Gov't launches accelerator for startups

Gov’t launches accelerator for startups

MANILA, Philippines — The Department of Trade and Industry (DTI) and its private sector partner have launched a national accelerator program for local startups, a move expected to benefit 40 budding businesses yearly through mentoring, limited equity funding, and other types of support.

The National Startup Accelerator Platform, which was formed through the DTI’s partnership with Silicon Valley-based venture capital firm Plug & Play, was launched Wednesday night at the Manila Polo Club in Makati City.

READ: DTI, partner to ramp up dev’t, commercialization of startup firms


“Now, we see a more vibrant and continuously growing startup ecosystem in the Philippines. (In) Manila alone, we have over 1,000 startups collectively valued at approximately $3.5 billion,” Trade Secretary Alfredo Pascual said at the event.


Plug & Play

“The local presence of Plug & Play will serve as a bridge between startups and large corporations,” he said further, adding that it will facilitate collaborations and provide access to funding opportunities.

When interviewed later, Pascual said they were particularly interested in startups engaged in AI, cybersecurity, software development, animation, agricultural technology, and food technology.

For his part, Plug & Play co-founder Jose Avelino Flores said that the accelerator program will run for six months per batch and that they have committed to fund the program for two years.

Flores said their company has access to $10 billion worth of funding from their global network, which could be tapped by the chosen Philippine startups that will undergo the program.

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: DTI, startups

© Copyright 1997-2024 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.