MVP launches IdeaSpace, a dollar fund for SME start-ups
Posted on March 10th, 2012 under Technology Milestones
First Pacific Company Limited (First Pacific) Managing Director and Chief Executive Manuel V. Pangilinan yesterday, announced the launch of IdeaSpace, a multimillion dollar program that will help Filipino entrepreneurs develop groundbreaking technologies, and transform these into successful commercial products.
IdeaSpace will act as 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. The seed fund being invested will be augmented with parallel activities for mentorship, resources, and support.
“This is part of our commitment to the future of this country. We want to help jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines. This program will support innovative Filipino ‘technopreneurs’ with great ideas that promises the potential of global and national commercial potential,” said Pangilinan.
Pangilinan also said that this program for innovation and technopreneurship will go beyond commercial products and services but will also include solutions which can support social development and poverty alleviation.
The program will be run by IdeaSpace Foundation, Inc., a non-profit foundation established exclusively to implement the program. The Foundation is supported by the following companies: First Pacific, Metro Pacific Investments Corporation (MPIC), 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.
IdeaSpace targets start-ups that can scale in the industries of water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food.
The program is also open to applicants focused on solutions for other industries but have potentially significant global potential.
Under IdeaSpace, the group will soon launch a national competition for the first batch of start-ups who will be immersed in an incubator program, which will include provision for office and IT space and facilities in Makati and in the Group’s Leadership Academy in Antipolo.