The Department of Science and Technology (DOST), Department of Information and Communications Technology (DICT) and the Department of Trade and Industry (DTI) are expected to sign next week an administrative order (JAO) seeking to ensure the growth of the innovative startup companies and business enterprises in the country.
The JAO is set to be signed on Monday, March 22 by Secretaries Fortunato T. de la Peña of DOST, Gregorio B. Honasan II of DICT, and Ramon M. Lopez of DTI.
"The signing of the JAO underscores the commitment of the three Departments to pursue the objectives of the Innovative Startup Act or Republic Act No. 11337, to aid in the growth of the innovative startup companies and business ventures in the country,” read the statement issued by DOST-Science and Technology Information Institute (STII).
The law seeks to provide incentives and remove constraints aimed at encouraging the establishment and operation of innovative new businesses, and to strengthen, promote, and develop an ecosystem of businesses and government and nongovernment institutions that foster an innovative entrepreneurial culture in the country.
RA No. 11337 provides the creation of a Startup Grant Fund (SGF) under DOST, DICT, and DTI.
Each agency is expected to use its respective SGF to provide initial and supplemental Grants-in-Aid (GIA) for startups and startup enablers that have passed the selection and application process.
"The JAO is being issued to create a Steering Committee (SC) that will provide strategic guidance and oversight in the formulation, implementation, and development of the program,” the DOST said.
As provided for by Section 1, Rule 2, Chapter 1 of the Implementing Rules and Regulations (IRR) of RA 11337, the DOST, DTI and DICT shall constitute the committee for the implementation of the IRR and the management of the Philippine Startup Development Program.
Nine representatives from the DOST, DICT, and DTI as designated by their respective Secretaries will sit as members of the committee.
"This accord is truly beneficial as it is aligned with the other innovation-related programs of DOST like the Science for Change Program with its four sub-programs CRADLE, NICER, RDLead, and BIST; Technology Business Incubation (TBI) Program; Technology Innovation for Commercialization Program (TECHNICOM); the Startup Nation Program; and the Young Innovators Program (YIP), to name a few,” the DOST-STII said.