Lenovo has launched an incubator project that will provide funding and business support to early-stage startups specializing in robotics, artificial intelligence and big data.
Called the Lenovo Accelerator, the incubator program will shortlist 10 startups from Hong Kong and China for its three-month program, which includes "work space at Cyberport, professional mentoring, research and technology consulting, prototype production and roadshow support, among others." Each startup will also get a seed funding of $100,000.
Lenovo stresses, however, that the project is not only limited to financial support.
"Lenovo Accelerator is more than a financial vehicle," Cindy Liang, Lenovo Accelerator's general manager, said in a media release. "We will help entrepreneurs and grow their businesses rapidly by tapping into Lenovo's strengths."
Liang added: "Lenovo has a full breadth of services and resources to help our Accelerator Entrepreneurs develop their product concepts and get off the ground rapidly, including our R&D capability, marketing channels, end-to-end supply chain solutions and global mentor network."
Lenovo Accelerator, which is spearheaded by Lenovo Capital and Incubator Group (LCIG), targets to hold two to three projects of the same kind in the coming year. LCIG said that it plans to train 20 to 30 technology startups in the next 12 months.
"[I]t's our plan to drive financial return, but we also see significant value to Lenovo in identifying technologies and innovations that have the potential be incorporated into our increasingly customer-centric products," said George He, senior vice president and CTO of Lenovo Group and president of LCIG.
LCIG was launched in May in hopes of combining Lenovo's resources and enhancing its services through investments and innovation.
For this project, the group is partnering with Hong Kong Cyberport, which houses 700 digital startups and entrepreneurs.
Lenovo joins a slew of tech giants hosting incubator projects to expand their own pool of talents, especially amid a tight tech race.
In May, Google announced its in-house startup incubator called Area 120 "to help keep its entrepreneurial talent closer to home," the Business Insider reported.