Recognizing the talent of Filipino inventors and innovators, President Ferdinand R. Marcos Jr. on Wednesday promised to help startups commercialize their products for the benefit of the country.
Speaking during the 2024 National Invention Contest and Exhibits (NICE) Presidential Awards at Sheraton Manila Hotel in Pasay City, President Marcos said there is a very strong motivation for the Philippine economy to have an environment conducive to startups.
Despite the good ideas coming from universities, President Marcos said startups encounter roadblocks and difficulties resulting in a high failure rate.
While inventors have mastered the technology, they do not necessarily have the skills to deal with banks, the market, and distributors. They also lack the ability to secure licenses and patents.
“Ang problema talaga natin hindi tayo marunong mag-scale. How do you scale it into — so that it becomes a commercial production? How do you design, engineer the production? How do you keep cost down? How do you procure the supplies, the raw materials that you need?” the President told the NICE gathering.
“And this is I think where the government can really put in a good hand. You must gain the advantage of your very fine intellectual property. Kayo nakapag-isip niyan. Kayo nag-imbento nito. Kailangan mayroon din — maramdaman ninyo na may magandang nangyari dahil kayo’y naka-isip nang napakagandang invention at maraming natutulungan,” he said.
If the country has the environment conducive to startups and begins to see successes in that area, it would boost the confidence of inventors and innovators to come up with good ideas and products for the benefit of the public.
The NICE Presidential Awards was organized by the DOST-Technology Application and Promotion Institute (TAPI) pursuant to Republic Act (RA) No. 7459.
It aims to recognize the critical role and outstanding contributions of Filipino inventors in the country’s technological advancement and economic development.
The incentives for inventors include cash rewards, recognition and publicity, access to financial and technical support for further research and development (R&D), and participation in international competitions. PND