IdeaSpace opens natl search for start-ups

IdeaSpace Foundation, Inc. (IdeaSpace) has launched recently the national competition that would compel technopreneurs to showcase their ideas and be among the lucky individuals and groups privileged enough to be included in the first private-led comprehensive incubation program in the Philippines.

The search is on for aspiring technopreneurs and startups!

Submission of application commences today, September 1 until January 7 of next year, 2013.

Ten tech-based ideas will become fortunate recipients of funding and support amounting to PhP 2 million for the first phase and up to PhP 5 million additional capital during or after six months into the program.

“We’re excited to see what kind of game changing ideas we will get from this competition. We have been going the rounds all over the country through our bootcamps and there are so many promising tech ideas and entrepreneurs around. It’s time to help make these ideas into commercial realities.” said Earl Martin S. Valencia, IdeaSpace president.

Valencia, an engineer and Stanford MBA graduate, recently moved back from  Silicon Valley to help start IdeaSpace with co-founder Marthyn Cuan,  Vice President of IdeaSpace and Chief Information Officer of Meralco.

IdeaSpace runs an incubator and accelerator program to support technology entrepreneurs in the Philippines and for the global market through partnerships between the MVP group of companies and global technology companies.

A non-profit foundation, it is supported by the following companies: First Pacific, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), MPIC hospital group, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Digitel, Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.

The companies contributed a total half a billion pesos funding for five years for the foundation, the largest private sector commitment for technology entrepreneurship in the country.

Aside from the initial seed money of PhP 500,000 per startup,  winners will receive mentorship from executives from the group companies, access to resources including legal assistance and advice, operational control, free office spaces, housing provisions for those from outside Metro Manila and a clear partner route to markets served by any company in the group – whose range of business translate to millions of households, subscribers, motorists and others.

In exchange for the support, IdeaSpace will have a 20% equity stake for each company incubated and the future revenues will go back to help fund other statups.

Winners will be announced by April 2013 and they will undergo incubation for six months.

In his recent speech at the 6th Summit of the Internet and Mobile Marketing Association of the Philippines  (IMMAP), Manuel V. Pangilinan,  posed the challenge,  “why can’t the next Instagram or Google be Filipino.  This innovation void defined precisely the rationale behind IdeaSpace.”

Launched last March 5, IdeaSpace targets early stage start-ups that in the industries of water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food.  The program is also open to applicants focused on solutions for other industries but have potentially significant global potential or developmental impact.

Startups which do not fall under the early stage target market for the competition can still connect with IdeaSpace for support through mentoring, partnerships and industry link-ups.

“The program goes beyond angel investing and provides incubation and acceleration with access to a wide group of companies to share and learn experiences, fast access to be defined market runway and opportunities to be connected to potential investors” said Cuan.

Aside from funding, each incubated company will undergo a structured program hosted by the group’s Leadership Academy to mentor them on the fundamentals in running a successful and scalable business.

Since its launch, IdeaSpace has been giving out support to the various activities of the start-up community.  In addition to this, the foundation has been spearheading bootcamps to help get the sense out, promote and expand the start-up culture in the country. Through partnerships with the academe and local business communities, IdeaSpace has organized bootcamps in several universities all over the country.  The one-day activities include tech talks and sharing of start-up success stories, mentoring and an idea-generating session, culminating in a pitching competition.

For the complete mechanics and more information, you can click here: IdeaSpace mechanics FINAL

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For further information, please contact:

Earl Martin S. Valencia

President

IdeaSpace Foundation, Inc.

+632 511 4069

esvalencia@smart.com.ph

Ramon R. Isberto

Group Head for Public Affairs

PLDT and Smart

+632 5113101/ +632 5113106

rrisberto@smart.com.ph