“We learned what it took to grow a business in a developing market. Having a front-row seat, I learned about the power of venture capital for a rapidly scaling business like Grab. It probably was the first startup that was powered by VC that grew rapidly in the Philippines. When I took a step back on a random weekend in 2013, I realized that venture capital can empower not only the business itself, in this case, Grab, but also everybody around it, the drivers, for example. Without Grab, how much longer would it have taken for taxi drivers for the masses in this country to get the access that they had to the internet and smartphones? In 2012, there was no driver with smartphones. And today, in the Philippines, internet penetration is very high. Here's an interesting fact from our report. Today, we have as many smartphones in this country as Indonesia.” - Franco Varona

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