IdeaSpace Foundation, Inc. (Ideaspace), the largest private incubator in the Philippines, announces the opening of application for 2nd IdeaSpace Competition for Science and Technology Start-up Ideas. Scholars, scientists, technologists and technopreneurs all throughout the Philippines are invited to join.
To join, a balanced team of 2-3 members must be comprised of scientists or technologists and one with business background. Application can be secured at http://apply.ideaspacefoundation.org/ and will run until January 15, 2014.
IdeaSpace will pick up 10 winners that will receive a 6-month business incubation and accelerated program worth P 1 Million comprised of seed capital of P 500,000 (for 20% equity stake), office space, housing for non-Metro Manila employees, legal support for incorporation and patents.
Winning startups will get into a rigorous program that will foster grow from there with the market runway. They will also be provided help by the multi-industry partners of IdeaSpace.
IdeaSpace is a nonprofit foundation that aims support science and technology entrepreneurs. It is supported by the First Pacific Group of Companies, which includes PLDT, Smart, Meralco, Maynilad and Metro Pacific Investments to name a few.
For the first batch of start-ups, the competition received close to 700 applications and has invested in 16 companies ranging from healthcare, wind energy, IT and mobile application and water purification.
This year, IdeaSpace aims to file at least five patents with IPOPhil which will include novel Filipino produced invention.
This initiative is a continuing step toward realizing the “Filipinnovation” strategy and towards a new Philippine economy that’s driven by technology and creativity. (DOST-IX Press Release/December 6, 2013)
