MANILA, PHILIPPINES – Attention to all early-stage startups: QBO Innovation Hub and the U.S. Embassy in the Philippines are launching INQBATION: The Take Off, an incubation program that seeks to support startup founders and teams with disruptive ideas enabled by technology. To participate, visit the contest’s official website: qbo.com.ph/inqbation-2020. The call for applications is now open and will run until October 4.
With the current crisis brought on by the COVID-19 pandemic, startups need support now more than ever. According to the Philippine Startup Survey 2020, recently released by the Department of Trade and Industry, PwC, QBO, and IdeaSpace Foundation, 64 percent of startups in the Philippines will need at least Php5 million to stabilize their operations in the next 12 months, and less than 20 percent have enough cash and capacity to stay operational.
Financial support in the form of grants, loans, and fundraising opportunities, as well as non-financial backing through access to customers and consulting services, are in high demand. INQBATION: The Take Off aims to provide both for qualifying startups whose tech ideas can be turned into an entrepreneurial pursuit and provide an opportunity to uplift Filipino lives.
“We believe that Filipinos are resourceful, smart, and tech-savvy, and now is a great time to explore innovative ideas which can potentially be the Philippines’ next big source of pride in the startup scene. With INQBATION: The Take Off, we want to enable early-stage startups who only need a leg up in order to succeed,” said Rene “Butch” Meily, President of QBO. “We are excited to partner with the U.S. Embassy in this pursuit, and we want to thank them for joining QBO in our mission of enabling Filipino startups to change the world.”
“We are happy to again partner with QBO. We are hopeful that, by giving early-stage startups this platform, they will gain knowledge and resources to develop some truly innovative ideas and solutions. We are dedicated to supporting a robust startup ecosystem, building deeper commercial ties between the United States and the Philippines, and are enthusiastic about contributing to the vibrant startup scene of the Philippines,” said Matt Keener, U.S. Embassy Cultural Attaché.
“The important thing for startups out there is to make the most of the resources, programs, and support available to them, especially at this time. If you believe in your idea, let us hear it, and let’s work together to make it happen,” added Meily. “Who knows? You just might help us find the next best solution for the future.”