BUSINESS INCUBATION OPPORTUNITIES FOR YOUNG ENTREPRENEURS
The entrepreneurship revolution among the youth has caught far beyond expectations. It is now the time to arm them with the basic knowledge, skills and tools to propel them into the world of business. Cognizant of the business support requirements of young, budding entrepreneurs, the Philippine Trade Training Center (PTTC) has come up with a project, especially designed to address these needs, known as “Business Incubation Opportunities for Young Entrepreneurs.”
The project has two phases, as follows:
Phase I
An exhibit that will feature new products and services conceived by high school and college students and young professionals and which are still in the stages of development for commercialization.
The participants to the exhibit will specifically come from PTTC-assisted high schools and colleges as well as schools offering entrepreneurship courses in the National Capital Region and Luzon. A screening process will be set up by PTTC for the selection of participants. During the exhibit, the participants will be provided standard exhibition space at no cost to them.
Through the exhibit, these young entrepreneurs will have the opportunity to introduce their products or services and test the market, as well as to expose their entrepreneurial skills to potential investors, buyers, financing institutions and other stakeholders.
Phase II
A nurturing program, or main incubation process, where selected exhibit participants will experience PTTC’s hand-holding program involving enterprise-level advisory services and mentoring in all aspects of the business.
This will also include linking them with appropriate DTI and non-DTI agencies that will best assist them as they embark to legalize and grow their enterprises. A package of integrated services will be provided to each selected beneficiary based on their specific needs, such as:
1. Setting-up and registering the business
2. Product development and design services
3. Sourcing of raw materials and other production inputs
4. Participation in local trade fairs
5. Financial management, including costing and pricing
6. Linkages with financing facilities and venture capital
7. Organization development and training services
8. Research and development and technology upgrading
9. Intellectual property protection
10. E-commerce and Internet marketing
Participants:
1. High school/college business or entrepreneurship students who come from schools assisted by PTTC or schools offering entrepreneurship courses in the National Capital Region and Luzon.
2. Student winners of business plan competitions guided by PTTC.
3. Young professionals from various associations who are involved in business plan competitions.
Criteria for Participation:
The participant/s must:
1. be a student or group of students of a PTTC-assisted school, or a school offering entrepreneurship courses; however, each school must not have more than three (3) entries;
2. have an existing product or service;
3. have developed a workable business plan for the product or service;
4. be willing to accept assistance and ready to share business information; and
5. be willing to carry out the activities of the nurturing program, including payment of business registration fees and other expenses.