Software provider Microsoft launched a fund on Sunday that will support companies looking to help expand low-cost internet access to traditionally underserved markets.
The fund, created as part of Microsoft’s Affordable Access Initiative, will provide an average of $75,000 for each successful applicant. It will consider commercial organisations with at least two full-time employees that can produce a working prototype of its technology and, if possible, paying customers.
Microsoft is looking to invest in technology that can leverage affordable types of internet connectivity, display innovative ways to sell cloud services in markets underserved by internet access, and integrate existing, localised payment platforms in those markets.
Peggy Johnson, executive vice president of business development for Microsoft, said: “Today there are approximately four billion people globally without internet access,”
“The ability to close that gap is more achievable than ever with technology that is readily available and affordable in many parts of the world. Through this fund, we hope to kickstart the entrepreneurial process by identifying promising ideas that we can help nurture, grow and scale.”