GOV’T LAUNCHES ACCELERATOR FOR STARTUPS

The Department of Trade and Industry (DTI) and its major private sector partner have launched a national accelerator program for local startups, a move expected to benefit 40 budding businesses each year through mentoring, limited equity funding and other types of support.

The National Startup Accelerator Platform, which was formed through the DTI’s partnership with Silicon Valley-based venture capital firm Plug & Play, was launched on Wednesday night at the Manila Polo Club in Makati City.

“Now, we see a more vibrant and continuously growing startup ecosystem in the Philippines. [In] Manila alone, we have over 1,000 startups collectively valued at approximately $3.5 billion,” Trade Secretary Alfredo Pascual said at the event.

“The local presence of Plug & Play will serve as a bridge between startups and large corporations,” he said further, adding that it will facilitate collaborations and provide access to funding opportunities.

When interviewed later, Pascual said that they are particularly interested in startups engaged in artificial intelligence, cybersecurity, software development, animation, agricultural technology and food technology.

For his part, Plug & Play cofounder Jose Avelino Flores said that the accelerator program will run for six months per batch, and that they have committed to fund the program for two years.

Flores said their company has access to $10 billion worth of funding from their global network, which could be tapped by the chosen Philippine startups that will undergo the program.