IdeaSpace startup finalist at Intel APEC Challenge

CEBU, Philippines - A business incubatee of the IdeaSpace Foundation was recently named one of 30 Asia Pacific startups that could present their business plans to potential investors at next month’s Intel APEC Challenge in Taiwan.

One of these companies will get a chance to showcase its projects at the 2013 Intel Global Challenge in the United States this October, where a $50,000-grand prize is at stake.

Filipino startup WEGENTECH, Inc., which has developed a more efficient design for wind turbines, qualified in the Early-Stage Startup category of the Intel APEC Challenge, along with startups from Japan, Korea, India, Taiwan, Indonesia, Malaysia, and Thailand.

The companies will each be given six minutes to pitch before expert judges, and four minutes to answer questions and get feedback. Judges composed of angel investors and venture capitalists will assess the teams based on the innovation of their business idea, business scalability, uniqueness of their value proposition, market opportunity, and the team members’ qualifications.

WEGENTECH’s chief technology officer Karl Ivan Estadola, an electrical engineering student at Adamson University, said he and his partners hoped to grow their startup by attracting investors and potential partners in the event.

The Intel APEC Challenge is part of the APEC Startup Accelerator Leadership Summit, which encourages the region’s entrepreneurs and international key players to collaborate on Internet, mobile, and social innovation. 

WEGENTECH is one of the 10 local startups the IdeaSpace has taken under its wing for funding support and mentorship. It was chosen from more than 600 aspiring startups that joined last year’s nationwide search for IdeaSpace incubatees.

The WEGENTECH team is currently composed of Estadola, chief executive officer Jeah Alicante, and chief financial officer Jillian Arevalo. Alicante and Arevalo are both business administration and accountancy students at the University of the Philippines Diliman.

Estadola said their experience with IdeaSpace would help them tremendously at the Intel APEC Challenge. “We have participated in a number of learning sessions organized by IdeaSpace, and have constantly received feedback and guidance from our mentors. These have certainly helped us prepare for our pitch in Taiwan this August,” he said.

“We at IdeaSpace are happy to be part of WEGENTECH’s business journey. We hope that more young people would develop their entrepreneurial bent. For its part, IdeaSpace will continue its efforts to help strengthen the country’s tech entrepreneurship ecosystem,” he added.

IdeaSpace is a non-profit incubation hub formed by industry leaders such as PLDT, Smart Communications, First Pacific, Metro Pacific Investments Corp., and Meralco. (FREEMAN)