Investment to continue for three years
Huawei announced its plan to invest $100 million in startup support recently at its inaugural Spark Founders Summit, which took place simultaneously in Singapore and Hong Kong.
They also said that the investment would go towards its Spark program, which aims to build a sustainable startup ecosystem in the Asia Pacific region over the next three years, said a press release.
Huawei has been helping Singapore build the first startup hub in APAC since 2020 and has expanded the program to many countries in APAC in the past year.
At the summit, Huawei also announced that this program would focus its efforts on developing four additional startup hubs – in Indonesia, the Philippines, Sri Lanka, and Vietnam – with the overarching aim of recruiting a total of 1,000 startups, out of which 100 are scaleups, into the Spark accelerator program.
Three additional startup-related initiatives were launched by Huawei at the event: The Spark Developer Program, which aims to nurture a developer ecosystem powered by HUAWEI CLOUD in the Asia Pacific region; the Spark Pitstop Program, designed to onboard and support startups on HUAWEI CLOUD to accelerate product development; and the Spark Innovation Program (SIP), focused on facilitating enterprise innovation through the Spark startup ecosystem.
Speeches and panels at the Spark Founders Summit focused on the social value of this startup ecosystem and how startups can promote technological and ecosystem innovation to contribute to local communities and drive socioeconomic development.
"We all know how brilliant startups and SMEs are. They are the innovators, disruptors, and pioneers of our times. These companies account for two-thirds of jobs worldwide, create two-thirds of new jobs, and generate almost 50% of global GDP," said Huawei Senior Vice President and Board Member Catherine Chen.
"Thirty four years ago, Huawei was a startup with just 5,000 dollars of registered capital. Recently, we have been thinking: How can we leverage our experience and resources to help more startups address their challenges? Doing so would allow them to seize the opportunities posed by digital transformation, achieve business success, and develop more innovative products and solutions for the world," she added.