The National Search For Startups – Ideaspace

why can’t the next Instagram or Google be Filipino?” – MVP-

This was the question or i think it was more of a challenge by Manny Pangilinan in his recent speech during IMMAP’s 6th Summit. I kinda ask that question myself, the Philippines has a vibrant tech community and i believe that Filipinos are very creative and does not have to rely on copying already existing applications, as they say Yes the Filipino Can.

I have been teaching subjects on information technology for quite sometime now and what i have observed is that every bright and creative idea that a student has when presenting his or her thesis will end after he or she has been given the grade. Most of the time the project ends at graduation, why? Because full implementation of projects and thesis requires much more resources than what is available to the student. This also goes to programmers and thinkers out there who woke up one morning and hitting them with a bright idea, hindrances in terms of resources always halts that idea. We have to face the sad reality that resources especially financial resources are scarce except if you are backed by a company that believes in your idea. See, the thing is, for a company to back you up in terms of resources is bordering on faith, since you have yet to prove that your project or idea would work. But if you are armed with the right passion for your idea and you strongly believe that you can make it work, then find a way to break down those hindrances in the realization of your project.

The Ideaspace

Last August 31, 2012 IdeaSpace Foundation, Inc. (IdeaSpace) launched its national competition in search of the country’s top ideas for technology entrepreneurship, the first private-led comprehensive incubation program in the Philippines. From September 1 to January 7 next year aspiring startups can submit their application for the Ideaspace contest.

What’s in it For You?

The top ten tech ideas will be given funding support worth 2 Million pesos in total. While the winner will receive an additional funding of 5 million pesos during or after six months into the program. On top of that winners will receive valuable mentorship from the top executives in the country coming from the different group of companies. Free office space will also be provides as well as housing provisions from those coming from outside Metro Manila. Legal Advice as well as assistance will also be provided and a clear partner route to any market served by any company in the group.

What’s In it for Ideaspace?

IdeaSpace will have a 20% equity stake for each company incubated and the future revenues will go back to help fund other statups. Which means that if you are successful and you won the contest and have made your project to be income generating you will help support other future startups by giving twenty percent equity stake. Not a bad deal as far as i am concerned since you will just be giving back the blessings you received.

Other Ideaspace Details

Winners will be announced on April 2013 and the projects will go through an incubation period of about six months. “IdeaSpace targets early stage start-ups that in the industries of water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food.  The program is also open to applicants focused on solutions for other industries but have potentially significant global potential or developmental impact.

I just hope that the next big tech idea could come from Baguio City, although we have a budding tech community, creative ideas are overflowing in the city of pines.

For the complete mechanics and more information, visit ideaspace.ph. Follow them via twitter, @IdeaSpacePh and like them via Facebook/ IdeaSpacePh.

For further information, please contact:

Earl Martin S. Valencia                                               Ramon R. Isberto
President                                                                         Group Head for Public Affairs
IdeaSpace Foundation, Inc.                                       PLDT and Smart
+632 511 4069                                                             +632 5113101/ +632 5113106
esvalencia@smart.com.ph                                        rrisberto@smart.com.ph

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