Starting a business?
Not only are they provided financial assistance through incentives, subsidies and grants, they are enrolled in programs to give them the proper direction and guidance
We see so many startups today. In this competitive world, some eventually reach the pinnacle of their success. Others unfortunately, fall by the wayside. The cause for the flop? A myriad of things. But usually, lack of direction, experience or management is the culprit. Or it can be as basic as lack of financial assistance. We have so many intelligent Filipinos with such bright and big ideas. If given the opportunity, they will surely be a hit. I know of some gung-ho and daring college graduates who, with their grand plans, are eager to venture into the real world and conquer it. Sad though that their ideas remain pies-in-the-sky. They get stuck in the paradigm of dreams, only to fade soon to oblivion. While they may have the necessary know-how, they do not have the indispensable pay-how — the means to fund their dreams.
In the Philippines, our government itself has taken that initiative to encourage and provide the necessary assistance to startups. Look up Republic Act 11337, which was approved last 26 April 2019. This law is known as the Innovative Startup Act. As Section 4 of the law mandates, “(T)here is hereby created a Philippine Startup Development Program... The Program shall be composed of programs, benefits and incentives for startups and startup enablers promulgated through the respective mandates of national government agencies, and through additional mandates provided by the provisions of this Act. The Program shall also include programs, benefits and incentives for startup and star up enablers extended by
NGO in partnership with any national government.”
As you can see above, our countrymen are now given this golden opportunity to realize their dreams.
Not only are they provided financial assistance through incentives, subsidies and grants, they are enrolled in programs to give them the proper direction and guidance. Being equipped with such will hopefully not make them go astray to eventually throw in the towel. Instead, the program will help them find their path and follow it until their project comes to fruition. So instead of more startups eventually going bust, you have more now on a steady rise to success. Wonderful, isn’t it? You can just imagine how this improves the lives of many Filipinos. Finally, they have the answer to their prayers. They now have the proper backing and most especially the pay how. Once this law kicks in, many ideas will be developed that will help us all advance as a nation.
So, what was once mere imagination, is now or at least will soon be actual creation.
But please do not think that anyone can just avail of the perks of the law. There are certain qualifications before you become entitled. There are government agencies like the Departments of Science and Technology, Information and Communication Technology and Trade and Industry that will oversee this program. They will provide the guidelines if you qualify or not. So, if I were you, do not let your ideas stay in your thought bubble. Make them real. Go to these government agencies. Ask how to make your startup idea into a successful enterprise. No, you need not set up GoFundMe sites. The entire government is there to have your back.
Dream big. Avail of the Innovative Startup Act. And let your dream come true.
Do not let your ideas stay in your thought bubble. Make them real. Go to these government agencies. Ask how to make your startup idea into a successful enterprise.