Local technology startups have a chance at getting a piece of a US$100-million (PhP4.3 billion) fund that is being raised to invest in startups around the world, including the Philippines.
The fund is being raised by the 500 Startups, the biggest group of investors, venture capitalists, startup founders and technopreneurs from Silicon Valley, which is currently in the Philippines to gain insight of the country’s startup ecosystem and to scout for investment opportunities from local technology startups.
Seventy-five percent of the fund will be for US-based startups while the remaining 25% will be allocated to global startups.
The group, known globally as the organizer of the group tour “Geeks on a Plane (GOAP),” consists of more than 30 “geeks” and is part of the invite-only GOAP tour that will stay in the Philippines from July 23 to 26.
“This is the highest concentration of investors and entrepreneurs in the history of the Philippine startup ecosystem,” said Dave McClure, Founding Partner at 500 Startups.
Just some of the participants of Geeks on a Plane (GOAP), an invite-only tour of startup founders, venture capitalists, and investors from Silicon Valley. The group is led by Dave McClure of 500 Startups (seated at the center in white 500 Startups shirt) and includes IdeaSpace Founder and President Earl Martin Valencia (standing, center) and Voyager Innovations FVP and Group Head Stephen Misa (standing, gray jacket).
“The Philippines is a country full of smart and creative people – it’s a perfect place for entrepreneurship to flourish and grow. 500 Startups is psyched to be here in Manila and we aim to be a frequent visitor to the Philippines,” McClure adds.
Series of tech events
During their three-day visit, the GOAP participants will be able to gain and share insights about the local market via a Tech Summit being organized by the Asian Institute of Management, supported by IdeaSpace.
Topics to be discussed include observations about Southeast Asia and the emerging trends in the Philippines, as well as the best practices on innovation ecosystems in Silicon Valley.
The GOAP contingent will also visit selected firms which will give homegrown startups a chance to network and gain valuable insights from investors and founders in Silicon Valley.
Some of the participants will be present during the Startup Grind event on July 25 and the second Manila staging of AngelHack, the world’s largest hackathon event to be held on July 26.
500 Startups has funded hundreds of technology startups around the world. These startups include the likes of Marketbot, currently the world’s most popular 3D printing platform; and Viki, an online TV site which was later acquired by Japanese e-commerce giant Rakuten.
The California-based seed fund and incubator has also invested in technology startups in the Philippine-owned ZipMatch, an online real-estate platform that is aiming to revolutionize the home-buying experience in the country.
Prominent features of a potential startup
Asked about the prominent features they are looking for in a startup, McClure said they are looking at the product and consumer opportunities. The startups have the potential to grow. They are also looking at companies that have functional products and should be revenue-generating.
The country’s top wireless services provider Smart Communications, Inc. serves as the country host, alongside technology incubator and accelerator IdeaSpace Foundation, Inc., Voyager Innovations, Inc., and the Smart Developer Network, Smart Bro.
“We’re very proud to host the very first “Geeks on a Plane” contingent to land in Philippine soil,” said Earl Martin Valencia, President and Co-Founder at Ideaspace Foundation, Inc. “That the Philippines became one of the stops for this year’s GOAP trip to Southeast Asia is a testament to the vast potential of local startups and the remarkable growth of the Philippine startup ecosystem.”
The event is also supported by the United States Agency for International Development (USAID) through its Science, Technology, Research, and Innovation for Development (STRIDE) Program.
The GOAP participants, including IdeaSpace’s Valencia, along with Stephen Misa and Dindo Marzan of Smart subsidiary Voyager Innovations, have already explored the startup ecosystem of Singapore, Bangkok, Thailand, and Jakarta, Indonesia before proceeding to the Philippines. The regional (Southeast Asia) tour started on July 13 and concludes on July 26.
