Philippine venture builder seeks to help digitalize the 1 million-strong MSMEs in the country
- 917Ventures, the leading venture builder in the Philippines, has established six startups dedicated to supporting MSMEs (micro, small, and medium enterprises) in their digital transformation efforts, from securing funding and upskilling to expanding their customer reach.
- Of the 1.109 million businesses in the Philippines, 1.105 million are considered micro, small, and medium enterprises (MSME). MSMEs make up 99.59% of all businesses in the nation and contribute 40% to the annual GDP of the country.
- 917Ventures understands the crucial role MSMEs play in the nation’s growth. It is committed to helping them be profitable and significant drivers of the economy by helping them keep up with today’s landscape and become digital-first businesses
The digitalization of micro, small, and medium enterprises (MSMEs) has emerged as a paramount focus for the Philippine government in its efforts to drive economic growth. As outlined in the 2023-2028 Philippine Development Growth Plan by the National Economic Development Authority (NEDA), there is a clear emphasis on providing targeted assistance to MSMEs in accelerating their adoption of technology, digitalization, and automation. This strategic direction is aimed at enhancing productivity and fostering greater innovation.
Reflecting on this drive towards digitalization, Natasha Bautista, Head of Growth and Programs at 917Ventures, remarked, “One of the most valuable lessons we’ve gleaned in recent years, particularly for MSMEs, underscores the significance of digitalization. It not only enables businesses to keep pace with the evolving landscape but also ensures that they are growing in tandem with the digital economy.” Bautista also pointed out that there is substantial room for growth in terms of increasing digitalization in the Philippines. The nation’s digital economy currently contributes only 9.4% to its gross domestic product, while Vietnam and Malaysia, in comparison, boast figures of 14.26% and 14%, respectively.
917Ventures, recognized as the largest venture builder in the Philippines, extends support to MSMEs by equipping them with the necessary tools at every phase of their journey. This support empowers these enterprises to transition into digital-first businesses, thereby enhancing their long-term viability and success.
Bautista explained, “Whether it involves providing initial capital, facilitating their online initiation, or guiding their expansion to reach a broader audience, our comprehensive range of solutions offers end-to-end support, guiding them towards their desired destination.” She also shared that they have already assisted over 10,000 MSMEs across their ventures and portfolio companies and aspire to expand their solutions to benefit one million MSMEs in the Philippines, aiding them in their digital transformation endeavors.
Unlocking capital with FundSpace
For aspiring entrepreneurs looking to embark on their business journey or take their ventures to the next level without the necessary financial resources, FundSpace is here to provide a solution. FundSpace is a loan platform that presents a comprehensive range of financing choices tailored to meet the diverse needs of businesses.
Within the FundSpace ecosystem, businesses of varying scales have the flexibility to access loans ranging from as little as Php 50,000 to an impressive Php 100 million, making it one of the most substantial loan options available for local micro, small, and medium enterprises (MSMEs).
Upskilling to streamline operations with KodeGo and MemoApp
As businesses expand, the need to improve skills and optimize operations becomes increasingly clear. Introducing KodeGo, more than just a coding boot camp – it equips businesses with the knowledge and expertise required to excel in the digital age. Going beyond traditional coding, KodeGo offers a diverse range of digital courses that are indispensable for businesses aiming to expand and streamline their processes. These courses encompass a wide spectrum of essential skills, including full-stack web development, virtual assistance, bookkeeping, and artificial intelligence.
In the realm of operational efficiency, MemoApp stands at the forefront by digitalizing previously manual and paper-based procedures, making them more user-friendly, accessible, and effective. With its rapid workflow approval system, integrated e-signature functionality, and convenient access to essential document templates, MemoApp simplifies how businesses handle their day-to-day operations.
Getting started online through RUSH
To embark on the journey of digital transformation, the initial crucial step is to establish your business’s online presence. RUSH emerges as a comprehensive eCommerce solution that handles the complete purchase journey, from initial discovery to final delivery, enabling merchants to effortlessly initiate, oversee, and expand their online stores.
RUSH provides merchants with the tools to build their eCommerce website, develop a mobile app, and gain access to the GCash GLife Marketplace. Additionally, it furnishes a holistic loyalty management system, allowing businesses to consistently captivate and reward their customers through meaningful and gratifying experiences.
Accessing a wider audience through m360 and Inquiro
After successfully establishing their online presence, the next crucial step for businesses is to strategically connect with their target audience and guide them toward making a purchase. To achieve this, companies can leverage m360’s innovative multi-platform messaging solutions. These comprehensive tools empower businesses to effectively inform and engage their customers through a seamless integration of SMS and various social media channels.
m360’s multi-platform messaging solutions play a pivotal role in delivering essential information, timely updates, and enticing promotions to customers. By reaching customers on the platforms where they are most active, businesses can foster stronger connections and boost their conversion rates.
Furthermore, gaining a deep understanding of customer behavior and preferences is essential for the success of any marketing campaign. Inquiro’s data-driven solutions offer a suite of services designed to provide profound insights into both the existing customer base and the intended target audience. Beyond mere analytics, Inquiro’s solutions enable businesses not only to comprehend their current customer demographics but also to uncover untapped opportunities by identifying potential audiences beyond their current reach. In addition, Inquiro offers Credibility Scoring, which assists businesses in assessing the credit-related risk profile of customers by automating credit-related decision-making.
Bautista emphasized, “Digitalization isn’t just a destination; it’s a journey. It’s not merely about establishing an online presence but also about adopting processes that enable businesses not only to exist in the digital realm but to thrive, compete, and innovate within it. That’s precisely what we offer with 917Ventures – an MSME ecosystem that guides you through every step of your business’s digital journey.”
