PH tech incubator expands start-up contest to Southeast Asia

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By Tom Noda Philippine technology incubator IdeaSpace announced on Thursday, Dec. 5, that it is extending its start-up contest to neighboring countries in Southeast Asia (SEA). [caption id="attachment_15312" align="aligncenter" width="600" caption="IdeaSpace president Earl Martin Valencia"][/caption] Dubbed “2014 Startup Competition”, the contest will run until January 15, 2014. Earl Martin Valencia, president at IdeaSpace, said start-ups around the region can submit their “idea entries” for science and technology innovations. Under the IdeaSpace program, winners will receive initial support of more than $24,000 (P1 million) worth of funding, services, and training under a full-time six-month business incubation and acceleration program. They will also receive business mentoring and office space based in Makati City, as well as housing for non-Metro Manila participants, among others. Winners of the start-up contest will undergo incubation and acceleration stages. After three rounds of judging, 20 teams from the local and regional entries will be chosen for incubation. During the incubation phase, the chosen teams will receive a P50,000 grant to be used for prototype development, presentation materials, and other initial operating expenses. The finalists will also undergo a three-day bootcamp followed by a rigorous six-week program to enhance their entrepreneurial, business, and marketing skills, aside from building team dynamics. After incubation, the teams will be required to present their prototype and business model, wherein up to 10 start-ups will then be chosen for the next phase of the program. For the acceleration stage, IdeaSpace will give cash investment of P500,000 and a separate grant of at least P500,000 to the winning teams bundled with business management classes, marketing and financial consulting, intellectual property consulting and incorporation and business registration costs, among others. Start-ups after graduating from the acceleration period may receive an additional P5 million from IdeaSpace if they are deemed fit to receive increased funding. Valencia said investors and venture capitalists in developed countries are always curious about the kind of innovation and unique start-up ideas that come out of the emerging markets such as the Philippines and Southeast Asia. ?Southeast Asia as a market is interesting for companies worldwide as we can see from the number of investors flocking the region, solidifying our belief that the Philippines and neighboring countries have a huge potential in making a significant dent in the global start-up scene,? Valencia said. IdeaSpace has so far raised P500 million funds over the past five years. ]]>

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