Melbourne-based online crowdfunding platform Pozible has announced a partnership with China's Shanghai-Nanxiang government and IDG Capital Partners to provide financial backing for Internet of Things (IoT) entrepreneurs and help hook them up with investor capital.
Under the project, which is part of the Shanghai-Nanxiang government's Technology 50 initiative, any IoT-related hardware project that registers on the Pozible platform during the company's three-month season will be eligible for the program.
The Shanghai-Nanxiang Technology 50 is an initiative to provide new technology companies with office space, investment opportunities, and other services — with the help of Chinese venture capital firms.
The Chinese government has been focusing heavily on supporting the emerging IoT sector, according to Technology 50's Aliza Gao, and is planning to invest up to AU$600 billion in IoT technology by 2020.
"China is becoming the global leader in IoT. We're happy to support this new initiative and encourage entrepreneurs to grow their tech with us," said Gao.
Under the terms of the project, starting from February 15 next year, the seven IoT campaigns that raise the most money for the campaigns through the platform will receive a matched dollar-for-dollar reward from the supporters.
The top funding campaigns will be awarded up to AU$92,000, with up to AU$37,000 matched funds granted to the runner-up, and AU$11,000 each to the remaining five campaigns.
Meanwhile, the Shanghai-Nanxiang government will provide the winning campaign owners with manufacturing and prototype resources, Chinese entity setup services, and will also introduce the teams to potential investors.
"As one of the largest crowdfunding platforms in the world, Pozible has always been focused on connecting great ideas with great opportunities," said Pozible co-founder and CEO Rick Chen. "This partnership with the Shanghai-Nanxiang government and IDG Capital Partners allows us to take our efforts a step further by offering our campaigners with an extra funding boost.
"China is a great place for hardware companies to get off the ground, but it can also be difficult for outsiders to navigate its business and manufacturing networks unless they have an understanding of the market.
"The connections and support the Shanghai-Nanxiang government is offering the winning campaigners is more valuable for the long-term stability of a future company than the funding match," he said.