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Monday, December 17, 2018

DICT ties up with DOST to reward P1M to college startup teams - Philippine Information Agency

QUEZON CITY, Dec. 17 -- The Philippine Startup Challenge 5 (PSC5) just got literally bigger as the Department of Information and Communications Technology-ICT Industry Development Bureau (DICT-IIDB) is set to award a prototype funding to its top winners totaling to P1 Million pesos. 

DICT’s nationwide startup competition got a financial boost from the support of the Department of Science and Technology’s Philippine Council for Industry, Energy, and Emerging Technology Research and Development (DOST-PCIEERD), an institution mandated to provide financial assistance aimed at nurturing tech-based startups to contribute to the industrial development of the Philippines.

The product prototype funding from DOST-PCIEERD will be awarded to the top 5 student-teams of the 2019 PSC that meet DICT and DOST’s eligibility requirements — a first time for the government to provide funds to aspiring startups.

“We at the DICT are very pleased with our partnership with DOST. It will provide opportunities to our student-teams to develop prototypes of their ideas. We hope that this initiative will encourage more college students to create applications and products and join the next PSC,” said Ms. Emmy Lou V. Delfin, OIC Division Chief of the DICT-IIDB.

Ms. Russell Pili, Chief of the Research Information and Technology Transfer Division of the DOST-PCIEERD explains, “The PSC is aligned with our initiative of supporting young innovators. We are happy to offer support and partner with the DICT, our innovation ecosystem partners – including our network of University-based DOST Technology Business Incubators (TBIs) -to ensure that the winning student-teams will not only receive inputs and deserving awards in this endeavor, but also enable them to move a step further and create prototypes and tangible outputs from their winning ideas.”

“Tech-entrepreneurship, by its nature, is a high-risk, high-gain venture, and we are happy that the government is supporting these aspiring founders and talented young risk-takers. We know that startups require long-term investment in people, and we hope that PSC 2019 will be a good opportunity for them to pitch their ideas. We expect to have a challenging but productive journey with these startups,” shared said Ms. Emmy Lou V. Delfin, OIC Division Chief of the DICT-IIDB.

The PSC5 semi-finalists who will be given additional mentoring to enhance their business ideas will be announced on December 21, 2018. On March 2019, the top 10 student-teams will be chosen. However, the product prototype grants will only be given to the top five teams during the national finals in April 2019.

The PSC is part of the seedPH Program which aims to support and develop the Philippine startup ecosystem and produce local technopreneurs whose products and services are socially relevant and scalable globally. (DICT)



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