Marcos vows conducive environment for inventors, startups

MANILA, Philippines —  President Marcos yesterday vowed to provide a conducive environment for inventors and startups as he praised the ingenuity of Filipinos who managed to succeed despite limited resources.

In a speech during the 2024 National Invention Contest and Exhibits (NICE) Presidential Awards in Pasay, Marcos said the government could help innovators who have mastered technology but do not have skills in dealing with banks or the market or the ability to secure licenses or patents.

“(Filipinos are) very innovative in our own way. So, if we have this environment... that is conducive to startups and we begin to see successes in that environment, other people will now be able to say, ‘Well, you know, I can actually make a living out of this if I come up with a good idea,’” he added.

Marcos said the government wants startups and inventors to be successful and to benefit from their “very good work.”

According to Marcos, the entire global economy is “moving towards the more technological base” so there is a need to continue to encourage “brilliant” Filipino minds to come together and to make life easier.

Marcos went on to highlight the resourcefulness of Filipinos, whom he said are used to finding solutions to their constraints. The success of Filipinos lies in their industry, their compassion, and resourcefulness, he added.

“And Pinoys find a way because we have to. And that’s part of our culture.”

Startups, Marcos pointed out, have a high failure rate but one “unicorn” or a business that reaches a valuation of $1 billion, makes up for all the others that did not make it. He said the ideas of inventors should have a practical purpose and benefit society.

“They are brilliant ideas but if they remain as an idea, then that’s all they are and it’s no benefit really, except as a mental exercise perhaps for the inventor. But there are no benefits to the inventor or to anyone, to any of the communities,” Marcos said.