Google-backed Startup competition RESQUE to fund small businesses

HSBC Philippines
Google-backed Startup competition RESQUE
RESQUE is awarding Php 100,000 to the top 10 winners of the competition, equity-free.

The Google-backed nationwide startup competition RESQUE has been launched to fund and train young businesses amid the COVID 19 pandemic.

QBO Innovation Hub, in partnership with Youth Business International (YBI) and supported by Google.org, launched RESQUE: Startups vs. COVID-19 Competition to gather applicants from June 15-30, 2020.

The competition comes amidst the current economic situation that allows big businesses to survive as they have investors and large financial reserves to help them stay afloat, while smaller businesses are experiencing tighter profit margins.

The RESQUE program will support these small businesses to help them cope with the impact of COVID 19.

“Businesses across the globe are grappling with the adverse effects of COVID-19 and our local startup community is no exception. We continue to believe that startups are key to driving development in our country, and are committed to helping our startups navigate these trying times,” said Katrina Rausa Chan, Director of QBO.

COMPETITION DETAILS

20 winners will be chosen from the pool of applicants, who will then be invited to pitch to a panel of judges. During this final round, the top 10 winners will be chosen to win the cash prize of Php 100,000.

In addition to this, they will receive two months of high-touch mentorship from seasoned entrepreneurs, industry experts, and Google experts.

The mentorship is comprised of learning and feedback sessions, business clinics and consultations, and access to resources. RESQUE will run from July 6 to September 30 (inclusive of mentorship time).

QUALIFICATIONS

In the RESQUE Competition, there are two categories that startups can join:

COVID-19 Solutions: innovative solutions, products, and/or services that directly tackle COVID-related challenges

Sustainable Pivots: adapting and securing sustainability through pivot strategies amid the crisis

The theme of the competition also includes loss of employment, restoration of the economy, and the creation of new opportunities for growth and development.

The applicant must be an existing startup and a registered business entity in the Philippines.

While these startups do not necessarily need to have already launched the COVID-19 solutions or sustainable pivots, the business must plan the launch (it can be just an idea). However, they should also note that interventions that have already been launched to the market will be prioritized.

Interested startups can send their applications from June 15, 2020 to June 30, 2020 by visiting this QBO site.

Supporting local businesses helps the community and the country’s economy.

In 2019, Google partnered with IdeaSpace to boost the local startup industry.

To support local industries, the Department of Science and Technology created an online shopping platform for local products, OneSTore Ph.

Another way to help is by choosing locally made products for COVID-19 essentials like these Ifugao face masks made by the local weavers.

SEND CHEERS in the comments below to QBO, YBI, and Google.org for giving small businesses support to cope with the impact of COVID-19.

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