Do you have an innovative, scalable, marketable, and relevant idea? If so, you might be the next start up founder. The IdeaSpace Startup Competition is accepting entries until January 15, 2015.
IdeaSpace is looking for solutions to real-world problems. IdeaSpace Executive Director Diane Eustaquio (above, in red) gives a demo of the product of SALt (Sustainable Alternative Lighting System), one of the 2014 IdeaSpace startups, which has developed a lamp powered solely by saltwater. This is a viable solution for areas that do not have electricity or in times of power outages due to typhoons.
IdeaSpace is a nonprofit organization that aims to help tech entrepreneurs develop and transform groundbreaking innovations into successful businesses.
Some of the startups IdeaSpace invested in are making their mark around the world:
- TimeFree Innovations, a virtual queuing startup, which has successfully deployed its solution in countries outside the Philippines, most recently in Malaysia.
- Tudlo, which focuses on providing mobile tools for disaster preparedness and mitigation, has recently been invited to the Future Innovators Summit in Austria.
- SALt, as you’ve seen above, emerged as the only Asian startup to place in the Top 5, this out of participants form 50 countries in the recently-held World Startup Competition.
“Our startups have the talent, the skills, and now the resources to make it big regionally and globally,” said Earl Martin Valencia, President and Co-Founded at IdeaSpace.
Above: IdeaSpace Associate Director for Community Development Goldy Chu Yancha gives a recap of the highlights of IdeaSpace’s efforts for the local startup community in 2014. Also, congratulations to IdeaSpace: seen above is the multi-function area of their new office in Colbella Arcade, Arnaiz Avenue, Makati City.
A nonprofit organization, IdeaSpace is supported by the following companies: First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), MPIC hospital group, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Digitel Mobile Philippines, Inc. (DMPI) and its mobile brand Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.
IdeaSpace goes beyond investing in startups
They offer a program needed at critical phases when ideas are being turned into actual commercial products that combine business incubation and acceleration. With 500 million funding over 5 years, IdeaSpace is the largest private sector commitment for technology entrepreneurship in the Philippines.
- The top 20 ideas after three rounds of judging will officially enter IdeaSpace’s six-week incubation phase, where each startup will receive a P50,000 grant for prototype development, presentation materials, and customer validation, among others.
- After the incubation phase, the IdeaSpace Board of Trustees will select the top ten startups that will enter the acceleration phase, an intensive 18-week program that will help each startup develop their products, set up their corporation and business permits, and conduct market validation, among others.
- Each startup that successfully enters the acceleration phase will get P500,000 in seed funding, plus a separate grant worth at least another P500,000 inclusive of business management classes, marketing and financial consulting, intellectual property consulting and incorporation, office space, and business registration costs, among others.
IdeaSpace Executive Team members (from left) Marthyn Cuan, Goldy Chu Yancha, Diane Eustaquio, and Katrina Chan discuss why now is the best time to be a startup at the newly inaugurated IdeaSpace Office in Makati City. Deadline for submission of startup ideas for the 2015 competition ends on January 15, 2015.
Pitch Your Startup Now
Now on its third year in its five-year investment commitment, the IdeaSpace Startup Competition will accept entries via apply.ideaspacefoundation.org until January 15, 2015.
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