NDC seeks more partnerships in ‘ed-tech’

NDC seeks more partnerships in ‘ed-tech’

https://business.inquirer.net/401936/ndc-seeks-more-partnerships-in-ed-tech

MANILA  -The investment arm of the Department of Trade and Industry (DTI) is urging the private sector to go more into innovative ventures in education technology (Ed-Tech), citing that one of the thrusts of the government is to give ample support in terms of funding assistance for eligible companies.

Last week, National Development Corp. (NDC) general manager Antonilo Mauricio said there is currently an P8-billion funding ecosystem under their startup venture fund which can be utilized by firms looking to go into such projects.

‘The government has grants for funding that and tie-ups for this so that we can make pioneering efforts like these scalable to other parts of the country so that not only school children in the National Capital Region are benefiting, but also in other places,” Mauricio told reporters on the sidelines of the launch of the educational tablet and technology hub of Philippine firm ABC Tech Ventures Inc. in Makati City.

Mauricio said the funding assistance under the startup venture fund ranges from P5 million to P50 million for companies that have already been in operation for one year to three years, and have proven themselves to have a sustainable revenue generation during the period.

“Our objective is for the [venture fund] to accelerate startups that can be the next ‘unicorn’ in the global stage,” said the official.

Mauricio said one good example of this was the educational technology hub of ABC Tech Ventures Inc. and Dream Lab. —Alden M. Monzon