UMG LAUNCH NEW TECH STARTUP INCUBATOR IN MYANMAR

Yangon, Myanmar – Saturday, 4 February 2017. UMG , Myanmar based conglomerate famously known in Heavy Machinery Industry, currently launch its new project called “UMG Idealab” to support the growth of emerging Tech related startup in Myanmar.

UMG Idealab has been launched internally for almost one year and currently nurtured 9 startups under the incubation program. Those startups addressing various areas such as smart logistic, digital healthcare, education, on demand delivery, Fin-tech, and e-commerce.”

UMG will support selected teams with mentorship, legal advise, brand consulting, as well as offer seed funding up to 500 lakhs in return for up to 20% share for promising tech startup team. They will also get 3 month intensive nurturing program with various topic relevant to the industry, access to UMG expert network, and other various benefit.

Kiwi Aliwarga, CEO of UMG stated, “Without a doubt, technology will come and disrupt many existing Industry. We want to grow Myanmar potential in tech business instead of being customer only. Through UMG Idealab we will nurture tech startup company from Myanmar people, by Myanmar people, and for Myanmar people.”

“Years of experience in various business sector including 37 registered company make us understand the how legal aspect can be complex. This can be highly valuable for new startup since ideal startup business model might be disruptive and it might cross some regulation. Our corporate legal advisor can help to avoid that.”  Arif Yuliannur as head of incubation program stated.
As part of UMG group, branding consultant company called Openmind also play a role in UMG Idealab Incubator to ensure each startup will have well crafted Branding Strategy, reflected in many aspect including Logo, tagline, marketing collateral, up to UI/UX design.

Interested teams can apply trough umgidealab.com, each application will be reviewed and selected teams will be invited to series of presentation. Teams who pass the selection can join the 3 months nurturing program including Out bound training at Yangon Waterboom. The winner will be signed-up as part of UMG idealab member and get the seed fund.