THE government, the private sector and academe, are taking the first step to create the Philippines’s version of Silicon Valley, allocating at least P75 million to build “innovation hubs” conducive for technology entrepreneurs.
IdeaSpace Foundation, the Department of Science and Technology (DOST), the Department of Trade and Industry and the Information and Communications Technology Office gathered on Monday to initiate the private-public innovation hub project.
The project, unveiled at the sidelines of the official Asia Pacific Economic Cooperation (Apec) start-up event, Slingshot MNL, aims to build the Philippines’s innovation ecosystem much like the gradual development of Silicon Valley in the US as the hub of digital and technological entrepreneurs.
“It’s our time now to start the discussion of this Philippine Silicon Valley together with academe, the government and other private-sector partners,” said Earl Valencia, president and cofounder of IdeaSpace, a nonprofit early-stage incubator of start-ups in the Philippines.
To pursue the vision, the DOST is allocating P35 million for the equipment and operation of two Innovation Hubs, located in Intramuros and in the campus of University of the Philippines (UP) in Diliman, Quezon City.
These sites were chosen sites as they are at the center of academic institution districts, and they cater to students and researchers in key academic institutions.
UP also allocated P5 million for services and infrastructure counterpart funding, and is set to pilot a project to collaborate with more industry stakeholders. Ideaspace contributed P35 million.
To begin attracting start-ups, Ideaspace, the private-sector enabler of the innovation hub, will be launching this August a series of events in the Manila and Diliman area geared to acquire teams to incubate.
The UP Diliman hub aims to help at least 12 start-ups a year and have at least five industry partners in different sectors per year.
The foundation targets to have the initial infrastructure of the Manila hub in place by the end of 2015, with the Diliman hub ready in early 2016.
The “ecosystem-building” is part of the government and private sectors’ effort to give an extra push to encourage more technology entrepreneurs to find technology-based solutions worth funding by angel investors and venture capitalists.
The hub will provide students and “technopreneurs” a physical space to collaborate and share ideas. IdeaSpace is funded by the First Pacific Group owned by business tycoon Manuel V. Pangilinan.
Lea Salvosa