Cebu, Philippines – A Silicon Valley based capitalist, John Kim, recognizes Cebu’s community of technology experts, whose concepts and works have good potential in the global commercial market.
Cebu is developing its own venture capital market to make the province a legitimate information and communication technology hub, a bid to becoming Asia’s “Silicon Valley.”
Despite several calls for local businessmen to enter into the VC culture, Cebu still has to embrace in this new idea in maximizing technology and talents by providing talented “geeks” enter into entrepreneurship, in partnership with a capitalist’s company of VC.
Venture capitalists, like Kim, are entrepreneurs who will take advantage of a good concept and offer to fund the idea, as well as market the product.
Ideas for start-up businesses that could be funded through venture capital would not only limit to Information Technology (IT) related start-ups, but it would fund feasible ideas from grassroots organizations, or those business concepts that are produced by students.
Kim recognized the serious need for Cebu to develop the culture of VC, in order not to waste the rich supply of talents here, at the same time encourage the upcoming technology developers to enter into techno-preneurship.
Kim is impressed of the capability of Cebuano talents in developing programs, and software, and even innovative web applications.
Kim plans his next project, a facility that encourages such talents to pursue technology-entrepreneurship. Kim further emphasized that Cebu’s potential in growing its technology advantage need to have a community of VCs.
In a separate interview, Cebu Chamber of Commerce and Industry (CCCI) chairman for BPO-IT committee Jerry Rapes acknowledged that what’s missing in Cebu right now is the serious development for VC community.
“We need more people, capitalists in Cebu to start investing in technology. Although, it is not that simple, but we can learn from successful VC companies in Manila, and even in other countries,”
JERRY RAPES, Chair, BPO-IT Committee, Cebu Chamber of Commerce and Industry (CCCI)
Businessmen had been encouraged to embrace the VC concept, as this is one of the measures that indicate the maturity of an ICT industry.
Cebu cannot take off as a BPO and IT hub if there are no strong support from the local venture capitalists.
SOURCE: Dagooc, Ehda. "A Venture Capitalist in Cebu". 21 March 2012. The Freeman. Accessed 23 March 2012. Link Here.
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