Diane Eustaquio of IdeaSpace
Diane Eustaquio
Diane
Eustaquio of IdeaSpace
Turing
Ideas Into Reality
By
Andeng Dizon
The absence of a
concrete plan for nation-building is the Philippines' greatest challenge today.
According to Heritage’s recent article
about the country’s economic freedom for 2016, the Philippine economy has been
growing steadily for the past five years at an average annual rate of six
percent despite several problems like poverty and poor infrastructure. To top
it off, the government has been passing legislative reforms to enhance the
entrepreneurial environment and private sector to create a broader job growth.
And yet, most of its
citizens have not experienced its rewards. All Filipinos should feel the
benefits of the growing economy. It is only crucial to spread out the payback
of the Philippines’ huge economic turnaround among its citizens, especially
those who are living in poverty. But how could they benefit from it if they are
not properly contributing to the economy? The problem is not only
underemployment or unemployment but also the quality of jobs that are offered.
Put it this way. The
economy is the car, and entrepreneurship is the oil. Obviously, you need oil in
order to make the car work. If you want to see the Philippine economy function
well, you need entrepreneurship for that. And if you want your car to work for
the long run, you need a good quality of the oil. The entrepreneurship
community must be honed. It is the solution to the country’s economic problems
because it could generate wealth, provide jobs and empower lives. It is more
than just an economic term; it is a way of thinking and living.
Turning ideas into
reality
Every like-minded Filipino visionary believes that
the path to nation-building involves entrepreneurship, which would pave the way
for innovation and development. “Filipinos need the right opportunity to turn
their ideas into a reality,” said Diane Estaquio during her interview with TechShake. Estaquio is the executive
director of IdeaSpace, a non-profit
organization that nurtures the organic growth of early-stage start-ups by
providing seed funding, and also by incubating and accelerating them.
There are only a few start-up incubators and
accelerators in the Philippines, and IdeaSpace
has been one of the frontrunners when the Philippine start-up ecosystem
started to flourish. The company is dedicated to turning ideas of bright, young
Filipino entrepreneurs to reality not just by providing funding and mentorship,
but also by offering programs that would benefit both the entrepreneur and the
community. PinoyTravel, Tactiles, and TimeFree Innovations are some of their start-ups that have become
successful, and there are more to come to be a part of their success story.
The
community of start-ups
“It takes a whole
community to help a start-up stand on its feet.”
The
Philippine start-up ecosystem or community is quite new, but together with its
fellow Southeast Asian countries, it is an untapped and promising place for
tech start-ups. It has started to grow four years ago when a small number of
incubators and accelerators – comprised of foreigners and Filipinos that have
been educated and or have worked overseas – have appeared in the scene. Their
main task is to help the local entrepreneurs launch their respective businesses
by allocating funding from investors.
But
most investors do not understand how to
provide a capital for a tech start-up. Since
tech start-ups have yet to make a name for themselves in the local scene, most
investors are unsure whether they should invest in a start-up, especially if it
is a riskier venture. But these local incubators and accelerators are here to
educate them on the subject by showcasing the success stories of their respective
start-ups, possible returns and gains from investing, and other advantages
unbeknownst to them.
During the Asia Pacific Economic Summit (APEC) last
2015, Gregory Domingo, the secretary of the Department of Trade and Industry
(DTI), addressed the government’s slowness in understanding and supporting the
local start-up scene during his opening remarks. But he was quick to rectify
his previous statement by informing the audience that DTI has planned to
collaborate with IdeaSpace to create
nationwide innovation centers with branches positioned near universities in
hopes that it would encourage students to join the Philippine start-up scene.
What
IdeaSpace does
One
of the three programs IdeaSpace
offers is Inspire, spearheaded by Dustin Masancay, one of the company’s associate
directors. The main purpose of this program is to teach our entrepreneurs to
formulate concepts that are not yet “out there” through a series of boot camps,
information sessions, hackathons, and ideation workshops. It also aims to
foster knowledge and understanding about techno-entrepreneurship, innovation,
and the start-up culture.
The
second is Incubation, a multi-faceted support program that empowers tech entrepreneurs
who have distinct and remarkable ideas by helping them turn these ideas into
viable and marketable businesses. They would select ten start-ups that had won
from their annual national competition to be the recipients of their seed
funding, one-on-one mentorship, and exclusive access to a network of future investors.
The
third and the last is Integrate, a program only available after the start-ups
have completed the Incubation program. This is the time where they would be
send-off to IdeaSpace’s industry
partners and stakeholders to collaborate on projects and ventures. Its main
purpose is to make their start-ups stand on its two feet. This is the time
where they test their skills by applying it in the real world.
As
one of the faces of the Philippine start-up ecosystem, IdeaSpace promises to continue its efforts in fostering and
nurturing early-stage start-ups in order to contribute to the rising local
start-up scene. The men and women behind this company believe that through
proper encouragement, education, and training, entrepreneurs would reach their
full potential of creating innovation and being the solution to the country’s
problems.
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