By Ram Superable Agustin
Early-stage startup accelerator IdeaSpace Foundation has chosen its latest batch of startups that will be taking part in this year’s acceleration program.
All of the 17 teams will receive equity-free funding for the development of their platforms, as well as trainings, mentorship, legal services, and an office space in Makati City as part of non-cash support that amounts to P600,000.
By the end of the program on October this year, three of the 17 startups that survived the finalists’ pool of 22 teams will be awarded with an equity investment of P1 million each.
The IdeaSpace Competition for startups is currently on its seventh year, and has increased in the number of startups being facilitated into the program from the ten teams of their early days. The startups are chosen from hundreds of applications after undergoing an intensive six-week remote incubation period.
“It has often been said that this is a numbers game — more founders, more startups, more chances of success. Thus, IdeaSpace is committed to continuously feed into the Philippine science and tech startup ecosystem, more startups this year, in the year after next, year after year,” shared Diane Eustaquio, IdeaSpace executive director.
The teams who made it in this year’s acceleration program includes an app-based transportation booking platform for people with mobility problems called AccessiWheels, a cloud-based platform for legal practitioners named Omnibus, a hyperlocal food delivery solution called Pandelivery, and TMB which is an online community app for basketball players and enthusiasts in the Philippines.
Other teams taking part in the program are Airship Logistics, Assets, Automart, Brooky, Cocotel, Contrack, DCLA, Emerald District, E-Magsasaka Agriventures, ExperiencePH, IOL, Olivia, and SureLotto.
“We are optimistic and excited about the future of Philippine Startups. Nothing would make us happier than seeing these companies grow,” said IdeaSpace president Butch Meily. “The future is bright.”
As a non-profit organization, IdeaSpace has already deployed P180-million worth of support to the Philippine startup ecosystem and currently supports 91 startups.