SAN FRANCISCO--(BUSINESS WIRE)--The Philippine Development Foundation (PhilDev) has been awarded a large, multi-year grant from the United States Agency International Development (USAID) to launch a new program called IDEA (Innovative Development through Entrepreneurship Acceleration). As part of PhilDev’s overall strategic program for economic development, this partnership will be a cornerstone for bringing U.S. expertise in entrepreneurship into the growing engineering and science programs in the Philippine higher education system. Experts will help to train and mentor aspiring young high tech entrepreneurs and partners in the public and private sector to further develop the infrastructure supporting entrepreneurship in the Philippines. The goal is to produce long-term, sustainable economic growth in the Philippines through the creation of innovative, high-growth businesses.

“We believe that education and training are key to any sustainable economic growth and therefore our organization commits itself to developing programs and supporting partnership initiatives in science and technology education, innovation, and entrepreneurship.”

This three-year IDEA entrepreneurship program has been created to bring entrepreneurial mindset and skills to train Filipino engineers and scientists in business planning, market identification, product marketing, business incubation, and working with venture capital. This strategic partnership will help bring U.S. entrepreneurs, executives, venture capitalists, and professors to the Philippines to participate in an annual symposium on the development of entrepreneurial activity in the Philippines, in addition to entrepreneurial workshops, career counseling, and mentoring.

“This generous grant will further aid PhilDev in accomplishing its mission of growing a globally-competitive Philippine economy,” says Chairman Dado Banatao. “We believe that education and training are key to any sustainable economic growth and therefore our organization commits itself to developing programs and supporting partnership initiatives in science and technology education, innovation, and entrepreneurship.”

PhilDev is holding its annual fundraising event with a live performance by Tony Award winner Lea Salonga in San Francisco, at the Nourse Auditorium at CityArts on Saturday, October 5, 2013 at 8 p.m. For tickets, visit www.cityboxoffice.com, call 415-392-4400, or visit www.phildev.org/leasalonga.

About PhilDev

PhilDev is a non-profit organization, registered in both the United States and the Philippines, with a mission to develop sustainable, long-term economic growth for the Philippines. The organization focuses on programs that develop the nation’s economy with the advancement of science and technology through programs in high tech education, research, and entrepreneurship training. For more information, please visit www.phildev.org.

About USAID

The United States Agency for International Development (USAID) is the United States federal government agency primarily responsible for administering civilian foreign aid. The organization’s goals include providing economic, developmental and humanitarian assistance around the world in support of the foreign policy goals of the United States.

The U.S. Agency for International Development administers the U.S. foreign assistance program providing economic and humanitarian assistance in more than 80 countries worldwide. For more information about USAID and its programs, please visit www.usaid.gov.

This press release is made possible by the generous support of the American people through the United States Agency for International Development (USAID). Its content is the responsibility of PhilDev, and do not necessarily reflect the views of USAID or the United States Government.