917Ventures launches venture incubation program in SEA
917Ventures, a corporate incubator in the Philippines under Ayala Corporation, launches a regional venture incubation program for innovators in e-commerce, fintech, health tech, and adtech sectors based in Southeast Asia.
Dubbed as Velocity, the 3-month program gives an initial grant to Southeast Asia talents up to USD 50,000 (or around PHP 2.4 million). Those who will develop a meaningful product with proven traction will continue in the venture development journey through a seed round, which allows them to launch as an independent entity. The exclusive program will select up to 10 finalists that will undergo the program.
The first month of training will focus on product development, while the following two months will be all about product marketing, including the refining of the value proposition.
The Velocity program participants may utilize Globe’s resources, including legal, finance, marketing, and human resources. They will also receive temporary employment from the first day of training, close mentorship, networking opportunities for business optimization, and upskilling programs for personal development.
Previous businesses that were nurtured by 917Ventures include GCash, AdSpark, and KonsultaMD.
Apart from Ayala Corporation, the Velocity program is also backed by Globe.
Submission of applications for the first batch runs until January 4, 2021. For more details about the application, visit the Velocity program website.