# Sunday, June 30, 2013

Can’t believe that we are halfway done! That means we are halfway to Demo Day! We are ready to announce that Demo Day is scheduled for August 13th at 6:30pm at The Good Lab’s main theatre. Mark your calendar.

Everyone recovered from our field trip on Saturday to Shenzhen, and had a great week at AcceleratorHK. We started off the week strong with a mentor visit from Jochen Kleef on Monday. Jochen has extensive experience in China and of course customer development and has always been a great supporter of the entrepreneurship ecosystem here in Hong Kong. Jochen held a round table discussion where he talked with the teams about his experience as well as had a Q&A. Then he met with the teams individually.

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We also had our last round of Pecha Kuchas on Tuesday. We had some great talks about life growing up in Indonesia, Malaysia, Indian mythology, and many  more. I did a pecha kucha on trekking to Everest Base Camp.

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One of the teams released a public MVP and some others are pretty close. Other teams were out speaking to potential customers and partners. Very good discipline in going out and doing customer development.

We changed up our Friday check-in a little bit. First the elevator pitches were only given 20 seconds, instead of the usual 1 minute limit. For the 5 minute presentation, we made a big deal on changing the presentations up so we had the teams submit the slides early. But we fooled them and had them do this week’s presentation with a white board, no slides, no projector. The results were pretty awesome.

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This week is “customer validation” week where we have no scheduled check-ins, 1:1s, or mentor meetings. Just the teams working hard on “getting out of the building” to talk with customers.

posted on Sunday, June 30, 2013 10:00:06 PM (Eastern Daylight Time, UTC-04:00)  #    Comments [0] Trackback
# Sunday, June 23, 2013

The intensity at AcceleratorHK is cranking up. This week was action packed and eventful. On Wednesday we had a trip to visit the offices of Hong Kong startup Frenzoo. At Frenzoo, founder Simon Newstead walked the teams through the early days at Frenzoo, its customer development process, and what it was like being in an accelerator himself. It was great going to visit a living, breathing startup in Hong Kong and “get out of the building.”

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On Thursday, we had Roland Yi, director & General Counsel at Gilkron Limited as well as a law professor at HKU, come in and spend time with us on intellectual property (IP) rights and laws. We talked about patents (avoid!) and trade secrets, copy rights, and trademarks. Very informative stuff for the teams.

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On Thursday night we had a rooftop pool party to wish one of the team members well as he is headed back to the US.

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On Friday night I did a presentation about raising money for startups. We covered angel investment, stock options, vesting,  dilution, valuation, venture capital, liquidation preferences, and lots more. This session was open to the public and despite being on a Friday night, we had a great crowd (and lots of beer.) Of course it was a PowerPoint-less presentation!

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On Saturday we had a big day. We got up early and traveled to Shenzhen, China and visited the component markets in Huaqiangbei. These are the component markets for the global supply chain and they are something to be seen.

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Here is a photo of some of the teams inside of SEG Plaza, one of the most famous of the component markets.

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After a few hours at the component markets and adjacent consumer electronics markets (lots of phone cases, batteries, chargers, bluetooth speakers were acquired…), we headed to an evening of teambuilding with the staff of Social Agent, who’s founder, Mike Michelini is a mentor at AcceleratorHK. We went bowling, played pool, and ping pong with the staff and had a great group dinner and drinks before heading home to Hong Kong.

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A great week and more to come next week. Stay tuned…

posted on Sunday, June 23, 2013 4:55:15 AM (Eastern Daylight Time, UTC-04:00)  #    Comments [0] Trackback
# Sunday, June 16, 2013

It is hard to imagine that we have already passed the one month point! After five full weeks at AcceleratorHK, most of cohort 2 is starting to move past customer interviews and into serious MVPs. Paul and I keep reminding the teams that they are still testing assumptions with the MVPs and not building “beta” releases for “feedback.” (The classic mistake that leads down the road to tradition product development.)

On Friday we had our first “Prototype Day” or when the teams make their Demo Day presentations to a group of mentors and have live Q&A on their business model. This is different from each of the Friday check-ins that we do when the teams may present on what they have done the prior week or practice their investor or potential customer pitch that they may be doing that week. While Demo Day is a full two months away, we want to get everyone started and get feedback on their business from more folks than just the cohort and Paul and myself. During the course of the program we have two Prototype Days, usually around the end of the first month and at the end of the second month. (Prototype Day #2 is July 26th.)

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We had four rock star mentors show up:

The six teams made their presentations and the mentors gave them tons of feedback. The mentors really challenged the teams to think through their models and underlying value prop. The most surprising thing to the teams was that they had the “curse of knowledge” since sometimes the mentors had no idea what the team’s value proposition was all about. Some mentors even provided feedback on the team’s logos. Smile It was great for Paul and myself to take a week off from providing all the constructive criticism.

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The teams soaked up the feedback and after a few hours of presentations and Q&A, most of us went to the local Japanese place for lunch.

After Prototype Day, we had a scheduled rooftop party, however, it had to be postponed due to rain. Instead Team Portugal and I went to a MVP dinner and got to play with an “Appcessory” or rather a device that turns your iPhone into a pinball machine.

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We have a big week coming up, two mentor visits, the last public class for the “Early Venture Survival Series”, and of course all the regular 1:1s and check-ins! Stay tuned…

posted on Sunday, June 16, 2013 7:23:42 AM (Eastern Daylight Time, UTC-04:00)  #    Comments [0] Trackback
# Saturday, June 08, 2013

We are four weeks in and the teams are progressing nicely. We had another week focused on Customer Discovery where the teams have been talking to a lot of potential customers and continuing to refine their segments. MVPs are getting built and several teams are moving into Customer Validation. One team flew to India to meet with potential customers for a few days and also dropped in on Telerik India!

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We had two mentors come in this week, one was a talk by a local entrepreneur who decided to walk away from his business after his partner and investor changed the terms and would not negotiate. His only course of action was to walk away from the business and the story was very powerful. We also had Steven Kopec from Turner Broadcasting Asia come in and work with the teams 1:1.

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We also had the third installment of Paul and Steve’s “Early Stage Venture Survival” talk at the Good Lab, which was open to the public. Paul spoke for two hours on the value of metrics to a startup. (And how to avoid vanity metrics.)

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We also did our first batch of Pecha Kuchas, one team member even did one on Austrian Economics. Smile Paul has also started to pronounce Pecha Kuchas properly, giving up his futile attempt to change the native Japanese pronunciation of the word.

On Friday we did our weekly check-in and changed it up by having people do an elevator pitch for a team that they were not a member of!

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After our checkin we went to a BBQ hosted by one of the teams on the rooftop of one of our mentors.

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Next week we start to take a look at the MVPs, and we have some mentors coming in for the +30. Prototype Day presentations. (Can you believe that we are at this a month already?!?!) Stay tuned…

posted on Saturday, June 08, 2013 5:49:44 AM (Eastern Daylight Time, UTC-04:00)  #    Comments [0] Trackback
# Saturday, June 01, 2013

Another great week for the teams at AcceleratorHK. This week at the 1:1’s Paul and I started to push for the teams to build MVPs around a core assumption or two. We also brought in technical mentor and Telerik customer advocate, Dhananjay Kumar (DJ), to talk about hybrid apps and also give an overview of Icenium and Everlive for the technical co-founders. DJ stayed a few days and worked 1:1 with several of the teams. (A team from cohort #1 even came up to visit DJ as well..)

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We also had some agile training with a session I delivered at The Good Lab. I talked how rule #2 of the “Customer Development Manifesto” by Steve Blank is to pair agile development with customer development. I told lots of stories how I screwed things up when I did my startups. That seemed to work well. Smile

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We then went on a field trip to visit Makible, a Hong Kong startup that is building the Makibox, the world most affordable ($200 USD) 3-D printer. I bought a Makibox for the cohort to play with and we should have a beta version to play with in a week or two.

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We also had a great round table with Makible’s founder Jon Buford about startups, funding, and early revenue.

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From there we had the first outing to Happy Valley Racetrack!

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While we had some doubters in the house (Team Portugal), most of the cohort followed my winning strategy on horse betting. As usual I walked away a winner. Smile 

It was a super hot and sticky night in Hong Kong but we were able to have a ton of fun. Two of the local HK guys in the cohort had their first Happy Valley visit, it takes an Accelerator to get them to Happy Valley!

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The next day, the teams wanted to relax somewhat and they took advantage of the Good Lab’s awesome bean bag area. Looking at the guys in this photo you can tell that we are in a mobile accelerator!

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As usual we had our founder talks and Friday Check-In. We also finished the week with a Friday afternoon mentor visit from Mike Michelini who worked with the teams on their social media strategies.

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We have another action packed week up ahead, stay tuned!

posted on Saturday, June 01, 2013 6:34:15 AM (Eastern Daylight Time, UTC-04:00)  #    Comments [0] Trackback