BACOLOD CITY – The city government here has obtained PHP3 million grant from the Department of Science and Technology (DOST) for the establishment of an accelerator hub to provide mentorship and support for startups in the city.
The project titled “Accelerate Leadership for Philippine Startup Advancement (ALPHA) Bacolod Accelerator” has been approved by the DOST-Western Visayas (Region 6) for funding under the agency’s Grants-in-Aid (GIA) Program.
Frances Mae Llamas, head of the city’s Department of Local Economic Development and Investment Promotions (DLEDIP), said on Thursday the accelerator hub, which will be set up at Ayala Malls Capitol Central, is expected to be completed within the year.
“The local government unit is setting up an accelerator hub to be a common-use area for business incubators. It will not just be a hub per se, we will also run parallel training,” Llamas told the Philippine News Agency.
She said mentors from DOST as well as from various universities and colleges will guide to improve the participants’ startup ideas.
“Our training activities, our interactions with startups will start July at the earliest or August at the latest,” she added.
Under a three-year agreement with the DOST, the city government will receive PHP1.5 million in fund assistance for year one of the project this 2024.
An additional PHP1 million will be released in 2025 while the remaining PHP500,000 will be released in 2026.
As the implementing agency, the Bacolod City DLEDIP is required to submit technical and financial reports as mandated by the DOST-6 and also acknowledge the assistance of the agency in relevant project-related activities.
The DOST’s GIA is one of the strategic programs under the National Science and Technology Plan, which aims to harness the country’s scientific and technological capabilities to spur and attain sustainable economic growth and development. (PNA)
