IdeaSpace launches 2017 Philippine startup competition

At the center are IdeaSpace leaders newly appointed president Butch Meily, and executive director Diane Eustaquio (in white), with founders of five IdeaSpace startups that are now full-fledged business enterprises.

IdeaSpace Foundation, a pioneer early-stage technology incubator and accelerator in the Philippines, formally launched its 2017 IdeaSpace National Startup Competition focused on innovative technology ideas.

Now on its fifth year, IdeaSpace decided to accept more incubatees for 2017, increasing it to 15 startups into the final acceleration process, instead of the usual 10 finalists.

The acceptance of more startups is part of IdeaSpace’s efforts to expand support for the local startup ecosystem, which it noted has seen robust growth over the past four years.

Deadline for submission of startup ideas is on January 12, 2017.

Also Read: PH Digest: New umbrella organization StartupPH launched; 500 Startups mulls Philippine microfund

“This year, we’re looking to extend our support to more startup founders with burning passion to start up their own business and help the country progress with the help of technology and innovation,” said IdeaSpace executive director Diane Eustaquio.

All 15 startups that will make it to the finals next year will still receive P500,000 of equity-free funding, which means IdeaSpace will not have a stake in their early-stage startups.

The teams will also receive support for housing, transportation, incorporation, office space, communication, software, trainings and classes, as well as mentoring from executives of companies under First Pacific, the total value of which amounts to more than P1 million.

Also Read: Philippines: IdeaSpace awards top 10 startups from 2016 acceleration program

Launched in 2012, IdeaSpace has incubated and funded a total of 52 startups, some of which have grown and evolved into full-fledged business enterprises, including startups such as PinoyTravel and TimeFree Innovations.

IdeaSpace is a non-profit foundation backed by First Pacific, Metro Pacific Investments Corp (MPIC), Metro Pacific Tollways Corp (MPTC), MPIC hospital group, PLDT, Meralco, Smart Communications, Maynilad, Voyager Innovations, and PayMaya Philippines.

IdeaSpace is also in partnership with the Department of Trade and Industry, Department of Science and Technology, and the JP Morgan Chase Foundation.

Also Read: Six local teams bag Startup Summit Philippines awards 2016

Newly appointed IdeaSpace president Butch Meily said the foundation has been extending its capacity into a “full ecosystem support” so that most of the startup businesses are guided every step of the way.

“We’ve realized over the years that startups need as much support as they can get in every step of the process, from bringing their ideas to life to launching them into the market, and even to making their startups grow further,” Meily said.

Aside from the incubation and acceleration program, IdeaSpace has also been a fervent supporter of startup community events in the country and overseas, such as the annual Geeks on a Beach conference, the Slingshot MNL program of the Department of Trade and Industry, and the DLD Tel Aviv Innovation Festival.

IdeaSpace also launched this year the Intrapreneur Accelerator Program (IAP), which allowed internal product development teams from companies in the First Pacific group to pitch their ideas and undergo the rigors of incubation and acceleration under IdeaSpace.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.