Philippines, Startup

IdeaSpace to Award Top 10 Pinoy Startups with $1.25M in Funding

ideaspace
Webgeek is reporting that IdeaSpace will announce the top 10 Startups that will be chosen from the 20 startup finalist and will be awarded $1.25M in Funding ($120,000 each or around Php5M per startup) on April 5.

The 20 Startup finalist are mostly base in Metro Manila and a number of the startups in Cebu, Davao, Leyte and Angeles City. The startups are mainly health and agriculture related, and leaning more on mobile computing than the traditional ones.

Here’s the complete list of finalist:

  • AgriCultureTechnology (Metro Manila) – monitors growth of aquatic livestock
  • Armtech (Angeles City) – affordable water purification machine for households
  • CornerData (Metro Manila)– simplified data gathering for agriculture and disaster preparedness using electronic sensors
  • DateCola (Davao) – natural date enriched beverages
  • DepEd Smart Cloud (Angeles City) – enterprise solution for public school system
  • FindmyDok (Davao) – a solution for searching doctors
  • Lost Meets Found (Cebu) – an online solution for lost and found objects
  • miCab (Cebu) – smartphone solution for getting a cab with or without mobile Internet
  • Mirand (Metro Manila) – Lower cost and high quality total joint implants for the Asian market
  • Nambal.com (Cebu) – online healthcare system with portable features
  • PGRS (Metro Manila) – produces electricity via rumble strips on high traffic roads
  • PinoyTravel (Metro Manila) – provincial bus seat reservation using mobile technologies
  • PortfolioMNL (Metro Manila) – online marketplace for creative professionals
  • Prodigo (Manila) – a solution for targeted promotions and analytics
  • SafeCab (Cebu) – a solution that providing feedback for commuters riding cabs
  • Summarize and Notify (Leyte) – allows web searches, summarizes information and notifies users
  • Tech4Health (Metro Manila) – solution for health monitoring of chronic conditions including diabetes
  • TimeFree (Zamboanga) – SMS-based automated queuing system
  • Tudlo (Cebu) – a system that teaches, guides and points during a disaster and emergency situation
  • WeGen (Sorsogon) – new design of wind turbine that is more efficient than current technology

Earl Martin S. Valencia President of IdeaSpace said “The diversity of both the ideas and geographic locations prove to us that there are a great number of innovations in the Philippines. Through our national competition, we hope that we are indeed helping level the startup playing field for these very early stage technology business ideas.”

Aside from the financial support from IdeaSpace, each startups 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, motorists and others.

IdeaSpace was founded last year to “jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines” and make sure that next world-changing technology will be founded by a Filipino.

IdeaSpace is being run by IdeaSpace Foundation, Inc., a non-profit organization formed by the largest and most diverse group of companies that are leaders in their own industries. These companies include First Pacific, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation, MPIC hospital group, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Digitel, Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.

In exchange for the support, IdeaSpace will have a 20% equity stake for each company incubated and the future revenues will go back to help fund other statups.