IdeaSpace picks 23 startups for incubation

Philippines’ IdeaSpace Foundation today announced the top startups that made it to the incubation round of its 2015 technology startup competition.

Following rigorous review and judging, 23 startups will be incubated by IdeaSpace out of the record 1,028 that applied for the competition.

IdeaSpace said it saw a variety of ideas – both hardware- and software-based – that address needs in the fields of gaming, tourism, finance, ecommerce, education, media, enterprise, and mobile technology, among others. This was also the first time that two teams with founders from outside the Philippines made the initial cut.

The 23 startups will receive a grant of PHP50,000 (US$1,130) to work on their minimum viable product or prototypes during the six-week incubation period.

After this phase, the IdeaSpace board of trustees will select the top 10 that will enter the acceleration phase, an intensive 18-week program that will help the startups develop their products, set up their corporations and business permits, and conduct market validation.

Each startup that successfully enters the acceleration phase will get PHP500,000 (US$11,308) in seed funding, plus a separate grant worth at least another PHP500,000 inclusive of business management classes, marketing and financial consulting, intellectual property consulting and incorporation, office space, and business registration costs, among others.

This year’s top 23 startups include:

iHarvest – solar-powered humidifier-dryer for high-value crops.

FARMBOOK – a soil analyzer system that helps farmers provide easier pH monitoring and limestone/sulfur calculation.

FAME – real-time tracking of general aviation aircraft and small ships and boats with accuracy similar to ADS-B and AIS using LORA.

FlexStrap – a flexible stainless steel strap that can fit a range of pipe diameters in any material for water service connections.

Stream Energy – a system that enables building establishments to generate hydro-electricity from their existing water consumption.

Agena – innovations on medical equipment that promotes ergonomic and ecological awareness through creative product design, with an ergonomic bed pan as its first product.