QBO Innovation Hub (QBO) has announced a partnership with the US Embassy in the Philippines to launch an initiative to support early-stage startups, amid uncertainty caused by COVID-19.
Titled INQBATION: The Take-Off, the programme will provide selected startups with financial support in the form of grants, loans and fundraising opportunities. Besides this, they will get workshops, free consultations, tax filing, marketing and access to customers.
To participate, startups will need to have a working prototype and should not have raised more than Php 5 million (~US$100,000) in external funding.
Currently, the programme is open only for Filipino startups. Last date to send the application is October 4.
“With INQBATION: The Take-Off, we want to enable early-stage startups who only need a leg up to succeed,” said ReneMeily, President of QBO.
Also Read: Going big? Then Go e27 Pro.
The partnership comes at a critical time as the pandemic has stirred up unpredictability making it difficult for many startups to directly seek investment from direct sources like VCs.
According to the Philippine Startup Survey 2020, 64 per cent of local startups will need at least Php 5 million to stabilise their operations in the next 12 months, and less than 20 per cent have enough cash and capacity to stay operational.
Also Read: LongHash to launch incubation program targeting early stagers blockchain projects
“We are hopeful that by giving a platform to early-stage startups, 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 US and the Philippines, and are enthusiastic about contributing to the vibrant startup scene of the Philippines,” said Matt Keener, US Embassy Cultural Attaché.
QBO is an innovation hub or a platform for the startup community to collaborate, develop talent and grow. It claims to be Philippines’s first public-private initiative for startups.
Some of its partners are IdeaSpace, JP Morgan, Department of Science and
Technology, and Department of Trade and Industry.
—
Image Credit:
The post QBO Innovation Hub joins forces with US Embassy to launch startup incubator in Philippines appeared first on e27.