Huawei commits $100M to fuel APAC startups
Chinese tech giant, Huawei Technologies will pump $100 million over three years into its Spark startup scheme, which will incorporate plans to develop another four startup hubs in the region. Additionally, it has set a target to foster about 1000 startups, including 100 scaleups.
On Tuesday, the Chinese tech giant said that the investment is intended to add four startup hubs in Indonesia, Sri Lanka, Vietnam, and the Philippines. The company’s Spark Initiative which got launched last year seemed to nurture and accelerate startup ecosystems in the Asia-Pacific region. At present, it is available in Singapore, Malaysia, Hong Kong, and Thailand.
Huawei stated that it would now extend the program to the four new markets, aiming to recruit 1,000 startups, including 100 scaleups. The OECD describes scaleup businesses as companies with an average annual growth of over 20% over three years, and with a bare minimum of 10 employees.
Additionally, Huawei launched three start-up initiatives that utilized its cloud service offerings, also incorporating the Spark Developer Program and Spark Pitstop Program.
Catherine Chen, Huawei’s senior vice president and board member at Huawei Cloud Spark Founders Summit 2021 said Startups and small and midsize businesses (SMBs)…are the innovators, disruptors, and pioneers of the modern era. Collectively, these companies count for two-thirds of jobs across the globe, create two-thirds of new jobs and generate almost 50% of global GDP.
As per Huawei Cloud CEO Zhang Ping’an, the vendor worked with local governments, incubators, and VC firms, through its Spark initiative to offer support platforms for startups. He additionally said that currently, 40 startups are participating in the program.
Featured Image: https://en.wikipedia.org/wiki/File:Huawei_Standard_logo.svg
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