THE Department of Trade and Industry (DTI), through its Competitiveness and Innovation Group (CIG), announced the launch of its Incubation, Development and Entrepreneurial Assistance (IDEA), and Accelerating Development, Valuation and Corporate Entrepreneurship (Advance) programs to support creative startups in the Philippines.

In a statement on Friday, Trade Undersecretary Rafaelita Aldaba said the programs are part of the government's efforts to uplift the country's creative industry to make them competitive globally.

"The programs are a testament to the Philippine government's belief in the immense potential of Filipino creativity and entrepreneurship," Aldaba said.

According to the DTI-CIG, the IDEA program will onboard 10 early stage creative startups and enterprises to support and enhance their entrepreneurial capacity and readiness through various educational workshops from experienced mentors.

"The program culminates with a showcase event, where startups can present their ventures to program stakeholders, angel investors, venture capitalists, corporate representatives and key figures in the ecosystem," the DTI-CIG said.

Meanwhile, 10 to 15 startups will be initially chosen for the Advance program where they will be assessed based on "organizational capacity, business maturity and readiness levels."

"From there, five participating startups will be selected to proceed to the acceleration phase and undergo intensive training based on the specific interventions identified from the needs assessment," the DTI-CIG said.

For the IDEA program, Albada said that early stage startups operating in the Philippines should have a minimum viable product and are registered or are in the process of registration to the Securities and Exchange Commission (SEC) or DTI.

For the Advance program, she said startups should be in their growth or expansion stage, operating in the country for at least two years with revenue and SEC or DTI-registered.

Furthermore, each program needs founders who are 60 percent Filipino and with at least two founders committed to the programs.

"The creative sector is a vital component of our economy and cultural identity, and through initiatives like these, we aim to foster an environment where ideas can flourish, talents are honed and success stories are born," said Aldaba.

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