IdeaSpace Foundation Philippines Introduction
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IdeaSpace is a multi-industry startup incubator in the Philippines that aims to help solve major issues in emerging markets. It provides capital up to $120,000, expertise in areas like legal support and mentoring from executives, and office space to selected startups. IdeaSpace has supported 10 startups out of 700 applications in its first class. These startups focus on solutions for emerging market challenges like affordable healthcare and transportation. IdeaSpace is backed by the large First Pacific Group conglomerate and has partnerships with organizations to provide resources to incubatees. It has an experienced management team with backgrounds in business, technology, and academia.
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IdeaSpace Foundation Philippines Introduction
- 1. IdeaSpace Philippines Multi-industry start-up incubator to help solve the biggest issues in the emerging markets Earl Valencia (@earlvalencia) - President, IdeaSpace Foundation - Head, Corporate Innovation, SMART Ideaspacefoundation.org; @ideaspaceph; www.facebook.com/ideaspaceph
- 2. 2 Philippines’ steadily growing economy Location 1,298 1,816 2,797 2010 2011 2012 7.8% 7.7% 6.0% 4.8% Philippines China Indonesia India (Q1 2013 GDP Growth) Strong recent GDP growth Advanced economy structure Growing foreign investment 50% 33% 17% Services Industry Agriculture, forestry & Fishery (2010 GDP sector share) (FDI in USD Mn) CAGR 29% Source: Development of Labor and employment, UNCTAD
- 3. 3 Favorable environment for technological entrepreneurship Opportunities 108M Population • 12th biggest in the world • 2nd biggest in Southeast Asia Young, Educated Generation • 50% is under 23 • School enrollment rate of 106%* Embedded Capabilities • English as the official language • IT literacy • Potential to access global market by technological innovations • Unique environment to address universal issues in EMs * Can be above 100% due to early/late enrollment Source: World Bank, CIA Factbook
- 4. 4 IdeaSpace as a full model accelerator/incubator Expansion Scale and Generate revenues Market and Acquire initial customers R&D Idea to Product Idea Flow Find Ideas Approach • Find greatest ideas from the Philippines and SEA to support Provide Capital • Initial support: P500K investment over 6 months ($12k) • During Incubation: Up to P2M ($50 k) • After Incubation: Up to P5M of additional investment on a convertible note ($120k) Provide Expertise • Provide legal support on incorporation, IP • Provide financial planning capability support • Provide technical support and mentoring from the executives of First Pacific Group Provide Facility • Provide office space in Makati • Provide housing for non-Metro Manila incubatees Next page
- 5. 5 Screening ideas from global standard level of competition 1.0% 1.4% 2.0% 3.0% 5.8% Recent acceptance rates * Source: Betabeat, Techcrunch, Gagaom, Harvard College • For the class of 2013, IdeaSpace selected 10 out of 700 submissions • The competition is up to par with global standard incubators
- 6. 6 Buzzing filipino startup ecosystem Expansion Scale and Generate revenues Market and Acquire initial customers R&D Idea to Product • DOST • Develop Net • PhilDev • ITSO • Techtalks.ph • Google Developers Group • Startup Weekend • IdeaSpace • LaunchGara ge • Hack2Hatch • KickStart Ventures • Hatchd • Wireless Wings • ON3/PlugandPlay • ICCP • Narra Venture Capital • Brummer and Partners • Bonifacio Capital • Nova Founders Valuation Investment Size Players Started after late 2011 < $100K < $2-5M > $5M< $500K $10 - 50K ~ $500k~ $100K Idea Flow
- 7. 7 Profile of Ideas – Solution to EM challenges 40% 34% 26% 26% 18% 16% 15% 13% 9% 4% Category of Idea (Based on submissions: Top 2 box) • Strong mobile solutions using mobile app and software • Social entrepreneurship, advo cacy projects and non- profits presence to solve prominent emerging markets issues Target on EM Social Issues 2 1 2 1
- 8. 8 Example of incubatees ARMtech MIRAND TimeFree PinoyTrav el Description • Water purification machine using nanotech. Current technology available in Philippines kills only bacteria but this one kills virus too, which is a vital issue in EM • Established by 3 filipino engineers and advised by a professor at MIT • Affordable artificial joints for the emerging Asia. New technology pushes knee joint operations cost down to 50% of current prices • Developed by surgeons trained in US • Virtual queuing system. In EM, people make queues for meals, transportation, leisure, etc and this service saves the trouble • Deployed by SMART and Western Union in 3 countries. $100K USD revenue in less than 6 months • Provincial bus reservation system to increase the easiness to take buses. Buses are one of the most frequently used transportation means in EM, but ticketing/reservation are not as simple as flight or railway • 9 out of top 10 bus companies have signed up for the service
- 9. 9 IdeaSpace backed up by First Pacific Group Corporate Network Across SE Asia Background IT and Telecom Infrastructure Agriculture IdeaSpace is tied to First Pacific Group, one of the biggest conglomerates in Asia • >$10Bn annual revenue in aggregation • $5B Market Cap standalone • Listed in NYSE First Pacific committed $12.5M to IdeaSpace over 5 years with strong human resource support
- 10. 10 Additional third party/government support Academic ITSO to assist patent search, patent filing Free licenses for all IBM software and paired up with a mentor ISV BizSpark: License forMS Software products during incubation $2500 amazon credits with mentoring and training from Amazon Specialists from Singapore Mentoring and assistance on Hardware based prototypes Internship for MBA students, lectures and case study writing ENEDA - Bootcamps and cases for entrepreneurship educators Stanford GSB Global Group – MBA intern funding from Stanford National Instruments – Enrollment in Planet NI Program Freelancer– $100 in Freelancer Credits Partners Support
- 11. Board Members 11 Professional management team in place Manuel Pangilinan Roles • Chairman • Managing Director at First Pacific Group Earl Valencia • President, Co-Founder • Head of corporate development at SMART • Stanford MBA ‘09 Diane Eustaquio • Executive Director • Metro Pacific Investments • Department of Environment and Natural Resources Martjyn Cuan • Vice President, Co-Founder • CIO, Manila Electronic Company Dustin Masancay • Associate Director of Venture • Business Development, SMART • University of Philippines, Economics Department