Technology startup incubator Ideaspace launched its search for the top Philippine startups in late 2012, and after sifting through more than 700 submissions, the team has narrowed down its choices to 20 startups. These include businesses, services and applications that span a variety of industries.
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:
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.