President Marcos has assured Filipino inventors and startups that the government will find ways to commercialize their products as he recognized that startups "generally have a high failure rate."

Speaking at the 2024 National Invention Contest and Exhibits (NICE) Presidential Awards on Wednesday, July 24, Marcos acknowledged the several roadblocks startups encounter which, he said, resulting in high failure.

While inventors have mastered the technology, they do not necessarily have the skills to deal with banks, the market, and distributors. They also lack the ability to secure licenses and patents, the President said.

He further stressed that commercialization is also key in the success of startups in the country.

“Ang problema talaga natin hindi tayo marunong mag-scale (The problem is we do not know how to scale up). How do you scale it into --- so that it becomes a commercial production? How do you design, engineer the production? How do you keep costs down? How do you procure the supplies, the raw materials that you need?” Marcos said in his speech during the event.

“And this is I think where the government can really put in a good hand. You must gain the advantage of your very fine intellectual property," he added.

"Kayo nakapag-isip niyan. Kayo nag-imbento nito. Kailangan mayroon din --- maramdaman ninyo na may magandang nangyari dahil kayo'y naka-isip nang napakagandang invention at maraming natutulungan (This is your idea. You invented it. You have to feel that it would have a good result so that you can keep inventing to help many people)," the President further said.

Marcos also emphasized that If the country has the environment conducive to startups and begins to see successes in that area, it would boost the confidence of inventors and innovators to come up with good ideas and products for the benefit of the public.

"And so, let's --- find a way to make it --- commercialize, to put it in the market and for people to gain, for people to enjoy the advantages of all of the new technologies that you have developed, all the advantages that it brings," Marcos said.

Before holding a situation briefing amid the onslaught of typhoon Carina on Wednesday, the Chief Executive graced the NICE Presidential Awards which was organized by the Department of Science and Technology-Technology Application and Promotion Institute (DOST-TAPI) pursuant to Republic Act (RA) No. 7459.

It aims to recognize the critical role and outstanding contributions of Filipino inventors in the country’s technological advancement and economic development.

The incentives for inventors include cash rewards, recognition and publicity, access to financial and technical support for further research and development (R&D), and participation in international competitions.