DTI, European Union unveil comprehensive mapping report to bolster youth entrepreneurship at ARISE Plus Ye! Boost Accelerator Program

The Department of Trade and Industry (DTI), in partnership with the European Union (EU) and the International Trade Center (ITC), unveiled a comprehensive mapping report to identify and leverage growth opportunities for young Filipino entrepreneurs and ecosystem actors, such as Technology Business Incubators (TBIs),  during the ARISE Plus Ye! Boost Accelerator Program  Demo Day on June 25, 2024, at the Blue Leaf Pavilion, Taguig City.

The report, “Entrepreneurship Ecosystem in the Philippines – Network Analysis and Mapping of Institutions Supporting Youth Entrepreneurship,” aims to foster an inclusive environment where young entrepreneurs can thrive, innovate, and contribute to sustained economic development.

The report’s recommendations include creating a TBI info-sharing network to streamline access to relevant updates and content, establishing a country guide to support services for entrepreneurs, and expanding support beyond the tech sector.

The report also reiterates the government’s critical role in supporting the continuous advancement of the entrepreneurship ecosystem and developing young entrepreneurs.

DTI Undersecretary Rafaelita “Fita” Aldaba stated, “We’re working together with the Department of Science and Technology (DOST), the Department of Information and Communications Technology (DICT), the National Economic and Development Authority (NEDA), and other government agencies to ensure that our economic relationships are fundamental to our strategy, competition, innovation, and productivity. We cannot remain static—our industries cannot stay stagnant. Therefore, we are committed to supporting the growth and development of startups in the Philippines.”

Organized in partnership with the Department of Trade and Industry-Competitiveness Innovation Group (DTI-CIG) and QBO Innovation, the ARISE Plus Ye! Boost Accelerator Program, launched in 2021 and now in its third cohort, is a 14-week program aimed at providing internationalization support to youth-led startups.

Rene “Butch” Meily, President of Ideaspace | QBO Innovation, expressed his gratitude, stating, “I’d like to thank our partners, the European Union, the International Trade Council, and DTI for their support. Europe is an often untapped market for us. Through the ARISE Plus Ye! Boost Accelerator Program, we hope that Filipino startups can gain access to this crucial market and establish a foothold for exports.”

The Demo Day, attended by a diverse audience of key partners, investors, and stakeholders, marked the culmination of the program for 12 business startups from various verticals.

Mylo Speech Buddy, the developer of a speech development app for children with autism and speech delays, clinched first place, securing a pitch prize of $2,500, or around PHP 146,000

The Philippine startup ecosystem has shown continuous growth despite the challenges posed by the COVID-19 pandemic. In 2021, the country ranked 52nd globally, with thriving industries including fintech (19%), e-commerce (7%), education and healthcare (5.2%), and agriculture (3.1%).