IMDA, Huawei launch incubator focusing on Web3, fintech and more
Yong Hui Ting
HUAWEI Cloud, in partnership with the Infocomm Media Development Authority’s (IMDA) Pixel Innovation Hub, launched a new incubator programme for early-stage Singapore-based startups in the pre-seed and seed space on Tuesday (Nov 8).
The programme is targeted towards startups in fintech, Web3, the metaverse, as well as Software as a Service (Saas) and aims to support their growth to Series A and expansion in Singapore and Asean.
Selected startups will have access to the expertise and resources provided by both Huawei and IMDA, including up to US$60,000 in Huawei Cloud credits, up to US$75,000 fee-free processing on Stripe, office spaces, and mentorship from industry partners such as MasterCard, Monk’s Hill, GSR Ventures and OCBC, to name a few.
The new incubator, known as the Spark Incubator Programme, is set to incubate up to 12 startups per cohort over five months. It will also take in two cohorts of startups every year.
These companies are expected to receive third-party financing of over S$250,000 or increase their valuation by at least 20 per cent, or cross S$250,000 at its annual revenue in the post-programme.
“We are proud to be collaborating with IMDA on the Spark Incubator Programme, and help local early-stage startups commercialise, strengthen their technological capability, and raise funds effectively,” said Foo Fang Yong, chief executive of Huawei International.
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The first run of the programme started in November 2022 and will end in March 2023. A total of nine startups were selected out of 80 applicants to be part of the incubator’s first cohort. These startups were mostly from fintech, Web3 and Saas.
Applications to join the programme’s next intake in May 2023 have opened.
Eligible applicants should be Singapore-based, ensure that teams already have at least a minimum viable product, possess a strong product-market fit and moat, paid proof-of-concepts, and have previous entrepreneurial or corporate experience, coupled with a strong ambition to scale their business regionally and globally by leveraging Huawei Cloud.
Interested startups may apply here.
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