Top IdeaSpace acceleratees awarded P1 million each in exchange for equity

Earlier last month, three alums of this year’s IdeaSpace accelerator program were awarded P1 million each in exchange for equity to further develop their startups.

Announced during Philippine Startup Week, at Google Philippines last Nov. 21, the award was given to courier operations solutions platform Airship Logistics, hotel services support and aggregator Cocotel, and gamified community travel platform Experience Philippines.

The three startups bested 17 others during the rigorous four-month acceleration program.

Following the announcement, the groups will be receiving P1 million each in investment from IdeaSpace in exchange for equity. They’ll also be able to enjoy access to exclusive learning sessions, free use of office space, and the foundation’s extensive network of potential partners, resources, and investors.

“These three companies are already gaining traction, even attracting interest from larger local corporations,” said Butch Meily, president of IdeaSpace. “They provide a promising view of the kinds of businesses, solutions, and services the Philippines will be able to offer as our own digital economy matures.”

Growing and giving back

As these startups look to put the grant money into business development, research, and sales and marketing, their founders hope to continue improving under IdeaSpace’s guidance and eventually give back to the organization and startup community.

“With the help of IdeaSpace, we have identified our weaknesses and strengths, our differences, and room for improvement,” said Reginald Go, founder and CEO of Cocotel. “We also had guidance from the industry experts. We are very proud that our business models have evolved, too.”

Rachelle Uy, founder of Airship Logistics, says her team is excited to get their product off the ground next year with the help of their mentors and the IdeaSpace network.

Gian Gallegos, founder and CEO of Experience Philippines, said his team is “looking forward to being one of the portfolio companies who will donate money, expertise and resources for the future founders and startups because we believe in the vision of IdeaSpace,” he said. “This is one way of giving back and strengthen the startup community in the Philippines.