The Department of Science and Technology (DOST) is eyeing within this month to sign the guidelines for the Grants-in-Aid Program for agency's Startup Grant Fund, which seeks to provide funding opportunities for innovative startups for their research and development (R&D) activities.
DOST Secretary Fortunato “Boy” T. de la Peña announced this on Monday, March 22, before the DOST, Department of Information and Communications Technology (DICT) and the Department of Trade and Industry (DTI) signed a joint administrative order (JAO) which seeks to ensure the growth of the innovative startup companies and business enterprises in the country.
The JAO seeks the creation of the Steering Committee that will ensure full-blown implementation of Republic Act No. 11337 or the Innovative Startup Act and its Implementing Rules and Regulations (IRR).
"I hope to sign the Guidelines for the Grants-in-Aid Program for the DOST Startup Grant Fund within March so that we can announce the first batch of grantees of the DOST Startup Grant Fund in May or June 2021 this year,” de la Peña said.
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 GIA for startups and startup enablers that have passed the selection and application process.
De la Peña cited the crucial role of startups in creating jobs in the country.
"Why do we want to support startups? Startups play a key role in our economy by creating jobs. They bring ideas into products and services. Startups are usually focused on new technologies and innovations,” he said.
"Aside from growing into bigger enterprises, there are other opportunities for startups as some big companies buy startups to acquire their ideas and innovations.”
He said the startups will also play a major role in moving further the Philippines ranking in the Global Innovation Index (GII) in the forthcoming years.
"The Philippines’ performance in the overall GII which saw a marked leap in ranking --- from rank 100 in 2014 to rank 50 in 2020 --- is a true motivation for the government and the innovation landscape.”
De la Peña said DOST will continue supporting the innovations of startups through its three Councils--Philippine Council for Agriculture, Aquatic and Natural Resources Research and Development (PCAARRD) for agriculture, aquatic and natural resources sector; Philippine Council for Health Research and Development (PCHRD) for innovative technologies and services under the health sector; and Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) for industry, energy and emerging technologies.
"The enactment of the Innovative Startup Act is very timely, allowing us to provide more support to innovative startups and startup enablers,” he said.
"With the joined efforts of the government and stakeholders: startups and startup enablers, let us all gear up for more technological innovations that will bring us closer to the upper echelon of progress and development.”