MANILA, Philippines – Business groups led by Manuel V. Pangilinan and global IT companies have launched a Silicon Valley-like incubator program to support and mentor Filipino technology entrepreneurs.
The “multimillion dollar” program, called IdeaSpace, targets start-ups that can scale in the industries of water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food.
“This is part of our commitment to the future of this country. We want to help jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines,” Pangilinan said in a statement.
“This program will support innovative Filipino ‘technopreneurs’ with great ideas that promises the potential of global and national commercial potential,” he added.
The non-profit IdeaSpace Foundation will run the program with support from Pangilinan-led companies, including Smart Communications, Digitel and Sun Cellular, SPI Global, and ICT unit ePLDT, as well as PLDT shareholder First Pacific, media affiliates MediaQuest and TV5, and other companies.
The foundation will soon launch a national competition to find the first batch of technology entrepreneurs that will qualify for seed funding, mentorship from the companies’ executives, as well as access to legal assistance, advice, operational control, and a “clear partner route” to the business groups’ markets: millions of Filipino households, subscribers, motorists and more.
The beneficiaries will also have partnerships with top technology vendors, incubators and accelerators in the US and Asia during their program immersion.
IdeaSpace will provide them office and IT space and facilities in Makati and Antipolo, and a structured program on the fundamentals of how to run a successful and scalable business. – Rappler.com