Pozible, global crowdfunding platform based out of Melbourne, announced this morning that it had formed a partnership with IDG Capital Partners and the Shanghai-Nanxiang Government.
The partnership will be focused on supporting startups and creators in the Internet of Things (IoT) space over the next three months commencing on November 15th. Matching funds and support will be given to the seven strongest projects under the partnership agreement.
Any IoT-related campaigns that appear on the platform during the next three months will be eligible; then on February 15th, the top seven campaigns, ranked by money raised will receive a dollar-for-dollar reward – however in a media release sent across today, Pozible states that there is actually a cap on this, so it’s not exactly a dollar-for-dollar scenario.
To break it down for you, this is what it will actually look like: the project that raises the most funds will receive up to $92,000 of matched funds, the runner-up will be given up to $37,000 in matched revenue, which leaves the remaining five projects to receive up to $11,000 each in matched revenue.
Whilst at first, that may seem a little deceptive – calling it a “Match Funding Season” – as it is described on the Pozible one-2-one campaign landing page, the rules and capped matching of funds scenario is clearly worded and laid out to users on the page prior to taking part.
Although the funding side of the campaign by Pozible is pretty generous in-and-of itself, what the Shanghai-Nanxiang Government brings to the table is as equally attractive. It will be providing the winners with manufacturing and prototyping resources as well as free Chinese entity set up services and introductions to investors.
This partnership has become part of the Shanghai-Nanxiang Technology 50 initiative, that works with venture capital firms to help startups with resources such as office space and various services as well as investment.
In a release sent out this morning, co-founder of Pozible, Rick Chen said, “As one of the largest crowdfunding platforms in the world, Pozible has always been focused on connecting great ideas with great opportunities. 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”.
Chen also commented on the fact that China is a notoriously difficult place for foreign startups to get off the ground: “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.”
In recent statements provided to TechinAsia, Aliza Gao, a representative of the Shanghai-Nanxiang Tech 50, said that the government is happy to be supporting initiatives like the one Pozible is running, adding that China is fast becoming a global leader in the IoT space.
In fact, according to a June GSMA Report, China is the global leader when it comes to IoT accounting for over a quarter of the worlds Machine-to-Machine connections. In addition to this Asia actually accounts for 40% of the world’s IoT market according to the same report.
Internet of Things is one growth area where the Chinese government have proactively promoted and invested in, hence its foothold on the market. By the year 2020, the Chinese government has plans to invest over $600 million dollars into the space.