(Manila Bulletin) Kickstarting venture capital investment with food tech.
If you’re anywhere in the Philippines around lunch time and haven’t yet had a bite to eat, you’ll likely receive an invitation from an unlikely source. Be it from a street vendor or even the security guard of an establishment already partaking in a meal, “Kain tayo” is something you’ll hear without fail.
It’s quite appropriate as food is at the heart of Filipino culture. Filipinos spend almost 30 per cent of their income on food alone. This gives any food-related business massive potential for growth. It’s quite appropriate that the Philippines impending tech revolution could be kickstarted by its food industry.
The food and beverage (F&B) business used to be a daunting one, particularly for those new to it. A budding restaurant wouldn’t just need a great chef, but lots of capital, some business acumen, and a great location as well. Brick and mortar restaurants were the true test of great food ideas but required massive investment, management, and lots of time and effort.
Yet these days, we’re seeing a bumper harvest of new cuisine. However they’re not found in new restaurants. Many are only available for order online, and exclusively brought by delivery. There’s greater variety too, from reinterpretations of old favorites, the usual comfort food, to increasingly niche cuisines such as rendang or kimchi… Read More
