Silicon Valley-based tech investor Plug and Play Tech Center and the Department of Trade and Industry (DTI) recently launched the National Startup Accelerator Program, with the initiative designed to nurture emerging enterprises by providing mentorship and access to equity funding for innovative product development.
Founded in 2006, Plug and Play is a global innovation platform that connects start-ups to investors and corporations worldwide, facilitating collaboration and growth. So far, Plug and Play has united 35,000+ startups, 500+ leading corporations, and numerous venture capital firms, universities, and government agencies across 20+ industries and 50+ locations globally. Plug and Play was notably an early backer of firms including Dropbox Inc. and PayPal Holdings Inc. and currently manages a portfolio of five funds, totaling $500 million.
According to Plug and Play Co-Founder Jojo Flores, the National Startup Accelerator Program will help an initial batch of 50 startups by facilitating funding access via the global Plug and Play network.
In a discussion with journalists in Plug and Play’s Friends, Allies, Partners Program, Flores explained that the National Startup Accelerator Program aimed to entice foreign investors with a unique story for the local startup scene. “What was essentially missing was a unique story to tell. We have to market ourselves versus other countries. I think for the last 10 years, what was missing in the Philippines was a unique selling proposition,” he said.
“I can tell venture capitalists that we have a US$120-billion service industry in the Philippines and I have the best 50 startups for you to look at that are creating the next generation technology,” Flores added.
Flores anticipates the program will even enhance trade relations between the Philippines and the United States by drawing foreign direct investment from U.S. companies seeking improved product offerings from the Philippines.
Just last month, Plug and Play collaborated with the DTI to launch a national innovation platform targeting startups in the IT-BPM, migrant workers, and electronics assembly sectors. The platform seeks to identify gaps, foster industry connections, and invest in startups by providing mentorship, access to funding, and co-working spaces. Plug and Play will oversee the implementation of this initiative, supporting startups for at least six months per batch.
Plug and Play’s partnerships with the DTI are not the first time the firm has decided to help grow a country’s startup ecosystem. Plug and Play’s partnership with the DTI comes a year after the firm looked to raise $100 million to invest in Saudi tech startups, potentially with backing from a unit of the kingdom’s sovereign wealth fund.