Davao City Ranks 4th Best Startup Ecosystem in the Philippines, Leads the Region

Thanks to the City Government of Davao’s unwavering commitment to driving economic growth, Davao City has secured the 4th spot in the 2024 Global Startup Ecosystem Index in the Philippines, leading the Mindanao region. The city has earned this recognition for its thriving startup ecosystem, which is becoming increasingly attractive to entrepreneurs and investors alike.

Startups are defined as businesses utilizing innovative, technology-enabled solutions with high growth potential. According to Christian Cambaya, Head of the Davao City Investment Promotion Center’s (DCIPC) Investor Assistance Servicing Unit, the city’s advancement in the startup sector is closely tied to its flourishing tech and innovation landscape, boosted by the launch of the Davao Angel Investors Network.

Cambaya emphasized, “Davao City is becoming a hotspot for innovative startups, and with the launch of the Angel Investors Network, we are encouraging more investments in homegrown ventures.”

Davao City is particularly recognized for its leadership in industries such as software and data, financial technology, and educational technology. The city’s success in nurturing these sectors is a direct result of collaborative efforts between local agencies like the Department of Science and Technology (DOST), private partners, and various higher education institutions.

Key players in fostering innovation include the Technology Business Incubators (TBIs) established at the University of the Philippines Mindanao Technology Business Incubator, Ateneo de Davao University ADDventures, and the University of Mindanao UMasenso Hub, which help refine business models and provide mentoring.

Additionally, cash grants are available for startups through initiatives like the DOST Startup Grant Fund Program, NEDA Innovation Fund, and DICT Startup Grants. The city also hosts events such as the Mindanao Incubator Summit and Davao Startup Week, providing valuable networking and growth opportunities.

Cambaya concluded, “These initiatives not only place Davao among the top startup ecosystems but also reflect the city’s dedication to fostering an inclusive, innovative, and scalable startup community. This contributes to addressing social issues, creating jobs, developing cutting-edge technologies, and stimulating Davao’s economic development.”

The City Government of Davao, through the DCIPC, continues to maintain a business-friendly environment, ensuring that the city remains a prime destination for startups to thrive and succeed.