Microsoft Corp announced a partnership with China Development Bank Capital (CDBC)on Wednesday to promote technology innovation and smart city development in the country.
The two sides will jointly build up innovation incubators and accelerators to support excellent startups, and explore the new development mode of smart city based on Microsoft's intelligent cloud platform and productivity services.
Alain Crozier, chairman and chief executive officer of Microsoft Greater China Region, said, "I am super excited about the strategic partnership between CDBC and Microsoft, not only because we are aligned in our visions to empower innovators and entrepreneurs in China, but also because, our individual strengths will combine to deliver enormous positive impact."
Crozier said they will provide turnkey technologies for productivity as well as cloud services, tools and technical support, and offer Chinese startups training in marketing, talent development and IT support, and, more importantly, connectivity with the company's global resources.
Zuo Kun, CDBC's vice–president, said the cooperation with Microsoft will strengthen CDBC's strength in smart city and is beneficial to bring the best solutions into China and explore all-round, systematic and repeatable smart city development mode.
Zuo added CDBC has set up specialized investment platform for technological-innovation enterprises, while Microsoft has rich experience and successful cases in innovative incubator construction, the cooperation will boost the development of incubation centers across the nation.
The Microsoft accelerator program in China has helped 125 startups in the past five years. Out of them 116 received investment funding upon graduation, 12 of them have been acquired and three have issued IPOs.
