NOW is the time to unearth the true skills and talents of Filipinos when it comes to technology innovation! Ideaspace, just announced that they’re in the quest for creative Pinoy ideas that could be game-changing both in the local and international market and they’re very much willing to support by giving fund up to 5 million pesos!
It is the very first time in the country to have such competition supported by a private-led comprehensive incubation program. It will also probably the longest competition to date as submission of entries alone will start today, September 1, 2012 until January 7 2013!
Top ten selected tech-based ideas will get funding and support worth PhP2M for the first phase and up to PhP5M additional capital during or after six months into the program.
Earl Martin S. Valencia, IdeaSpace president shared,
“We’re excited to see what kind of game changing ideas we will get from this competition. We have been going the rounds all over the country through our bootcamps and there are so many promising tech ideas and entrepreneurs around. It’s time to help make these ideas into commercial realities.”
Truly, we Filipinos are always in the front row when it comes to what’s new and what’s hip about almost anything under the sun. From food to fashion to technology, we never want to be left behind! At the same time, we Filipinos are undeniably creative! But it’s sad that most of the time, we find ourselves hardly adapting to the hip stuff and just putting a little flavor to it–and we already call it innovation!
The IdeaSpace’s competition is a chance for all of us to take the lead in implementing (rather than adapting) new ideas and concepts in using modern technology to commercial realities which could be both beneficial for companies or business sectors and consumers! It is a chance for us to drive the market with creative ideas truly designed and created by Filipinos for Filipinos.
Going back to the competition, a PhP500,000 initial fund will be given per startup and winners will receive mentorship from executives from the group companies, access to resources including legal assistance and advice, operational control, free office spaces, housing provisions for those from outside Metro Manila and a clear partner route to markets served by any company in the group – whose range of business translate to millions of households, subscribers, motorists and others. In exchange for the support, IdeaSpace will have a 20% equity stake for each company incubated and the future revenues will go back to help fund other statups.
Winners will be announced by April 2013 and they will undergo incubation for six months.
Check here for the mechanics and other information you might be interested to know about the competition.
Last modified: September 2, 2012