Earlier today, PhilDev announced the 26 startups joining the cohorts for their parallel incubator and accelerator programs, both set to run through the first half of this year. Co-implemented by the Department of Trade and Industry, these programs are designed to encourage and support innovative science and technology products and services that contribute to Philippine economic growth.
“Our team is looking forward to learning from the mentors and coordinators of PhilDev and our fellow startup founders about the real-world ways in which we can create an impactful and sustainable venture.,” said Ernest Troyss Pilapil, co-founder of Bookuna, a booking platform for affordable and accessible vaccination services. Bookuna is one of the 20 startups with minimum viable products joining IDEA, PhilDev’s incubation program. Over the next few months, they will be undergoing a hands-on mentorship course, as well as meeting with potential investors through PhilDev’s network.
“We believe this incubation program can help us in designing experiments on how we can further validate the startup and create the most impact,” Pilapil said.
Meanwhile, six growth-stage, revenue-generating social enterprises will be joining ADVanCE, PhilDev’s accelerator program geared towards scaling business operations for startups addressing strategic societal needs. “I’m hoping to learn how we can scale up our startup by expanding our network in the hospitality industry and even expanding internationally,” said Czar Carbonel, co-founder of Magwai, a personal care company producing sustainable, marine-friendly products like sunscreen and shampoo bars. “I’d love to meet other entrepreneurs in this stage as well so we can learn from each other.”
“These programs are designed to nurture, develop startups, and ensure that they will become economic assets as competitive job-generating platforms,” said Dr. Eric Tomacruz, PhilDev Foundation’s Executive Vice Chairman. “[Through] these programs, startups will access tailored workshops, receive mentorship from global talent, be assessed for market-readiness, capitalize on legal and financial support services, and much more.”
In their recently published Gobi-Core Philippine Startup Ecosystem Report 2021, Core Capital and Gobi Partners found that while a deep and wide digital economic gap still exists, data shows that there is nevertheless great potential for the country’s tech market to experience robust growth under the right conditions. The report cites recent legislation, funds, and incubation and development programs among the determining factors shaping an optimistic future for Philippine startups.
According to the report, “there will naturally be a preference for Camels—startups that have survived harsh business climates, and who are resilient, cautious, committed, and customer-focused—over the more common Unicorns.”
Through public and private endeavors such as PhilDev’s incubator and accelerator programs, the local startup enablers hope to foster the conditions necessary to identify these “camels” and best position them for success.
Following their respective programs, the 26 startups spread across PhilDev’s two cohorts will gain access to a network of strategic partners, potential investors, and providers across legal and financial management services, as well as support services such as marketing and media relations.