Foxconn in wearable technology push
Foxconn Technology, the maker of Apple iPhones and iPads, is launching an investment fund to finance start-ups developing new kinds of wearable computers, according to two people familiar with the project.
Foxconn Technology, the maker of Apple iPhones and iPads, is launching an investment fund to finance start-ups developing new kinds of wearable computers, according to two people familiar with the project.
Syntrend Creative Park, a Foxconn unit, would administer the NT$200 million (HK$52.4 million) fund and select participants for a trial in the first quarter, they said.
Operations at the incubator, providing offices and advisory services for start-ups, would open by the end of next year to create wearable and connected technologies, they said.
Foxconn is expanding beyond manufacturing devices for clients including Apple and Hewlett-Packard as slowing sales and increased competition challenge founder Terry Gou Tai-ming's target of 15 per cent annual revenue growth.
In June, Gou showed off a smart watch the company was developing and in October it acquired licences to offer fourth-generation wireless services in Taiwan.
Syntrend would open its Taipei Information Park by the fourth quarter of next year, the sources said.
In 2010, Foxconn won a government contract to build and operate a complex that will host retail outlets and product showcases from domestic and international brands.
Two floors of the building would be dedicated to the incubator, while start-ups chosen for the trial might be housed elsewhere, the sources said.
Up to 20 start-ups would be selected, with funding expected at NT$1 million each, they said.
