IdeaSpace, a non-profit tech incubator company backed by MVP-led Smart Communications announced that it is now ready to accept start up ideas for 2014. IdeaSpace would like to reach out more by opening the entries to the South East Asias region.
Earl Martin Valencia, President and CEO of IdeaSpace told the media that SEA as a market is interesting for companies worldwide as they see number of investors flocking in the region.
For 2014, the program of IdeaSpace will be divided into two – incubation and acceleration.
After three rounds of judging, 20 teams from the local and regional entries will be selected for incubation. During the incubation period, the top 20 finalist will undergo 3-day bootcamp followed by an extensive 6-week program that will help enhance their entrepreneurial skills, aside from building team dynamics. The chosen teams will receive P50k grand to be used for prototype development, presentation materials and other initial expenses.
After the incubation, teams will be required to present prototype and business models before a high-level board of judges. Up to 10 start-ups will be choses to enter the next level.
During the acceleration, IdeaSpace will invest P500,000 and a separate grant worth at least another P500k inclusive of business management classes, marketing and financial consulting and many more support.
The graduating team will be evaluated by IdeaSpace. The deserving start-up will be provided additional investing of P5M as funding.
