Foxconn moving into wearables

Syntrend Creative Park Co – a Foxconn unit – will manage the USD 6.8 million fund, as well as select the participants for a trial in Q1. The startups will be provided with offices and advisory services to develop wearable and connected technologies, once operations are up and running by the end of 2014, according to Blomberg, citing sources familiar with the matter. Back in 2010, Foxconn won a government contract to build and run a complex – of 12 floors – which consist of among other things retail outlets and product showcases. From these 12 floors, two will be dedicated to the incubator. The venture will select as many as 20 startups – which will be provided with funding of about USD 33'000 each – Syntrend is also planning on connecting with local and international universities to promote programs and to sponsor startup competitions, the report continues. The focus will be on developing hardware, but, the venture will also support software startups.