Swiss company Seedstars will invest over USD 1 million in development and operations of Yangon Innovation Center according to a televised statement from a Yangon minister Naw Pan Thinzar Myo at parliamentary session on 29 September.
The minister said SeedStars will, in accordance with the tender term, spend USD250,000 in renovation of the building and additional USD1.1 million in operations and development across 5 years.
The company will take the 10,000 square feet upper floor of an existing building in Kyan Mar Yay jetty area at downtown wharf in Botahtaung Township under Build, Operate and Transfer terms of 5 years and additional 2 years for a total of 7 years.
The company aim to invest in 50 startups within 5 years and organize SeedStars Academy twice a year.
The Yangon Government called for a tender in January 2018 to build Yangon Innovation Center. Total of six international companies competed the tender and SeedStars was awarded the tender in April 2018.
The center aim to be a place for entrepreneurship, youth development, innovation and startups in creating an ecosystem.
Seedstars is a Switzerland based business incubator with a focus on technology in emerging market.