The Management Association of the Philippines (MAP) announced on Thursday a program aimed at supporting 15 “promising” local startups from different industries.
The Scale program is being carried out in partnership with PWC Philippines, QBO Innovation Hub, Foxmont Capital Partners, and the Department of Trade and Industry (DTI), MAP said in an e-mailed statement.
The program hopes to “develop promising local startups across various industries through a wide range of activities and opportunities to help them accelerate their growth,” it added.
It will run for three months, after which the startups will have worked with MAP corporate partners and been matched with strategic investors.
“It can be challenging for startups and entrepreneurs to access the resources they need to grow their businesses,” said Benedicta Du-Baladad, MAP’s president.
“That’s why we created the Scale program — to help bridge this gap and give them the support they need to succeed.”
PwC Philippines’ chairman and senior partner, Roderick M. Danao, said that scaling up a business is difficult due to “limited access to funding, finding the right talent, and lack of mentorship and guidance.”
Through the Scale program, participating startups will have support and mentorship by experienced business leaders, as well as access to resources that can help them grow, he noted.
The 15 shortlisted startups come from the digital solutions, logistics, healthcare, artificial intelligence, sustainability, climate change and environment, edtech, and fintech industries.
“Sessions on company valuation, data analytics, ESG, and sustainability can equip them with the right knowledge and capabilities to make strategic decisions,” added Butch Meily, president of QBO Innovation Hub, on the program’s specific features.
DTI Secretary Alfredo E. Pascual said that the program would also help the Philippines develop its highly skilled, tech-savvy workforce.
“Innovation-based programs like Scale help foster entrepreneurship and creativity in the country, forming a more vibrant and sustainable startup ecosystem,” he noted. — Brontë H. Lacsamana