CCCI to create pool of ‘angel investors’

CEBU, Philippines — The Cebu Chamber of Commerce and Industry (CCCI) will soon convene Cebuano capitalists to form a group of “angel investors” or venture capitalists to complement with Cebu’s vibrant start-up community.

Although this concept has been introduced to the chamber in the past, CCCI president Virgilio “Nonoy” Espeleta committed to push the realization of the program.

“We have to help the Cebuano start-ups to monetize their creations. The chamber will develop a platform that will link the innovators and the capitalists,” Espeleta said adding that last time when the chamber attempted to create a pool of angel investors, it encountered a minor glitch with the organizational structure.

This time, CCCI can start with a few interested capitalists as well as mentors to hand-hold the innovators from financial to know-how on business.

“We just need to formalize the mechanics on this,” he underscored.

Earlier, the Department of Trade and Industry (DTI-7) announced it will introduce programs that will prepare the start-up communities to embrace the Venture Capitalism (VC) concept.

DTI-7 regional director Asteria Caberte believes that the start-up community, including the technology innovators in the region, is not yet ready to adapt VC concept, as this is still relatively new in the country.

She said preparatory programs should be implemented first, in order for them to understand the concept fully. Mentoring is one of the probable programs that DTI will be introducing soon.

Majority of innovators, who have brilliant concepts are not businessmen, before jumping into partnering with venture capitalists they should be properly coached first, Caberte added.

Venture capital (VC) is a type of private equity, a form of financing that is provided by firms or funds to small, early-stage, emerging firms that are deemed to have high growth potential, or which have demonstrated high growth.