Startup incubator IdeaSpace to jumpstart Philippines’ Silicon Valley

A new startup accelerator called IdeaSpace was launched in the Philippines last month to help develop successful Filipino entrepreneurs.

It is started by Manuel V. Pangilinan, CEO of Hong Kong-based industrial conglomerate First Pacific. 

“This is part of our commitment to the future of this country. We want to help jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines,” he said in an article on ABSCBNnews.com.

IdeaSpace will invest about 100M Pesos (US$2.34M) per year over half a decade in scalable startups with global potential, in the areas of water and power utilities, toll roads and transportation, healthcare, mining, telecomms, media, and food. Social enterprises will also be considered.

It will invest an initial amount of 500k Pesos (US$12k) for 20 percent of the company, and a follow-up amount of up to US$100k if needed.

Besides investments, the incubator will provide entrepreneurs with experience sharing from established companies, access to markets and opportunities via potential investors, structured lessons on business leadership skills, and a whole host of other services.

The program will be run by IdeaSpace Foundation, a non-profit established just to implement the startup accelerator.

To find its first batch of incubatees, IdeaSpace has organized a national competition and will call for entries on the 1st week of May. They hope to receive their first intake in August.

Startups will be required to move to their locations in Manila, Makati or Antipolo for the duration of the program.