Huawei, a leading provider of cloud services, has partnered with the Pixel Innovation Hub of the Infocomm Media Development Authority to create its inaugural Spark Incubator Program.
The Singapore-based program will concentrate on regional pre-seed and seed-stage businesses with the goal of growing the companies to series A and preparing them for regional development throughout Southeast Asia. Sectors including banking, metaverse, Web3, and software as a service will be covered by the curriculum.
Twelve businesses are sought after by the Spark Incubator Program for each of its two, five-month batches that will take place each year. Participants must earn above S$250,000 (US $178,090) annually, and have their valuations improve by at least 20%, or both by the end of the program.
Participants in the program will also receive office space at Pixel, up to US $75,000 in fee-free Stripe processing, up to US $60,000 in Huawei Cloud credits, and other benefits. Additionally, they will participate in mentoring sessions with Huawei and its affiliates, which also include Stripe, IMDA, MasterCard, Monk’s Hill, GSR Ventures, Lion X Ventures, OCBC, Mycelium Ventures, and DocuSign.
Nine organizations were selected after four months of selection from 80 applicants for the initial batch.