Payoneer introduces incubator for Filipino entrepreneurs
MANILA, PHILIPPINES — American financial services firm Payoneer is launching the Bridge for Billions Incubation Program to help gig workers, freelance agencies, and small Information Technology and Business Process Management (IT-BPM) firms in the Philippines.
This initiative, which integrates principles from the Massachusetts Institute of Technology (MIT), aims to support 70 Filipino entrepreneurs with four months of mentorship, sustaining growth in digital industries.
Payoneer Marketing Lead for Asia Pacific’s Emerging Markets Jen San Antonio emphasized the program’s suitability for small to medium-sized enterprises (SMEs) and independent gig workers.
“We think that they’re the best profile for this program because usually they’re a one-man team—from acquiring their clients [to] building their portfolio, [or] like doing their finances,” she added.
Meanwhile, Payoneer Senior VP for Asia Pacific Nagesh Devata said the program’s main objective is to provide entrepreneurs with “the right set of tools” to grow their businesses.
The application period closes in December, with selection and mentorship slated to start in February 2024. Selected participants will receive extensive mentoring through June 2024, benefitting from industry discussions and a supportive peer network.
The program will also conclude with a pitch contest, where the best business ideas stand to win up to $2,000. Participating mentors, both locally and abroad-based Filipino professionals, gain insights into new industry trends and networking advantages.
Over the last 8 years, Bridge for Billions conducted 270 incubation programs across 134 countries, connecting 3,029 mentors with 3,709 entrepreneurs. Around 94% of these entrepreneurs found the program crucial for their success, with many doubling their revenues.
