Ideaspace Foundation Inc. is a startup incubator launched in March 2012 as a non-profit foundation. The foundation’s goal is to provide early stage funding for aspiring technology entrepreneurs with potentially innovative or disruptive business ideas or startups. Among the requirements is that the startups need viable products that will need a boost to propel them to commercial launch level. Ideaspace has a PhP500 million (US$12.5 million) funding through the next five years.
Ten startups stand the chance of receiving up to a PhP5 million (US$ 125,000) each in funding, as well as mentoring, support, grants and services from partner companies. For this round, 20 startups have been selected as finalists, from among which 10 will be chosen:
- AgriCultureTechnology (Metro Manila) – monitors growth of aquatic livestock
- Armtech (Angeles City) – affordable water purification machine for households
- CornerData (Metro Manila)– simplified data gathering for agriculture and disaster preparedness using electronic sensors
- DateCola (Davao) – natural date enriched beverages
- DepEd Smart Cloud (Angeles City) – enterprise solution for public school system
- FindmyDok (Davao) – a solution for searching doctors
- Lost Meets Found (Cebu) – an online solution for lost and found objects
- miCab (Cebu) – smartphone solution for getting a cab with or without mobile Internet
- Mirand (Metro Manila) – Lower cost and high quality total joint implants for the Asian market
- Nambal.com (Cebu) – online healthcare system with portable features
- PGRS (Metro Manila) – produces electricity via rumble strips on high traffic roads
- PinoyTravel (Metro Manila) – provincial bus seat reservation using mobile technologies
- PortfolioMNL (Metro Manila) – online marketplace for creative professionals
- Prodigo (Manila) – a solution for targeted promotions and analytics
- SafeCab (Cebu) – a solution that providing feedback for commuters riding cabs
- Summarize and Notify (Leyte) – allows web searches, summarizes information and notifies users
- Tech4Health (Metro Manila) – solution for health monitoring of chronic conditions including diabetes
- TimeFree (Zamboanga) – SMS-based automated queuing system
- Tudlo (Cebu) – a system that teaches, guides and points during a disaster and emergency situation
- WeGen (Sorsogon) – new design of wind turbine that is more efficient than current technology
Bulk of the submissions were from Metro Manila, although there is adequate representation from the other regions in the Philippines. Also, many of the finalists are mobile-oriented, which is appropriate due to supporters’ presence and network in the mobile industry, including PLDT, Smart, Digitel and Sun Cellular, which are leading telecoms providers in the country.
“The diversity of both the ideas and geographic locations prove to us that there are a great number of innovations in the Philippines. Through our national competition, we hope that we are indeed helping level the startup playing field for these very early stage technology business ideas.” said Earl Martin Valencia, IdeaSpace president.
IdeaSpace is supported by the following companies: First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), MPIC hospital group, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Digitel, Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.
Ideaspace will hold its finals and awarding at the First Pacific Leadership Academy on April 5, 2013.