Do you have an innovative or unique startup idea but lack the resources such as funding? IdeaSpace Foundation, Inc. (IdeaSpace), a privately-backed technology incubator, has announced that it is now accepting entries for the 2014 Startup Competition until January 15, 2014.
Now on its second year, the competition is also now open to submissions from neighboring Southeast Asian countries.
“Whenever we tell the IdeaSpace story to investors and venture capitalists in developed countries, they are always curious about the kind of innovation and unique startup ideas that come out of the emerging markets such as the Philippines and Southeast Asia,” said Earl Martin Valencia, President at IdeaSpace.
IdeaSpace is tied to First Pacific Group, one of the biggest conglomerates in Asia. First Pacific committed US$12.5 million to IdeaSpace over five years with strong human support.
“Southeast Asia as a market is interesting for companies worldwide as we can see from the number of investors flocking the region, solidifying our belief that the Philippines and neighboring countries have a huge potential in making a significant dent in the global startup scene,” Valencia added.
Valencia said that opening the competition to early-stage startups from around the region will bring in the kind of diversity in the kinds of science and technology innovations that can positively impact the lives of billions of people living in emerging markets like Southeast Asia.
Under the IdeaSpace program, the eventual winners for 2014 will receive initial support of more than $24,000 (P1 million) worth of funding, services and training under a rigorous six-month business incubation and acceleration program. IdeaSpace will also provide expertise such as legal support on incorporation and IP; financial planning; and technical support and mentoring. Winners will also receive business mentoring and office space in Makati as well as housing for non-Metro Manila participants, among others.
Incubation and Acceleration
For 2014, the IdeaSpace program will be divided into two phases: incubation and acceleration.
After three rounds of judging, 20 teams from the local and regional entries will be chosen for incubation. During the incubation phase, the top 20 finalists will undergo a 3-day bootcamp followed by a rigorous six-week program that will help enhance their entrepreneurial, business and marketing skills, aside from building team dynamics. During this phase, the chosen teams will receive a P50,000 grant to be used for prototype development, presentation materials and other initial operating expenses.
After incubation, the teams will be required to present their prototype and business model before a high-level board of judges. Up to 10 start-ups will then be chosen for the next phase of the program.
During acceleration, the teams will receive an outright cash investment from IdeaSpace of P500,000 and a separate grant worth at least another P500,000 inclusive of business management classes, marketing and financial consulting, intellectual property consulting and incorporation and business registration costs, among others.
After graduating from the acceleration period, IdeaSpace will evaluate and deliberate whether to give additional investments of up to P5 million to graduating startups that deserve increased funding.
“My dream is to eventually launch a startup for IPO (initial public offering) listing in the stock exchange,” said Valencia.
2013 Winners
The startups that won 2013’s competition are ARMTech, Arthrologic, PorfolioMNL, WeGen, TimeFree, PinoyTravel, theKard, DataCola, PGRS and Tech4Health.
Among the winners, two are in revenue stage, three are in launch state, and five are in pre-launch/prototype.
TimeFree (an SMB-based queuing system) will close the year with more than $100,000 in bookings and got a contract to deploy with a financial services company in Hong Kong. PinoyTravel (a provincial bus reservation system) now has three routes they are servicing (Baler, Baguio and Tugegarao) with ticket sales. Meanwhile, mobKard (promos-on-the-go using analytics) and PortfolioMNL (online portfolio and job site for creative professionals), now have thousands of users.
