Philippine start-up accelerator IdeaSpace has announced its investment in the top three teams for this year’s start-up competition, after a rigorous four-month acceleration program where 20 start-ups worked with mentors to refine their business and financial model, product, operations, and communications.
This year’s investees include Airship Logistics, a ready-to-use, low-cost end-to-end solution targeted to courier companies looking to improve their operations management; Cocotel, a tech-based aggregator offering property management, construction and design support, and marketing services to value-for-money resorts and hotels; and Experience Philippines, a community travel platform offering themed, gamified travel experiences to domestic and foreign tourists.
The three teams will receive a Php 1 million investment each, in exchange for equity, along with access to exclusive learning sessions, free use of office space, and linkages to corporate partners, strategic partner resources, and investors.
Looking to sunrise industries
Google, Temasek, and Bain & Company’s 4th e-Conomy SEA study noted that e-commerce and online travel are two of the biggest sectors in the internet economy in Southeast Asia, with e-commerce’s gross merchandise volume (GMV) now worth USD38 billion and online travel GMV now worth USD34 billion.
“IdeaSpace’s investments reflects our optimism towards sectors that we see as potential sunrise industries for the Philippines, such as e-commerce and tourism,” shared IdeaSpace President Butch Meily. “Airship looks to support local courier companies as they work to provide quality service in the wake of the exponential growth in the e-commerce sector, while Cocotel and Experience Philippines have built platforms digitizing Filipino hospitality, providing small and medium enterprises opportunities to showcase their businesses and products.”
Adds Meily, “These three companies are already gaining traction, even attracting interest from larger local corporations, and they provide a promising view of the kinds of businesses, solutions, and services the Philippines will be able to offer as our own digital economy matures.”
Road to the 2020 acceleration program
With the Philippines’ digital economy expected to grow to USD25 billion by 2025, there is a greater need for start-ups ready to capture the opportunity made possible by a growing digital economy.
“We’re looking for resilient, creative, and disciplined entrepreneurs who understand the pain points they’re trying to solve in industry and society and who are willing to do the work to build a scalable, sustainable business,” shared IdeaSpace Executive Director Diane Eustaquio.
The deadline for applications for the 2020 IdeaSpace Competition is on January 17, 2020.