Digital Reporter
Robert A. Vergara Jr.
Business incubator and accelerator IdeaSpace Foundation, Inc., is looking for tech startups to be part of its annual startup competition.
Now on its sixth year, the IdeaSpace National Startup Competition aims to help potential tech‑based enterprises grow by providing them with resources such as funding, mentorship, and other operational needs. It was formed to “develop innovation and entrepreneurship as a pathway to economic development,” Goldy Yancha, IdeaSpace associate director, told SparkUp in an interview. “We want equitable opportunities, more capable and to be able to support competent teams,” she added.
The competition draws about 300 applicants every year. Since its launch in 2012, the foundation, through the annual tilt, has supported a total of 68 startups, among which are full‑fledged enterprises such as Cropital, Pinoy Travel, Fetch, Investagrams, Cleaning Lady, and FrontLearners, to name a few.
In screening applicants for 2018, Yancha said IdeaSpace will look into applicants’ unique and innovative technology, business model, market demand for the product or service and clear customer pain point, as well as their ability to integrate and scale in different industries such as telecommunication, healthcare, agriculture, media, mining, and manufacturing.
“We want to see more of teams that are able to build strong, sustainable startups. We’re still at multi‑industry, we’re still at multi‑stage,” she said. “We want to have teams that have the gritt, the execution quotient, and also their startups incorporated in their long‑terms plans.”
The contest, which will run from February to October this year, is consists of four rounds. The top 100 teams out of all that submitted applications will be selected in the initial round and present a two‑minute video pitch. The list will be trimmed down to 50 teams and undergo interview with IdeaSpace’s board of trustees in the following round. In the third phase of the competition, the participants will be further narrowed down to 20‑30 teams, which will join a five‑day boot camp and a six‑week incubation, and will receive ₱50,000 apiece.
In the final round, successful incubatees will demonstrate their final products and business models. From then the top 10 winners will be picked.
Just like in the previous years, winners will receive equity‑free funding worth ₱500,000, on top of other prices such as housing for those living outside Metro Manila, office space, communications software, legal documentation, and mentorship from Asian Institute of Management and industry leaders, including executives of Hong Kong‑based First Pacific Co., Ltd. (First Pacific).
Deadline of application is on February 2. Interested applicants may visit IdeaSpace’s website and fill‑up the application form.
IdeaSpace is supported by First Pacific, Metro Pacific Investments, PLDT, Meralco, Philex Mining Corporation, Smart Communications, Maynilad, Makati Medical Center, and Riverside Healthcare.
One of First Pacific’s three key Philippine units PLDT, Inc. Hastings Holdings, Inc., is a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., that has a majority stake in BusinessWorld through the Philippine Star Group, which it controls.
