The Hong Kong Startup Scene And The Importance Of Accelerators And Incubators
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1 The Hong Kong Startup Scene And The Importance Of Accelerators And Incubators According to InvestHK s latest survey, there were 1,558 startups in Hong Kong in 2015, up 46% from the year before. Accelerator and incubator programs are designed to guide startups from concept to market and are essential for any startup ecosystem. The number of Hong Kong- based accelerator programs is increasing together with the number of startups six new accelerators opened doors in the last two years. Accelerator and incubator programs will be a catalyst for Hong Kong s continued development into one of the leading startup ecosystems in the world. DEBORAH WEINSWIG Executive Director Head of Global Retail & Technology Fung Business Intelligence Centre deborahweinswig@fung1937.com US: HK: CHN:
2 JANUARY 1 8, 2016 The Hong Kong Startup Scene And The Importance Of Accelerators And Incubators INTRODUCTION Hong Kong s startup ecosystem has grown exponentially in the last few years. In 2015, the number of startups in the city grew by 46% year over year, while staffs grew by 56% and workstations by 60%. According to InvestHK s latest survey, there were 1,558 startups in Hong Kong, employing 3,721 staff working at 4,535 workstations as of August This growth is helped by the city s accelerators and incubators. Source: Startmeup.hk What Exactly Is a Startup? A startup is a typically a young company that is trying to find a scalable business model for a particular idea or product. Startups are usually small, and initially financed and operated by a handful of founders. These companies normally offer a product or service that is unique and that has the potential to disrupt existing markets. In the early stages, startups expenses tend to exceed their revenues as they work on developing, testing and marketing their ideas. Therefore, they often require financing, which traditionally is provided by outside investors. Participating in an accelerator or incubator program that can provide access to both capital and advice can greatly contribute to the success of a budding startup. DEBORAH WEINSWIG, EXECUTIVE DIRECTOR HEAD OF GLOBAL RETAIL & TECHNOLOGY DEBORAHWEINSWIG@FUNG1937.COM US: H K: CN: Copyright 2016 The Fung Group. All rights reserved. 2
3 HONG KONG AS A LAUNCHPAD FOR STARTUPS The spirit of Hong Kong is one of enterprise and entrepreneurship, and on paper the city has the right ingredients to be a lab, showcase and global launchpad for innovative ventures. As a global financial center and hub for international retailers and brands, Hong Kong already has the technical infrastructure to support startups in terms of payment, clearing and settlement services; Big Data analytics; cloud computing; information and risk management; and network security. All of these can benefit young companies in the financial and e- commerce sectors enhance operational efficiency and facilitate new modes of development. Hong Kong also has a vibrant startup environment, filled with networks of like- minded individuals. With dozens of monthly networking events and seminars, entrepreneurs in the city can find the tools they need to build a dynamic business. In addition, given its proximity to Shenzhen which nowadays is referred to as the Silicon Valley of hardware Hong Kong serves as a geographic base for startups to develop their prototypes, validate their products and develop large- scale manufacturing to bring those products to market fast. Hong Kong is particularly well placed for the development of Internet of Things (IoT) products and supply chain logistics technology. Finally, the diversity of the population makes Hong Kong a great testing ground for ideas and products prior to rollout elsewhere. As proof of its potential as a startup launchpad, Forbes has ranked Hong Kong as the number one startup ecosystem to watch. What Are the Challenges for Startups in Hong Kong? Hong Kong s nascent startup scene still has obstacles to overcome if it is going to truly succeed. Players in the ecosystem need to further develop three things: better talent, adequate early stage funding and boosting the ecosystem s reputation. Years of economic prosperity have resulted in a society that is highly risk averse, leading younger generations to aspire for careers in fields such as investment banking or working for one of the big corporates. And budding entrepreneurs face much social pressure to embark on a typical career path, not only from their families, but also from their friends. According to a study from Google and the Center for Entrepreneurship at the Chinese University of Hong Kong, the pressure on entrepreneurs to forfeit starting a business 3
4 from family and friends increases fourfold after the entrepreneurs enroll in a startup- related program. The second challenge is that there seems to be a large gap between early stage investors risk appetite in Hong Kong and the investment opportunities available to them. Most of the angels appear to be looking for a company that is already making money, or is very close to making money. Moreover, government funding schemes for startups require a business plan that details how the company will generate revenue, when it will be profitable and whether it will employ local people. These are all fair questions, but the problem is that entrepreneurs do not really know when or if their startup is going to make money. Lastly, the thing that Hong Kong s startup scene needs above all else is a big success story. One way to achieve that would be for a startup to have a big exit that is, a successfully executed exit strategy whereby the startup was acquired by a corporation or listed on a public exchange. Another good story would be a Hong Kong startup that became a unicorn by achieving a valuation of US$1 billion or higher, based on fundraising. Success stories tend to underlie the next round of growth in an ecosystem because their founders act as both investors and mentors to the following generation of companies. A high- profile exit or a unicorn would validate and energize the startup community in Hong Kong, provide a model for new startups, encourage young people to pursue entrepreneurship as a career and demonstrate to investors the value of Hong Kong companies. The Role of Accelerators and Incubators Startup accelerators and incubators assist entrepreneurs as they lead their young companies toward success, but the two differ in terms of what they provide and for how long. ACCELERATORS These boot- camp- style programs are typically designed to guide a startup from concept to prototype or from prototype to market. The most distinct difference between accelerators and incubators is the time frame of each. An accelerator works with startups for a short and specific amount of time, usually ranging from 90 days to four months. Accelerators also offer startups a specific amount of capital, normally about US$20,000 (HK$150,000). In exchange for capital and guidance, accelerators typically acquire between 3% and 8% of the participating startup. These features make accelerators much more structured than incubators. The accelerator journey is not an all- inclusive road to success. Rather, it is meant to help startups get to the point where they are ready to raise larger amounts of capital. The goal of accelerators is to grow the size and value of a company as fast as possible in preparation for an initial round of funding. This closely aligns with the equity that accelerators require in exchange for their guidance and resources. INCUBATORS With mentorship periods often lasting more than a year and a half, incubators focus less on quick growth, and most have no specific goal in mind for the participating startup other than it become successful at the 4
5 right pace. In fact, the goal of some incubators may be to prepare budding startups for an accelerator program. Incubators take little to no equity in the startups they work with, and can afford to do so because they do not provide upfront capital like accelerators do. Many incubators are funded by grants through universities and government entities, allowing them to provide their services without taking a cut of the company. Getting into an incubator is often highly competitive, as many entrepreneurs are attracted by the opportunity to keep control of their startup and by the absence of the 90- day time limit that accelerators typically impose. It may also be difficult for a startup to be accepted by an incubator if the two organizations networks are not connected in some way, as many incubators accept pitches only from entrepreneurs with whom they already have a relationship. Why Are Accelerators and Incubators Important for Startups? Accelerators and incubators are key players in the startup ecosystem in technology hubs around the world. The advice and guidance of mentors can help startups avoid mistakes that could cripple them if they were trying to succeed on their own. Both options also provide access to capital that may otherwise be unavailable, whether during or after mentorship. Additionally, both accelerators and incubators provide the physical space startups need in order to develop their ideas, along with training and guidance. Lastly, being a part of an accelerator or incubator can provide young companies founders with an invaluable network and boost their exposure. What Do Accelerators and Incubators Look for in a Startup? A Sound Business Foundation A startup s business idea should be supported by meaningful answers the following questions. What's the business model? What's the market size of the market the company will be competing in? Who are the competitors? What advantages are there over the competition? What are the risks for the business and what are ways they can be mitigated? Although a lot of times there are no right or wrong answers to these questions, the ability to address them shows to investors that the entrepreneur has a solid understanding of the business his company will be competing in. The People Investors want to work with people who they trust and can rely on. They also want a team whose personalities click. Ideally, the team would have a proven track record of building businesses and delivering results. Lastly, investors look for people with integrity and passion, who are determined to succeed. Scalability The startup needs to be able to grow its business to a substantial size over a relatively short period of time. Investors make money when they exit their investments and, naturally, they would like to exist at the biggest valuation possible. This is while the potential to scale the business is of huge importance to venture investors, and therefore, accelerators and incubators. 5
6 Execution In general, investors think that an idea alone has little value. It s all about the execution of the business plan and investors invest in the people who can execute, or even better, have a history of successful execution. Execution is making things happen, and for startups it usually means making change happen, which is even more difficult. ACCELERATORS AND INCUBATORS IN HONG KONG By Swire Properties blueprint is a B2B accelerator and co- working space founded by Swire Properties. Officially opened in January 2015, it is the first accelerator in Hong Kong with a B2B focus. The program runs for six months and does not take any equity this no- strings- attached arrangement is rare in the startup world. Apart from contributing to the local startup ecosystem, blueprint plays the role of engaging Swire Group companies, customers and partners in conversations about tech and digital strategies. For example, when it came across a startup that produces RFID luggage tags, blueprint introduced the company to Cathay Pacific so the two could discuss whether the airline had considered using such tags. The idea for blueprint came from an internal discussion at Swire about digital strategies. Two managers, part of Swire s management training program, were tasked with evaluating how Swire business units should evolve in terms of technology, and how Swire should participate in the Hong Kong startup ecosystem. Blueprint was their solution and it became an experimental project for the group. Going forward, the big question for blueprint, which remains the city's foremost B2B accelerator, is whether and how it would continue beyond the experimental phase. Powered by Nest Launched in 2014, the 12- week AIA Accelerator program supports innovative businesses and entrepreneurs on their path to delivering breakthrough solutions and technologies. The initiative is collaboration between AIA and Nest, a Hong Kong based investment incubator led by angel investor Simon Squibb. It aims to create opportunities for innovators across the region to shape the future of the insurance and healthcare industries. Startups with innovative ideas and technology applications for healthcare are invited to apply for the program and take advantage of the resources and mentoring provided by a large network of partners. 6
7 Following an application review process, eight startup companies are offered a place in the 12- week program. The companies are guided through business growth and development under the mentorship of AIA and Nest senior management, and are given access to their networks of partners and potential investors. Powered by Nest Launched in 2015, the DBS Accelerator is a collaboration between DBS Bank (Hong Kong) and Nest. The program aims to create opportunities for innovators from across Asia and the world shape the future of banking and finance. Participating startups have access to resources and mentorship from DBS and Nest management and affiliates. The inaugural DBS Accelerator program accepted ten startups from a field of nearly 140 applicants. The companies were guided through their business growth and development with the help of mentoring from DBS Bank and Nest senior executives as well as other partners. Each participant refined its business model under the accelerator program, which concluded with DBS and Nest Demo Days and a Public Investor Demo Day. Through this program, DBS has become one of Asia s leading players in the evolution of the finance industry. This fintech accelerator will give DBS a competitive edge, enabling it to stay ahead of the game and embrace innovation instead of being threatened by technology and ideas generated by nimble startups. Powered by Nest Launched 2015, the Infiniti Accelerator program encourages innovators to embrace an entrepreneurial spirit and support urban development in Hong Kong. The accelerator s first 12- week program launched with eight startups and focused on smart city solutions. Infiniti is one of the companies at the forefront of connectivity and autonomous driving technologies, which will become the pillars of smart city infrastructure and transportation. By working with Nest and innovative startups, Infiniti looks to collaborate further with urban developers on smart city ideas that can improve people s quality of life in a sustainable way. With its global headquarters in Hong Kong, Infiniti has particularly close ties to the city. And, as one of the most international cities in the world, Hong Kong has a highly developed city infrastructure and high population density, which makes it a natural place to pilot smart city ideas. 7
8 Brinc was established in 2014 to accelerate startups working on connected- technology hardware products and help lead them from the ideation stage through business development, consumer validation, manufacturing support and distribution. Based in Hong Kong, with offices in Shenzhen and Guangzhou, Brinc empowers IoT entrepreneurs through acceleration, a service back end and an investment fund. The Brinc IoT Hub is outfitted with space not only for startups, but also for seminars, events and workshops. It provides members with access to world- class manufacturing supply chains as well as support in setting up local R&D centers. The Brinc IoT accelerator program is working with its second batch of entrepreneurs, supporting seven teams from all over the world. Each program lasts approximately weeks, and participants are given access to financial resources, business consultative services, the hands- on team at Brinc and a network of partners in production, sourcing, logistics and distribution to help ensure on- time delivery of orders for customers. The comprehensive package aims to provide a competitive advantage for any IoT startup looking to successfully launch its business, manufacture to scale and distribute globally. Facilitated by Accenture Accenture teamed up with ten top financial institutions, including HSBC, UBS and Morgan Stanley, to create an accelerator program called the FinTech Innovation Lab Asia- Pacific. The FinTech Innovation Lab in New York was cofounded by Accenture and the Partnership for New York City s Partnership Fund back in 2010, and 18 alumni startups have raised more than $76 million in funds so far (one company was even acquired for $175 million). The accelerator model was then brought to London in 2012 before being launched in Hong Kong in In Hong Kong, the 12- week program focuses on startups developing disruptive technologies in the areas of Big Data analytics, payments, risk management, security, compliance, social media and mobile. Banking executives chose seven startups for the accelerator program and provided mentorship through workshops, panel discussions and networking opportunities. In November, startups demonstrated their technologies to financial industry executives and potential investors at an investor day presentation. 8
9 JANUARY 1 8, 2016 Cyberport and Science Park, which are both corporations wholly owned by the Hong Kong government, offer a range of incubation programs for startups in the mobile or Internet technology area or art and creative design. The programs typically last six months to two years, although there are longer programs (three to four years) for electrical engineering, robotics and biotech. These incubators usually provide free office space and a small amount of funding, but do not take any equity. The level of mentorship and training offered varies from program to program. The two incubators have managed to build substantial track records since their inception: Cyberport s incubation programmes have received over 1,000 applications and incubated 270 companies, of which over 70% continued operating following the program period. The incubatees have raised over HK$330M in funding. As of April 2015, the Hong Kong Science Park (HKSTP) had incubated over 500 startups with over HKD$935 million in funding. TusPark Opened in 2015, the Tsinghua University Science Park, or TusPark, is operated by parent company Tus- Holdings and is the company s first innovation space in Hong Kong. By expanding into Hong Kong, the Mainland Chinese science park developer highlighted the city s fast- growing startup ecosystem. The nine- story TusPark facility overlooks Kowloon Bay, an area being developed by the Hong Kong Special Administrative Region government as an alternative central business district. In the past 20 years, Tus- Holdings has expanded its operations and replicated its science park in Beijing in more than 20 cities in Mainland China. It now operates close to 30 TusStar incubator programs, TusPark science parks and related networks. It is China s largest developer of university science parks, and also has businesses ranging from hotels to solar power to venture capital and life insurance. In addition, the company spearheaded the investment and development of Silicon Valley s first Sino- America incubation program. CONCLUSION The Hong Kong startup ecosystem is gathering momentum for fast growth. Several local startups have been able to close impressive rounds of funding recently, which is positive for the ecosystem s reputation. The newness of the startup scene in Hong Kong remains the biggest challenge, however, and the ecosystem needs time to develop better talent and funding infrastructure. That said, with a growing number of entrepreneurs in tandem with accelerator and incubator programs, we believe Hong Kong is on the right track to grow into one of the world s leading startup ecosystems. DEBORAH WEINSWIG, EXECUTIVE DIRECTOR HEAD OF GLOBAL RETAIL & TECHNOLOGY DEBORAHWEINSWIG@FUNG1937.COM US: H K: CN: Copyright 2016 The Fung Group. All rights reserved. 9
10 Deborah Weinswig, CPA Executive Director Head of Global Retail & Technology Fung Business Intelligence Centre New York: Hong Kong: Filippo Battaini Marie Driscoll, CFA John Harmon, CFA Aragorn Ho John Mercer Shoshana Pollack Kiril Popov Jing Wang Steven Winnick HONG KONG: 10th Floor, LiFung Tower 888 Cheung Sha Wan Road, Kowloon Hong Kong Tel: LONDON: Marylebone Road London, NW1 6JQ United Kingdom Tel: 44 (0) NEW YORK: 1359 Broadway, 9 th Floor New York, NY Tel: FBICGROUP.COM 10
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