The local startup ecosystem is a powerful entrepreneurial community in Asia Pacific. Its appeal to international business leaders and local investors might make way for an effective network expansion, assuming a greater percentage of the local citizenry supports innovation. With this, we put together a thorough list of startup accelerators and incubators in the Philippines. Examine which company you’d like to reach out to if you’re planning to launch a startup someday. Let’s get started!
Startup Ecosystem Status in the Philippines
According to Statista, the Filipino economy has created three unicorns – valued at more than a billion US dollars – as of 2022. The majority of start-up agreements involved late-stage venture capital (VC), with only 4% exiting. Under the enactment of the Startup Innovation Act in 2019, subsidies and simplified procedures for launching a firm have improved small and startup launches.
The latter, together with a growing internet-based economy and an upwardly mobile median populace, has generated a tremendous desire amongst innovators to develop novel technology and digital-enabled businesses. More than twenty-five percent of these investments comprised electronic services, with finance receiving the most capital, next to eCommerce, cryptocurrencies, and entertainment and media.
What is a Startup Incubator?
Entrepreneurs in this organization can devote energy to reflecting on proposals from other members in the coworking incubation. It is commonly ideal for entrepreneurs and startups that have not yet refined their entrepreneurial concepts and company plans because it does not often give funding.
Additionally, these organizations are often paid for or are part of a larger government-funded organization. The objective of incubators is to grow the new company and guide it throughout the research cycle. As a result, incubators are generally more adaptable; the time a business might spend in an incubation environment can range from months to years.
General Criteria to Join an Incubator Program
- Must have a specific business idea
- Aims to operate and be headquartered in the Philippines
- Willing to devote time and energy to the organization
- Demonstrates a step-by-step growth plan
- Has at least a financial plan draft
- Composed of at least a founder willing to collaborate
What is a Startup Accelerator?
This type of startup organization is often cohort-based, which means you will undergo a more stringent assessment procedure and, if selected, will operate among fellow entrepreneurs. The purpose aims to speed company development with shortened instruction and rigorous mentorship.
These programs are generally completed within a couple of months to a year. Many accelerators additionally provide seed funding in return for stock and assist you in connecting with prospective financiers for future funding. Accelerators are also ideal for companies that have already established their business plans. Once ideas have been refined, the accelerator organizations can be the perfect foundation for startup companies.
General Criteria to Join an Accelerator Program
- Exhibits scalability and growth potential
- Must be headquartered in the Philippines or will operate within the country
- Willing to devote time and energy to the organization
- A team of at least two persons
- Demonstrates an IT solution
- Has a laid-out growth strategy plan
- Have an active online presence
Brief Information about the Innovative Startup Act
A startup, according to Republic Act 11337, is any person or registered organization in the Philippines that intends to produce a novel product, method, or company structure. The Innovative Startup Act’s goal is to offer opportunities and minimize barriers to the development and deployment of creative startups.
Benefits of the Republic Act 11337
- Business Registration
- Government Operations Certification
- Prioritized Application Processing
- Registration Subsidies
- Partial Subsidies for the Use of Government Facilities and Equipment (upon request and approval)
- Research Grants
- Development Grants
- Training Programs
Accelerators & Incubators
QBO Innovation Hub
The company was formed in collaboration alongside the JP Morgan Chase Foundation, Ideaspace Foundation, Department of Trade and Industry (DTI), and Department of Science and Technology (DOST). Qualified businesses are welcome to take part in the incubation system, during which they are guided through an array of courses and seminars led by professionals in several business fields.
Entrepreneurs may also be paired with a fund manager or attend capitalist pitch events to present their company to angel investors, venture capitalists, and companies to obtain finance or establish a collaborative relationship. In addition to incubation, they provide a variety of services and opportunities like company launch seminars, social meetings, consultancy services, specialist conferences, and evaluation and training events.
IdeaSpace Foundation
One of the major telecom companies in the country, Smart Communications, is a supporter of the incubation company IdeaSpace. They provide a number of initiatives, one of which is an accelerator for building and growing preliminary tech companies.
They are committed to enabling entrepreneurs and advancing firms that use technologies to address problems in growing economies. After the training course, entrepreneurs may be prepared to begin and grow their businesses since they’ll acquire money and referrals through their community of business collaborators, financiers, and affiliates.
Founders Launchpad
Empowering more entrepreneurs in the country, AHG Lab and Draper Startup House are hand-in-hand, standing as a powerhouse for innovation. In the Philippines, AHG Lab is known as one of the largest independent venture studios. Together with Draper Startup House, Founders Launchpad is paving the way for fresh ideas and creative innovations through its 12-week program.
Additionally, the firm’s program is designed comprehensively for early-stage entrepreneurs who have yet to launch their businesses. Its program, along with its vast network of professionals and esteemed mentors, is perfect for startups and teams who have yet to refine their models. With limitless opportunities at hand, you can also dive deeper into the community of founders and fellow startups at the Founders Launchpad hub, where workshops and conferences are held to enlighten well-rounded entrepreneurs like yourself!
Launchgarage
The technology-based organization initiative fosters the expansion of startups in the Philippines and strengthens the ecosystem of young companies by supplying entrepreneurs with a variety of professional assets and services. Within their coworking space in Quezon City, the organization delivers a forum for free communication, knowledge exchange, workshops, and acceleration.
Launchgarage intends to make investments in financial technology, agriculture, aqua-tech, and BPO corporate software solutions. They also serve as liaisons for company innovators, assisting them in developing long-term business ventures by providing them with paths that lead to achievement.
Cerebro Labs
The organization serves as a company incubator and accelerator for beginning stages and pre-seed technology companies from a variety of sectors. They provide a 6-week curriculum that aids both pre-seed and preliminary startup businesses.
They also assist in offering founders momentum services, instruction, guidance, and launch tools. Cerebro Labs invests largely in eCommerce, healthcare, education, and artificial intelligence, to name a few. Its coworking hub in Makati City is also home to innovative companies that are working collaboratively with the organization.
StartUp Village
This business incubator and acceleration organization aids industry entrepreneurs in bringing cutting-edge commercial technology and finished goods to consumers. Startup Village runs an entrepreneurial initiative that fosters and encourages radical and creative entrepreneurs.
Additionally, they conduct a 14-week entrepreneurship curriculum called ‘The Gift,’ which offers individuals conditioning possibilities. Startups may get mentoring, development services, networking, and pitching chances with capitalists through many different initiatives.
Brainsparks
The organization assists entrepreneurs in laying the groundwork, outlook, and values for long-term success. Entrepreneurs in their program may also receive company management instruction from seasoned and dedicated leaders, experts, and innovators. Participants also receive guidance in critical areas like regulatory, marketing, accounting, and personnel procurement. Brainsparks’ program offers one-on-one business sessions as well as vibrant and adaptable collaboration spaces and company guidance to startups.
The AIM-Dado Banatao Incubator
Dado Banatao, dubbed “the founding father of semiconductors,” is a Silicon Valley industry leader and the founder of PhilDev. This incubator organization assists startups by offering mentoring and instruction. It is designed to help young entrepreneurs to concentrate on industries that require novel approaches. Communications, health care, agriculture, artificial intelligence, and the Internet of Things are among the industries they work on.
List of TBI Incubators in the Philippines 2024
In this article, we’ll also highlight the leading technology business incubators (TBIs) that will influence the Philippines’ entrepreneurial scene in 2024. TBIs play a crucial role in promoting growth and offering resources, mentorship, and a supportive environment for nascent technology companies in this dynamic age of innovation and startups.
Impact Hub Manila
This organization stands proudly as a vital part of the esteemed Impact Hub Global network, recognized as the world’s largest and most esteemed community of entrepreneurs, spanning over 120 countries and boasting a membership exceeding 16,000 individuals.
As an innovation hub, Impact Hub Manila offers shared workspaces, bespoke training programs, expert consulting services, a dynamic event platform, and unparalleled networking opportunities. Through these comprehensive offerings, Impact Hub Manila nurtures a vibrant community of entrepreneurs, both locally and globally, empowering them to thrive and innovate in their respective ventures. Joining forces with Impact Hub Manila means gaining access to a supportive ecosystem designed to fuel entrepreneurial success and foster meaningful connections.
Animo Labs
Participants receive personalized coaching to develop their work plans, refine business models, and create prototypes. They also gain invaluable insights into the tools and methodologies essential for successful business development. Through tailored assessments, individuals have the opportunity to gauge their entrepreneurial and teamwork capabilities, thus laying a solid foundation for their future endeavors.
With access to state-of-the-art facilities, including nanotechnology, 3D printing, robotics, and 24×7 servers, participants work within a dynamic coworking space that fosters creativity, collaboration, and innovation.
We spoke about the top ten startup accelerators and incubators in the Philippines today. So, flesh out your concepts and get your company plans in motion. After all, the Philippines is not new to the startup landscape, as several firms have already become unicorns. Alongside these factors, startups also provide competitiveness in the local and international markets. As a result, economic growth continues to rise, resulting in a healthier and more sustainable ecosystem.
