MARKET MATCHING. Entrepreneurs display their products at the Laoag City Auditorium on June 29, 2023 for a market matching activity. To further develop a culture of entrepreneurship among its residents, the Ilocos Norte government is launching another search for business startups for innovators and entrepreneurs. (Photo by Leilanie G. Adriano)
LAOAG CITY – The provincial government of Ilocos Norte, through its Micro, Small, and Medium Enterprises Office (MSMEO), is calling all innovators and entrepreneurs in the province to showcase their genius by joining this year's search for the best business concept.
To ignite the entrepreneurial spirit of the Ilocanos, MSMEO head Elma Gabriel said in an interview Tuesday the search is open to all Ilocos Norte residents aged 18 and above with creative business ideas and who could make a mark in the business community.
“The mechanics of the program are currently being finalized and we shall be ready to announce it upon the governor’s final approval,” said Gabriel.
Just like in previous years, this year's business pitch competition for the most innovative agri-based emergency food reserve or food nutrition security aims to maximize the use of available resources in the province with a potential market here and abroad.
The deadline for submission is on Sept. 29, 2023.
Last year's grand prize winner took home PHP30,000, while consolation prizes worth PHP25,000 and PHP15,000 were also given away. The winners also received free mentoring sessions to improve their business ideas.
Over the years, Ilocos Norte has seen the growth of MSMEs that have stirred the province’s economic growth, employment, innovation and poverty alleviation.
Through the search for business concept, the provincial government said it hopes to inspire more individuals or groups to venture into business and for small and medium enterprises to become large-scale.
Data shows that MSMEs account for 99.5 percent of established businesses even as they employ about 63 percent of the country’s workforce.
In support of the MSMEs, Ilocos Norte established its pioneering business incubation center in 2022 to make its MSME services centralized and more accessible.
The incubation center now serves as a co-working space wherein budding entrepreneurs can use available resources, get access to coaching and mentoring sessions with stakeholders, and take capacity-building programs. (PNA)
