The expansion to the Philippines is in partnership with the Philippines’ Department of Science and Technology (DOST) and Cebu-based non-profit tech organisation Techtalks.ph.
The partners said, the pre-accelerator programme serves as a building block of the Philippine startup roadmap, which aims to create 500 startups with total valuation of $2 billion by 2020, Tech in Asia reported.
“The bootcamp will help early-stage startups get off the ground by teaching them the basics of building a digital business. This is a gap we currently see in the Philippine startup ecosystem that this initiative will help address,” deputy executive director of the DOST’s information and communication technology office, Monchito Ibrahim said.
CEO Bikesh Lakhmichand said, 1337 Ventures have always believed that the Philippines is a lucrative market to launch startups.
“It has a large unbanked population, one of the biggest inbound transactions, and great talent,” Lakhmichand said, in a report in Tech in Asia.
Alpha Startups is a five-day bootcamp open to existing startups and new business ideas; its inaugural session to be held on November 9 to 13 in Cebu province. Twenty-five startups will be selected to join.
“The idea is to give a leg up to first-time entrepreneurs. The top 10 teams will get to pitch at demo day to early-stage investors,” Lakhmichand added.
Of the 10, the top three will get a “small cash injection” and $5,000 in Amazon Web Services credit from 1337 Ventures. The teams will also receive continuous mentoring from the Malaysian venture capital firm for the subsequent two months.
Alpha Startups has been running in Kuala Lumpur and Singapore. Thus far, 171 startups and close to 400 entrepreneurs had enrolled in the programme, with some 11 startups successfully raising pre-seed funding, while another 12 startups received public grants in their respective countries, post the programme.
Alpha Startups is aiming to enter the Indonesian market next.