Nix Nolledo is the Founder, Chairman and CEO of Xurpas Inc., and a Founding Director of IMMAP. He was IMMAP president in 2010. [Excerpts from Mr. Nolledo’s Keynote Speech]
Today 10 years since IMMAP started, we have 50M online users—nearly 10 times the number of online users since 2006, with 40M mobile-smartphone consumers now. That means 40M people with computers in their pockets with access to anything known to man, i.e. the Internet. That number will be closer to 60M by year-end.
With that much reach locally, a number of startups has emerged. Armed with venture capital funding, technology-savvy teams, and founders who have indomitable belief that like David, they too can slay Goliath for today’s business economies.
Ten years after IMMAP started, the world has changed dramatically. Social networks like Friendster and Multiply have evolved into collaborative networks like Uber, and AirBnB.
Today, these global economy powerhouses—Uber, AirBnB, Whatsapp, TenCent, Alibaba…—are defining the way we live in a way no traditional company has ever done before. Already, the 2 most valuable companies in the world are tech companies with a combined net worth of over a trillion dollars. Apple and Alphabet (formerly known as Google).
Five of the 10 most valuable companies in the world are tech companies as well, with Microsoft, Facebook, and Amazon, in the coveted ranking.
In ten years’ time, I believe that 90 percent of Fortune 500 companies will be tech companies, ushering in an age of disruption that will be unprecedented in its scope and scale.
We stand today at a special time in our country’s history. We are the 4th fastest growing economy in the world, a young population with more than half of the nation earning income for the country, 50 million online users, and strong business fundamentals—despite the tumultuous global economic tide.
For Philippine technology companies to grow, we need to do a better job of building our local technology ecosystem to support startups and Philippine businesses that are going digital.
IMMAP should stand at the forefront of championing the disruptive potential of the internet, and not just push a digital marketing agenda. As the likes of Uber, Alibaba and TenCent have shown us, the Internet is no longer a new market medium, it is an entirely new economy.
Ten years later, the 2016 IMMAP Board of Directors are about to take on an entirely new challenge. To build the next growth economy for our country—that’s the Internet economy.
Remittances, tourism, and the BPO industry have driven our economy’s growth for the past ten years. The next ten years, it will be the globalization of Filipino companies using the Internet. The next ten years begins today.