Plug and Play Launches Startup Accelerator with DTI to Plug Local Innovation Gaps

Plug and Play Launches Startup Accelerator with DTI to Plug Local Innovation Gaps

by May 2, 2024

Silicon Valley-based venture capital firm Plug and Play has collaborated with the Philippines’ Department of Trade and Industry to launch the National Startup Accelerator Program.

This initiative aims to enrich the country’s startup ecosystem by helping nascent enterprises develop innovative products and solutions. The program offers mentoring and opportunities to access equity funding.

During a discussion with journalists participating in the Friends, Allies, Partners Program, Jojo Flores, co-founder of Plug and Play, highlighted the absence of a “unique story” in the Philippines’ tech startup narrative, which he believes has been a significant gap over the last decade.

Jojo stressed the need for the Philippines to craft a distinctive market presence to enhance its position in the global tech industry. He further highlighted that the accelerator will initially assist 50 startups, providing them with connections to funding opportunities across its global network.

Jojo Flores

Jojo Flores

The Plug and Play co-founder expressed confidence in the potential of these startups to innovate and contribute to a new era of technology development, thereby strengthening the country’s high-value service industry.

“I can tell them [venture capitalists] that we have a US$120-billion service industry in the Philippines and I have the best 50 startups for you to look at that are creating the next generation technology,”

Jojo said.

The program is described by Jojo as a pivotal development that will boost trade relations between the Philippines and the United States, potentially attracting foreign direct investment from U.S. companies interested in enhanced product offerings from the Philippines.

 

 

Featured image credit: Edited from Freepik