DTI moves to accelerate development of startups

MANILA, Philippines — The Department of Trade and Industry (DTI) has inked a memorandum of understanding (MOU) with corporate innovation platform Plug and Play Tech Center to accelerate startups in the country.

Trade Secretary Alfredo Pascual said the DTI, in collaboration with Plug and Play Tech, is pioneering a national startup initiative aimed at nurturing entrepreneurial spirit, bolstering economic vitality, and establishing the Philippines as a nexus of global technology and innovation.

“At the heart of this initiative is our dedication to innovation through startups. We are committed to stimulating the creation of new intellectual property assets, paving the way for an intellectual property (IP)-centric economy. This strategy diversifies and enriches our economic landscape and empowers our nation to excel in a knowledge-intensive, competitive global market,” Pascual said.

He said the partnership aims to forge connections with leading market corporations, creating a nurturing space for both local and international startups in the country.

“Our collaborative approach includes startup acceleration, private sector engagement, investment attraction, and skills development,” Pascual said.

“In practical terms, we plan to achieve two cycles of acceleration per year, supporting potential pilot and commercialization efforts of 20+ tech startup companies,” he said.

Pascual said the partnership is dedicated to key industries to fortify the country’s economic backbone.

He explained that the program would concentrate on strengthening the country’s IT-BPO industry through AI adoption, empowering manufacturing industries through Industry 4.0 technologies, catalyzing growth in agritech, enhancing financial services, and exploring several more key areas that will be determined through strategic partnerships and collaborative efforts.

In addition, the program is poised to provide upskilling and knowledge transfer to both corporate and public sectors in relation to open innovation and developing an intellectual property-based economy.

“By doing so, we ensure that the benefits of this program extend beyond startups, creating a ripple effect that positively influences various facets of our economy,” Pascual said.

On a global scale, Plug and Play collaborates with over 600 corporations, propels more than 2,000 startups annually, and stands tall as one of the most prolific early-stage investors, with a portfolio that includes over 2,000 investments and 35 unicorns.

Aside from the MOU with Plug and Play Tech Center, the DTI also inked a memorandum of agreement (MOA) with the Benita & Catalino Yap Foundation (BCYF) aimed at igniting innovation and entrepreneurship within the micro, small, and medium enterprises (MSMEs) sector in the Philippines.

According to the DTI, the MOA highlights the unified commitment of DTI and BCYF to nurturing an environment conducive to the growth and advancement of MSMEs in the Philippines.

“We at the DTI remain committed to empowering our MSMEs through several digitalization and innovation efforts anchored on our science, technology, and innovation (STI) driven approaches.

Through a whole-of-government approach, we are actively working with both public and private sector to enhance our MSMEs competitiveness and facilitating their integration in the global market,” Pascual said.

The foundation aims to partner with DTI in executing the BCYF Innovation Awards while providing comprehensive training and consultancy services in innovation and entrepreneurship to DTI business counselors and MSMEs.

“This collaboration seeks to enhance the MSME landscape by equipping stakeholders with essential skills and fostering a culture of innovation,” the DTI said.

For its part, the DTI pledges to amplify BCYF’s initiatives by facilitating presentations and disseminating crucial information through official channels like the DTI website and other social media platforms.

Pascual stressed that the DTI stands ready to engage in collaborative projects with BCYF in Mindanao, aligned with their shared vision of fostering innovation and development within the MSME sector.