Microsoft helps 14 Shanghai startups Incubating program will provide US group’s tools and resources

A clutch of 14 startup entrepreneurs will undergo a 16-week incubating program in a Microsoft Corp-backed accelerator in Shanghai, the latest such endeavor by the software giant.

It is the eighth such incubator under an initiative empowering entrepreneurs, by providingMicrosoft tools, resources and connections they need to develop latestage startups.

The 14 shortlisted groups out of more than 1,000 applicants will focus on cloud computing, artificial intelligence and big data.

Microsoft does not take equity in these firms, or provide funding. But it will sponsor 3 million yuan ($436,260) worth of service via its Azure cloud platform for three years, in an effort to tap into China’s growing cloud industry.

“Through Microsoft Accelerator Shanghai, we will share our advanced technologies, resources and experiences and help startups achieve more in Shanghai, an international innovation and entrepreneurship hub,” said Hsiao-Wuen Hon, vice-president ofMicrosoft.

The selected startups will utilize a workspace in Shanghai’s Caohejing High-Tech Park, equivalent of Silicon Valley in the United States, thanks to support from Hsiao-Wuen Hon, Shanghai’s Xuhui district and electronic company INESA (Group) Co Ltd.

The accelerator has attracted numerous startups, partners and expert staff, creating an open and dynamic innovation ecosystem in Xuhui district, said its governor Fang Shizhong.

Startup firms are set to benefit from strong, ongoing mentorship from top executives and technologists in Shanghai, as well as access to third-party professionals who offer free services directly to startups — including legal, accounting, marketing or business support services, said Tzahi Weisfeld, general manager of Microsoft Global Accelerators.

Three out of its 520 graduate projects globally went public and were all from China, he added.

As China seeks to spur local innovation, incubation programs have mushroomed across the country with varying degrees of success. In Shanghai alone, the number of incubators totaled more than 150 in 2015, according to a study on the city compiled by office leasing service providerMa3Office.

China is the only country in which the company hosts two such acceleration programs. Apart from Beijing and Shanghai, another six incubators were launched in global startup hubs in London, Bangalore, Berlin, Paris, Seattle and Tel Aviv.

Its Beijing accelerator has seen 140 projects graduate, providing services to hundreds of million users since its establishment in 2012, saidMicrosoft’sHon. Over 90 percent of projects have won venture capital financing, with combined market valuation amounting to 40 billion yuan.

Wang Guanchun, chief executive officer of scheduling app Assistant, said he believes the incubating program helped his business attract top-notch experts.

“We managed to interview candidates for an important position on iOS development in a decent office area atMicrosoft’s China headquarters, which is a courtesy provided by the incubator,” Wang said.

ThroughMicrosoft Accelerator Shanghai, we will share our advanced technologies, resources and experiences and help startups achieve more in Shanghai.” vice-president of Microsoft