Hewlett Packard (HP) has increased the funds available in its internet startup financing scheme to $2m to boost sales of its ecommerce products.
The computer maker will pump an extra $1m into the initiative, called the Garage Program, which aims to finance as many as 1000 dot com startups a year. The extra funds will provide additional support in software development and marketing to 200 companies.
The scheme, which HP set up in December, provides members with technology and help in attracting venture capital funding. It is available to companies in the US, the UK, France and Germany.
HP plans to invest about $225m in startups and provide an additional $450m to $600m for further financing options. Approved startups will each get $2m worth of financing and must repay the amount after six months.
Nick Earle, president of HP E-services division, said the firm has so far signed between 350 and 450 eservices deals and is attracting more partners.
As part of the scheme, HP plans to roll out a hosting service called Infrastructure-on-Tap, under which the manufacturer will provide technology required to create and manage websites. The plan includes hardware, data storage, network security, maintenance and network connections.
HP is also expanding the operating systems companies can use as development platforms HP-UX, Linux and Microsoft Windows 2000. The company will also help with financing the purchase or lease of Intel-based hardware.
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