EU-led report urges Phl to create tech incubator

CEBU, Philippines — A European Union (EU) led report recommends the Philippines to create a Technology Business Incubator (TBI) info-sharing network to streamline access to updates and content, establish a country guide for entrepreneur support services, and expand support beyond the tech sector.

The report, which is in partnership with Department of Trade and Industry (DTI) and International Trade Center (ITC) also reiterates the government's critical role in supporting the continuous advancement of the entrepreneurship ecosystem and developing young entrepreneurs.

The mapping report aims at identifying and leverage growth opportunities for young Filipino entrepreneurs and ecosystem actors, such as TBIs.

The report entitled “ Entrepreneurship Ecosystem in the Philippines - Network Analysis and Mapping of Institutions Supporting Youth Entrepreneurship," also targets to foster an inclusive environment where young entrepreneurs can thrive, innovate, and contribute to sustained economic development.

“We're working together with the Department of Science and Technology (DOST), the Department of Information and Communications Technology (DICT), the National Economic and Development Authority (NEDA), and other government agencies to ensure that our economic relationships are fundamental to our strategy, competition, innovation, and productivity. We cannot remain static—our industries cannot stay stagnant. Therefore, we are committed to supporting the growth and development of startups in the Philippines,” said  DTI Undersecretary Rafaelita "Fita" Aldaba.

The mapping report was unveiled during the ARISE Plus Ye! Boost Accelerator Program Demo Day on June 25, 2024.

Organized in partnership with the Department of Trade and Industry-Competitiveness Innovation Group (DTI-CIG) and QBO Innovation, the ARISE Plus Ye! Boost Accelerator Program, launched in 2021 and now in its third cohort, is a 14-week program aimed at providing internationalization support to youth-led startups.

"I'd like to thank our partners, the European Union, the International Trade Council, and DTI for their support. Europe is an often untapped market for us. Through the ARISE Plus Ye! Boost Accelerator Program, we hope that Filipino startups can gain access to this crucial market and establish a foothold for exports,” said Rene "Butch" Meily, President of Ideaspace | QBO Innovation.

The Demo Day, attended by a diverse audience of key partners, investors, and stakeholders, marked the culmination of the program for 12 business startups from various verticals.

Mylo Speech Buddy, the  developer of a speech development app for children with autism and speech delays, clinched first place, securing a pitch prize of $2,500, or around P146,000.

The Philippine startup ecosystem has shown continuous growth despite the challenges posed by the COVID-19 pandemic.

In 2021, the Philippines ranked 52nd globally, with thriving industries including fintech (19 percent), e-commerce (seven percent), education and healthcare (5.2 percent), and agriculture (3.1 percent). — (FREEMAN)