The Department of Trade and Industry (DTI) in the Philippines has taken a significant leap forward in fostering innovation within the creative sector by unveiling a select group of startups and enterprises set to join the Incubation, Development, and Entrepreneurial Assistance (IDEA) and Accelerating Development, Valuation, and Corporate Entrepreneurship (ADVanCE) for Creatives programs.
This announcement, made on February 19, 2024, highlights the DTI’s commitment to nurturing the entrepreneurial spirit in alignment with national legislation aimed at stimulating the creative economy.
These initiatives, anchored in the Innovative Startup Act (ISA) and the Philippine Creative Industries Development Act (PCIDA), signify the government’s intensified efforts to bolster the creative industries — a sector recognized for its potential to drive economic growth and innovation.
The Launchgarage Innovation Hub in Quezon City served as the backdrop for this momentous revelation, marking a new chapter for early-stage and growth-stage creative startups and enterprises in the Philippines.
The programs, IDEA for Creatives and ADVanCE for Creatives, reflect the DTI’s strategic approach to empowering startups through mentorship, workshops, and acceleration programs.
Ten early-stage ventures have been chosen for IDEA, while eight growth-stage startups have been selected for ADVanCE.
These startups span across the nine creative domains identified by the PCIDA, showcasing a diverse array of innovative solutions and services set to reshape the Philippine creative landscape.
As these startups embark on their developmental journey, they will benefit from the DTI’s comprehensive support structure designed to enhance their entrepreneurial capacities and market competitiveness.
The culmination of these programs will be a Demo Day, offering participants the opportunity to present their progress and attract potential investors and partners.
The IDEA and ADVanCE programs exemplify the Philippine government’s proactive stance in cultivating a robust environment for creative innovation.
By investing in such initiatives, the DTI is not only contributing to the economic diversification of the nation but also establishing the Philippines as a burgeoning hub for creative and innovative enterprises in the global arena.
