Do you have a business idea you want to turn into reality? Try pitching it to Philippine accelerator Ideaspace Foundation.
Ideaspace is holding the biggest startup competition in the Philippines where it will choose 10 startups out of a pool of hundreds to undergo a six-week incubation program.
At stake are monetary and in-kind benefits worth at least PHP 1 million (US$22,340). The winners will get seed investment of PHP 500,000 (US$11,170), office space, a housing option, mentorship on financial modeling and costing, marketing, design, and legal advice. The startups’ founders will be made to undergo an entrepreneurship program at the Philippines’ Asian Institute of Management. Other support will also be given in terms of incorporation, intellectual property protection, and possible follow-on funding.
“In emerging markets where there’s still much room for growth in terms of technology startup investing, competitions such as this one can help democratize access to funding,” Ideaspace president Earl Martin Valencia tells Tech in Asia. “At the same time, we’re spurring interest in all sides of the startup ecosystem.”
“Previously, funding is limited to those already in the know who are mostly based in key cities where startup activities are already popular. Combined with our grassroots advocacy, we’re helping foster the country’s innovation funnel and making it accessible to more people,” he adds.
In the past two years, Ideaspace has invested in 28 companies focusing on innovations that address emerging market needs. Some of these companies have received global attention like SALt, which aims to light up poor homes in off-grid areas through a lamp powered by salt and water.
See: This Philippine startup wants to light up poor homes with lamp powered by salt and water
How to get in
Ideaspace has held two rounds of this latest competition already. This third round is expected to be more intense, given that the foundation’s selection rate is less than two percent.
For startups, the question now becomes: what does it take to win? Here are four key things that Ideaspace is looking for in a startup it will fund:
1. Clear need
The startup should be solving a clear market problem. “We like to get startups that understand the pain points. It is best when they have experienced the pain themselves,” says Ideaspace executive director Diane Eustaquio.
How large is the market? Is there demand for the product or service not just locally, but also globally? These are very important factors to consider.
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