Do you have a great idea that needs funding? Do you think your idea is the next big thing in innovation?
If you are a Filipino, who has a great idea, IdeaSpace Foundation is alloting Php 100 million for the first year to see your awesome idea moving.
In a gathering of prominent bloggers and representatives of regional blogging organizations, Manny V. Pangilinan (also known as MVP), meets for the first time these bloggers to answer questions on the newest group collaboration to benefit the technopreneurs and startup companies – IdeasSpace Foundation.
Meralco’s Vice President and Chief Information Officer Marthyn Cuan shares that IdeaSpace is an incubator cum angel-fund and accelerator program.
The new foundation’s finances are supported primarily by First Pacific Group companies.
IdeaSpace foundation has an initial start up fund of Php 100 million for the first year of its operations and an additional of half a million every year to sustain it. Supporting companies include: First Pacific Group, Metro Pacific Tollways Corporation (MPTC), Metro Pacific Investments Corporation (MPIC), MPIC Hospital group, Meralco, Philex Mining, Philippine Long Distance Telephone Company (PLDT), Smart Communications, Inc. (SMART), Digitel, Sun Cellular, ePLDT, Maynilad, IndoFood, MediaQuest and TV5.
Mr. Cuan further discloses, “We want to replicate the Silicon Valley model, and improve it. There’s a lot of gaps between the model and the Philipines. We will try to close the gap and bring it to a sachet level.”
Smart Communications Public Affairs Group Head Ramon Isberto adds, “The number of the incubatees will depend on the number of bright ideas approved and depending on the requirement. The number can increase.”
Application Starts on May
In the same gathering, it was also opened that a national competition will be launched this year to be able to select who are the first incubatees of the program. Applications will be received starting May. Initial information regarding the search will also be loaded via www.IdeaSpace.ph.
Exciting Features of IdeaSpace to StartUps
In comparison to other existing incubation program, these are its edges:
1. Funding. Smart Communications, Inc. Strategic Business Development Head Earl Martin S. Valencia shares, “it depends on the merits of the idea. The foundation is ready to give as much funding as the project needs. Good thing about IdeaSpace is we will also help you find other investors either from our other group or other venture capital partners.”
2. Mentorship with Top Executives. There are a lot of things that every startup business should learn. Aside from developing the apps or system solutions, every successful technopreneurs understand the need for solid grasp of accounting, planning, operational control and its related knowledge. All of this are already accessible to the incubatees as they are beneficiary to a structured program hosted by the group’s Leadership Academy. Trainings will provide them a wider perspective to make the business successful and scalable.
3. Direct Market Access. If you are developing solutions or product/services specifically targeted to businesses already owned by the group like power utilities, toll roads and transportation, health care, mining, telecommunications, media and food, you will be given access to its direct market for actual testing.
MVP: Take Risk on Idea
The message is clear.
As a startup more than 30 years ago, MVP has created a throng of successful companies in the Philipines.
“We encourage people to take risk on their idea,” MVP explains. Based on statistics, only one innovation out of 3,000 ideas “sees the light of day.”
MVP continues,“But that doesn’t mean you shouldn’t try.”
MVP, sharing his thrust and goals with the new foundation, said, “We want to see innovation in the strongest state.”
STARTUPS. It is more fun in the Philippines.
The growth of this innovation sector in the Philippines is outstanding. It is also impressive to note how big companies, such as the First Pacific group, are providing opportunities for these innovation companies to grow and compete globally. It won’t be long when we pride ourselves to the number of celebrities we produce globally. In subsequent years, we can see an increase in number of technology innovations we can introduce to the world. And that can happen most possibly, thanks to generous NGO’s and companies such as IdeaSpace Foundation.
That move can not just provide additional work or bragging rights to the Filipinos, this can also bring us in line with other first world coutries sooner than 2050.