Payoneer (NASDAQ: PAYO), the financial technology company empowering the world’s small and medium-sized businesses (SMBs) to transact, do business, and grow globally, hosted “Accelerate Your Growth” on October 15, 2024, at Grand Hyatt Manila, Philippines.
This was a culminating event of the six-month program sponsored by the Payoneer Foundation in partnership with Bridge for Billions, a social enterprise providing international actors with social impact expertise and incubation programs design.
While 99.5% of SMBs in the Philippines employ 60% of the country’s labor force these vital enterprises often face significant challenges, including limited access to resources, mentorship, and networks critical to their growth. For example, Payoneer’s 2024 SMB Ambitions Barometer, which surveyed 3,779 SMBs across 15 countries, found that 38% of Filipino businesses view brand awareness and marketing as the top challenge to expanding to new markets. Through this program, Bridge for Billions provides opportunities for entrepreneurs to have access to credible mentorship and deepen their knowledge of business fundamentals, and secure funding.
“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,” shared Monique Avila, APAC Senior Director of Customer Success at Payoneer.
Celebrating Entrepreneurial Success with Long-Lasting Mentorship
Top business ventures from the program presented their final work and Hey StorySeller Studios, a data analytics company that provides data management tools to help other business owners founded by Anna Violeta was crowned the winning pitch. The second-place venture Tambanokano Aqua Farm by Mary Grace Silverio features aquaculture technology to produce crab-based products for distribution and export. Meanwhile, Studio Naghisa by Sheila Fuentes is a digital creative agency focused on helping women entrepreneurs optimize their brands.
In a panel discussion, leaders in the start-up and impact investment network industry shared key insights that aspiring entrepreneurs can take away as they begin their journey:
XChange Philippines Director Love Gregorie Perez, who works as a business incubator and helps provide funding to promising business ventures, addressed the challenges and opportunities faced by Filipino entrepreneurs. She remarked, “Entrepreneurs and SMBs have a lot to think about, but fundamentally if you build the foundations right, your numbers, your culture, your mindset, then that will take you a long way.”
Discussing the current state of SMBs in the Philippines and their vital role in economic growth, Vilgro Philippines, an organization that promotes social innovation, Gender and Inclusion Head Denise Dalusong shared, “More markets are interested in what companies stand for. People are more invested in what companies stand for, and less into brand loyalty. So there really is a lot of space for vision-oriented businesses.”
Life by Petto and Podcast Network Asia Co-Founder Eileen Borromeo emphasized the importance of community and collaboration, saying, “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, who is an expert in growing startups, shared insights on how SMBs can position themselves for long-term success, “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.”
Payoneer envisions a bright future for Filipino entrepreneurs
“As we look into the future, Payoneer envisions a bright path for Filipino entrepreneurs. This incubation program is just the beginning of our long-term commitment to empowering SMBs. With its success, we can create other innovative and better ways to boost Filipino entrepreneurship and drive meaningful change both locally and globally. Payoneer remains dedicated in supporting this journey, helping SMBs reach new heights and seize the bigger opportunities of tomorrow,” says Avila.
