Some 26 Philippine tech startups will be receiving support through the IDEA and ADVanCE programs, which will help them become market and investment-ready, the Department of Trade and Industry (DTI) and PhilDev Foundation announced.
Launched in January, the Incubation, Development, and Entrepreneurial Assistance (IDEA) Incubation and the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs aim to provide customized support to tech startups in the Philippines to help them become market and investment-ready.
The 26 selected startups were chosen from more than 60 applications across the country. This means the 26 will be moving forward to receive full incubation and acceleration support from the two programs.
They will be participating in workshops, receiving legal and financial management support services, and mentorship from world-class experts and entrepreneurs from the combined network of PhilDev and DTI.
The ADVanCE Acceleration Program, on the other hand, will be helping advance six growth-stage startups with solutions aligned with the Philippine Development Plan’s strategic priorities.
In addition to workshops, masterclasses, and tailored mentorship support, the ADVanCE cohort will also be receiving legal and financial management assistance, public relations and marketing support and investor linkages.
DTI Undersecretary Rafaelita Aldaba said at the onboarding on Tuesday, Feb. 15, “We put startups at the forefront of innovation- and S&T-based policies and with technology entrepreneurship at the core, the IDEA and ADVANCE programs can support the growth and development of startups, increase their access to trainings, market expansion activities, and funding opportunities. Through these programs, early- and growth-stage startups will receive customized incubation and acceleration assistance to enable them to grow and scale-up.”
In his message during the onboarding, PhilDev Foundation Founder and Co-Chairman Dado Banatao congratulated and welcomed the startups. Dado also expressed his support and gratitude to DTI for the partnership.
“Supporting startups in the last 10 years of PhilDev, shows how we can harness technology and innovation, and turn these into scalable businesses that can empower Filipinos to get themselves out of poverty. We are grateful to be co-implementing programs alongside the DTI. With the combined expertise and experience of both organizations in business, industry, innovation, and entrepreneurship, we look forward to a thriving startup ecosystem in the Philippines,” Banatao said.