In 2019, RA 11337 or the "Innovative Startup Act" was passed which led to the creation of the Startup Venture Fund (SVF). The SVF allows the Philippine government along with an accredited co-investment partner (CIP) to invest in locally registered and based startups which will jumpstart the Philippine startup ecosystem. The NDC was tasked by the Department of Trade and Industry (DTI) to implement the SVF.
Startups that are based in the Philippines, registered with the Securities and Exchange Commission (SEC), have a viable working product/service, and have been in operations for a year are qualified to apply for the SVF. A CIP is needed before an investment can be made. The SVF cannot invest alone and cannot be the lead investor although it can find a match CIP for the selected startup. CIPs also go through their own accreditation process.
Synapse serves as a dynamic networking session for startups and CIPs, fostering collaboration and innovation, while also commemorating the accreditation of ideaspace as a significant milestone in the entrepreneurial ecosystem.
