Biz owners ‘interested’ to pool resources

The Department of Trade and Industry (DTI) 7 has seen aa growing interest among business owners in Cebu willing fund potential startups, both in technology and traditional brick-and-mortar models.

DTI 7 Assistant Regional Director Ma. Elena Arbon said since the meetup with the business chambers to discuss angel investing, the Cebu business community has responded positively and is open to work with the local startups.

Cebu Chamber of Commerce and Industry (CCCI) vice president for business development, Virgilio Espeleta, Jr., confirmed this progress, saying there is now a growing number of CCCI members who are willing to become venture capitalists to provide funding to tech and brick-and-mortar startups.

He said they have members who have expressed interest to pool their funds but they are still studying the mechanism on how to implement it.

Arbon said this is a welcome development and that they will continue to dialogue with the business chambers to form a solid Cebu angel investment group.

A startup venture is a high-riskhigh-reward undertaking. Funding, according to Arbon, is one of the challenges that most local startups face.

DTI Cebu has already conducted an angel investing seminar for the members of the CCCI and the Mandaue Chamber of Commerce and Industry to understand the dynamics of startups, and eventually form an angel group.

She said the business community must be open to work together with these startups./

A venture capitalist is a person who invests in a business venture, providing capital for start-up or expansion. The Balance Small Business