An electronic component and method for manufacturing thereof allow efficient separation of a mother substrate into electronic components defining individual devices. The method includes forming a conductive layer including electrodes and pads for a plurality of devices, an insulating layer that partially covers the conductive layer and that includes pad openings surrounding the pads and exposing at least central portions of the pads, and power supply lines that connect the pads of neighboring ones of the devices in the mother substrate. Power is applied to the power supply lines, and electrolytic plating is performed. Thus, plating layers are formed in the pad openings. Subsequently, external terminals are formed on the plating layers. By cutting the mother substrate, the mother substrate is separated into individual components defining electronic devices. Divided surfaces of the plurality of power supply lines are formed on each of the components so as to be separated from one another.