ON3 Technology Entrepreneurship Acceleration Program (Philippines / USA)
Start date - End date
Brief description of the initiative
The ON3 Entrepreneurship program is a joint effort by private sector volunteers of the Science & Technology Advisory Council with participation from MOA members Department of Science & Technology, Department of Trade & Industry and Department of Foreign Affairs. It is a response to the need to:
- Improve the human resource talent pool through cross-border training and mentoring
- Shorten the time to market of commercialization of University R&D and SME ideas
- Increase global competitiveness
- Contribute to national productivity
- Increase investment by foreign investors in the Philippines
ON3 is an acceleration program for Philippine based companies to help accelerate the commercialization of the ideas into the worldwide marketplace. It is branded as a “Tech Funding Olympics” designed to accelerate participation of the Philippines in the Global Science & Tech Economy. It is considered as a tech funding Olympics because participants will have an opportunity to participate in a mentoring, coaching and training program that will increase the bar and standards of excellence of the quality of start ups in the Philippines. This program will help senior teams of companies participating in the program to think through relevant details of their business including receiving necessary training and participation in workshops that will include financial analysis (cost of goods and operations), sales & marketing, competitive analysis and developing an understanding of their global advantages compared to perceived competitors such as proprietary intellectual property. The participants will also undergo training to enhance communication and presentation skills.
Results and lessons learned
- In 2009, MOA signed with the Government of the Philippines, endorsed by the President and signed by the 3 Cabinet Secretaries.
- First ON3 Nationals event hosted by DOST during its annual Science & Technology Week in 2011. Received sponsorship from Novare Technologies and SMART communications. Began ties with the SWEEPS program run by SMART Technologies.
- Hosted Philippine Congressional ICT Committee in 2011which provided an educational bridge for members who served on committee but were not familiar with the mechanics of Silicon Valley
- Strengthened Community Member partnerships with schools, investors, grassroots organizations, private sector and government – Helped build a collaborative Private Public Partnership
- Joined U.S. Department of State’s Global Entrepreneurship Program as Partner
- Collaboration is a main ingredient to the success of program: The program and undertaking was new and not widely embraced. We had to educate all stakeholders regarding relevance and value. Taking time to educate and spending time on the ground with individuals who serve as stakeholders was extremely valuable. They felt part of this new initiative and had a better understanding of what the goal was from the bottom up not top down.
- Difficult to sustain with no funding. Active members of Science & Technology Advisory Council - Silicon Valley (STAC-SV) had to invest more time and resources than planned.
- Start up Methodology and Localization of Program contributed to success: we operated STAC SV as a start up and branded our Program ON3 (3 regions of the Philippines, 3 minutes to pitch and 3 month immersion program as the prize)
- Program is deemed valuable to all: Exploring potential grants to fund initiative longer term. In the interim, Philippine government is exploring ways to develop this initiative. This is still in discussions.
Main thematic areas
Increase Global Competitiveness and Secure Funding
The workshops training, mentoring and coaching will prepare the founders and/or senior management to present to an international investor audience to secure between US $500k and US $10 million (or greater than $10 million if the investors feel the solutions warrant a higher amount) in required funding for their companies to establish a global presence. This funding will allow the companies to establish an office or presence in the US or in other countries where their product or service is considered relevant (ex. Medical or healthcare applications) and where meaningful revenue can be generated. This will enable Philippine companies to have access to US and other global prospects and importantly to hire additional employees in the home office in the Philippines. This project is to help put the Philippines on the map in Science & Technology and in the global marketplace. Participants who do not receive funding will also benefit from the coaching, mentoring and training received. Moreover, participation in the Silicon Valley immersion will be extended to the non-winning participants however, at their own expense.
1. Conduct ON3 regional programs across the country in April/May each year 2. Conduct ON3 regional workshops three times a year (April / July / October) 3. Host an ON3 National Pitch Competition in July each year during the National Science & Technology Week 4. Narrow the participants to five (5) companies in 2012 and three (3) companies per year thereafter during the National pitch event. The three companies will be judged on specific criteria wherein they possess the qualities that will likely attract international investors. These include: • Authentic and Proprietary IP • At least two (2) Founders • A Business Model that is focused on solving a real and large problem • An existing product or service platform with market traction and revenue; and • Must be seeking investment capital and/or global business development 5. Invite to the regional workshops across the country • Science & Technology Departments and Research Institutes from top and technology focused Universities, Colleges and Technical Schools across the Philippines • Entrepreneurs and Founders of Start-up Science & Technology Companies across the Philippines • Government and Non-Government stakeholders involved in the Science & Technology industries • Industry experts and successful entrepreneurs who will discuss certain relevant industry topics each year • Media focused on developments in entrepreneurship and science & technology 6. Invite to the National competitions in July: • Venture Capitalists from Silicon Valley, Philippines, Parts of Asia and Europe to serve as judges to determine which three (3) companies during the National will participate in the immersion program hosted by Plug and Play Tech Center in Sunnyvale, California. • Media and Press covering entrepreneurship and technology worldwide 7. Use grant funding to enable participants to avail of the three month immersion program generously donated by Plug and Play Tech Center in Sunnyvale, California. Plug and Play Tech Center is a leading technology focused accelerator with 300 member companies with relationships with approximately 200 Venture Capital firms in Silicon Valley. Plug and Play donated eight immersion program fees valued at $20,000 each or a total of $160,000.
- Local Governments
- Schools and Students
- Community (students and entrepreneurs are trained -> start businesses -> hire more people -> implement best practices ->build a solid company and then contribute to the well being of the community
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