MANILA, PHILIPPINES – Energy Development Corporation (EDC) and Endeavor Philippines have chosen three companies to help catalyze innovation through its joint Open Innovation Program. The Philippines’ renewable energy leader EDC and Endeavor screened over 50 applicant-companies in a span of four months and shortlisted five finalist companies. The selection process culminated in a selection day with a panel composed of top-tier entrepreneurs and industry mentors last Jan. 24-25, 2022.
The three companies selected were iHandal Energy Solutions, an engineering solutions provider to recover and repurpose wasted thermal energy, Nanotronics, a company that turns highly renewable indigenous plants into nanotechnology material for use in various industrial applications, and Packetworx, a pioneer LoRaWAN connectivity provider in the PH and manufacturer of devices for Internet of Things.
The Selection Criteria and Process
EDC and Endeavor Philippines evaluated companies based on their solution, capabilities, and impact. How feasible is the solution? Is it relevant and aligned with EDC’s goals? How different, unique, or innovative is the solution? What is the company’s track record? Does the company have the ability to help address any of the challenges? How capable is the entrepreneur and the entire team? And lastly, what is the size of the impact of the solution to EDC as an organization?
The candidates underwent initial screening and selection by the Endeavor team to determine fit with the program. EDC and Endeavor then jointly interviewed the shortlisted companies to gauge potential compatibility. The selection panel ultimately determined the best candidates for the program given its objectives. The selection panel was composed of Paulo Campos, Co-Founder & Managing Director of ZALORA Philippines, Patrick Gentry, Co-Founder & CEO of Sprout Solutions (and an Endeavor Entrepreneur), Manny Ayala, Managing Director of Endeavor Philippines, and from the EDC team, Jay Soriano, VP & Head of Integrated Planning, Miko De Vera, Head of New Business & Technologies, and Joy Santamarina, Chief Transformation Officer.
“‘Open Innovation’” is an approach to innovation that brings established corporations and nimble startups together so that they can mutually grow together. I am delighted that EDC will be collaborating with iHandal, Nanotronics and Packetworx and I look forward to the innovations that spring forth from these partnerships!” said Ayala, who is also a Board Member of EDC.
Program Overview
The program aims to incubate and scale growth opportunities adjacent to EDC’s core business through external partnerships, to commercialize innovative solutions that are regenerative and customer-centric, and to build a culture of innovation that is outward thinking and tolerant of failure. It is open to all types of companies, whatever sector and whatever stage e.g. startup, scaleup, and whether local or international.
Selected companies will go through a six-month program and at the end of it will get either a commercial pilot/project where EDC will be a paying customer, giving these companies a chance to either build a proof of concept where they will be compensated for time spent, or a research and development deal where the company will help EDC think through a specific solution.
The selected companies will help EDC address any one of the following challenges, namely development cost reduction, retail readiness, increasing sustainability, and/or waste management. Companies were free to pitch new ideas as well on an issue that EDC might not have considered.
The program includes mentorship and panel sessions, with a kick-off bootcamp and on-demand roundtables based on topics/themes most pertinent to entrepreneurs. The program will culminate in a Demo Day where the companies will present their progress and accomplishments, and where EDC will announce which companies they would like to continue engaging with.
Source: https://www.endeavor.org.ph/edc-and-endeavor-philippines-select-three-companies-for-its-joint-open-innovation-program