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.
To learn more about Payoneer, please visit payoneer.com
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