Singtel Innov8 goes global in quest for solutions
By Digital News Asia January 13, 2016
- Wants to work with startups to create solutions for its business challenges
- Startups to receive up to US$52K to test and validate solutions with Singtel
SINGTEL Innov8, the venture arm of Singapore Telecommunications Ltd (Singtel), has launched the Singtel Innov8 Connect programme, where it will work with startups to create solutions for business challenges faced by the Singtel Group.
Through this programme, selected startups will receive up to S$75,000 (more than US$52,000) to test and validate their solutions with Singtel, Singtel Innov8 said in a statement.
Successful solutions may lead to commercialisation with the Singtel Group, providing startups access to the group’s customer base, which includes both enterprises and consumers and over 575 million mobile customers across Asia, Australia and Africa, it added.
Startups will also have the opportunity to seek funding from Singtel Innov8 and tap on its network of co-investors and partners across the globe, Singtel Innov8 said.
“Since Innov8’s launch in 2010, we have invested and partnered with many talented startups globally to help them expand their businesses and introduce innovative technologies to the Singtel Group,” said Singtel Innov8 chief executive officer Edgar Hardless.
“Entrepreneurs are looking for problems to solve. This programme enables Singtel to share real-world business challenges and invite solutions from startups globally.
“It is an excellent opportunity for startups to work directly with Singtel’s business units and validate their solutions,” he added.
As the venture arm of the Singtel Group, Singtel Innov8’s mandate is to scout and provide the group with insights and early access to emerging technologies, as well as to nurture the innovation ecosystem in South-East Asia.
Innov8 Connect is part of Singtel Innov8’s initiatives to create greater awareness for Singtel’s innovation agenda and engagement with startup ecosystems, the company said.
Through the Innov8 Connect portal (innov8connect.com), Singtel Innov8 will publish briefs detailing various business challenges.
Startups with relevant solutions are welcomed to submit their applications through the Innov8 Connect portal.
Selected startups will then be invited to pitch to a panel of management representatives from the Singtel Group. After a rigorous selection process, one company per brief will be chosen to work with Singtel to trial its solution.
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