The Department of Trade and Industry (DTI), through its Competitiveness and Innovation arm, is inviting creative start-up firms to onboard to their two programs both designed to support and strengthen creative industries in the Philippines.
In a statement Thursday, the DTI-Competitiveness and Innovation Group (CIG) said Trade Undersecretary Rafaelita M. Aldaba spearheaded DTI-CIGās launching of partnership with start-up accelerator Launchgarage.
DTI-CIG and Launchgarage launched the ācreatives editionā of the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) programs which are āaimed at providing customized support to creative start-ups in the Philippines to help them become market and investment-ready.ā
According to the Trade departmentās Competitiveness and Innovation arm, the IDEA for Creatives will onboard 10 early-stage creative start-ups and enterprises to support and enhance their āentrepreneurial capacity and readiness.ā
āUnder the program, selected start-ups will participate in various educational workshops aimed at transforming their inventive business concepts into successful enterprises,ā DTI-CIG said in its statement.
Each start-up will be paired with āexperiencedā mentors and coaches to guide them in their start-up journey, the DTI-CIG said.
āThe program culminates with a showcase event, where start-ups can present their ventures to program stakeholders, angel investors, venture capitalists, corporate representatives, and key figures in the ecosystem,ā the CIG said.
DTI-CIG unveiled the requirements to be eligible to apply in the IDEA program.
āEarly-stage start-ups 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,ā DTI-CIG said.
Meanwhile, the competitiveness and innovation group of DTI said an initial pool of 10 to 15 start-ups would be chosen to participate in the ADVanCE for Creatives.
āAfter the preliminary screening, they will be assessed based on organizational capacity, business maturity, and readiness levels. From there, five participating start-ups will be selected to proceed to the acceleration phase and undergo intensive training based on the specific interventions identified from the needs assessment,ā DTI-CIG noted.
As to the eligibility requirements for the ADVanCE program, the competitiveness and innovation group said start-ups 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 Filipinos, and with at least two founders committed to the ADVanCE program.
For her part, Aldaba, as head of DTIās CIG emphasized that the programs are a ātestamentā to the Philippine governmentās ābelief in the immense potential of Filipino creativity and entrepreneurship.ā
By providing the āmuch-neededā support and platform, Aldaba said, āwe are setting the stage for creative start-ups to not only thrive locally but also make a significant impact on the global stage.ā
āThe 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,ā the Trade official also noted.
Citing data from the Philippine Statistics Authority (PSA), Aldaba earlier told reporters that the creative economy in 2022 amounted to P1.6 trillion, contributing 7.3 percent to the economy.
According to the PSA, this represents an increase of 12.1 percent from the P1.43 trillion recorded value in 2021.
In 2022, Trade and Industry Secretary Alfredo E. Pascual said the Philippines is targeting to become the top creative economy in Asean by 2030. (Full story here: https://businessmirror.com.ph/2022/07/29/dti-chief-phl-aims-to-become-top-creative-economy-in-asean-by-2030/#google_vignette).
Moving forward, the DTI invited all creative start-ups within the domains of audiovisual media, digital interactive media, creative services, design, publishing and printed media, performing arts, visual arts, traditional cultural expressions, and cultural sites to apply to the programs.
āWe call on all eligible creative start-ups 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,ā Aldaba said.
According to the DTI-CIG, the IDEA and ADVanCE programs are aligned with RA 11337, or the Innovative Startup Act, aimed at providing benefits and programs to strengthen, promote, and develop the Philippine start-up ecosystem.
āTheir latest cohorts will focus on the creative industries in accordance with Republic Act No. 11904 or the Philippine Creative Industries Development Act [PCIDA], which mandates the development of a vibrant and globally competitive Philippine creative sector by protecting and enhancing their rights and boosting economic capacities,ā DTI-CIG said.
The competitiveness and innovation group said the application period is until January 31, 2024.