Siemens Information and Communication Mobile Group has set up Siemens Mobile Acceleration, a business unit to provide seedcorn funding for wireless start-ups. Siemens has allocated GBP14 million to the venture in its first year.
Siemens Mobile Acceleration plans to invest up to EURO1.5 million in at least ten start-ups and will also provide business coaching from senior management consultants and access to Siemen’s worldwide research and development facilities and sales channels.
The new venture will nurture start-up companies before market entry with a focus on mobile technology, mobile applications and mobile services for GSM/GPRS and UMTS/3G mobile telephony. In its first year of operation Siemens Mobile Acceleration will focus on the UK, Sweden, Germany, Italy, France, Israel and China.
Dr Dietrich Ulmer, CEO of Siemens Mobile Acceleration, said: “Mobile business is still brimming with new opportunities and potential. Our job now is to spot talent early.”
Ian Moyes, managing director of Siemens Information and Communications Mobile UK, added that the market is very favourable for investments in this sector. “The UK is leading Europe in terms of investments in start-up companies, but at the same time is lagging behind when it comes to the number of investments made into start-up companies devoted to wireless technology.” This gap in the market will create huge potential for Siemens Mobile Acceleration.