20 tech start-ups vie for P1-M funding from First Pacific

MANILA, Philippines - IdeaSpace Foundation Inc., the technology incubator and accelerator for emerging markets of Hong Kong-based conglomerate First Pacific Group, has trimmed down the number of startup companies to 20 from more than 600.

A total of 20 early-stage startups are now vying for at least P1 million worth of seed funding, training and services in the semi-finals in the 2014 National Startup Competition.

Earl Martin Valencia, president and co-founder of IdeaSpace who is also the head for corporate strategy and innovation at Smart Communications Inc., said the foundation received a diverse pool of entries this year from various parts of the country.

“We’ve received a very diverse pool of startup ideas this year, and the ones that emerged in the top 20 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,” Valencia said.

The semifinalists include BlueLemons (Cavite), BusFinder (Cagayan de Oro), CholesteLOW (Davao), iHarvest (Las Pinas), iTravelPH (Batangas), FlipTrip.ph (Taguig), MyChild, Nyfti (Manila), R-TAP (Quezon City), SALt, SmartFleet (Makati/ Caloocan/ Paranaque), SupplyHub, Tactiles  (Laguna), Tambio  (Manila/ Quezon City), Taxinoy (Makati), ToGocery (Muntinlupa/ Quezon City), Unlock & Load (Makati), WattSmart (Pasig/ Quezon City), Wheelcare (Taguig/ Caloocan), and Zander (Pasig/ Paranaque/ Laguna).

The semifinalists would receive an initial grant worth P100,000 including P50,000 outright cash grant to work on their minimum viable product.

These companies are scheduled to undergo a six-week incubation program where they would be under intensive mentoring 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, co-founder and chief wireless advisor of Smart, Maria Ressa of Rappler and RJ David, co-founder 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 would help ensure that startups and their ideas respond to existing needs of their respective customers, which would then increase their potential for success once they graduate from the program.

After incubation, the teams would 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. 

The number of entries would further be trimmed to 10 that would be allowed to join the next phase of the program. 

During acceleration, the teams would receive a combined funding and services valued at P1 million worth including lean startup business methodology, marketing and financial consulting, intellectual property consulting and incorporation and business registration costs, among others.