This is a press release by DTI Competitiveness Bureau
The Department of Trade and Industry, together with PhilDev Foundation, formally launched the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) through a live info session conducted last 12 January 2022 via Facebook Live.
The startup ecosystem in the country accelerates forward despite the ongoing pandemic. As the world requires new solutions and responses to the ever-changing consumer demands, technological startups are seen to be at the forefront of economic recovery and development.
“Along with MSMEs, Startups are the bedrock of the economy. Hence, supporting startups would be crucial to create a huge pipeline of quality startups.” Undersecretary Rafaelita Aldaba emphasized.
The government intends to mitigate startups’ issues and challenges by providing customized interventions and support such as coaching, mentoring, training, and workshops through the IDEA and ADVanCE.
The Incubation, Development and Entrepreneurial Assistance or IDEA is for early-stage tech startups. The program encourages collaboration between startups, mentors, investors, and the government to create market-ready innovative science and technology products and services.
On the other hand, the Accelerating Development, Valuation, and Corporate Entrepreneurship or ADVanCE is for growth-stage tech startups that assist the expansion of business operations and enable them to deliver products and services that will address strategic societal needs.
“We are pleased to present the IDEA and ADVanCE program. These programs are designed to nurture, develop startups, and ensure that they will become economic assets, as competitive job-generating platforms. In these programs, startups will access tailored workshops and mentorship from global talent, market readiness assessment, legal and financial support services, and many more.” PhilDev Foundation’s Executive Vice Chairman, Dr. Eric Tomacruz, underscored.
The Department is thrilled to invite startups to join and take advantage of these programs to boost business advancement quickly. Interested participants may send their applications till 17 January 2022 on the IDEA and ADVanCE pages.
“Let us all work together towards increasing business ideas and creating committed founding teams with an aligned vision and high innovation potential. I also look forward to our strong collaboration with PhilDev and other partners towards a successful implementation of this program and supporting our startups in their business venture journey.” Undersecretary Rafaelita Aldaba adds.
You may watch the Live Info Session of IDEA and ADVanCE program on PhilDev Foundation Facebook Page for more information.