Globe’s corporate venture builder 917Ventures, demonstrated its commitment to fostering innovation, collaboration, and entrepreneurship with the recent completion of Velocity 2023, its annual business-building program and 12-week innovation bootcamp.
Velocity 2023 exemplifies the unwavering commitment of 917Ventures to nurturing and investing in innovative solutions that address societal problems. It featured nine pitches in the areas of finTech, B2B SaaS, agritech, and climate tech from seven business units within the Globe Group and the Ayala ecosystem: Asticom, BPI, Brave Connective, ECPay, Entrego, GCash, and Globe.
“As we aim to contribute to the Philippines’ digital economy, we continually develop programs that enhance Filipino talents while creating businesses that uplift the lives of our kababayans through digital means. Ever since we reached market leadership, it has always been the purpose of the Globe Group to truly make a difference in the country,” said Ernest Cu, Globe Group President and CEO, during the Demo Day.
According to a press release from the organizers, the mission of 917Ventures has been further reinforced through its second-year partnership with AC Ventures on Velocity, accelerating the development and launch of new businesses aimed at solving the country’s pressing issues.
“It’s been very encouraging to see this program come to life, underpinned by 917Ventures and AC Ventures’ shared mission of solving national pain points through game-changing digital solutions. Velocity has been an excellent program for us to spread this culture of constant innovation across the whole group,” said Jaime Alfonso Zobel de Ayala, Head of Business Development and Digital Ventures of Ayala Corporation.
Team GCash received the Velocity 2023 top honors and a P100,000 prize for their idea called Quenta, a pioneering financial solution platform specifically designed for micro, small, and medium-sized enterprises (MSMEs).
The event also celebrated other outstanding ideas, with the second and third-place winners receiving P50,000 and P30,000, respectively. In addition, teams that won the Audience Choice and Social Impact awards each took home P20,000, emphasizing 917Ventures’ commitment to rewarding innovation and impact. Similar to previous winners, top ideas from Velocity have the opportunity to be provided seed funding.
“Obviously, there will be ideas that are exciting. Ideas that are very intriguing and also worth looking into. I think everyone contributed really well. We learned as much from you, because of your experience and the work that you do,” Glenn Estrella, 917Ventures Head of Ideation and Acceleration, shared with the participants.
Since its inception in 2019, 917Ventures has vetted 500 ideas, launched 25 ventures, and built a robust portfolio of 15 companies, underscoring its drive to foster groundbreaking ideas that transform lives.*