Innovative Startup Act helps new entrepreneurs in the Philippines
The support will be in the form of lowering regulatory barriers and providing incentives to support an enterprise’s growth, especially in its initial stage of development.
In turn, this will help local innovators succeed in a very challenging and competitive sector, and spur more startup enablers to boost innovation in the country.
Key features of the Startup Act include streamlined business registration, research and development grants and international exposure, the creation of a Philippine startup ecozone and startup grant fund (SGF).
Department of Science and Technology (DOST) undersecretary Rowena Cristina Guevara said the SGF was established to overcome research and development roadblocks by means of prototype improvement, conduct of feasibility studies, development of product specifications, as well as validation of user requirements, to strengthen intellectual property (IP) by means of protection and development of the appropriate IP strategies.
In addition, the Act targets to help startups gain initial market traction and engage potential users for feedback and the refinement of their business models.
Three key government agencies – DOST, Department of Information and Communications Technology (DICT) and Department of Trade and Industry (DTI) – have joined hands to encourage the growth of startups, according to The Manila Times.