Manila, Philippines - The Department of Science and Technology (DOST) has taken a significant step in bolstering the Philippine startup ecosystem by establishing 59 technology business incubation (TBI) facilities nationwide. These facilities are designed to assist startups in developing and commercializing their concepts.
According to Philippines News Agency, Executive Director of the DOST's Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD), the initiative aims to provide consistent opportunities for startups and enablers. This announcement was made during a press conference at the 7th TBI Summit. Paringit highlighted the focus on startups, emphasizing the support in designing business models and prototypes that effectively meet market demands. He indicated the willingness of the department to invest in these innovative ideas.
A key highlight of the summit was the launch and signing of a memorandum of understanding (MOU) for the expanded Regional Startup Enablers for Ecosystem Development (ReSEED) Program. The DOST-PCIEERD has invested PHP 120 million in this program. The initiative aims to support TBIs in leading the formation and formalization of startup ecosystem consortiums across the country's 16 regions.
Russel Pili, chief of the DOST-PCIEERD Research Information and Technology Transfer Division, pointed out the importance of collaboration in the startup ecosystem. The approach involves not only incubators but also local governments, universities, and private partners. Pili stressed that while incubators play a crucial role in nurturing and transforming ideas into business propositions, the success of these ideas relies heavily on the support and viability provided by the entire ecosystem.