SingTel launches new alliance Innov8 Sparks for startups
Assistance will come in the form of working space, resources and local introductions in Asia PacificBy Elaine Huang 09 Apr, 2014
Singaporean telecom conglomerate SingTel has today announced that it has launched a “first-of-its-kind” alliance in Asia Pacific to give startups that extra boost in market expansion efforts. Eligible startups will receive assistance to expand out of home countries, and into locations where SingTel has a subsidiary, such as Australia, Indonesia, the Philippines, Singapore and Thailand.
According to an official statement, the founding members of this aforementioned alliance are: SingTel Innov8, the venture arm of SingTel; AIS The Startup; Kickstart Ventures by Globe; Optus-Innov8 Seed; and Telkomsel‘s Teman-Dev.
Dustin Cheng, CEO, ZAP, a Philippines-based rewards platform, Echelon alumnus and a recipient of Kickstart Ventures’ support, said, “Entering new markets is especially hard for a startup. ZAP has benefited from new connections to both, investors and partners provided by Kickstart Ventures and other members of Innov8 Sparks.”
Assistance could come in the form of working space, introductions to local partners and resources like local market information, according to the official website.
For the record, SingTel Innov8 has a total of 33 startups in its portfolio, including Ruckus Wireless, Viki, Maker Studios and Fab. The venture fund has an initial fund size of S$200 million (about US$159 million).