20 finalists for 2014 National Startup Competition announced

A new batch of 20 early-stage startups will be vying for at least P1 million worth of seed funding, training and services as Philippine-based IdeaSpace Foundation, Inc. (IdeaSpace), the technology incubator and accelerator of the First Pacific group of companies for emerging markets, presented the entries that made it to the finals in the 2014 National Startup Competition. 

After three rounds of rigorous judging, the more than 600 submissions received during IdeaSpace’s call for startup ideas this year have now been reduced to twenty, namely:

• BlueLemons (Cavite)  – A Filipino theme mobile gaming studio
• BusFinder (Cagayan de Oro) – A GPS-powered real-time tracking system that minimizes commuting time
• CholesteLOW (Davao) – natural anti-cholesterol Rice that lowers blood cholesterol to keep the heart healthy
• iHarvest (Las Pinas)  – the next generation paddy grain dryer powered by solar energy
• iTravelPH (Batangas) – A GPS-based mobile solution that provides transit routes for smart traveling and commuting
• FlipTrip.ph (Taguig) – Online Philippine travel platform for itinerary customization and booking
• MyChild – An Online and Mobile platform for parents and schools to work together to make a child succeed
• Nyfti (Manila) – A 3-fold bicycle that you can take anywhere
• R-TAP (Quezon City) – Real-time pump controller for efficient water distribution
• SALt – Sustainable alternative lighting solutions powered by water and table-salt
• SmartFleet (Makati/ Caloocan/ Paranaque) – Technology platform enabling transport fleets with operations automation, booking, and analytics solutions
• SupplyHub (Makati/ Muntinlupa/ Quezon City) – online business-to-business platform that connects buyers with suppliers nationwide
• Tactiles  (Laguna) – hardware kit for basic electronics education
• Tambio  (Manila/ Quezon City) – All raffles in one app
• Taxinoy (Makati) – Taxi Booking App with Zero Data Charges
• ToGocery (Muntinlupa/ Quezon City) – an intuitive mobile solution for a quicker and simpler grocery shopping.
• Unlock & Load (Makati) – mobile advertising platform
• WattSmart (Pasig/ Quezon City) – online energy audit solution to help monitor electricity use in real time
• Wheelcare (Taguig/ Caloocan) – wheelchair designed to prevent pressure sores using eye sensors
• Zander (Pasig/ Paranaque/ Laguna) – A robotic fishpond monitoring and regulating system that eliminates fish kills

The twenty startups will already receive an initial grant worth P100,000 including PhP50,000 outright cash grant to work on their minimum viable product, and will have to undergo a six-week incubation program where they will learn the ropes of business and hone their entrepreneurial and marketing skills, as well as building team dynamics. 

“We’ve received a very diverse pool of startup ideas this year, and the ones that emerged in the top twenty are a clear reflection of that. These ideas came from all four corners of the Philippines, and we’re glad to know that the thirst for innovation is alive and well all over the country,” said Earl Martin Valencia, President and Co-Founder of IdeaSpace who is also the head for corporate strategy and innovation at Smart Communications, Inc. (Smart).

Customer-centric focus

During the incubation period, teams will undergo intensive mentoring and weekly checkpoint sessions to help them establish their tech startups. Industry experts and startup founders have been tapped to act as resource persons and mentors. Orlando B. Vea, cofounder and chief wireless advisor of Smart, Maria Ressa of Rappler and RJ David, cofounder of Sulit.com.ph (now OLX Philippines) were among the initial set of mentors who shared their insights during the first face-to-face bootcamp for the finalists.

Valencia said this refined process will help ensure that startups and their ideas respond to existing needs of their respective customers, which will then increase their potential for success once they graduate from the program.

After incubation, the teams will then be required to present their prototype and business model before a high-level board of judges, including executives from the First Pacific Group of Companies led by business executive Manuel V. Pangilinan.  Up to ten start-ups will then be chosen for the next phase of the program.

During acceleration, the teams will receive a combined funding and services valued at P1 million worth which includes lean startup business methodology, marketing and financial consulting, intellectual property consulting and incorporation and business registration costs, among others. Office space will also be provided as well as housing for non-Manila residents.

Startups which successfully complete the acceleration program based on business metrics will be further eligible to avail of additional follow through funding worth up to PhP5 million.

With half a billion pesos funding over 5 years and support from industry leaders, IdeaSpace is the largest private-sector commitment for technology entrepreneurship in the Philippines. To know more about IdeaSpace, visit www.ideaspacefoundation.org. –Rappler.com