DOST launches accelerator program for MSMEs

The Department of Science and Technology (DOST) Western Visayas (VI) launched an accelerator program for micro, small, and medium enterprises (MSMEs) and startups.

DOST, in partnership with Youth First Initiatives, Inc. (YFI), initiated FyrLab Accelerator Program for Startups.

In a taped report, DOST Secretary Fortunato "Boy" de la Peña said the project is a component of a DOST VI-funded project under the Bakal Lokal Innovation Program with the YFI entitled "Building the Capacities of Local MSMEs towards Digital Transformation."

"The project is set to continue the efforts of DOST VI and YFI in assisting MSMEs and startups in their digital transformation and ensuring business continuity and survival with the Bakal Lokal Innovation Program," de la Peña said.

The collaboration for DOST-VI with YFI is the Bakal Lokal project in 2020. The project provided MSMEs in the region a platform to sell their products and services online, allowing MSMEs to reach a wider market.

Twenty-five MSMEs will participate during the first cohort of FyrLab, meanwhile, 10 startups will participate in the second cohort of the accelerator program.

The FyrLab Accelerator Program included the development of Bakal Lokal Learning Management System (LMS), forging partnerships with DOST-supported Technology Business Incubators (TBIs).