MANILA - Entrepreneurs growing their businesses have a "multiplier effect" by inspiring others to do the same, a business group said on Wednesday.
"They multiply their impact by inspiring other people to become entrepreneurs. They multiply their impact by mentoring the next generation of entrepreneurs. And they multiply their impact also by investing in some cases in these companies," said Endeavor Managing Director Manny Ayala.
An example of an entrepreneur who helped shape other startups is Nix Nolledo who once led Xurpas, Ayala said. Nolledo has helped other companies like Kalibrr, Coins.Ph, Boozy, and Rappler.
"We really try to promote this culture of paying it forward. What we say to entrepreneurs is we need to redefine what success means as an entrepreneur. That is not just about how big your market cap is, how high your valuation is, how much your revenue is, how much money the bank you have. It's also about how big a positive impact you make outside your company," Ayala said.
Because of this multiplier effect, more Filipino companies are expected to grow and expand their business with the help of existing Pinoy companies who are also willing to share their knowledge and learnings.
But it won't be a walk in the park as many challenges affect small businesses, Ayala said.
"Challenges now this year are inflation, things are more expensive for your customers." He added, "It's also become a little bit harder to raise money for tech entrepreneurs."
Endeavor said dozens of companies under its community have generated $513 million in revenue in 2022 so far and have created 29,000 jobs in 8 years.