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Manila Bulletin devider Philippines devider National devider DOST-funded 15 startups generate P83.4M in revenues

DOST-funded 15 startups generate P83.4M in revenues

Published Mar 22, 2021 09:10 pm

The Department of Science and Technology (DOST) said Monday, March 22, that a total of 15 startups which got initial funding support under its Startup Grant Fund Program, have generated more than P83 million in revenues. 

DOST Undersecretary for Research and Development Rowena Cristina Guevara

DOST Undersecretary for Research and Development Rowena Cristina Guevara said DOST-funded startups recorded a total income amounting to P83.4 million.

“Despite challenges posed by travel and trade restrictions, the DOST StartUp Grant contributed in supporting 15 startups with a funding of P64 million. These startups generated P83.4 million in revenues,” she said 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 

“Capital raised amounted to P45 million, 328 clients were served, and 142 jobs were created,” Guevara noted. 

She cited that innovative startups should be given funding support for their research and development activities to ensure a resilient and sustainable economy. 

“R&D  provides avenues to healthy market competition, product innovation, technological breakthroughs and a means for startups to succeed. This is how R&D makes changes happen.”

The DOST’s 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.

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