[UPDATE: fixed errors on number of portfolio startups under Kickstart Ventures, and amount of funding per startup for Ideaspace.]
Although challenges need to be addressed in the Philippines, the potential is there. And part and parcel of this growth in the number of successful startups is the existence of local support – the incubators.
So it may be worthwhile to take some time to know some of the local incubators helping to shape the Philippine startup ecosystem:
1. Kickstart Ventures
A wholly-owned subsidiary of Globe Telecom, it mentors and gives funding to select startups which they think have potential and can solve local and global problems. Kickstart provides funding and a six-month incubator period to select startups.
Last year, it invested in 10 startups, four under the Launchgarage program and the remaining six were direct investments. In 2013 it’s portfolio increased to 17 investees, with three startups in Launchgarage’s Mission 2 and four further investments. To date, it has already invested in 17 startups, including those under the Launchgarage program.
Some of the selected startups such as Kalibrr (the only Philippine participant in Y Combinator), Tripid, Ava, ZAP and Apptivate are already making waves in the Philippines.
2. Ideaspace Foundation
Like Kickstart, Ideaspace is an incubator firm backed by a telco, this time by Smart Communications.
It received more than 700 entries since it started its search for startups to incubate. And in April, it finally came up with the 10 civic-minded startups it will incubate for six months. Each has received over $12,000 of funding from the program.
One of its startups, online bus booking service Pinoy Travel, made its way to the field when it recently launched its service.
As its first batch of incubatees are about to commence their mentoring period, it’s now opening the stage for a new set of potential ideas. Those with brilliant workable ideas can already apply.
3. Launchgarage
4. UP Enterprise Center for Technopreneurship
5. DOST-PEZA Open Technology Business Incubator (OpenTBI)
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