MVP-backed IdeaSpace sets sights on Asean region for expansion

MANILA, Philippines - Philippine startup incubator IdeaSpace Foundation, initiated by businessman Manuel V. Pangilinan, is setting its sights on a more challenging regional role for its acceleration program in light of the unified Asean Economic Community (AEC).

IdeaSpace president and co-founder Earl Martin Valencia announced that the AEC would create better market runway for technology startups to expand outside the Philippines and create new market opportunities for unique innovations developed in the Philippines.

“Our startups have the talent, the skills, and now the resources to make it big regionally and globally,” Valencia said.

He pointed out that the Philippine economy has been performing well in recent years and the upcoming Asean integration is envisioned to provide local startups and innovators the opportunity to showcase technology prowess and business acumen to expand beyond the borders of the country.

“The world has seen how the Southeast Asian region is becoming one of the most important startup hubs in the world, and the Philippine is well-positioned to become the region’s innovation bright spot in the years to come,” he added.

The Asean integration bats for the creation of a single trade market that includes 10 member-nations – Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, and Vietnam.

Valencia revealed that IdeaSpace has increased interest from early-stage startups in neighboring Asean countries for the 2015 competition as the deadline for submission is scheduled on Jan. 15.

He pointed out that submissions were received from Singapore, Malaysia, US, Brazil, Mexico, England, Hungary, United Kingdom, and India, among others.

IdeaSpace is a non-profit foundation supported by First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corp., Metro Pacific Tollways Corp., MPIC hospital group, Philippine Long Distance Telephone Company, Meralco, Smart Communications Inc., Digitel Mobile Philippines Inc. (Sun Cellular), SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.

With P500-million funding over five years, the initiative is the largest private sector commitment for technology entrepreneurship in the Philippines.

Some of the startups that IdeaSpace had invested in over the years are making their mark in the region and around the world.

For one, virtual queuing startup TimeFree Innovations has successfully deployed its solution in other countries outside the Philippines such as Malaysia, while Tudlo has recently been invited to the Future Innovators Summit in Austria.