This is definitely one of the most exciting news for the local tech industry in a long time! First Pacific Managing Director Manny V. Pangilinan, more commonly known as MVP, just launched a multimillion dollar incubator and accelerator program for technology entrepreneurs called IdeaSpace. Not only will you get the seed fund from the MVP group for your business but you will also benefit tremendously from the potential partnerships and synergies from the various MVP companies like SMART, TV5, PLDT, ePLDT, Meralco, etc. This isn’t a normal Angel Fund program because you get a lot of training and open doors which you usually don’t get unless you have really good connections.
New Media Philippines fully supports this endeavor and we will do whatever we can to promote and hype the project as well as the potential start-ups that will emerge from it!
Here’s the full press release:
Multi-million dollar fund for start-ups
MVP Launches IdeaSpace for ‘Technopreneurs’[March 5, 2012/Manila] – First Pacific Company Limited (First Pacific) Managing Director and Chief Executive Manuel V. Pangilinan today announced the launch of IdeaSpace, a multimillion dollar program that will help Filipino entrepreneurs develop groundbreaking technologies, and transform these into successful commercial products.
IdeaSpace will act as an incubator and accelerator program to support technology entrepreneurs in the Philippines and for the global market through partnerships between the MVP Group of companies and global IT companies. The seed fund being invested will be augmented with parallel activities for mentorship, resources, and support.
“This is part of our commitment to the future of this country. We want to help jumpstart the creation of a Silicon Valley-like ecosystem in the Philippines. This program will support innovative Filipino ‘technopreneurs’ with great ideas that promises the potential of global and national commercial potential,” said Pangilinan.
Pangilinan also said that this program for innovation and technopreneurship will go beyond commercial products and services but will also include solutions which can support social development and poverty alleviation.
The program will be run by IdeaSpace Foundation, Inc., a non-profit foundation to be established exclusively to implement the program. The Foundation is supported by the following companies: First Pacific, Metro Pacific Investments Corporation (MPIC), MPIC hospital group, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Digitel, Sun Cellular, SPI Global, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.
IdeaSpace targets start-ups that can scale in the industries of water and power utilities, toll roads and transportation, healthcare, mining, telecommunications, media and food. The program is also open to applicants focused on solutions for other industries but have potentially significant global potential.
Under IdeaSpace, the group will soon launch a national competition for the first batch of start-ups who will be immersed in an incubator program, which will include provision for office and IT space and facilities in Makati and in the Group’s Leadership Academy in Antipolo.
The program goes beyond “angel investing” and provides incubation and acceleration with access to a wide group of companies to share and learn experiences, fast access to be defined market runway and opportunities to be connected to potential investors.
Aside from funding, each incubated company will go through a structured program hosted by the group’s Leadership Academy to teach them the fundamentals on how to run a successful and scalable business.
Benefits include mentorship from executives from the group companies, access to resources including legal assistance and advice, operational control, and a clear partner route to markets served by any company in the group – whose range of business translate to millions of households, subscribers, motorists and others.
IdeaSpace goes beyond current local technology business incubators (TBIs) through partnerships with top technology vendors, affiliation with top technology incubators and accelerators in the US and Asia to learn and replicate successes.
is it going to be run by Entrepreneurs or Corporate Managers?
I’m all for MVP innovating, but it would be a lot different if he setup an independent incubator that partners with MVP companies.
You have to agree that people who are entrepreneurs have a whole different take on business vs those who might say be doing this as a part of their job at one of the MVP companies.
none of these press releases gives any contact information. how do candidates contact them if the first batch of candidates will be picked in april,2012?
actually ideaspace HASN’T YET BEEN ESTABLISHED, so its irresponsible to announce its launching..
1000s of people are trying to contact them and they have no contact info. very poor business for these mega biz men.
they have the horse before that cart with their big announcement.
no way they can pick any legitimate candidates by april 2012. sounds like some great promo, but thats all. well see.
John, a simple google search shows contact details included in the press release. One reposting is at the Smart website – http://www1.smart.com.ph/About/newsroom/press-releases/2012/03/12/mvp-launches-ideaspace-for-technopreneurs-
It’s like any program. People plan out the timings for these things, no contest details yet doesn’t mean they don’t have any. let’s be positive about these kinds of initiatives.
This is something we all are waiting for. But for some like me who knows how local companies do business. It’s as simple as creating a bait to control and making sure that any possible startup competitor will be bought or absorbed by big corporations. This is how current big Philippines companies do business now, so think before you join and ask “will you give money to somebody who can overshadow your own business in any future time or worst bring down your own company?”.
The government should spearhead this not private big business people.