The Department of Science and Technology (DOST) vowed Wednesday, April 21, to expeditiously draft the guidelines for its Startup Grant Fund (SGF) to support the research and development (R&D) activities of the innovative startups in the country.
DOST Secretary Fortunato “Boy” T. de la Peña expressed DOST’s commitment to ensure the full implementation of the Republic Act No. 11337 or the Innovative Startup Act and its Implementing Rules and Regulations (IRR).
He said with the approval of the Innovative Startup Act, the DOST, together with the Department of Trade and Industry (DTI) and the Department of Information and Communications Technology (DICT) will implement the Philippine Startup Development Program.
“The program mandates the development of programs and provision of incentives and benefits to both startups and startup enablers to encourage the establishment of innovative new businesses and an innovative entrepreneurial culture in the Philippines. For this purpose, the DOST will soon be coming up with the Guidelines for its Startup Grant Fund (SGF) to ensure R&D support for the technology needs of the local start-up communities,” he said.
“The R&D efforts under the DOST SGF shall be directed towards improving the core technology of the start-up, enhancing marketability, validating the technology by engaging lead users, or refining existing processes that may provide a new source of revenue to the start-up,” he added.
In March this year, De la Peña said the DOST is eyeing to sign the guidelines for the Grants-in-Aid Program for its Startup Grant Fund.
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.
The DOST said this year, it has allocated P142 million to fund research, development, and training programs for startups in the country.