With the inception of Republic Act 11337 better known as the Innovative Startup Act, entrepreneurs can finally find government support to help them jumpstart their innovative ideas and have their dreams come true. To help local innovators succeed in this very challenging and competitive environment, The Startup Act helps cut regulatory barriers and provide incentives to support an enterprise’s growth especially in its crucial stage of development encouraging more startup enablers to boost innovation in the Philippines. Three key government agencies such as the Department of Science and Technology (DOST), Department of Information and Communications Technology (DICT), and Department of Trade and Industry (DTI) banded together in synergy to steer the growth of startups. Among the key features of the Startup Act include streamlined business registration, research and development grants and international exposure, creation of Philippine startup ecozone and startup grant fund (SGF). The Act also aims to help startups establish initial market traction and engage potential users for feedback and refinement of their business model.

Source: Manila Times March 28, 2021 17:13 UTC