The Department of Trade and Industry (DTI), under the umbrella of the Competitiveness and Innovation Group (DTI-CIG), is extending a warm invitation to creative startups. Under the adept guidance of Undersecretary Rafaelita M. Aldaba and in collaboration with startup accelerator Launchgarage, DTI-CIG has unfurled the Creatives Edition of the Incubation, Development, and Entrepreneurial Assistance (IDEA) program and the Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) program.
“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. 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,” Usec. Aldaba said.
The Philippine creative industries have been a cornerstone of the nation’s economic prowess, contributing a staggering PHP1.60 trillion to the GDP in 2022, according to data from the Philippine Statistics Authority (PSA). This sector, which employed nearly 7 million Filipinos that year, has become a vital player in the country’s economic narrative.
For startups looking to dive into this vibrant ecosystem, the IDEA for Creatives edition beckons. This initiative is set to nurture 10 early-stage creative startups and enterprises, guiding them toward becoming market and investment-ready entities. Selected startups will undergo tailored educational workshops to transform innovative concepts into successful enterprises. Each startup will be paired with experienced mentors and coaches, culminating in a showcase event where they can present their ventures to key stakeholders, investors, and corporate representatives.
Eligibility for the IDEA program includes early-stage startups operating in the Philippines, with a minimum viable product, registered with the Securities and Exchange Commission (SEC) or DTI, and with at least 60% of founders being Filipino. Moreover, a commitment from at least two founders to the IDEA program is required.
Simultaneously, the ADVanCE for Creatives program will kickstart with an initial pool of 10-15 startups. Following a rigorous screening process, five startups will proceed to the acceleration phase, undergoing intensive training tailored to their organizational capacity, business maturity, and readiness levels.
Startups eligible for ADVanCE should be in the growth and expansion stage, with at least two years of operations and revenue. They must be SEC or DTI-registered, have 60% of founders being Filipino, and have a commitment from at least two founders to the ADVanCE program.
DTI is casting its net wide, inviting startups within the domains of audiovisual media, digital interactive media, creative services, design, publishing, printed media, performing arts, visual arts, traditional cultural expressions, and cultural sites to seize this opportunity.
Both the IDEA and ADVanCE programs align with the Innovative Startup Act (RA 11337), focusing on fortifying the Philippine startup ecosystem. Their latest cohorts are tailored to the creative industries, aligning with Republic Act No. 11904 or the Philippine Creative Industries Development Act (PCIDA), a mandate to elevate the Philippine creative sector’s global competitiveness and economic capacities by safeguarding their rights and fostering growth. The application deadline is set until 31 January 2024, providing a limited window for aspiring startups to embark on this transformative journey. To delve deeper into these programs and submit applications, interested parties can visit the official websites of the IDEA program-creatives edition and the ADVanCE program, along with the DTI-CIG Facebook page. The future of Philippine creativity awaits, and DTI is paving the way for startups to shine on a global stage.