IdeaSpace names top startups

MANILA, Philippines–IdeaSpace Foundation Inc., the largest privately funded emerging market technology incubator in the Philippines, has named the top startups that made it to the incubation round of its 2015 technology startup competition.

Following three rounds of rigorous review of the 1,028 early stage startup ideas received by IdeaSpace for this year’s competition, 23 innovative ideas from around the country, including teams with founders from Australia and India, have made the cut and will advance to the semi-finals of the competition.

This year’s top startups include: iHarvest (Manila); Farmbook (Cagayan de Oro); Fame (Mandaluyong); FlexStrap (Makati); Stream Energy (Quezon City); Agena (Pasay City); GoCharge E-Trike Charging Platform (Batangas); Heat Stress Analyzer with Cloud Based Android Application (Davao); Saffron Technologies (Pasig City); Halina’t Bumasa (Laguna); SigLaro (Quezon City); HIstoryA/Heritage Information Adventure App (Makati); PassForward (Makati);

Places on Demand (Davao); TASKminator (Mandaluyong); Rxpress Solutions (Makati and India); Squala (Taguig); Mathizen (Tacloban City); UberLessons (Las Piñas); Sponsolab (Caloocan); Consumer Behavior Analytics (Quezon City); Gio (Caloocan); and Dextr Alphabetic Keyboard (Australia, Philippines and India).

The 2015 IdeaSpace Startup Competitions saw a wide variety of ideas enter the semi-final phase, with a varied mix of hardware and software startups that answer key challenges in a range of industries.

Of the top 23 startups, nine are hardware-based, while software-based startups address needs in the fields of gaming, tourism, finance, e-commerce, education, media, enterprise and mobile technology.

This is also the first time that two teams with founders from outside the Philippines made it to the semi-finals, a testament to the growing relevance of the country as an innovation hub in the region.

For qualifying in the semi-finals, each startup will receive an instant grant of P50,000 to work on their minimum viable product or prototypes during the six-week incubation period.

After the incubation phase, the IdeaSpace board of trustees will select the top 10 startups that will enter the acceleration phase, an intensive 18-week program that will help each startup develop their products, set up their corporation and business permits, and conduct market validation, among others.

Each startup that successfully enters the acceleration phase will get P500,000 in seed funding, plus a separate grant worth at least another P500,000 inclusive of business management classes, marketing and financial consulting, intellectual property consulting and incorporation, office space and business registration costs.