Jafco offers $2m for IT firms

JAKARTA (JP): Jafco investment of Asia Pacific (JafcoAsia), a Japanese venture capital company, is offering a total of US$2 million in seed capital for local small and medium enterprises in the information technology (IT) industry.

The Singapore-based company launched on Thursday its e- Incubator Program in cooperation with PT IBM Indonesia, which will provide the expertise and technology.

JafcoAsia director Bradley Chew told a media conference that the $2 million fund would be divided equally among five startup companies to help develop the IT industry in Indonesia.

IBM Indonesia President Betti S. Alisjahbana said the company had already received several applicants for the program.

Approval would be based on three criteria: the kind of technology needed, capital, and business feasibility, she said.

IBM on Thursday held a one-day e-symposium to exhibit its latest products, software and service solutions. (02)