MANILA -The Department of Trade and Industry (DTI) on Tuesday bared plans to ramp up their efforts to speed up the development of local startup companies in the country, aiming to “accelerate” more than 40 budding businesses every year as part of its goal to turn the country into a global startup hub.
Trade Secretary Alfedo E. Pascual said they plan to hold two cycles of acceleration per year starting 2024, supporting potential pilot and commercialization efforts of more than 20 tech startup companies per cycle.
“Moreover, we are dedicated to focusing on key industries to fortify our economic backbone,” Pascual said during the signing of a memorandum of understanding with startup accelerator Plug & Play in Makati.
The trade chief said they will focus on strengthening the local information technology and business process outsourcing (IT-BPO) sector through the adoption of artificial intelligence (AI), empowering manufacturing industries through industry 4.0 technologies, and catalyzing growth in agricultural technology.
Their strategy also involves enhancing financial services, and other key areas that will be determined through strategic partnerships and collaborative efforts, Pascual added. He said this program will provide upskilling and knowledge transfer to both corporate and public sectors in relation to open innovation and developing an IP-based economy.
“By doing so, we ensure that the benefits of this program extend beyond startups, creating a ripple effect that positively influences various facets of our economy,” he said.
Trade Undersecretary Rafaelita M. Aldaba said this strategy to aid the acceleration of local startups will fuel innovation and foster an environment ripe for the success of these businesses.
“We aspire to achieve this through robust partnerships and collaborative efforts with the private sector, leveraging the power of innovation to drive growth and sustainability,” she said.
Earlier in March, the DTI said the local startup venture fund (SVF) ecosystem has reached P8 billion, boding well for high-potential enterprises that will benefit from having more access to capital.
READ: P8B now available to fund promising Philippine startups, says trade dep’t
Included under this P8 billion startup fund is the P500 million allocated for equity financing and P2 billion earmarked for capital financing by National Development Corp. (NDC), the DTI’s investment arm.