This year, the Department of Science and Technology (DOST) has allocated P142 million to fund research, development, and training programs for startups in the country
DOST Undersecretary for Research and Development Rowena Cristina Guevara disclosed this during the virtual signing of the Joint Administrative Order No. 001 seeking the creation of a nine-man Steering Committee (SC) that would keep an eye on the full-blown implementation of the country’s Startup Development Program.
The JAO was 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
"Nurturing the Philippine Startup Ecosystem is at the forefront of the government’s initiatives in creating partnerships to promote an inclusive, innovative, and entrepreneurial culture in the country. Funding opportunities for innovative startups for their R&D (research and development) activities is needed to ensure a resilient and sustainable economy,” Guevara said.
She said with the signing of JAO, the DOST will issue its “Guidelines for the Grants-in-Aid Program for DOST Startup Grant Fund.”
“This year, the DOST has allocated P142 million for the DOST Startup Grant Fund,” the DOST official said.
She said the Startup Grant Fund Program was established to overcome R&D roadblocks by means of prototype improvement, conduct of feasibility studies, development of product specifications, as well as validate user requirements, to strengthen their intellectual property (IP) by means of protection and development of the appropriate IP strategies.
Guevara said to date, the DOST has established a total of 48 Technology Business Incubators (TBIs) across the country to nurture and accelerate the establishment and growth of technology-based startup through the provision of business and mentoring support, offered both in the incubator and through its network of key players in the industry.
“Through collaborations with the DICT and DTI, we at the DOST believe that startups will spur economic prosperity and introduce technological breakthroughs that can shift and improve our capabilities in fighting the effects of the pandemic and living in a better normal,” she said.