Ernest Cu on what true innovation looks like

What projects in the last two years are you most proud of? Why?

The Globe Group is an industry pioneer in many ways across a suite of life-changing solutions, all harnessing digital technology. As a personal advocate of digital development, I ensure that we significantly contribute to nation-building. Globe understands that the digital revolution has drastically reshaped the consumer landscape. We continue to grow and transition from a telecommunications company to a company beyond telco, focusing on digital solutions that provide convenience, data security, and positive social impact.

The Philippines was stuck at a 35 per cent financial inclusion rate. With GCash’s 81 million accounts, now covering 80 per cent of the adult population, Filipinos gained access to mobile payments and other financial services such as savings accounts, credit, investments, insurance, cryptocurrency, and stock trading. We work with Industry partners, Government Agencies, and Private Organizations to bridge the digital divide among Filipinos and aid in true digital transformation at the grassroots level through relevant content, education, and access to technology.

The second big game-changer in the last two years is our corporate incubator, 917Ventures. The country’s most diverse corporate venture builder counts pioneering tech solutions companies under its portfolio. 917Ventures has eight initiatives with six focus industries: digital health, e-commerce, entertainment, advertising technology, educational technology, and financial technology. So far, it has spun KonsultaMd and HealthNow, transforming healthcare delivery in the country.

Kroma is also changing the entertainment industry’s landscape with eight brands that form a unique ecosystem, bringing together varying perspectives and points of view to create something new, special, and trailblazing. KodeGo and EdVenture provide access to education and seek to produce young and visionary individuals who will eventually become drivers in creating a positive impact on the communities. All these align with our vision of a fully connected Philippines where everyone can participate in the country’s digital transformation. Also, our mission is to create wonderful experiences for people to have choices, overcome challenges, and discover new ways to enjoy life.

What challenges do you see now in your respective industry? How do you intend to help address these challenges?

The challenge in the digital industry is capital and talent. The Philippines has not been a preferred destination for venture capital funding; however, we see great potential given how we quickly adapt to technology. It is a country of opportunity. Change is one thing. Simply making organisational changes would have been tough by itself; however, transformation and disruption of the industry is another thing entirely. Today, we continue to maximise the strength of telco to build and expand the entire Globe Group ecosystem. Through Globe’s efforts, we have gained a working understanding of the pain points of the different industries as they emerge through what could be the most critical of times. Ten years ago, we solved this problem by creating Kickstart Ventures, which manages the Philippines’ largest technology venture capital funds and invests globally in early- to growth-stage tech startups. We have funded homegrown companies that target different markets. We desire companies such as Kumu, Zalora, Edamama, and more to become their industry’s unicorns and revamp Filipinos’ digital lifestyles.

We need to develop both entrepreneurial and technical talents. Creating solutions to unique problems is the core of developing and flourishing a business. This philosophy is also evident in the way we operate our companies. We always put the customer first, and we are constantly innovating to ensure that we provide the best possible experience. In addressing challenges, we need to act quickly to capitalise on every business opportunity. We can’t keep relying on the same assumptions; we have to be flexible and ready to change course at a moment’s notice. We can’t be attached to our ideas. We have to commit ourselves to solving the problems, not just settling on one solution. It’s easy to get caught up in the numbers game, but at the end of the day, it’s all about providing value and solving problems for our customers. If you keep that focus, the rest will follow.

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