Technology in the hands of businessmen
In the Philippines, a lot of foreign venture funds are doubling up their efforts to invest in app makers. Most of them are hoping that the increase of smartphone sales will trigger the need for more home-grown applications.
500 Startups, a San Francisco-based venture capital company, has launched 500 Kulfi fund, named after a well-known Indian sweet dish, to invest in the local makers of mobile applications. Since 2011, 500 Startups has made investments in more than 50 companies in the Philippines, where they have had over 20 deals. After China, Philippines has the second biggest internet population all over the world with over 400 million users. By 2020, the number of smartphones is expected to reach more than 900 million.
Most people in the Philippines use their smartphones in almost every aspect of their lives, even more so than computers. This is very beneficial for app-makers…
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