IdeaSpace Foundation (IdeaSpace), the leading early-stage technology incubator and accelerator in the Philippines, announced the opening of its annual startup competition for 2016, which will begin accepting early-stage startup ideas beginning January 21.
Now on its fourth year, the IdeaSpace startup competition will also have a new structure which will focus on providing equity-free funding and support to competition winners so founders can pursue their innovative ideas.
“Ever since IdeaSpace was founded, we have declared our belief that Filipino entrepreneurs can turn their innovative startup ideas into reality and make it big on the world stage as long as there is an ecosystem to support them,” said Diane Eustaquio, Executive Director at IdeaSpace.
“With this new equity-free funding structure, IdeaSpace strengthens its commitment to the local startup ecosystem to bring out the most socially relevant innovations that can help solve pressing problems of the world, particularly in emerging economies such as the Philippines,” she added.
Ideas from across the country, region
Interested groups and individuals can now log on to apply.ideaspacefoundation.org to fill up the form and submit their startup ideas for evaluation until March 18, 2016. Submissions from around the Philippines, as well as in the Southeast Asian region, are welcome.
The top twenty ideas from this pool will be screened by an esteemed panel of judges, and the top 20 early-stage startups that will enter incubation will be announced by July 5, 2016. At least ten of these startups, meanwhile, will enter the acceleration phase beginning August 1, 2016.
Those who enter the acceleration phase will have access to up to P1 million funding which will include up to P500,000 in cash, while non-cash benefits such as housing, transportation, incorporation, office space, communication, software support, trainings and classes, as well as mentoring from executives of companies under First Pacific.
Unlike previous years, IdeaSpace will no longer have an equity in each of the startups that will undergo its incubation and acceleration process. Eustaquio said this will allow startup founders and IdeaSpace to collaborate and focus fully on bringing these early-stage ideas to reality, and to ensure that each idea has a clear and achievable runway toward commercial viability.
As one of the formidable technology incubators and accelerators in the country, IdeaSpace has helped give birth to about 38 startups over the last four years as part of its half a billion-peso funding that was instituted in 2012.
Some of the program’s most notable alumni include: SALt, a startup that has developed an innovative saltwater lamp and was featured during the recent APEC Summit 2015 in Manila; PinoyTravel, a startup which helps solve provincial bus reservation woes of commuters; Mobkard, which helps consumers save on purchases through discounts and promos; and Tactiles, which developed an educational toy that helps children learn electronics while playing, among many others.
IdeaSpace is supported by the following companies: First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation, MPIC hospital group, PLDT, Meralco, Smart Communications, Inc., Digitel Mobile Philippines and its mobile brand Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.
To know more about IdeaSpace, visit www.ideaspacefoundation.org.