INNOVATIONS that promote growth among micro, small, and medium enterprises (MSMEs) will finally be realized as government agencies are set to sign the implementing rules and regulations (IRR) of the Philippine Innovation Act on Friday, November 22, 2019 which will fund the development of startups.
Department of Science and Technology (DOST) Undersecretary for Research and Development Rowena Cristina Guevarra announced in a press conference Wednesday, November 20, 2019 that the secretaries of DOST, Department of Information and Communication Technology (DICT), and Department of Trade and Industry will sign on November 22 the IRR of Republic Act 11293 or An Act Adopting Innovation as Vital Component of the Country’s Development Policies to Drive Inclusive Development, Promote the Growth and National Competitiveness of Micro, Small and Medium Enterprises, Appropriating Funds Therefore, and for Other Purposes.
It was signed into law on July 16, 2019.
Guevarra said the law enables startup projects to be funded from the start to finish.
“We have charted the phases of startups and we are going to make sure that there is one government program that will address the need of every startup in that particular stage,” she said.
Guevarra said most of the startups remain the confines of the laboratories.
She said there will also be startup venture fund managed by the National Development Corporation (NDC) under DTI which will help startups in scale-up and commercialization.
“Our banks are still afraid of startups. The NDC will invest in the startups,” she said.
Meanwhile, the government of India are also welcoming startups to be developed in their country.
Aloknath De, chief technology officer of Samsung Research and Development Institute, said India has hundreds of accelerators and incubators that can fund potential innovations.
“This is going to pave the way for the government to have a more active role in supporting Philippine startups and to connect our startups with the startups and incubators in India,” Guevarra said.