Tech entrepreneurs can vie for P100,000 start-up fund

MANILA, Philippines – Here’s good news for local technology entrepreneurs: a P100,000 start-up fund is up for grabs.

Local startup accelerator Hack2Hatch (h2H) is offering seed funds and mentorship for the next generation of entrepreneurs to help make a measurable economic impact in the Philippines and fuel the Filipino software industry.

“Each winner will get P100,000,” said Filipino businessman and serial tech entrepreneur Winston Damarillo at a press event on September 5. He said h2H hopes more companies will sign up to sponsor the competition so they can grant more startups funding.

“I want budding entrepreneurs to know we’re here for you. You are the next hope of the country. And from (those of) us [who] have had the blessing to be on the path that [you’re on], we want to be there for you (now),” said Damarillo.

Those who are interested can take the following steps:

1. Submit an application on hack2hatch.com by September 14 and begin working on a prototype. From the pool of applicants, 10 Groups of 5 members or less will be selected.
2. The chosen groups will have to pay their own airfare to come to Cebu for a technopreneur gathering on October 5, where they will deliver an elevator pitch
3. From October 5 to October 7 the groups will work on their prototypes with one-on-one mentorship from Silicon Valley’s Filipino pioneers like Dado Banatao, whose inventions are believed to make up 30% of every computer in the world.
4. On October 7, the groups will deliver a final elevator pitch and 3 will be selected to receive seed funding.

Number One

The Chinese-Filipino businessman has high hopes for local entrepreneurs in the software sector. He says the Philippines should shift from outsourcing to building innovative products.

“We’re going to focus on the software industry. We think it’s what will produce a significant gain in GNP (gross national product), and it’s where we think we can be number one in ASEAN.”

The Philippines has a long ways to go before meeting its potential in the sector.

“Currently we have 50,000 employed and a retained revenue of $16,000. What it should be is 200,000 employed with a retained revenue of $30,00 to $40,000. Think about that as $6 billion towards GNP (gross national product). That’s what it should be. That’s our mission,” Damarillo admitted.

Noting that, while Singapore has higher quality software products, the Philippines could supply the scale that its more developed neighbor lacks.

The position of number one software producer in the region is “basically ours to loose…If we give it to somebody else… it could be Vietnam or Thailand.” – Rappler.com