A lawmaker has filed a bill that seeks to promote a business incubation program in schools to give students the opportunity to start their own businesses and provide them access to technology and financing.
Marikina City representative Marcelino R. Teodoro said school-based incubators provide the link between academic institutions and commercial industry by bringing education and technology together.
As defined under House Bill 2475, a business incubator is an entity affiliated with or housed in a degree-granting institution that provides specialized services to start-up businesses.
The services include shared-office space and services, access to equipment, access to telecommunications and technology services, flexible leases, specialized management assistance, access to financing and other related coordinated business or technical support services.
The measure authorizes the Commission on Higher Education (CHED) to support the establishment and development of incubators and to appropriate from the National Treasury such sums it may deem appropriate in carrying out the program.
The bill provides that the CHED shall use 80 percent of the fund allocation in the amount of P20 million to make awards — on a competitive basis — to help acquire or renovate spaces for incubators.
Funds shall also be allocated to provide assistance for patents, trademarks, and copyrights acquisition as well as other technology services or programming needed by entrepreneurs housed in an incubator.
Teodoro said business incubators help academic institutions contribute to the local goals of sustaining economic development in their surrounding communities.
“Education in entrepreneurship and other business formation skills is essential to business success and sustainable economic development,” he said.