A group has called for entries for new business ideas so they could be included in those who can vie for initial funding for startups.
Rolan Garcia, JuaNegosyante commissioner, said the JuaNegosyante program is a search for the best business ideas that are worth providing seed funding for them to grow.
The program is being implemented by the Junior Chamber International (JCI) and its local chapters.
“This is a nationwide search for the top business ideas in the Philippines,” said Garcia during the regular session of the city council.
He said the program is designed to help entrepreneurs help solve the social problems. “The Philippines is three decades behind the entrepreneurship ecosystem compared with our ASEAN (Association of Southeast Asian) neighbors in Hong Kong, Singapore, even Vietnam, and Indonesia,” he said.
Garcia even cited the statement of Presidential Adviser for Entrepreneurship Joey Concepcion that “we will be the next Silicon Valley of Southeast Asia.”
He said the three finalists nationwide will receive P100,000 and P5 million funding from investors who will be among those who form panel of judges.
The finalists, which will be announced on November 17, will also be mentored by top business tycoons on how to grow their startups.
“We are inviting business pitches to be submitted to us. It can range from agriculture, food and beverage. It can be from students, or even professionals,” Garcia said, pointing out that the deadline for submission of proposals will be on September 8.
He said the program aims to provide assistance to budding entrepreneurs, particularly those in the remote areas.
“In the pitch, we are going to expect for example, what the problem is going to solve, what the target market is,” Garcia added.
In the Visayas, the organizers of the search received 20 business proposals and that they decided to limit the number to three: Agriblocks rice hull cements, Loud Basstard bamboo speakers and Bayonas Motors electric tricycle.