Digital unicorns and the innovation ecosystem

In the last three decades, we have seen game-changing technology breakthroughs happening one after the other. The internet has ushered us into the Third Industrial Revolution and continues to be the basic platform for almost everything that we do today as we enter the Fourth IR. It did not start as a dramatic innovation, however. It was the development of web browsers like Netscape and Mosaic that made it very exciting.

Initially, most of these technological innovations were coming from North America where they have been able to develop the right innovation ecosystem ahead of other regions. In the last 15 years, however, we have seen how Southeast Asia is fast catching up with the world’s leading innovation hubs by producing its own decacorns and unicorns. The region today has established itself as a hotbed of disruptive digital innovations.

RA 11337 or the Philippine Innovative Startup Act aims to strengthen, promote, and develop an innovative and entrepreneurial ecosystem and culture in the country. DOST, DTI, and DICT are the three agencies tasked to lead the implementation of this new law. The law provides for funding facilities that should help address one of the major challenges of digital startups.

We need to encourage more people to look at founding a digital startup as a worthwhile endeavor. Aside from providing access to funding, there are other key steps that the government can take to encourage innovation. Among them are creating a business-friendly environment that is conducive to innovation and investing in education and training to ensure that individuals have the skills and knowledge they need to start and grow digital businesses.

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