HR-tech startup Betterteem, energy solutions platform SolX, and IoT-enabled business-to-employee platform Xeleqt AI emerged as the winners of the Slingshot x Venture Pilipinas pitch competition recently held on November 20, during the first day of Philippine Startup Week 2023 at Makati Diamond Residences.
Slingshot, an initiative spearheaded by the Department of Trade and Industry (DTI), serves as a platform dedicated to fostering the innovation ecosystem for startups. Since its inception in 2015, Slingshot has curated a series of programs and policies aimed at supporting startups and promoting innovation. The most recent addition to its roster of initiatives is the Slingshot x Venture Pilipinas pitch competition.
The pitch competition was made possible with the backing of the DTI and the National Development Company (NDC). Other collaborators for the competition included incubator program Brainsparks and venture capital fund Quest Ventures.
The Venture Pilipinas competition included 10 startups in industries ranging from edutech to B2B SaaS, all gunning for an all-expenses paid trip to Singapore. Participants in the trip will immerse themselves in the ASEAN startup ecosystem to meet and learn from key ecosystem players in Singapore including venture capitalists, accelerators, and other enablers.
According to competition judge Quest Ventures Head of ESG April Ong Vaño, the winning startups were also selected based on their potential to scale beyond the Philippines. “The objective of this pitch competition was actually regional growth, expanding and exposing our startups in more developed ecosystems. We saw potential for that in all 10 participants but what stands out for the winners is their traction,” explained Vaño. “They’re all ready to expand and receive investments.” Betterteem, SolX, and Xeleqt AI notably incorporated relevant data into their presentations, providing details on aspects such as the total addressable market and current revenue figures.
The competition allotted 5 minutes for each startup to pitch to an esteemed panel of notable figures representing venture capital firms, incubator programs, and government organizations. Other competition judges included QBO Innovation Hub Executive Director of Katrina Rausa Chan, Foxmont Capital Partners Co-Founder and Managing Partner Franco Varona, National Development Company Assistant General Manager for Business Development Alewijn Aidan Ong, Monk’s Hill Ventures Principal Arun Pai, and StreetPark Productions Founder John Aguilar.
The winning startups themselves noted the Slingshot x Venture Pilipinas pitch competition stood apart from similar events.
“The first thing is that you can really feel the support of the government bodies here,” said Norman Curato, CEO and Co-Founder of Xeleqt AI. “Second you could tell they carefully picked the startups they invited to pitch. The level of competition was very tough.”
“Each one of the startups that pitched here today had their own level of traction to show,” explained SolX Co-Founder and CEO Sergius Santos. “Evaluation of each business was also benchmarked against international counterparts, really showing the quality of each startup.”
Santos also added his hopes that seeing the NDC and DTI present at the pitch competition would spur other startups to seek similar government backing. “The government has been very active in supporting startups, which you can see through initiatives like the Startup Venture Fund for example. I hope it can create a ripple effect where other startups take advantage of funds out there.”
Other participating startups included IT services and solutions startup BizKit Technologies, learning management system Cerebro, tech-hotel brand Cocotel, social climate fintech venture Farmvocacy, cloud-based point-of-sale system KaHero POS, speech therapy support app Mylo Speech Buddy, and small-scale wind energy solution maker VORTex.
The program also included opening remarks from both DTI Undersecretary Rafaelita M. Aldaba and National Development Company General Manager Anton Mauricio, who both underscored the importance of promoting Filipino startups. Yet Usec. Aldaba also added that the impact of the Venture Pilipinas competition goes beyond just the startups themselves.
“Slingshot 2023 highlights innovation and collaboration are key to the growth not only of the local startup ecosystem, but to the country as well,” Usec. Aldaba said.
“Pitch competitions like Slingshot x Venture Pilipinas are important because it’s the way for us to push through and help our local startups complete globally. The pitch decks, for example, are now at a level I can definitely say we’re happy with,” added NDC Chief Innovation Officer Jerahmeel Chen.
Similarly, an open forum moderated by e27 Co-Founder Thaddeus Koh with Foxmont Capital Partners Portfolio Analyst Camille Licup, IdeaSpace Investments Head of Investments Ben Alderson, and Seedstars International Ventures General Partner Patricia Sosrodjojo emphasized the evolving landscape Philippine startups face. While conceding that startups now face a tougher macroeconomic environment, all panelists also acknowledged the large growth potential of local startups.
Quest Ventures Head of ESG April Ong Vaño expressed her optimism that the results of the Slingshot x Venture Pilipinas pitch competition are a sign of greater things to come. “The mission moving forward is that we hope we can curate and customize the experience of startups for strategic partnerships, mentors, and potential investors for those that are raising. Then maybe this can be a pilot for more business ventures and collaborations.”
“The startups that are succeeding in these pitches show us the increasing quality of startups coming out of the Philippines,” concluded Vaño. “So we hope to see much more of that soon.”