The IdeaSpace Foundation Inc. is making a final call for entries for its national search for the top ten science and technology ideas for a chance to receive more than P5–million investment funding and start up their own companies.
Interested applicants may visit the IdeaSpace website www.ideaspace.ph to register and submit their entries.
Ten tech-based ideas will receive funding of P2 million for the first phase and up to P5 million funding after six months into the program.
IdeaSpace runs an incubator and accelerator program to support technology entrepreneurs in the Philippines and for the global market through partnerships between the MVP Group of companies and global IT companies.
A non-profit foundation, it is supported by the First Pacific, Metro Pacific Investments Corp. (MPIC), Metro Pacific Tollways Corp., MPIC hospital group, Philippine Long Distance Telephone Company, Meralco, Smart Communications Inc., Digitel, Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, First Pacific Leadership Academy, Maynilad, MediaQuest and TV5.
These companies contributed P500 million funding for the foundation for five years, the largest private sector commitment for technology entrepreneurship in the country.
Aside from the initial seed money of P500,000 per startup, winners will receive mentorship from executives from the group companies, access to resources including legal assistance and advice, operational control, free office spaces, housing provisions for those from outside Metro Manila and a clear partner route to markets served by any company in the group – whose range of business translate to millions of households, subscribers and motorists.
Deadline for submission of entries is Jan. 7.Winners will be announced on April 2013 and they will undergo incubation for six months.