Philippines – The Department of Trade and Industry, through the Competitiveness and Innovation Group, has recently announced its two latest project initiatives centred around supporting and strengthening Filipino creativity and entrepreneurship.
These initiatives were introduced as Incubation, Development, and Entrepreneurial Assistance, or IDEA, and Accelerating Development, Valuation, and Corporate Entrepreneurship, or ADVanCE, which were also launched alongside its partnership with startup accelerator Launchgarage.
Under the programme, selected startups will undergo a series of educational workshops designed to transform their creative business concepts into successful enterprises. Each will be paired with seasoned mentors and coaches to provide guidance in their startup journey.
The programme will end with a showcase event, offering startups the opportunity to present their ventures to programme stakeholders, angel investors, venture capitalists, corporate representatives, and influential figures in the ecosystem.
Furthermore, a preliminary screening on organisational capacity, business maturity, and readiness will also be organised. Five startups will be chosen from an initial pool of 10–15 to participate in the ADVanCE programme for Creatives. These startups will also undergo intensive training based on the specific interventions identified during the needs assessment.
Meanwhile, the IDEA for Creatives edition will onboard 10 early-stage creative startups and enterprises to support and enhance their entrepreneurial capacity and readiness.
Speaking about the opportunity, Rafaelita Aldaba, undersecretary at DTI-CIG, said, “The programmes are a testament to the Philippine government’s belief in the immense potential of Filipino creativity and entrepreneurship. By providing the much-needed support and platform, we are setting the stage for creative startups to not only thrive locally but also make a significant impact on the global stage.”
“The creative sector is a vital component of our economy and cultural identity, and through initiatives like these, we aim to foster an environment where ideas can flourish, talents are honed, and success stories are born,” she continued.
In terms of qualification requirements, on the other hand, companies must be in the growth and expansion stage, have at least two years of revenue-generating activities, and be SEC or DTI-registered. They must also be established in the country and have at least 60% Filipino founders and have at least two founders committed to the ADVanCE programme.
“We call on all eligible creative startups to seize this unparalleled opportunity. Join us in this endeavour to transform your innovative ideas into successful enterprises and become part of a movement that celebrates and elevates Filipino talent and ingenuity,” Aldaba shares.
The deadline for the submission of application requirements will end today, January 31, 2024.
