The immersion program will be conducted at the Plug and Play Tech Center in Sunnyvale, California and involves introduction to at least five top tier venture capital firms and angel investors in Silicon Valley. The cost of living allowance of the grand winners, on the other hand, will be subsidized by the US Department of Science and Technology.
"We've helped many tech startups at Plug and Play over the last six years. Our community of companies have raised in excess of $1 billion. However, none of them are Filipinos . yet. It is my hope that a couple of our deserving startups are able to raise institutional funding and accelerate their success in the global marketplace. At the very least, their three-month immersion experience in Silicon Valley contributes to make them smarter technopreneurs," said Jojo Flores, Co-founder and Vice-President of Plug and Play, and Vice-President at STAC-SV.
Judges, which include Navarrete, consist of venture capitalists, successful entrepreneurs, prominent government officials and tech executives.
"We believe the Philippines is uniquely positioned to take advantage of the world's transformation since technological advancements continue to provide an opportunity for countries with fewer resources to compete globally. These developments coupled with infrastructure investments provide a platform for the Philippines to participate in this new worldwide market on a different level," Laskowski said.
Incidentally, STAC-SV has also joined the US State Department's Global Entrepreneurship Program (GEP) as an official partner. The alliance will both elevate GEP's efforts to spur entrepreneurship around the world and strengthen STAC's private sector leadership position in fostering science and technology entrepreneurial growth in the Philippines.
STAC-SV believes the new alliance not only strengthens the entrepreneurial platform taking form in the Philippines, it promotes a welcome collaboration with Asian neighbors and U.S. partners to promote entrepreneurship and the resulting economic development in the Philippines and globally.
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