A collaboration with Ateneo Center for Social Entrepreneurship (ASCENT) and BPI Family Ka-Negosyo, BPI Sinag is a business plan competition created to empower young social entrepreneurs in the country. Over 150 entries from all over the country were submitted to BPI Foundation, 40 of which were qualified and sent to the Social Entrepreneurship Boot Camp, which were eventually narrowed down to 10 finalists that got the chance to present their business plans during BPI Sinag Pitch Day. From the 10 finalists, a final top 5 were chosen by the panel of judges.
You’ve got $50 million revenue rate, less than 100 employees, and you’re worth $500 million in papers or otherwise. Not only that, you were also able to disrupt the market six months since you have been established, in a very good way. Congratulations, you’ve got the formula for a perfect startup down pat. Now what comes next? Like any other business, a startup runs on a scalable business model which is meant to grow exponentially in the years to come. That being said, how long does a startup last before it falls out of the classification? What happens when it gets the venture funding that it deserves? They become unicorns. Unicorn is the collective term used in financial technology to label companies who have grown $1 billion or higher valuation in terms of fundraising. Think a former barren soil suddenly getting converted into a billion dollar worth hotel and resort. That’s how exponential their growth is.
You’ve heard a lot about startups in technology media. In fact, the term is so carelessly thrown around that 90% of the time, it’s actually used incorrectly. When you Google the question, the said search engine will tell you it’s a “newly, established business” when in fact, it entails more. So back to the question – what is a startup anyway?
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