An avalanche of startup funds | ZDNet
Summary
Just recently, the IT world saw two blockbuster deals involving startups: the US$200 million purchase of app builder OMGPOP by casual games company, Zynga; and the US$1 billion acquisition of mobile photo-sharing site Instagram by networking giant Facebook. Manny V. Pangilinan, PLDTs big boss, told reporters in a recent table that initiative will be run like a competition where startups can pitch their ideas in order to get funding. Its good to note that Globes mother company, Ayala, is not new to this type of program as it has been incubating tech firms for more than a decade now at the UP-Ayala Techno Park in Quezon City. Villanueva may have gotten the idea of forming an incubation program from her own experience after selling years ago her wireless broadband firm Meridien Telekoms to Smart Communications for a hefty US$50 million. Also, representatives from a Silicon Valley-based organization arrived in the country early this month to commence a nationwide startup tech competition it launched in 2011.