SINGAPORE (05/10/2000) - A competition that will match Asia's best Internet startup prospects with potential venture capitalists was launched yesterday in Singapore and Hong Kong.
Participating companies should be looking for capital ranging from US$5 million to approximately $50 million of funding, according to the IgniteAsia competition's official Web site.
IgniteAsia has been set up as a business plan competition for Internet companies seeking venture capital and private equity funding, according to the Infocomm Development Authority (IDA) of Singapore, one of the scheme's 12 marketing partners.
The IgniteAsia competition will be divided into two regional divisions. The first division will be open for entries on June 1 and will accept entrants from Hong Kong, China, Taiwan and Korea. The final round of this competition will be held in the Hong Kong Convention & Exhibition Center on Nov. 9 and 10.
The second division will accept entrants from Sept. 1 and will be hosted from Singapore for entrants from Singapore, India, Indonesia, Malaysia, Thailand and the Philippines. The final stage for this division will be held in the Beaufort Hotel in Singapore on Feb. 12 and 13, 2001.
The competition is open to new and existing companies, according to IDA.
Competitors initially will submit a three-page business plan online that will be assessed by Bain and Co. Inc. and J.P. Morgan & Co. Inc's LabMorgan unit.
These two judges will select a minimum of 50 companies that will submit a full business plan to an independent jury of venture capitalists and industry experts.
The competition is being organized by the Quintus Group, which specializes in the marketing of intellectual property rights. Marketing support is being provided by IDA, Bain, LabMorgan, Cable & Wireless HKT Ltd., Compaq Computer Corp., Microsoft Corp., Indosuez W.I. Carr Securities Ltd. and five venture capital companies.
IgniteAsia's Web site is at http://www.igniteasiachallenge.com/.