Many companies like to talk big about how hot the startup scene is across Asia, but Merck KGaA is putting its money where its mouth is. The German drugmaker is offering funding of up to $100,000 to startups across the region that can impress with their vision.
Under its Uptune program, Merck will support a total of five early-stage companies working on relevant areas within healthcare, life science, electronics and smart manufacturing. These include digital health, cellular, molecular and immuno-assays, cell and gene therapies, and life sciences materials.
When hunting for the right partners, the pharma will also have a focus on supply chain innovation, data management, simulation and analytics for manufacturing, Merck said.
The program doesn’t kick off until mid-November, with interested candidates able to apply from Sept. 4.
"The startup environment in Asia is unique and inspiring,” Steven Johnston, head of technology innovation and enablement at the Merck Group Science and Technology Office, said in a statement. Building mutually beneficial and sustainable partnerships with promising startups and creating synergies between Merck and young companies will bring forward the next big ideas."
As well as up to 100,000 euros ($100,000) in financial assistance per startup, the pharma will offer mentoring and coaching from its experts in research, business development, strategy and finance.
The goal is to develop proof of concept, with the companies having the opportunity to "deepen their understanding of business scenarios and needs and test their solutions on the international stage with Merck's global presence in 66 countries," the company said.
Ultimately, the drugmaker hopes this could lead to “instrumental business cases” or a partnership with Merck itself—for which the company already has a strong track record in China.
Over the past three years, Merck’s China accelerator program has resulted in 30 startups in the country receiving up to 50,000 euros each. The pharma sees the Uptune program as the next step in its Asia ambitions.