Group pushes for government incentives for tech business incubators
Posted on August 28th, 2010
The Philippine Development Foundation-USA (PDF), newly formed US-based Filipino development group is pushing for Philippine government to grant incentives for the creation of technology business incubators and business parks in order to nurture start-up investments in commercially-viable research and development fields in drug-making, food production and software.
Brain Gain Network found and PDF advocate, Dr. Paco Sandejas said that the founders of the group are ready to meet this September to come up with plans to boost industry innovation programs in the country. These founders composed of Filipino entrepreneurs and innovation specialists who are mostly based in Silicon Valley.
Sandejas said during a PDF press briefing, “We have proposed a program on technology business incubation way before when former senator Mar Roxas was DTI secretary. But we should continue to push it now.” The group is seeking government support in innovation initiatives that are seen as key to unlocking poverty reduction and economic growth.
President of Ayala Foundation Inc. (AFI) and PDF convenor, Victoria Garchitorena said it is envisioned that the PDF Forum will create a venue for partnership in technology entrepreneurship and business incubation between Filipinos based in the US and those based here. The fund raising for these partnerships to happen is in a stage that is called in the US as a “501 charity” according to Garchitorena. 501 charity means tax-exempt, non-profit corporation.
“We’re trying to do all the bridging of hope across. We’re establishing a system that will develop science and engineering as a foundation for economic development,” Garchitorena said.
Meanwhile, in a separate interview, AFI Executive Vice President Guillermo M. Luz said that the PDF may encourage formation of more licensing agreements in the country. This should prompt investors to put in money for new patents since they would have the protection to enjoy profits from revenue sharing agreements.
He said the company is collaborating with South East Asian associations where AFI’s Technology Business Incubators (TBI) are a member, in order to find models for best practices in licensing and technology business nourishment. Among these are Asian Association of Business Incubation (AABI), Asia Pacific Incubation Network, and SPICE (Science Sparks Incubating).
TBIs plays a major role in raising capital funding for business start ups focused on new technologies or software development, said Sandejas, who is also the managing partner of venture capital Narra VC.
