Google Launches Fund to Support Women Founders in Asia-Pacific Startups

The tech giant Google has launched a special initiative called the "Google for Startups Women Founders Fund," which aims to support female-founded startups in the Asia-Pacific area. This move comes as women have historically confronted difficulties in expanding their enterprises in the region.

Six female-founded firms will receive a total of $100,000 in equity-free funding from the fund in 2023; the fund will first target South Korea, Japan, and India before extending its reach to other Asia-Pacific markets.

Mike Kim, who oversees Google for Startups, the company's startup support division, as its head for Asia-Pacific, will be in charge of the Google for Startups Women Founders Fund. Kim stressed the importance of the fund in an exclusive interview with Forbes Asia, not only for the financial boost it provides but also for putting women entrepreneurs on a global platform to attract the attention of venture capitalists around the world for potential funding opportunities.

Google's programme, which was launched in 2020 with the intention of assisting underrepresented founders and advancing equity among all entrepreneurs, includes the Google for Startups Founders Funds initiative. The initiative comprises funds that help Black entrepreneurs in Africa, Brazil, Europe, and the U.S., as well as a fund for Latino founders in the U.S.

The Google for Startups Women Founders Fund will first focus on companies in the quickly developing artificial intelligence space. In order to prevent algorithmic prejudice, Kim emphasises how crucial it is to make sure women and members of underrepresented races are actively participating in AI research. Unfair prejudices against specific groups have been demonstrated by AI systems, such as rejecting loans to creditworthy women, underscoring the need for diverse participation in the sector.

Google has also backed female-led AI firms in Asia, such as Seoul-based AI For Pet, which is well-known for its smartphone app that uses AI algorithms to identify eye and skin conditions in dogs and cats. Latona, a Tokyo-based company that offers AI-powered hardware and software for automation and digitalization, is another example.

Google wants to support local startup ecosystems by investing in and assisting women-led businesses, which will ultimately lead to a more robust economy overall. Furthermore, it is anticipated that this action would lead to a rise in the use of Google Cloud and TensorFlow products.

Google is committed to encouraging women entrepreneurs in the Asia-Pacific region and fostering diversity in the IT sector, as demonstrated by the introduction of the Google for Startups Women Founders Fund.