Hewlett-Packard Co has earmarked S$100m ($59m) to help Singaporean e-services start-up ventures finance their equipment, software and infrastructure needs. The companies need to be providing internet or e-commerce services in industries such as telecoms, manufacturing and financial services.
Called the E-Services Development Fund, it will make financing available to new companies receiving selected venture capital funds in Singapore. The catch is the companies must use HP’s hardware, software and services, or third-party equipment and services that do not compete with HP’s business.
The funding from HP is over and above any funding received directly from venture capitalists. Cheah Kean Huat, HP’s Singapore managing director, said if HP is impressed by a start-up’s potential, it may propose the debt be convertible into stock options, giving HP a potential stake in a company.
