Innovation Illustration
Innovation Illustration

Paolo Villonco – Ignition for the Startup Community

 

Derek is joined by Paolo Villonco today and they will talk about Ignition. This is a 3-part episode so stay tuned for the other two episodes.

 

 Summary

  • Paolo Villonco is the CEO of Ignition which is an innovation hub supporting a thriving startup community. Ignition has a very trendy office located in BGC.
  • The first impression of people is that Ignition is a co-working space but it is actually a lot more than that.
  • In the Philippines, if you want to do things right you have to go to branded firms which are really expensive or you roll the dice with solo practitioners. Also, there isn’t really an established brand for SMEs.
  • Paolo said that they consider themselves an incubator but not in the traditional or common definition because when you say incubator, people usually think that they find startups. Which is also in the pipeline for them. Moreover, Ignition would like to be a conduit of financing and if entrepreneurs come onboard with them and get the full suite of services that they offer.
  • Phase one is creating the fundamentals bringing to life these fundamental and best practices down to the SME level. However, at the same time, what they want to do in Ignition is to bridge that network and give that exposure of VCs internationally. Highlight some of the innovation that’s being done in the Philippines but at the same time expose Filipino entrepreneurs to what it means to be world-class.

 

 Key Points

  • Most companies in the Philippines charge by the hour. So, what Ignition is trying to do is to charge a fixed cost because they believe that clients should not be penalized if processes took twice as long.
  • In other countries, you can start a company within days or even a matter of hours through the computer but in the Philippines, it takes three to six months at a time.
  • In Silicon Valley, people can have 10-100 Million-dollar investments through a one-page templated Terms of Agreement whereas, in other countries, it is usually a 100-page document.

Resources

 

Transcript

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