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The Department of Trade and Industry (DTI) has announced increased efforts to accelerate the development of more than 40 local startups every year, and plans to hold two acceleration cycles annually starting from 2024 to support the pilot and commercialization efforts of more than 20 technology startups.
Trade Minister Pascual said the plan focuses on strengthening local information technology, business process outsourcing, industry 4.0 technology and agricultural technology, emphasizing the importance of partnerships and financial services. He noted that the program would provide skills upgrading and knowledge transfer, not just for start-ups, but would have a positive impact on all aspects of the economy.
Deputy Minister Aldaba said the strategy will drive innovation and create a mature start-up environment to achieve growth and sustainable development goals through strong collaborative efforts.
In previous news, DTI stated that the local entrepreneurial venture fund ecosystem has reached 8 billion pesos, providing more capital opportunities for high-potential enterprises.
(Source: inquirer Image source: freepik)
