Digital industries like information technology and business process management (IT-BPM) and freelancing continue to transform the economic landscape of the Philippines. The IT-BPM industry closed 2022 with revenues of $32.5 billion and 1.57 million employees. In 2020, freelance revenues noted a 208% growth from 1.5 million gig workers.
On October 3, 2023, Payoneer collaborated with Bridge for Billions to create an incubation program that will help entrepreneurs thrive and unlock their full potential as business owners. The Bridge for Billions incubation program is part of the leading cross-border payments platform’s commitment to empowering aspiring small and medium-sized businesses (SMBs) in the Philippines. It is set to benefit up to 70 Filipino entrepreneurs nationwide.
The power of collective ambitions
Payoneer is looking for independent gig workers, freelance agencies, and small- and medium-sized outsourcing firms operating in any sector in the emerging digital freelance economy in the Philippines to join the program.
The entrepreneurship program will give participating startups the solid foundation they need to grow their business. They will be matched with an expert in their field for one-on-one mentorship to nurture their ideas and progress. Businesses will also be introduced to a dynamic community with their co-participants and other mentors. After four months, they will refine their pitch skills to succeed post-program.
Bridge for Billions has a validated methodology that has proven fruitful. In the past eight years, the program has run 270 incubation programs in 134 countries. It has matched 3,709 entrepreneurs to 3,029 mentors. Of these entrepreneurs, 94% rated the program as important to their success, and many saw their revenues jump up to 2.4 times.
Experts and professionals are also invited to join the journey as mentors. As an adviser, they can generate a network of early-stage innovators with whom they can collaborate in the future. Joining also exposes them to upcoming innovation trends in their industry, and positions their brand within the innovation and entrepreneurship ecosystem globally.
Additionally, mentoring promotes diversity, equity, and inclusion, especially for typically underrepresented groups. As mentors, they can create jobs, promote economic prosperity and innovations, and build impactful solutions for industry-wide challenges.
Payoneer empowers Filipino entrepreneurs
“Payoneer recognizes the rarity of incubation support for SMBs, which is why we wholeheartedly encourage them to become a part of the Bridge for Billions program. This program is a testament to our dedication to fostering innovation and empowering Filipino entrepreneurs to scale up and achieve global success,” says Monique Avila, Payoneer’s Senior Director, Customer Success, APAC.
Join the Bridge for Billions Incubation Program today. Entrepreneurs can sign up at programs.bridgeforbillions.org/payoneer-for-entrepreneurs/. Mentors can join at programs.bridgeforbillions.org/payoneer-for-mentors/.