SMEs predicted to be the new driver of economy

A new sector will soon take over!

The Small and Medium Enterprises are the ones to watch out for. SMEs are showing potential to contribute in helping the Philippines economy grow. As more enterprising individuals start companies, grow, and succeed, the Philippines will stand to benefit as well.

KMC Savills Managing Director, Michael McCullough, predicts new occupancy demand will come from SMEs. Entrepreneurs with creative business ideas can be the next drivers of the Philippine economy. Due to the youthful population that grew up in a digital world, the future generation will continue to drive the local tech scene. KMC notes that while they are budget conscious, the local tech players will be future occupants of office spaces.

Take inspiration from these three SMEs that disrupted various industries:

1. Jeepneed

Who said that science education will cost you an arm and leg? Shaina Tantuico's social enterprise is making love for science possible and accessible. Tantuico's Kickstarter project turned business venture is helping revolutionize education with a science mobile app. Jeepneed is the perfect fusion of online and offline tools to make science more exciting with their laboratory in a box or using your smartphone as a microscope.

Jeepneed levels the playing field of scientific learning by catering to many public schools nationwide. Recently, Jeepneed also began shipping their lab in a box to Berlin, Germany. Shaina Tantuico believes that one secret in any successful SME idea is to "localize, customize and produce".

2. La Union Surf School

LU locals can truly say "Shaka" after their most recent boost in tourism. Jeff Ortega is the entrepreneur behind the famous La Union Surf School, Mad Monkeys and LU events. Started as a working student with no business background, Ortega worked hard to establish the first professional surf school in the country. He markets his lesson to different international schools and foreigners that are interested to ride the waves. Eventually, several sponsors came after seeing his enterprise grow over the years.

Eventually, Ortega branched out to organizing events such as Soul Surf festival - PH's first ever art and music festival, and gives back to the community with Go Surf. Jeff is a firm believer that tech tools assisted in reducing loss of sale cases. Later, he decided to bring a part of his business online. Ortega also values uniformity in his social media campaigns after seeing its potential to grow the business by boosting sales and getting immediate feedback.

3. Mercato Academy

Before the food parks, we all frequented Mercato!

RJ Ledesma's serial entrepreneurship led him to various business opportunities. His night food market, Mercato Centrale, set a precedent in the food industry. The infamous white tent eventually became a model for most food parks in existence right now. However, as the competition rises, Ledesma have set his sights on a completely different opportunity. He started Mercato academy that helps small food businesses grow and incubate them in Mercato Centrale. He even started a business concierge called "EnterPH". Some of the successful graduates of Mercato are Mama Lou's and Manang's Chicken.

More entrepreneurs should take heart and grab the opportunity while the Philippines is still the fastest growing economy in Asia. McCullough said that there is plenty of market and that the tech talent is available.