Dell creates £65m credit fund for startups to help fuel job creation
New companies can get credit to buy Dell products to help them grow while in an early stage
By Chris Kanaracus | IDG News Service | Published 16:00, 08 June 12
Dell has created of a $100 million (£64 million) credit fund aimed at giving startups the "financial and scalable technology resources they need to maximise potential for innovation, speed to market and job creation."
Applications are now being taken for the Dell Innovators Credit Fund, through which companies backed by angel investors and venture capital can garner up to 10% of their current funding amount or up to $150,000 in credit to buy products through Dell, according to the announcement. More money can be obtained through a number of additional steps, Dell said.
Along with money, credit fund participants will get a set of supporting services and a dedicated sales team, the company said.
In addition, Dell is unveiling an expanded Entrepreneur in Residence community website featuring case studies and other materials meant to help startups grow.
The new credit fund is different from Dell Ventures, wherein Dell works with VC firms and makes direct investments in companies, according to a FAQ document.
Dell is looking to finance "all promising web-knowledgeable startups, regardless of industry," through the fund.
