Google Aims To Accelerate App Startups In Fast-Growth Markets
In a strategic move, Google has launched an accelerator program to boost startups from Brazil, India and Indonesia, offering them $50,000 in seed funding with no equity stake, and – in a self-interested step –helping them build mobile products on its Android system and gain access to Google resources. The new program is built on the company’s Launchpad initiative, which has reached more than 8000 startups internationally.
Some 24 startups are in the inaugural program that starts in mid-January. Those selected to participate from the Asian region include an on-demand laundry service in India and a matchmaking site in Indonesia. To qualify, startups must be Android app developers with an existing product in any industry, and with users in the startup’s home country.
Each startup will receive credits for Google products, a work space, marketing support and six months of mentorship from industry experts, totaling an estimated $250,000 in value. The teams also attend a two-week bootcamp at Google headquarters.
The program, similar to others run by Microsoft and IBM, gets Google a pipeline to emerging companies in fast-growth markets and prompts the startups’ buy-in to Google products and services.
