The Department of Trade and Industry (DTI) has officially announced the top five startup finalists for the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) for Creatives Program on March 21, 2024, at the Launchgarage Innovation Hub in Quezon City.
The five finalists are Zamboanga-based creative solutions provider KikoMonster Creative Studio, marketing-as-a-service startup ROC.PH Digital Marketing Services, digital learning video production company Bihasa, print ad to video animation conversion service AniMattify, and Filipino brand-focused marketplace Bentamo. These finalists will engage in intensive training tailored to address specific needs identified during the program’s assessment process.
Launched December 2023, ADVanCE is a growth-stage tech startup acceleration program that aims to help startups scale up operations and deliver products and services addressing societal needs. The program is co-implemented by the DTI and PhilDev Foundation via PhilDev LABS and supports the visions outlined in the Innovative Startup Act (ISA) and the Philippine Creative Industries Development Act (PCIDA).
The ADVanCE program was created after recognizing the untapped potential in the country’s creative industry. Recently, the Philippine Statistics Authority (PSA) disclosed that the Philippine creative economy reached P1.72 trillion in 2023, contributing 7.1% to the nation’s gross domestic product.
The ADVanCE program specifically targeted startups 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. The program was specifically designed for startups in their growth and expansion phases.
Chosen from a pool of eight growth-stage startups, the top five finalists underwent rigorous assessments focusing on organizational capacity, business maturity, and readiness levels. Each assessment was made with the aim of ensuring finalists could tackle future challenges and impact the creative sector with their innovative, scalable solutions. DTI and Launchgarage evaluated each startup’s product status, team dynamics, future objectives, and challenges to determine how the program could bolster their growth.
DTI Undersecretary for Competitiveness and Innovation Group Rafaelita M. Aldaba commended the selected startups, emphasizing DTI’s dedication to supporting their growth. “We extend our heartfelt congratulations to the top five startup finalists of the ADVanCE for Creatives program,” said Usec. Aldaba. “DTI is proud to support the development of these promising startups as they contribute to the advancement of the Philippine Creative Industries.”
The finalists will receive extensive training via workshops, mentorship from industry experts, and tailored business acceleration programs. The program will conclude with a demo day in April, allowing startups to present their progress and attract potential partners and investors.
Apart from ADVanCE, DTI also introduced ten chosen creative startups and enterprises for the Incubation, Development, and Entrepreneurial Assistance (IDEA) program, which is also in alignment with the ISA and PCIDA. The selected startups for IDEA are Wika, 7×7 Development Corporation, MVRK Simulations, Pamitisan Shoe Shop, Transcend Studios Inc., Kwentoon, Carisle Media Corporation, Produkto PH, DND Denim N’ Denim, and Brave Story.