In order to fast-track the issuance of Fairness Opinion Reports (FOR) from the mandated period of 90 days to possibly ten days, the Technology Application and Promotion Institute (TAPI) convened Fairness Opinion Boards (FOBs) in seven industries per special orders of DOST Secretary Mario G. Montejo to explore the possibility of setting ideal negotiation terms that may be automatically considered as fair.
The seven identified industries are Agriculture, Electronics, Electrical Energy, Pharmaceutical, Information Technology, Food and Beverage, and Chemical Industries.
As quoted by Robert Ingersoll, “We rise by lifting others”, this reflects the main purpose of Invention-based Enterprise Development (IBED) Program—providing financial support for Filipino inventors in turning an invention into a business enterprise by making it available to the consumers. This program under the Department of Science and Technology—Technology Application and Promotion Institute (DOST-TAPI) assisted fourteen (14) Filipino inventors from CY 2010-2015, with a total of Php 13,176,888.10 amount of investment provided. Out of TAPI’s investment, Php 8,877,874.60 was recovered; number of employment increased by 105 and generated an income of Php 8,080,460.00.
Success under Construction
Among fourteen (14) assisted investors by IBED assistance program, there’s a certain individual whose invention moved toward success. Through his interest in the field of construction up to establishing and managing his own company, Mr. Frederick V. Erum was able to develop several invention products. As the president of the Forming Access & Support, Inc. (FASI), he invented one of the sub-systems compromising the formworks equipment and methods of concrete building construction system which is the “Table Form Support System.”