Globe Telecom sets aside P100M for ICT start-ups

Start-up information and communications technology firms seeking a solid minority investor have a new option they may consider along with other alternatives available to them.   Globe Telecom has set aside P100 million for Kickstart Ventures, its venture capital firm.   “Funding is a start and to follow through, we need to create a viable ecosystem for early-stage companies—putting our assets, business relationships and talent base to work supporting startups. It’s about helping startups get off to a faster start, and a better trajectory,” Kickstart Ventures president Minette Navarrete said Friday.   She explained that Kickstart can invest at least P500,000 or as much as P15 million to P20 million in seed money for the start-ups. Kickstart Ventures can have a minority stake in the start-ups of up to 20 percent.   Navarrete also said the start-ups under the Kickstart wing may avail of training and business mentoring.   “Our business will grow if there are new applications, new destinations, new products and services that can be used. We want to help create a good environment for innovation. We want to rewrite our economic future. Our role is to go to the grassroots," Navarrete stressed.   She said incubated firms will be given the chance to present their products and services to Globe’s business divisions and firms in the Ayala group of companies. — ELR, GMA News