Globe creates unit to finance start-ups

MANILA, Philippines–Globe Telecom Inc. has finalized the creation of a new subsidiary that will invest in technology-related start-ups as part of efforts to develop the country’s information and communications technology (ICT) sector.

The Ayala-led firm said its new unit, Kickstart Ventures, is in line with Globe’s previously announced “incubator” program for innovative local companies.

“Globe Telecom discloses the incorporation of its wholly-owned subsidiary, Kickstart Ventures Inc., an incubator that aims to help start-ups launch their own businesses,” the company said Friday.

Globe’s rival Philippine Long Distance Telephone Co. (PLDT) also recently launched its IdeaSpace Foundation, which is expected to invest in technology start-ups. Any money IdeaSpace earns, officials said, would be reinvested in other companies.

Meanwhile, Globe said Kickstart would organize a series of “Start-up Weekends” starting this April.

The events will be hosted in cooperation with Meridian International College (MINT) web engineering firms Proudcloud and Dynamic Objx.

The first of the three “Start-up Weekends” would be held on April 27 – 29 at the MINT campus in Taguig City. The next would be held in Cebu on May 11 – 13.

Start-up Weekend is a 54-hour competition where developers, designers, marketers, technopreneurs and venture capitalists come together to share ideas, form teams, build products and launch start-up businesses.

Start-up Weekends are designed for entrepreneurs interested in receiving feedback for an idea, looking for co-founders, or who want to learn a new skill, especially in the field of mobile and Internet applications.

The concept, which started in the United States, is now a global movement, taking digital start-up businesses from ideas to investment readiness through intensive mentoring from industry experts and access to markets and investors across Asia.

“Globe believes in giving opportunities to everyone with the skills and burning desire to turn their bright ideas into viable businesses,” Kickstart president Minette Navarette said in a statement.

“Start-up Weekend Manila is the venue for those who have a passion for innovation and who want to be part of a global movement towards reshaping our economic future,” she said.

Participants get acquainted with one another starting Friday night. They pitch startup concepts they are passionate about, and form teams around the most popular ideas.

They refine their ideas and business plans and start building product prototypes with the help of the onsite mentors, and then present what they have accomplished in a 4-minute pitch and demo by Sunday evening.

Last year, the team “Hobbymash,” made up of Liezl Buenaventura, Josh Liao, Rafael Oca and Mark Co went home with start-up fund of 15,000 Singapore dollars.

The team, which developed a Facebook application that allows users to find like-minded people in the social networking site with over 800 million users, recently participated in the first DEMO Asia in Singapore.

DEMO Asia is a spin-off of the DEMO Spring and DEMO Fall events held in Silicon Valley, California.