MANILA, Philippines - Globe Telecom, a joint venture between diversified conglomerate Ayala Corp. and Singapore Telecom, has earmarked P100 million to allow its unit Kickstart Ventures Inc. to invest in start-ups as part of efforts to develop the country’s information and communications technology (ICT) sector.
Kickstart Ventures president Minette Navarrete said in an interview with reporters that several start-up companies have approached the company for possible funding since it was launched last March.
“Our business will grow if there are new applications, new destinations, new products and services that can be used. We want to help create a good environment for innovation. We want to rewrite our economic future. Our role is to go to the grassroots,” Navarrete stressed.
Of the initial funding is P100 million for the first year of operation, she explained that the company could shell out at least P500,000 or as much as P15 million to P20 million in seed money to help start-up firms begin operations and avail of training and mentorship in business concepts and planning, and marketing.
“Funding is a start and to follow through, we need to create a viable ecosystem for early-stage companies—putting our assets, business relationships and talent base to work supporting startups. It’s about helping startups get off to a faster start, and a better trajectory,” she explained.
Kickstart Ventures intend to have a minority stake in the startups or up to 20 percent leaving majority control to the founders of the company.
She pointed out that there is no limit to the type of business that Kickstart Ventures would help incubate but these companies should use technology-based infrastructure.
Companies that have successfully been incubated would also get opportunities to offer their product or services to Globe’s other business divisions and partners such as the Ayala group of companies and SingTel.
Kickstart Ventures has partnered with the US embassy to host a meet-up with Sacn Inc. founder and chief executive officer Garrett Gee who is visiting the Philippines on a US State Department speaker program.
Scan was a recipient of $1.7 million seed funding when the business started in early 2011.
Scan creates web and mobile tools to enable enterprises and individuals to benefit from mobile transaction technologies such as Quick Response (QR) Code, Near Field Communication (NFC), among others.
Globe’s rival dominant carrier Philippine Long Distance Telephone Co. (PLDT) has its own incubation company called IdeaSpace Foundation.