The Department of Trade and Industry, through the Competitiveness and Innovation Group (DTI-CIG), urged creative startup companies to be part of their two programs designed to support and strengthen the creative industries in the Philippines.
“The programs are a testament to the Philippine government’s belief in the immense potential of Filipino creativity and entrepreneurship. By providing the much-needed support and platform, we are setting the stage for creative startups to not only thrive locally but also make a significant impact on the global stage,” DTI Undersecretary Rafaelita Aldaba.
“The creative sector is a vital component of our economy and cultural identity, and through initiatives like these, we aim to foster an environment where ideas can flourish, talents are honed, and success stories are born,” she added.
The DTI-CIG, in partnership with startup accelerator Launchgarage, launched the creatives edition of the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs aimed at providing customized support to creative startups in the Philippines to help them become market and investment-ready.
The application period is until Jan. 31, 2024.
The Philippine creative industries play a significant role in the national economy. Data from the Philippine Statistics Authority (PSA) revealed the creative economy amounted to P1.60 trillion in 2022, contributing 7.3 percent to the country’s gross domestic product (GDP). The sector was likewise responsible for employing almost 7 million Filipinos that year.
The IDEA for Creatives edition will onboard 10 early-stage creative startups and enterprises to support and enhance their entrepreneurial capacity and readiness. Under the program, selected startups will participate in various educational workshops aimed at transforming their inventive business concepts into successful enterprises. Each will be paired with experienced mentors and coaches to guide them in their startup journey. The program culminates with a showcase event, where startups can present their ventures to program stakeholders, angel investors, venture capitalists, corporate representatives, and key figures in the ecosystem.
Early-stage startups that are operating in the Philippines with a minimum viable product, registered or in the process of registration to the Securities and Exchange Commission (SEC) or DTI, with 60 percent of its founders Filipino, and with at least two founders committed to the IDEA program, are eligible to apply.
Meanwhile, an initial pool of 10-15 startups will be chosen to participate in the ADVanCE for Creatives. After the preliminary screening, they will be assessed based on organizational capacity, business maturity, and readiness levels. From there, five participating startups will be selected to proceed to the acceleration phase and undergo intensive training based on the specific interventions identified from the needs assessment.
To be eligible, startups should be in their growth and expansion stage and are based in the country with at least two years of operations with revenue, SEC or DTI-registered, with 60 percent of its founders Filipino, and with at least two founders committed to the ADVanCE program.
“We call on all eligible creative startups to seize this unparalleled opportunity. Join us in this endeavor to transform your innovative ideas into successful enterprises and become part of a movement that celebrates and elevates Filipino talent and ingenuity,” Aldaba said.
To know more about the programs and submit applications, interested parties can visit the official websites of the IDEA program-creatives edition and the ADVanCE program, as well as the DTI-CIG Facebook page.