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.
Huawei said the investment would go towards its Spark programme, which aims to build a sustainable startup ecosystem in the Asia Pacific region over the next three years, said a press release.
At the summit, Huawei also announced that this programme 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 programme.
The Spark Founders Summit was attended by representatives from many prominent Asian startups, academia, various industries and governments, and the media, as well as more than 50 regional top venture capitalists and over 300 startup founders.
Huawei Senior Vice President and Board Member Catherine Chen opened the summit by emphasising how important startups are to social advancement and what Huawei is doing to support startups: “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 percent of global GDP.”
Zhang Ping’an, CEO of Huawei’s Cloud Business Unit, noted, “Since its launch in 2017, HUAWEI CLOUD has been the world’s fastest-growing cloud, and has driven the growth of countless startups. Last year, we launched the Spark Program in Asia Pacific. Through this programme, we are working with local governments, leading incubators, well-known VC firms, and top universities to build support platforms for startups in many regions. Now 40 startups are participating in our program.”
Huawei recognizes startups as key partners in creating social value and contributing to communities around the world.