Philippine-based tech startup incubator and accelerator IdeaSpace Foundation has awarded over the weekend the top 10 teams from its 2016 startup acceleration competition.
All 10 startups received startup grants and benefits of over $21,400 (P1 million) including around a five-month acceleration program. The acceleration phase will begin on August 1, 2016.
The winning teams were Populi, Tarkie, Banyera, Investagrams, InvestEd, Taxumo, EARS, Tralulu, Cropital, and Cleaning Lady.
Among the notable teams, Tralulu is a web and mobile application that connects tourists to local guides to co-create local authentic travel experience; Tarkie is the employee expense management system with location-tagging and audit trails designed for your field employee; Taxumo is a mobile & web app that helps one reduce time spent working on business taxes; Investigrams is a portal that connects one to other investors, traders or analysts; and Cropital is a crowdfunding platform that connects anyone to help finance farmers.
IdeaSpace stressed that it would not take any equity in the startups that have emerged as winners from its programme.
The foundation’s executive director Diane Eustaquio had recently announced the removal of the 20 per cent equity in startups that undergo the IdeaSpace incubation and acceleration process in order to further help founders in pursuing their ideas.
Founded in 2012, IdeaSpace is focused on science and technology startups that solve emerging market issues in Southeast Asia.
IdeaSpace began with a P500 million fund from the MVP Group of companies to conduct a five-year commitment towards growing the local startup ecosystem. PLDT, Metro Pacific Investments Corp (MPIC), Smart Communications Inc (Smart), and Manila Electric Co (Meralco) are among the big names in the MVP Group.
Eustaquio recently said IdeaSpace funding will still be the same until 2017, afterwards it will be on its own, and self-sustaining.
For the past four years, IdeaSpace has helped incubate about 38 startups and several are now active in the market.