The Department of Trade and Industry-Competitiveness and Innovation Group (DTI-CIG), in partnership with startup accelerator Launchgarage, recently launched the creatives edition of the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs. Both programs are aligned with RA 11337, or the Innovative Startup Act, which aims to boost the local creative industry’s market and investment readiness.
The IDEA for Creatives edition will onboard 10 early-stage startups and offer them customized support, including access to workshops, mentorship, and a showcase event where startups can present their ventures to program stakeholders, angel investors, venture capitalists, corporate representatives, and key figures in the ecosystem.
Meanwhile, an initial selection of 10-15 startups will be invited to join ADVanCE for Creatives. After a preliminary screening, five will advance to the program’s acceleration phase based on criteria encompassing organizational capacity, business maturity, and readiness levels. The acceleration phase will give startups intensive training based on their specific needs.
Participating startups for both programs should be based in the Philippines with at least two years of operations with revenue, SEC or DTI-registered, with 60% of its founders Filipino, and with at least two founders committed to either program. IDEA supports startups in their early stages, while ADVanCE is designed for startups in their growth and expansion phases.
DTI encourages creative startups in audiovisual media, digital interactive media, creative services, design, publishing, printed media, performing arts, visual arts, traditional cultural expressions, and cultural sites in particular to apply for both programs.
“The programs 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,” DTI Usec. Rafaelita M. Aldaba said.
The Philippine Statistics Authority (PSA) revealed the creative economy amounted to P1.60 trillion in 2022, contributing 7.3% to the country’s gross domestic product (GDP). The sector was also responsible for employing almost 7 million Filipinos that year.
“We call on all eligible creative startups to seize this unparalleled opportunity. Join us in this endeavor to transform your innovative ideas into successful enterprises and become part of a movement that celebrates and elevates Filipino talent and ingenuity,” Usec. Aldaba shares.
The application period for both programs is until 31 January 2024. To learn more about the programs and submit applications, visit the official websites of the IDEA program-creatives edition and the ADVanCE program, or the DTI-CIG Facebook page.