We’re building this section as we announce more programs and activities. Meanwhile, we prepared some frequently asked questions and answered them for you.
- DO I HAVE TO BE AN I.T. GUY TO ENTER
We are looking for novel technologies in all areas, not just wireless apps. While we encourage all IT folks to enter the competition, we also encourage entrepreneurs in the areas as far as agriculture, food technology, infrastructure, energy, etc.
- THE TEAM IS ONLY ME, MYSELF AND I. DO I QUALIFY?
Yes, you may send an application with a solo member. However, you have until the incubation phase and finals pitch to have at least one co-founder. We highly recommend having a tech co-founder, someone who can execute.
- IS THERE A MAXIMUM NUMBER OF TEAM MEMBERS?
Teams must have max of three members.
- HOW MANY TEAMS WILL GET A CHANCE TO UNDERGO INCUBATION IN IDEASPACE?
We will select up to 20 start-ups to be incubated remotely for six weeks. Selected startups will receive a capped funding amounting to P50,000 to develop a working prototype.
- HOW MANY TEAMS WILL GET A CHANCE TO UNDERGO ACCELERATION IN IDEASPACE?
We will select up to 10 start-ups to receive the 18-week acceleration program and startup benefits amounting to P1 million.
- IF I WIN ONE OF THE SPOTS INTO THE IDEASPACE PROGRAM, HOW MUCH MONEY DO I GET?
This is the question everyone likes to ask. Well, for each of the start-ups incubated, we provide funding of up to P500,000 for further product development and go-to market plans.
- IS IT JUST MONEY?
No. We feel that the value for the start-ups is in everything else that you need to thrive and focus on building.
Also, the value is that you will be connected to a potential industry partner that could make your start-up scale, which is the market runway you need to start your venture. For example, your start-up’s valuation gets better if a big company is among your first partners.
- WHAT IS THE CATCH?
We must emphasize that we will not take any equity but we require startup founders to be fully committed upon acceptance into our program.
- DOES IT HELP TO APPLY EARLIER BEFORE THE DEADLINE?
Yes. This is because applicants sending in their applications just before the deadline may encounter technical difficulties. As such, it is advisable for applicants to accomplish their applications, at least, a day before the actual deadline.
- WILL I RECEIVE FEEDBACK IF I AM NOT SELECTED?
Unfortunately, due to capacity constraints, we will not be able to provide specific feedback to applicants who are not selected.
- WHO CAN I CONTACT IF I HAVE MORE QUESTIONS?
You may send us an email at firstname.lastname@example.org for more information. Also, we will be having a series of meetups to answer your questions about the competition. We have also prepared a Facebook Help Group to answer your question. Join our Facebook Community and follow us @IdeaSpacePH for more details.