NEWS: Irvine Incubator Partners with Co-Working Space in Singapore
Artificial intelligence (AI) is huge these days. Montreal has become a hotspot for this tech. As has Singapore. A national initiative called AI Singapore, funded by the country’s National Research Foundation, is working to build an AI ecosystem to foster AI companies in the verticals of healthcare, urban solutions and fin-tech. It also invests in AI tech, does research on scientific and engineering methods and brings together leaders with multidisciplinary approaches to AI innovations.
An Irvine incubator has taken notice of this and has joined forces with a co-working space in Singapore that’s backed by an AI company.
The Hungry Lab, based at the WeWork co-working space in the Irvine Spectrum area, is partnering with the Carrot Patch, a co-working space for startups, freelancers and student entrepreneurs. Carrot Patch is supported by AIQ, a visual technology, whose goal is to engage audiences across Southeast Asia via image and video recognition, as well as immersive storytelling.
The financial terms of the partnership have not been disclosed.
Building upon a shared vision of a strong local startup ecosystem in Singapore, the Hungry Lab plans to work with the Carrot Patch to empower the next generation of students, startup entrepreneurs, small businesses, and social enterprises.
Through the new partnership, the Hungry Lab will organize joint events and provide advisory and resource support to entrepreneurs at the Carrot Patch. This will be achieved through the Hungry Lab’s venture-building advisory platform, known as “E. A. T.” (Educate. Act. Transform).
The Hungry Lab already had a presence in Singapore as its main international partner is Asparagus Sprouts, whose HQ is there. Asparagus Sprouts uses a private-equity/consulting approach to prepare startups for venture capital investment. It mentors and participates in operations, similar to having an investor as a co-founder.
Gustavo Liu is the founder and CEO of Asparagus Sprouts. He’s also the co-founder of the Hungry Lab Irvine and CEO of the Hungry Lab Asia. He said this about the new partnership in a press release:
“As a ‘venture engine,’ we are always looking to grow the ecosystem and bring economic value to the community with forward-thinking organizations aligned with our mission, like the Carrot Patch,” he said. “This partnership will further solidify our presence in Singapore and in the region, and make a greater impact on the local startup community.”
Bian Li originally founded the Hungry Lab in Irvine in 2016 and serves as CEO. It includes a team of experienced business mentors, entrepreneurs, professionals and investors –- all of whom “use their skills and expertise to solve problems for problems solvers so they can solve bigger problems.”
Li has told OC Startups Now that both she and Liu believe that to build successful entrepreneurs, it’s equally important to build the “vital” ecosystems around each startup to help them succeed.
With a focus on keeping things affordable, adaptable and accessible, the Hungry Lab’s services are tailored to early-stage companies. The incubator works with partners and startups in 12 countries.