The Department of Science and Technology-Business Innovation through Science and Technology (DOST-BIST) provided financial assistance to a Philippine technology startup to develop green and sustainable packaging materials through nanotechnology materials from Indigenous plants.
“[Research and development] is associated with the complicated and the theoretical,” DOST Secretary Fortunato de la Peña said.
“The need to be innovative and competitive is a must for all industries. This event aims to present R&D’s practicality and purpose, so much so that it must be weaved in the corporate set up, ensuring that businesses can take advantage of product development, processes and protecting it from business disruptors,” he added.
DOST Undersecretary Rowena Guevarra said the DOST-BIST program allows Filipino companies to have an opportunity to innovate and be globally competitive.
“Through the DOST-BIST program, Filipino companies can acquire technologies for immediate incorporation in their [research and development] activities,” Guevara added.
Through BIST, the DOST provides financial assistance to the private sector industries through funding 70% of the eligible expenses for licensing of technology and purchase of equipment. The remaining 30% of funding must be sourced by the applicant. – gb