking mentorship. “Even if you don’t have the team yet, build that team. If you do have a team already, find a mentor, find a coach, find someone who will question whatever it is that you’re going to do.”