Flex plans to launch technology accelerator venture in mainland China

Singapore-based Flex, the world’s second-largest electronics manufacturing services provider, plans to launch a new technology accelerator venture in mainland China that will tap into its innovative start-up community.

“China is still the manufacturing centre of the world, but there’s no doubt that more and more innovation is coming out of the country at a rapid pace,” Flex chief executive Mike McNamara said.

He said Flex, the Nasdaq-listed company previously known as Flextronics International, had “already started experimenting” on recreating its “Lab IX” initiative in the United States through the firm’s network of design and engineering facilities on the mainland.

Established in July 2013, Lab IX is an accelerator business that provides a broad range of funding and production support for entrepreneurs and start-ups developing disruptive technologies. It is co-located within Flex’ sprawling Silicon Valley Innovation Centre in the Californian city of Milpitas.

“You know why innovation is occurring here in China? It’s very heavily oriented towards doing very entrepreneurial things and taking risks,” McNamara said.

He added that the consumption power of China’s growing middle class was creating opportunities for more products that the market wanted.