AT&T Mexico Announces 5G Matching Fund
AT&T Mexico will contribute US$100,000 per approved project to invigorate Mexico’s 5G technologies ecosystem through a newly established matching fund that will support entrepreneurs developing 5G projects, according to a press release. National universities and R&D centers with 5G programs were also invited to participate in the development of impactful projects in Mexico.
Financing is a major hurdle for startups in Mexico, where credit access is limited and interest rates are high. Surveys have found that 57 percent of entrepreneurs reported securing financing alternatives as one of the main challenges startups face, according to the Association of Entrepreneurs Mexico (ASEM). As a result, during the first few years of a startup’s founding, entrepreneurs will likely spend between 85 - 95 percent of their own resources to finance their projects while only counting on an average of 2 percent from investment funds.
Beyond financial assistance, those selected by AT&T will also be able to defer to advice and consult from industry experts in business models, 5G technology and other relevant areas. Participants will also have access to AT&T Mexico 5G Innovation Laboratory where they will be able to carry out tests with the center’s state-of-the-art equipment. To be considered, applicants must demonstrate their project’s social purpose and have the ability to meet in kind AT&T Mexico´s investment fund.
“All new technology must have a purpose and provide benefits for all of society. 5G should not be the exception and for this reason, promoting the country's developer and entrepreneurial ecosystem that enables use cases is essential. Given this need, we created the 100 + 100 Fund,” said Sergio Almallo, Vice President and Chief Digital Marketing Officer, AT&T Mexico. “We are proud to continue changing the telecommunications game in the country, now hand in hand with Mexican entrepreneurs."
Through the 100 + 100 Fund, the telecommunications company will be able to contribute to the innovation of Mexico’s technology ecosystem while encouraging the greater utilization of their 5G technologies and services. More information regarding the application process will be published in the days to come