Philippine startup incubator and accelerator IdeaSpace Foundation is giving startups in the region, an opportunity to compete for P1 million ($22,000) seed funding award.
This award is part of the 2015 tech entrepreneurship tilt, an IdeaSpace initiative, which is in its third year.
With $11 million funding over five years, this initiative has been one of the largest private sector commitment for technology entrepreneurship in the Philippines.
Apart from the awarding the seed funding, IdeaSpace also provides legal consulting, mentorship opportunities, office space, and market runway to the winner.
According to IdeaSpace President and Co-founder, Earl Martin Valencia, the third tech startup contest will serve as a venue for founders in the Philippines to bring their technology ideas to reality and contribute to the emerging startup system in the Philippines.
Each startup that successfully enters the acceleration phase, third round, will get P500,000 ($11,100) in seed funding, plus a separate grant worth at least another P500,000.
The non- profit foundation has already helped nurture and establish businesses like PinoyTravel, an online travel booking system for provincial buses and ferries; TimeFree Innovations, a virtual queuing system that uses SMS for notifications; and SALt, an ecologically designed lamp powered by tap water and table salt etc.