DTI to enable creative startups for industry growth
CREATIVE INDUSTRIES must foster an enabling startup ecosystem to propel its economic output and boost competitiveness, according to a government body.
The Department of Trade and Industry ( DTI) has partnered with startup accelerator Launchgarage to launch programs providing tailored support for creative startups.
“By providing the muchneeded 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,” Rafaelita M. Aldaba, DTI undersecretary said in an e-mailed press statement.
“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,” she added.
The Philippine creative economy grew by 12.1% to P1.6 trillion in 2022, adding 7.3% to the gross domestic product and employing seven million Filipinos.
The industry includes those engaged in audiovisual and digital interactive media, creative services, design, publishing and printed media, performing arts, visual arts, traditional cultural expressions, and cultural sites.
The Incubation, Development, and Entrepreneurial Assistance for Creatives program is set to onboard 10 early-stage creative startups for enhanced capacity and market-readiness.
Program offerings include educational workshops, mentorship pairings, and a showcase event for ecosystem figures like angel investors and venture capitalists.
Meanwhile, the Accelerating Development, Valuation, and Corporate Entrepreneurship for Creatives program will hone five startups for intensive training and acceleration.
The chosen five will be pooled from an initial 10-15 startups after a preliminary screening based on “organizational capacity, business maturity, and readiness level,” according to the DTI.
“[ This is the] endeavor to transform innovative ideas into successful enterprises… part of a movement that celebrates and elevates Filipino talent and ingenuinty,” Ms. Aldaba said.