This year was the debut of IdeaSpace Foundation’s Startup Incubation Program and awarded 10 Philippine-based Tech Startups $1.25M in Funding awarded ($120,000 each or around Php 5M per startup). So for the 2014 Startup Incubation Program, IdeaSpace will be accepting application even if you’re not based in the Philippines, as long as you’re from the Southeast Asian region.
In an article on TechinAsia, Ideaspace president Earl Martin Valencia said that “opening the competition to early-stage startups from around the region will bring diversity in the kinds of science and technology innovations that can impact the lives of of people there… this will also grow the entrepreneurial network within the region and fire up interest among more investors about startups in the Philippines.”
Just like on the first Startup Incubation Program, IdeaSpace will select 20 startups for a three-day bootcamp and a six-week incubation period. The 20 selected startups will each receive a Php 50,000 ($1,140) grant to complete product and other initial expenses.
After the incubation period, the 20 Startups will then be trimmed down to just 10 and will undergo an acceleration period of around four months. During this time each of (10) startup will receive a cash investment worth Php 500,000 ($11,400) and a separate grant worth at least Php 500,000 ($11,400), that include mentoring in terms of the business management, marketing and financial aspect of the startup, and corporation and business registration costs.
There’s an added bonus if a Philippine-based Startup was included in the final 10, because IdeaSpace will provide a free lodging and office space in Metro Manila.
After the acceleration program, IdeaSpace will also evaluate and decide if a graduating startups deserve an additional funding of Php 5 million ($114,000) to continue their work.
Judging from the current Startup Scene in the Southeast Asian region, we may see startups from Singapore, Indonesia, India and Vietnam applying for the program and at least half of the “intial” 20 startups will from outside the country.
So if you’re a startup based in the Southeast Asian region and wish to apply for the IdeaSpace’s 2014 Startup Incubation Program, you can send your application here, deadline is until mid-January 2014.