Angel fund set aside for IT startups
Businesswoman Myla Villanueva has launched a multimillion-peso fund aimed at financing technology-based ventures, including those still at the conception stage.
In particular, the so-called “Wireless Wings” fund will be oriented toward promising university-based projects or potential IT entrepreneurs who are students.
In an interview, Villanueva—who is also CEO of Novare Technologies—said she would make at least P111 million available for the fund’s initial tranche.
“At the very least, I want [to provide a] facility for young entrepreneurs who are thinking of taking their ideas the next step,” she said.
While explaining that Wireless Wings will be structured like a venture capital fund, Villanueva said that its performance metrics would “not be as high” as those demanded by US-based funds popular for financing Silicon Valley startup technology firms.
“This will not be a closed fund,” she said. “This is not a mutual fund. We can invite others to invest in it, too.”
Villanueva wants the fund to primarily benefit students and universities that may have viable IT projects but are having difficulty accessing financing.
The 25-year industry veteran said not much has changed in the local business scene when it comes to funding IT projects since she started.
“It is still difficult for startups,” she said. “Nowadays, you have to be [at least a] mezzanine player with [telecommunications firms]. There is no facility that exists for young tech people.”
Because of this, she said, she would visit various educational institutions around the country in the coming months in search of projects that would fit Wireless Wings’ funding parameters.
“We want to go straight to universities and talk to students, so that we could push them to the next level,” Villanueva explained, adding that she would also want to help push universities’ IT education syllabi to more current standards.
“The syllabus of a university here can’t keep up with the rapidly changing trends.”
Projects that qualify for funding may receive funding of at least P500,000 or higher, depending on their requirements and viability.
She explained that technology-based projects oriented toward web, mobile or digital applications will be prioritized. Those that are backed by passionate leaders with a core management team and a working prototype will also have a better chance of receiving funding.
Interested parties may contact the fund or submit proposals to [email protected].
Villanueva said funding from Wireless Wings would take many forms, including equity. But she stressed that she has no intention of taking a majority stake in any of the projects.
“Profit is not first motive,” she said. “But I don’t intend to lose either.”
