Definition of Terms.
Section 3
SEC. 3. Definition of Terms. - As used in this Act, the following terms shall mean: (a) Host agency - the Department of Science and Technology (DOST), Department of Trade and industry (DTI), Department of Information and Communications Technology (DICT), or other national government agency, local government unit, or public academic institution that provides programs, benefits and incentives to startups or startup enablers as defined in this Act-subject to an application or selection process: (b) Innovation - the creation of new ideas that results to the development of new or improved products, processes, or services which are then spread or transferred across the market; (c) Innovative product — a good or service that is new or significantly unproved, such as improvements in technical specifications, component materials, software in the product, user friendliness or other functional characteristics: (d) Innovative process - a new or significantly improved production or delivery method through changes in techniques, equipment and/or software: (e) Innovative business model - a new organizational method in business practices, workplace organization or external relations; (f) Research and development ~ any activity which is a systematic, intensive study directed toward greater knowledge or understanding of the subject studied: a systematic study directed specifically toward applying new knowledge to meet a recognized need; or a systematic application of knowledge toward the production of useful materials, devices, and systems or methods, including design, development, and improvement of prototypes and new processes to meet specific requirements: (g) Startup - any person or registered entity in the Philippines which aims to develop an innovative product, process, or business model; and (h) Startup enabler - any person or registered entity in the Philippines registered under the Philippine Startup Development Program that provides goods, services, or capital identified to be crucial in supporting the operation and growth of startups by the DTI in consultation with DOST, DICT, and pertinent government and nongovernment organizations (NGOs).