MANILA, Philippines — Philippine businesses can survive, even flourish in the so-called age of disruption if they open up to more partnerships with other innovators to satisfy market demand, industry experts said during the BusinessWorld Economic Forum 2018.
In a session titled “Finding Opportunities in the Age of Innovation,” leading innovation firms said for individual businesses, this may entail having a core business and a venture business with other players to develop the best service for a specific market.
“Disruption is not to disrupt the competitor. We get partners and we even get competitors as partners,” said Orlando Vea, president and CEO of Voyager Innovations, the digital innovations arm of PLDT and Smart. Voyager Innovation’s business units include PayMaya, FINTQ, TackThis! and Hatch.
“We can only survive and grow with that kind of mindset,” he added.
Anthony Thomas, CEO of financial technology (fintech) firm Mynt, said collaborations in disruptive technologies thrive when the services can deliver the outmost affordability and convenience to customers.
“It (service) has to be made convenient and affordable to the customer,” he said. “What we do is, whenever we see anyone who is moving into our space, is to see it as an opportunity to partner with them to serve a large demand that has to be filled. There is a large gap that we can benefit from.”
Amid a fast-growing domestic economy, advancements in digital technology are enabling more people and businesses become more efficient and productive. At the same time, however, regulation is still struggling to keep pace.
Brian Cu, country head of dominant ride-hailing platform Grab, said regulators are naturally wary about disruptive technologies but it is important for firms to be able to effectively work with regulators.
“Regulation will always come chasing after disruption. But being able to work with regulators is very important,” he said.
Miguel Cuneta, co-founder and chief community officer of fintech firm Satoshi Citadel Industries, said governments and businesses should view disruption as a response to the ever-changing needs of the market.
“There is no age of disruption, it’s a constant process. It is the market that will decide,” he said.