IdeaSpace now accepts entries for 2014 startup competition

CEBU, Philippines - Do you have a science and technology idea that could positively address the needs of emerging Southeast Asia?

IdeaSpace, a privately backed technology incubator in the Philippines, is now calling on early stage and aspiring startup founders to submit their entries for IdeaSpace 2014 startup competition.

Now on its second year, the IdeaSpace startup competition has already expanded outside the Philippines to accept inspired and marketable startup ideas from its Southeast Asian neighbors. This developed as the role of the region in the global startup scene is becoming more critical.

The Department of Science and Technology announced that the deadline of application is January 15, 2014.

“Whenever we tell the IdeaSpace story to investors and venture capitalists in developed countries, they are always curious about the kind of innovation and unique startup ideas that come out of the emerging markets such as the Philippines and Southeast Asia,” Earl Martin Valencia, president at IdeaSpace, said in a report from Yahoo.

“Southeast Asia as a market is interesting for companies worldwide as we can see from the number of investors flocking the region, solidifying our belief that the Philippines and neighboring countries have a huge potential in making a significant dent in the global startup scene,” Valencia added.

Valencia said that opening the competition to early-stage startups from around the region will bring in the kind of diversity in the kinds of science and technology innovations that can positively impact the lives of billions of people living in emerging markets like Southeast Asia.

IdeaSpace is a non-profit foundation focused on helping commercialize the best science and technology ideas from the Philippines and other nations.

The foundation is funded primarily by the First Pacific Group which included the Philippine Long Distance Telephone (PLDT), Smart, Meralco, Maynilad, Metro Pacific and IndoFood.

The foundation is slated to pick up to 10 winners that will receive a six-month business incubation and acceleration program worth P1 million comprised of seed capital of P500,000 (for 20 percent equity stake), office space, housing for non-Metro Manila employees, legal support for incorporation and patents, business training, as well as mentoring from key executives.

So far, IdeaSpace has already invested in 16 startup companies ranging from healthcare, wind energy, information technology and mobile applications and water purification.

This year, IdeaSpace aims to file at least five patents with the Intellectual Property Office of the Philippines which will include novel Filipino produced inventions.  (FREEMAN)