IdeaSpace Foundation, Inc. has just opened its national search for the top ideas for technology entrepreneurship in the country. Starting tomorrow, September 1, 2012, anyone who thinks he has a great, game-changing idea can submit it to IdeaSpace in the hope of being given the opportunity to incubate this idea.
According to IdeaSpace executive director Diane Eustaquio, this is open to anyone in the country—no age limits, no geographic limits. All you need is a great idea or an early stage startup that can address a particular need in the country. Primarily, the competition encourages participants to address the needs in the following industries: water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food. Participants may also offer solutions for other industries, but it must have a “significant global potential or development impact.”
Ten (10) grand winners will be selected to undergo a six-month incubation period, where they will be given an initial amount of PHP 500,000. They will also receive up to PHP 2,000,000 worth of funding and support. This includes legal assistance, training and mentoring from the executives in the MVP Group of Companies, free office space, and housing provisions for those who hail from outside of Metro Manila. After six months, each incubatee can get up to PHP 5 million additional capital, depending on the needs of the startup.
In exchange for the funding and support, IdeaSpace will have a 20% equity stake for each incubated company. The future revenues will go back to the foundation to help support forthcoming startups.
IdeaSpace has recently been conducting bootcamps that encourage the startup culture in the country. They have been to several areas in the Philippines, including Tuguegarao and Davao. They have also been partnering with schools such as the Philippine Science High School. IdeaSpace founding member Nick Wilwayco also shares that IdeaSpace will be coming to the University of Santo Tomas in late September.
“We’re excited to see what kind of game-changing ideas we will get from this competition. We have been going the rounds all over the country through our bootcamps and there are so many promising tech ideas and entrepreneurs around. It’s time to help make these ideas into commercial realities,” says IdeaSpace president Earl Martin Valencia.
Submissions will be closed on January 7 next year. The finalists will be announced on February 28, and they will pitch their ideas to Manuel V. Pangilinan and the CEOs of the MVP conglomerate on March 30 and 31. The 10 winners will be announced on April 2.