Founder Spotlight: Nicole Paterno of 1,000 Angels
Nicole Paterno
Founder
Spotlight: Nicole Paterno of 1,000 Angels
The Start-up Ecosystem of the Philippines
By Andeng Dizon
There
is no denying that the Philippine start-up ecosystem is relatively young. However,
its potential is bright due to innovation and the number of public and private
initiatives laid down for its future. One of the three key factors, why it has
a big potential, is its young population. With over 105 million Filipinos
living here and abroad, the young workforce is ready to contribute to the
economy. Furthermore, the country has strong remittances from overseas
Filipinos workers abroad, which fuels the ongoing increase of its economic
capacity.
The
second key factor is the proficiency of Filipinos in English, making the
country more attractive for foreign investors. The last is the Philippines'
improving the business climate. The elements why the country's business climate
is on the rise are its minuscule trouble with international securities, lesser
reliance on exports, comparatively strong local consumption of goods and
services, large remittances from overseas Filipino workers as stated before,
and a quickly expanding business process outsourcing industry.
Also,
number of local entrepreneurs is on the rise, and with them are brilliant and
fresh ideas for their future ventures that would benefit the economy. But their
biggest challenge to face is the lack of funding. Most Filipinos are incapable
of financing their start-ups unless they came from an affluent background. With
that being said, this makes the Philippines the perfect ground for angel
investing. Although it is a new method introduced to the local start-up
ecosystem, it has been slowly making its way through the business field.
A
fair share of angel investing firms has appeared on the market, and of them is
the promising 1,000 Angels.
The start-up ecosystem of the Philippines
That
was Nicole Paterno's reply when one of her business colleagues asked her if
they should find solutions for problems the local start-up ecosystem currently
faces. Nicole Paterno is the founder and current chief executive officer of 1,000 Angels, a Philippine-based
start-up firm that allows local start-ups gain more access to funding by
connecting its members to vast opportunities. Prior to 2012, the Philippine
start-up ecosystem was selective, since the only people benefiting from it are
the ones who could afford to invest.
"It
was not democratize until now," says Paterno in the interview.
Imagine
a spectrum with two extreme opposite points. On the left are the beginning and
early stage start-ups, and on the right are the established ones. Meanwhile, in
the middle are the angel investors. If you were one of them, to which end would
you go? Of course, you would go to the right to ensure your money would not be
put to waste. That is where the problem
lies. There is a detachment between emerging start-ups and angel investors, and
it would continue until someone provides a solution for it. "That is the
reason why I wanted to make a bridge between those two," declared the
founder of 1,000 Angels.
So
she did.
The tech-savvy Filipino
As
previously mentioned, the main problem of the Philippine start-up ecosystem is
the lack of funding. Filipino tech-savvy business funders and investors have
voiced out that capital is indeed available. The question is how would they use
it effectively? With these question in hand comes the answer. 1,000 Angels aims to renew traditional
investors by transforming them into tech-savvy investors. But before they
become one, they need to be educated on the state of the Philippine start-up
ecosystem first.
What 1,000 Angels does
1,000 Angels is the bridge between local start-ups and angel investors while providing its members the opportunity to network and exchange their learning and insights. The company also offers measurement-building programs for both investor and entrepreneur.
Angels
are offered Investor Education sessions where they prepare portfolios to
determine their interests, risk appetites, and investment sizes. In addition, new
angels would have the chance to meet veteran angels and start-up founders.
Entrepreneurs, on the other hand, would take part in Halo Sessions, a specific period
created for them to meet with their future funders. But before attending one,
they need to attend practice sessions first. It would help them find or create
innovative ideas worth investing in.
1,000 Angels promises to deliver effective
and efficient results. Paterno's goal to be the bridge that closes the gap
between the young and budding start-ups and experienced angel investors is
slowly coming into reality. Her company is dedicated to finding solutions and
building relations for a clearer future of the Philippine start-up ecosystem,
which is a daring effort to do so.
Disclaimer:
Nicole Paterno's 1,000 Angels is not to be confused with OneVest's 1,000
Angels, a New York-based start-up firm.
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