SoftBank’s telecommunications unit is launching a startup incubation center in Japan in order to hoist up unicorn companies.
The conglomerate recently received a $131 million contract from the Aichi prefectural government to build the new facility in Nagoya. The space is expected to take up 247,570 square feet across seven floors and be completed by 2024.
While the Aichi government will own the facility, SoftBank’s subsidiary will pay 255 million yen ($2,313,678) to manage the center for ten years.
SoftBank will help attract and recruit startups in Japan and outside of the country, while offering unique services such as mentorships.
Although SoftBank is a Japanese conglomerate, neither of the organization’s Vision Funds have invested into any Japanese startups.