In the ever-evolving landscape of technology and innovation, IdeaSpace Foundation continues to play a pivotal role in fostering and empowering technology-based startups in the Philippines. Their recently unveiled Cohort 11 of the IdeaSpace Accelerator Program demonstrates their unwavering commitment to nurturing the country's startup ecosystem. In this article, we will explore the program's primary objectives, the startups selected for Cohort 11, and the remarkable success stories that have emerged from IdeaSpace's ecosystem.
IdeaSpace Accelerator Program's Core Objective: The IdeaSpace Accelerator Program stands as a beacon of support for emerging entrepreneurs, dedicated to accelerating the growth of promising technology-rooted startups in the Philippines. This program, now in its 11th iteration, operates on a hybrid model, providing startups with invaluable opportunities to connect with investors, shape robust business strategies, and gain insights from seasoned mentors and entrepreneurs.
The six startups that made it to Cohort 11 of the IdeaSpace Accelerator Program reflect a diverse array of innovative ideas and solutions:
Hey Roomie: A unique virtual community hub equipped with digital tools to empower and enhance community growth.
ITOOH Homestyle: A digital platform that aggregates the finest local furniture and art, offering a seamless online shopping experience for home decor enthusiasts.
kazam.ph: A platform that revolutionizes the connection between Kasambahays (domestic helpers) and homeowners, providing a safer and smarter avenue for direct interactions.
Kintab: A mobile car care platform designed to provide busy car owners with instant access to carwash and service center facilities, eliminating the hassles of waiting in lines.
Kippap Education: An edtech startup focused on empowering civil engineering graduates as they prepare for board exams, with plans to cover all standardized exams in the Philippines.
Molinos de la Especia: A consumer packaged goods (CPG) provider revolutionizing the industry through a tech-driven marketplace for premium spices sourced globally.
Success Stories
One of the standout success stories that emerged from IdeaSpace's ecosystem is Revastaff, led by OJ Lopez, CEO and founder. He emphasized how the program had helped double their revenue and even represented the Philippines in Washington, D.C., as part of the IdeaSpace program. Moreover, IdeaSpace Foundation's investment played a significant role in their startup's growth.
Butch Meily, the IdeaSpace and QBO President, highlighted the pivotal role that IdeaSpace plays in the Philippine startup ecosystem. He referred to IdeaSpace as "a bringer of new things," incubating startups and launching them onto the global stage. The organization is proud of its graduates and has high hopes for the latest additions to Cohort 11.
The Growing Philippine Startup Ecosystem
The Philippines is steadily establishing itself as a prominent destination for startups in the ASEAN region, witnessing substantial growth in venture capital funding. Beyond its support for individual startups, IdeaSpace, along with its programmatic arm, QBO Innovation Hub, is actively working to foster synergies and propel the Philippine startup ecosystem forward. This effort includes spearheading the much-anticipated Philippine Startup Week 2023 (PHSW23) in collaboration with key government agencies such as the Department of Trade and Industry, the Department of Science and Technology, and the Department of Information and Communications Technology.
The IdeaSpace Accelerator Program's unwavering commitment to nurturing the growth of technology-based startups in the Philippines is evident in the selection of promising startups for Cohort 11. With the continuous support of IdeaSpace Foundation, the Philippine startup ecosystem is poised for remarkable growth and success, making it a noteworthy destination for startups within the ASEAN region. As they continue to "PROPE11" Filipino startups, the future looks promising for innovation and entrepreneurship in the Philippines.