FAST Logistics Innovation Prize Launched at Philippine Startup Week 2024

FAST Logistics Group, the leading end-to-end logistics and selling and distribution company in the Philippines, launched the FAST Logistics Innovation Prize at the Philippine Startup Week 2024 – The Innovation Challenge.

FAST CEO for Logistics Manuel L. Onrejas Jr. introduced the innovation prize on Day 3 of the weeklong Philippine Startup Week at The Blue Leaf Events Pavilion in Taguig City.

He said the new initiative was aimed at encouraging the nation’s young entrepreneurial and tech-driven minds to reimagine logistics solutions that can reduce high costs and improve supply chain efficiency especially for micro, small, and medium enterprises (MSMEs).

“Today, we are proud to present to you the FAST Logistics Innovation Prize in response to the innovation challenge posed before all of us today,” Manny said. “We at FAST are volunteering to be your laboratory and put our network and resources to work so together we make this aspiration of a smooth and seamless flow for our MSMEs a possibility.”

Search for Innovative Logistics Solutions

In his speech, Manny underscored the high logistics costs that account for 27% of sales of MSMEs — more than double the rates seen in neighboring countries like Thailand and Vietnam. He attributed these costs to the Philippines’ fragmented supply chain, limited infrastructure, and geographic complexities as an archipelago of over 7,100 islands.

Manny highlighted the importance of creating an interoperable logistics network that enables MSMEs to share cargo space with larger Filipino companies, helping them lower logistics costs and enhance their profitability.

He encouraged startups to leverage AI, web3, and blockchain technology to empower MSMEs to access a more efficient logistics network, enabling them to compete on a larger scale and expand their reach.

“For us to be part of the solution, we need to believe in the ingenuity of the Filipino and our capacity to innovate with discipline. Together, let’s focus on solving for tomorrow, and making logistics work for all, and look forward to a bright future, for a country of endless possibilities,” Manny said.

FAST VP for Strategic Growth Initiatives Gladys Ceniza emphasized the importance of connecting with the startup community to develop logistics solutions. “While we have our own in-house innovations, we aim to inspire and create a platform for other innovative minds to drive industry advancements while remaining competitive in the market,” she said.

Incubation Program for Startups

Eight startups competed for the prestigious FAST Logistics Innovation Prize at The Innovation Challenge. With guidance from industry mentors, they presented their innovative solutions to a panel of seasoned business consultants and industry professionals.

At the conclusion of the pitches, Jiego Michael Tanchanco emerged as the winner for his presentation of FleetHive, an upcoming digital freight marketplace platform. FleetHive aims to connect businesses seeking delivery solutions with a network of accredited trucking companies.

Jiego said this platform leverages advanced technologies to enable businesses to find the ideal truck for their delivery needs at competitive prices, regardless of their location. It also addresses the challenges of backloading and facilitates load-sharing opportunities for trucking companies.

“Winning the FAST Logistics Innovation Prize is incredibly exciting and exhilarating. We have been developing FleetHive’s idea for almost a year, and being able to bring it to life with the tools provided by ExoAsia and FAST Logistics is truly rewarding,” he shared.

“It feels fantastic to receive this recognition as it validates us that we are addressing a critical issue in logistics. We are more motivated than ever to advance this initiative, and we are eager to explore additional opportunities to leverage the FAST Logistics’ networks and partnerships to turn our vision into reality,” Jiego added.

In addition to securing a cash prize of Php1 million, the startup will join the soon-to-be-launched Revv – Evodine Venture Studio, a specialized venture studio of FAST focused on logistics innovation, another first in the industry. This will serve as a launchpad for startups like FleetHive, providing them with valuable guidance, resources, and access to FAST’s extensive network and massive capabilities.

With the FAST Logistics Innovation Prize and the Revv – Evodine Venture Studio, the company continues to solidify its commitment to transforming the Philippines’ logistics landscape by building and launching solutions that will make a meaningful impact on local businesses and the economy at large.

FAST Logistics Group is the leading company in logistics and distribution solutions in the Philippines. Connect with our Solutions Expert or visit http://linktr.ee/fastlogisticsph to learn more about our work.