IdeaSpace applications closing soon for SEA startups

Submissions for IdeaSpace's 2014 startup competition in the Philippines is open to all Southeast Asian startups, and closes on January 15.

Calling all Southeast Asian startups, there's just a little over a month now to the close of IdeaSpace's 2014 startup competition.

IdeaSpace is a Filipino incubator and the largest privately-backed one in the country. Now into its second year, the startup competition will accept entries until January 15, 2014. Winners will receive about 1 million pesos (US$22,622) worth of support which includes cash, but the winnings also will cover other costs such as office space and training under a six-month program. 

Earl Martin Valencia, IdeaSpace's president, said this year marks the first where the incubator is opening entries to startups outside of the Philippines because it is keen to attract a more diverse set of ideas.

For its incubation program, the organization typically picks about 20 teams after an initial three rounds of judging. The 20 finalists go through a three-day bootcamp and a six-week program, and will receive 50,000 pesos (US$1,133) for initial prototyping and presentation.

Eventually, these 20 teams get whittled down into 10, which will receive a further 500,000 pesos (US$11,311) from IdeaSpace, with another grant of 500,000 pesos (US$11,311) that can be used for business management classes and consulting on finances and intellectual property, for example.

IdeaSpace is funded by many of the country's large telcos such as Smart and Digitel Mobile, as well as large investment firms like First Pacific, Metro Pacific and Indofood. It has a commitment of 500 million pesos (US$11.3 million) over five years.

Apply for the competition at this link.