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IdeaSpace sparks 5th startup competition

By Patrick Alcantara - on 13 Dec 2016, 1:37pm

IdeaSpace sparks 5th startup competition

Early-stage technology incubator and accelerator IdeaSpace Foundation (or simply called IdeaSpace) is opening its National Startup Competition to accept innovative technology startup ideas for 2017.

Now in its fifth year, the 2017 IdeaSpace National Startup Competition will be accommodating more startups into the final acceleration process, instead of the usual 10 finalists that make it to the last stage in the last couple of years.

Interested individuals or groups may submit their unique startup ideas by logging on to Deadline for submission of startup ideas is on January 12, 2017.

"We've seen very inspiring stories of startup founders joining IdeaSpace over the years to make their own mark in the world," said Diane Eustaquio, Executive Director at IdeaSpace. "This year, we're looking to extend our support to more startup founders with burning passion to start up their own business and help the country progress with the help of technology and innovation."

"Likewise, IdeaSpace, in partnership with the Department of Trade and Industry, Department of Science and Technology, and the JP Morgan Chase Foundation, this year launched the QBO Innovation Hub, which aims to be a one-stop-shop for established startup founders to help them further grow their businesses and contribute even more to the emerging digital economy," added Butch Meily, the newly appointed President of IdeaSpace.

All 15 startups that will make it to the finals next year will still receive PhP 500,000 of equity-free funding, which means IdeaSpace will not have a stake early-stage startups.

On top of this, they will also receive support for housing, transportation, incorporation, office space, communication, software, trainings and classes, as well as mentoring from executives of companies under First Pacific, the total value of which amounts to more than PhP 1 million.

The expansion of the number of startups that will be taken in next year is part of IdeaSpace's efforts to expand support for the local startup ecosystem, which has seen robust growth over the past four years.

Since launching in 2012, IdeaSpace has incubated and funded a total of 52 startups, some of which have grown evolved into full-pledged business enterprises, including startups such as PinoyTravel and TimeFree Innovations.

"The biggest advantage of being part of IdeaSpace is it made me look bigger than what I actually was at the beginning. And the big advantage of this newer batch of startups is that they can learn from our experiences. They don't need to go through what I went through, so I think the important thing is that they know what they're getting into and they have to be prepared," said Au Mendoza-Soriano, co-founder and CEO of transportation booking startup PinoyTravel.

And to further bring the proposition of innovation into the corporate space, IdeaSpace likewise launched the Intrapreneur Accelerator Program (IAP) this year, which allowed internal product development teams from companies in the First Pacific group to pitch their ideas and undergo the rigors of incubation and acceleration under IdeaSpace.

A non-profit foundation, IdeaSpace is supported by the following companies: First Pacific, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), MPIC hospital group, PLDT, Meralco, Smart Communications, Maynilad, Voyager Innovations, and PayMaya Philippines.