Silicon Valley VC and Japanese IT Giant Launch Accelerator in Indonesia
Jakarta. Silicon Valley-based Fenox Venture Capital and Japanese IT giant Infocom will launch its first startup accelerator program in Indonesia called GnB, a Fenox VC executive revealed on Monday (22/02).
A competition will be held on Tuesday to select a startup company who will as part of the GnB program, receive $50,000 in equity funding and will receive mentorship, in exchange for a 10 percent stake in the company.
The program will also provide assistance for the startup in its early stages, including providing advice and assistance on seed funding, providing office space and connections to their global business network.
"A global and [multi-national] approach has never been done before. It will become a significant value added [to] the entrepreneurs," Anis Uzzaman, Fenox VC chief executive officer, said in a statement.
"Indonesia is the right place and this is the right time for us to support startups in Southeast Asia while supporting progress in this region," Anis added, noting that Fenox VC has 65 investments across the globe, including some in Southeast Asia.
Infocom CEO Norihiro Takehara echoed these sentiments, adding that "Infocom hopes to connect local entrepreneurs with our partners across the globe."
The GnB program will accept entrepreneurs in the mobile, consumer internet, health or IT sectors.
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