Last night the first AcceleratorHK cohort had its “graduation” Demo Day at the Time Warner Center in Hong Kong.
An accelerator is meant to speed up a startup’s progress over what they would have done on their own. Studies show that accelerators double or even triple the progress you would have made on your own. The goal is that if you are in a 3-month accelerator you should accomplish what you would have done in 6-9 months. Our teams in AcceleratorHK did exactly that, working on their Business Model Canvas for weeks (specifically on their segments and value proposition) and starting to build out their offering.
After 14 weeks of the accelerator program, the teams were ready to show the world what they had accomplished last night at Demo Day. Some teams had a “demo” of their app, some were just getting started and showed off their progress and discussed next steps. This is because some teams took longer to refine their idea (perfectly ok, exactly what an accelerator is suppose to do.)
We were oversubscribed and about 175 people crowded into the Time Warner offices and we had to have an overflow room with live streaming. Paul and I kicked it off with a short introduction as to what AcceleratorHK is, how an accelerator works, and what Demo Day is all about. Then the teams started their presentations.
First up was Taxiwise with Jean-Marc Ly as the presenter. Taxiwise is an app that allows you to make advance bookings of taxis in Hong Kong. Today you can do this offline, but it is painful to deal with the dispatchers, especially if you only speak English. Their app is driver specific and it creates a great experience for the user (us riders!)
Next up was PayAllies with Carlos Grajeda aka “Carlos 2” as the presenter. This was Carlos’ first presentation in English! PayAllies is from Mexico and is solving the unbanked problem since only 17% of Mexicans have credit cards and 34% have bank accounts. They are like a debit/gift card/Google Wallet meets the Octopus card for Latin America. PayAllies is AcceleratorHK’s first success story, immediately after graduation they are headed to the Chilean incubator, Startup Chile for six months.
Our third presentation was SurroundApp with Jeffrey Broer as the presenter. Surround solves the problem of English speakers wanting to engage with Chinese social media (half a billion Weibo users!) What is pretty cool about SurroundApp is that they can even translate slang into its “street” or common usage.
After that was Dynamino Lau Kok-hwa aka “Special-K” as the presenter. Dynamino is a new marketing campaign creation app that allows people to spread their campaigns by word of mouth. In their testing they found out that they were equally as effective as Facebook ads but 23x less expensive!
The penultimate team was 100 Village with Nick Wang as the presenter. 100 Village is a social venture that is focused on the Reggio Emilia approach (REA) to early childhood education. Nick gave a very passionate and inspiring speech about how schools are killing our kids creativity and how something as simple as playgroups can make a huge difference with the kids’ development. 100 Village’s app is “meetup for moms” where it helps facilitate the organization of REA style playgroups.
Last, but not least was GOnnect with Furuzonfar aka “Foobar” as the presenter. GOnnect is an app that helps you find, make, and keep connections at an event. They solve the problem of who you should talk to at an event by matching you up with someone to network with and making it easy to connect with them later on via LinkedIN or something similar. Finally we can do away with business cards!
After the presentations, we had a reception for the audience to come and meet the teams at their booths. In order to force the audience to mingle and network with the teams, we provided cold beer at each of the teams’ table. In addition, each team had a drink and food from their home country. The teams were mobbed!
Carlos Rivera aka “Carlos 1” had to head back to Mexico to get his visas for Startups Chile so he could not attend, but we Skyped him in all night. Here he is talking to potential investors.
I was surprised by the amount of investors, media, and government officials that attended. Maybe they just wanted the free vodka that Team GOnnect provided.
We’ll be opening up the applications for cohort #2 in a few weeks with a start date slated for mid-May. Stay tuned if you want to apply. :)