Wednesday, April 26, 2017

Tech start-ups need help in ASEAN says Silicon Valley accelerator

MANILA - Traditional funding institutions in the Philippines and ASEAN need to better understand technology start-ups, according to a businessman who helps small technology companies secure funding and grow.

Jojo Flores, co-founder and vice president of Plug and Play Technology Center based in Silicon Valley, said tech start-ups can potentially be as big as the Business Process Outsourcing industry but traditional funders don't understand start-ups' disruptive business models.

Flores said start-ups can potentially make a major disruption in 'blockchain technology,' which is used in Bitcoins. He said that blockchains can bring down the cost of sending remittances.

"The normal global financial cost for remittances for example ranges from 5 to 7 percent, and I think that it's about time that this disruption in terms of bringing down that cost can be addressed through blockchain technology," Flores said.