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Capital. That is the main reason most people do not pursue their brilliant ideas. Many want to start a business, but a lack of funds prevents them from doing so. Others need to expand and upscale to meet the demands of their customers, but the costs of the materials required are beyond their budget. Their option is to grow slowly. That's what they believe.
Venture Capital (VC)
The majority of Filipinos are unfamiliar with the term "VC." We were not familiar with it either until a professor introduced IdeaSpace. It is a non-profit organization that supports startup entrepreneurs and founders.
Forbes defines venture capital as "a form of private equity that funds startups and early-stage emerging companies with little to no operating history but significant potential for growth."
In Finance Asia's online article titled "Start-up success: The Philippines emerges," they shared success stories of some venture capital-backed businesses. GrowSari is one of them. It is a digital platform for the mini-grocery stores locally called "sari-sari stores." The store owners can buy products to sell in their store at distributors' prices. Buyers can also shop through this app. Based on the article, GrowSari has raised $110 million from investors.
Be a founder.
One of the most inspiring venture capital success stories is about tea. Sashee Chandran is the founder and CEO of Tea Drops. She started her venture at home through experiments. With advice to patent her tea formula and help from a retired lawyer, she succeeds. Her success journey is not that fast, though. She faced many challenges on her road to getting funding from venture capital firms and investors. According to a Forbes article, Tea Drops got a total of $8.4 million from Series A funding led by BrandProject.
Do you have an idea that solves a problem?
Your idea may be a solution to others' problems. Start developing your idea and showing it off as a real product in the real or online world to selected individuals or groups. Don't forget to patent it or register it under your name if it's something that others can copy.
Do not bring your ideas to your grave. Many might benefit from them. If you are afraid of being ridiculed, show off anonymously, but it's best to be brave and face the things that frighten you because investors will value you and your product more if you have the courage and confidence to bring your product to the table.
Believe in your idea. Make it a reality and pitch it. The list below includes some venture capital firms that have helped startups continuously grow.