PH incubator offers startups P1-million grants in annual contest

IdeaSpace, a tech accelerator backed by tech giant PLDT, will soon be selecting technology startups for its 6th Startup Competition.

The call for applications opened in November 2017, while selection process will begin a day after the deadline on February 2, 2018 (11:59p.m.).

Winning startup teams will receive over P1 million worth of support, including cash of P500,000 equity-free and tax-free.

“We are optimistic about the Philippine startup scene and decided that we will continue to provide this support to our beneficiaries, net of tax. We want startups to build local yet scale global,” said Rene “Butch” Meily, president of IdeaSpace.

Startups and entrepreneurs can apply here. Applications are not limited to those in the Philippines.

“There were startups from other countries that have made it to the competition in previous years,” said IdeaSpace executive director Diane Eustaquio.

Startups from Indonesia, India, and even the United States of America have reached the semi-final rounds.

IdeaSpace since 2012 has deployed over P100 million through programs to fund startups and its advocacy to foster globally competitive startups and entrepreneurs.

“Our incubation and acceleration programs have supported over 400 entrepreneurs,” said Brenda Valerio, head of IdeaSpace’ acceleration program.

“Over the years, we continually improve the program, such as revising the curriculum, developing the startup bootcamp, and restructuring its equity exchange from incubated startups,” Valerio added.

Last year, 2017, nine teams went through the rigorous 4-month program that accelerated their startup to the next level. The teams received P1-million packages in cash and non-cash support.

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