Filipino patent for ICT solutions in the works

CEBU, Philippines - The National ICT (Information, Communication and Technology) Confederation of the Philippines (NICP) is now working on a program that would develop the Filipino patented content in different ICT solutions and programs, thereby encouraging local investors to take advantage fast growing sector.

NICP chairperson Jocelle Batapa-Sigue said that the group is working on the Cabinet level to convince law makers in providing good environment and policies to push local investors to go into ICT businesses.

She said NICP is pushing for more Filipino content, and encourage Filipino capitalist to go into the ICT business.

While the Philippines is considered as one of the world’s popular destinations for ICT and outsourcing investment sites, Filipinos capitalists should also take advantage of its “resources” especially the highly skilled programmers, and technology geeks.

Already, Cebu has gone ahead on conceptualizing this kind of move, with its bid to strengthen the development of “Venture Capital” (VC) market in the province.

In this way, even waiting for the government’s support in the development of locally-developed content and encouraging local investors to pursue ICT-related businesses, Cebu would be able to make its own local-industry in ICT via the VC concept.

In an earlier interview, Cebu Chamber of Commerce and Industry (CCCI) ICT committee head Gerry Rapes said that ICT stakeholders in Cebu are on its way to find solutions on how to grow the VC market in the province, in order to maximize the good talents in IT here, especially in the software development, and software engineering skills.             

Rapes said businessmen will be encouraged to embrace the VC concept, as this is one of the measures that indicate the maturity of an ICT industry, said Rapes.

Venture capitalists are those businessmen who will take advantage of a good concept and offer to fund the idea, as well as market the product.

However, the formation of a group of Venture Capitalists here would entail a tactful study on how to go about it, including the establishment of good mechanism that would give an effective venture capital market in Cebu.

Ideas for start-up businesses that could be funded through Venture Capital would not only limit to Information Technology (IT) related start-ups, but it would fund feasible ideas from the grassroots, or those business concepts that are produced by students.

Although, this idea has been floated in Cebu in the last couple of years, this opportunity has not been seriously taken into consideration by businessmen here.

In 2007, Cebuano entrepreneur-advocates started to consider the VC idea, however up to this time the formation of venture capital in Cebu remains floating.

Venture Capitalism, is only known most especially in the IT sector, of which in other countries, successful businessmen grouped together to fund good projects in relation to IT products and services.

Few years back, Ayala Group attempted to create the “idea farm” facility in Cebu, wherein it encouraged techno-prenuers to present their concepts involving innovation and the Ayala Group will supposed to serve as the Venture Capitalist once the company sees a huge business potential from a concept. But the project was later called off.      

Without a venture capitalist, a potential idea may be wasted, while only those few aspiring entrepreneurs or techno-preneurs that have good monetary back up will be able to take off in business.