Concepcion proposes P50 M start up fund for entrepreneurs
Presidential consultant on entrepreneurship Joey Concepcion has proposed to President Duterte a government startup fund for potential entrepreneurs in the country.
Concepcion said details of the program are still being polished. He said the initial budget being eyed is P50 million.
“( Trade Secretary) Mon Lopez has agreed to this program. This is already with the President,” he said.
“We’re looking for s startup fund program that will be given to the poorest of the poor who have a solid idea. You will be giving this to a beginner entrepreneur who has no experience so the chance of failure is extremely high,” the president and CEO of RFM Corp. and Philippine Center for Entrepreneurship-Go Negosyo founder said.
Concepcion said the funding is likely to be sourced from the budget of either the Department of Trade and Industry or Department of Science and Technology.
Initially, Concepcion said the program would likely cater towards starting entrepreneurs who would market in franchising established brands.
“We are still studying what are the factors to be considered to give this. Ideally they should be properly mentored already by an existing franchise association. All you need to do is give them the money if they cannot borrow from the bank, provided the business model is already existing and probably the franchiser has a high rate of success. So probably that’s the area we’re looking at,” he said.
Concepcion said the program may consider exceptions, like those starting entrepreneurs who have good ideas in putting up new concepts, but that would have to go through a more rigorous process.
“So at least the government has something there to provide a desperate entrepreneur who has the right character, the right attitude. The only thing lacking is he or she does not have collateral. So you want to give a break for that,” he said.
Concepcion was appointed pro-bono by the Duterte administration to synergize entrepreneurship efforts and programs in the country.