MANILA, Philippines - Innovation is the backbone to sustained economic development, and the government, academe, and the private sector must work hand in hand to let the best innovators flourish in every country.
This was the vision shared by an executive of Smart Communications Inc. and the First Pacific incubator IdeaSpace Foundation Inc. with global policy makers and leaders during the recent Asia-Pacific Conference on Innovation and Trade Implementation Practices held in Medan, Indonesia.
Earl Martin Valencia, president of IdeaSpace and head for corporate development and strategy at Smart, joined the select panel of leaders from the technology startup and investment communities during the event’s panel on Fostering an Entrepreneurial Innovation Environment.
The panel was chaired by Jonathan Ortmans, president of Global Entrepreneurship Week and senior fellow at the Kauffman Foundation. Other panel members included Shinta Dhanuwardo Yo, founder of Bubu.com (Indonesia); Sirgoo Lee, CEO of Kakao (Korea); and Nazrin Hassan, CEO of Cradle Fund (Malaysia).
Entrepreneurs and business leaders from the APEC region discussed the role of governments in fostering innovation and entrepreneurship by promoting and maintaining effective, non-discriminatory and market-driven innovation policies in support of policies agreed upon by APEC country leaders in 2011.
“It’s important for various sectors to work together in developing and sustaining an open flow of capital, talent, ideas, and services to ensure competitiveness and growth. But the greatest challenge in longer term economic development is building the foundation with technology,†Valencia said.
In the Philippines, IdeaSpace was launched in early 2012 by leading companies in different industries, including First Pacific, Metro Pacific Investments Corp., Metro Pacific Tollways Corp., MPIC hospital group, Philippine Long Distance Telephone Co., Meralco, Smart, SPI Global, Digitel, Sun Cellular, ePLDT, Indofood, Philex Mining, Maynilad, MediaQuest, and TV5.
The non-profit foundation runs an incubator program that aims to support technology entrepreneurs in the Philippines and for the global market through funding, mentoring, support, market runway and partnerships among local and global companies and venture firms.
The largest privately funded incubator program in the country to date, it currently has 14 startups under its portfolio, including the 10 winners from its tech startup national competition.
IdeaSpace also runs school-based technopreneurship boot camps as part of its advocacy to encourage young people to start their technology-based businesses.