Demo Day Recap

Here’s a insider look at the AIA Accelerator Batch 2.0 Demo Day held last March:

Although the Hong Kong AIA accelerator is on Hiatus, the AIA/KM accelerator is now in full gear and just entered its 6th week. This means that the AIA/KM accelerators own Demo Day is right around the corner. Stay tuned and follow its progress here: https://aia-km-accelerator.com/

 

Demo Day 2016

Congratulations to the nine founders who successfully pitched at the AIA Accelerator 2.0 Demo Day! The graduates had the opportunity to present their innovative businesses to a room of 200 investors and industry experts in a bid to secure follow-on funding and partnerships.

The event marks the team’s completion of the 12-week programme, during which they learnt to navigate the fast-paced startup world (as well as the streets of Hong Kong). This was no easy process – the teams underwent a roller coaster ride of success’s and failures in hopes of realising of their ideas and we couldn’t be more proud of them. Keep a look out for these teams in the future, we are sure they will continue to shape the HealthCare landscape of tomorrow.!

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For a full gallery of Demo Day, check out Campaign Asia’s coverage of the event here.

 

AIA Accelerator Week 11 Update & Investor Relationship Tips!

“Uber is not proprietary technology but it is a proprietary experience”

– Steve Monaghan, Head of Edge, AIA

In the last weeks of the AIA accelerator the focus turns to Pitching and Investor conversations.  Week 11 kicked off with an intense 1:1 pitch practice session between each startup and a panel of the key accelerator stakeholders at Nest and AIA.

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This was followed by an interactive Investor Relations session delivered by the Nest Investment team, who reviewed the startups’ investor decks and shared insights into what investors are looking for.

Looking to attract top investors? Here are some quick tips from the Nest Investment Team:

  1. Identify the problem
  2. Market size (who is affected by the problem?)
  3. Explain why your solution can solve the problem
  4. Present a case study with testimonial from customers
  5. Present milestones – what has been accomplished and what are your objectives
  6. Competitive landscape slide – who is in your space and how are you better
  7. Financials/Customer growth if you have a product
  8. Explain why you are looking for strategic partners and what you will be using expansion funds for

StartmeupHK Festival 2016

StartmeupHK Festival 2016 was held this past week. The festival was InvestHK’s most successful event yet, drawing in a large international crowd due to the attendance of numerous entrepreneurial big shots, including Tesla & SpaceX CEO Elon Musk.

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Day 5 of the festival was the AIA Health Tech Asia Day. Many of the AIA accelerator founders (including batch 1.0 alumni) attended and had to opportunity to sit on panels, present their ideas and showcase their products in front of a room full of startup enthusiasts. Check out the gallery below:

AIA Main Panel

The AIA Main Panel – Panel members included Jeroen Van Duffelen (CEO of MedRithm from the current accelerator) and Simon Squibb (CEO of Nest)

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Sanwa Biotech Pitching – An alumni from the Accelerator 1.0 Program

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Heartisans Pitching – Another alumni

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Aschkan Malek from AlemHealth Pitching

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The OPER team talking with festival attendees at their booth

 

The Hong Kong Government Takes An Interest in AIA Batch 2.0

OPER received HKD$3M in seed funding from the Hong Kong Government. The local startup is currently researching the use of world-leading nanomaterial-based personalized autologous neural stem cell harvest to treat patients with neurodegenerative diseases, including Alzheimer’s disease and Parkinson’s disease. The management of these diseases has become a growing concern around the world due to ageing populations and rising healthcare costs.

Hong Kong's ageing populaton - courtesty of (http://www.budget.gov.hk/2013/eng/budget27.html)

Hong Kong’s ageing population – courtesy of “http://www.budget.gov.hk/2013/eng/budget27.html”

NovusTech held a product demo with the Hong Kong Government’s Social Innovation and Entrepreneurship Development Fund (SIE Fund). The fund targets social entrepreneurs and objective is to develop innovations that aim at creating social impact and build social capital for supporting poverty relief in Hong Kong. NovusTech’s Talk-Now product- a wearable device that can translate sign language to voice and text –most definitely fits this criteria!

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This year, the Hong Kong government has finally taken off it’s training wheels and is heading full throttle towards its vision for turning the city into a thriving startup economy. Both team’s success has come hot off the tail of the January 13th annual policy address given by Chief Executive CY Leung, during which he pledged to set up four funds, in the sum of HK$4.7 billion, to support IT R&D, encourage IT innovation, and to finance local IT startups. These funds are:

1) the HK$2 billion university applied research fund

2) the HK$2 billion Innovation and Technology Venture Fund

3) the HK$500 million Innovation and Technology Fund for Better Living

4) the HK$200 million Cyberport Macro Fund for ICT startups.

Kuaiwear at CES Las Vegas 2016

The Kuaiwear team flew out to Las Vegas this past week, not to hit the tables but to attend the 2016 Consumer Electronics Showcase (CES) and display their multisport biometric headset. The annual tradeshow event draws in more than 150,000 attendees from 150 countries and is often the leading stage for innovative tech companies to announce their new products. The team met with several potential distributors who expressed interest in helping launch the product in the United States. In the US, the headset has already garnered the support of several Olympics athletes such as olympics gold medalist Dwight Phillips.

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The team also met up with Ethan Pierce, Managing Partner for Nest International who flew in from France. Almost a third of all companies at CES are from France and Ethan was there to represent the growing French startup ecosystem. The two parties spent some time together and it was exciting for the Kuaiwear team and Nest team to continue to meet halfway around the world!

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Ethan Pierce and the Kuaiwear Team

 

Key Speaker Session lead by Mark Altosaar, Founder & COO, Lulio

“People don’t want to buy a quarter-inch drill. They want a quarter-inch hole.”

                  – Theodore Levitt, Harvard Marketing Professor

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Mark Altosaaar

The startups returned from festivities, travels and a restful break straight back into the fast pace of the programme on January 4th with a session on ‘Product Development’.

Serial entrepreneur Mark Altosaar shared his wealth of experience on the subject, leveraging an extensive background that included previously heading up Philips’ Consumer Research Centre. A lively, interactive discussion lead to key points around the following:

 

 

  • What is important for your customer? Time spent focused just on product development takes away from time on customer research.
  • Building a product is not ‘the product’ of your startup. Your business model is ‘the product’
  • Have I identified a problem worth solving?
  • Is this something people want?
  • Who is paying?
  • Who makes the decision?
  • Who will be using it?
  • Sharing the benefits of a product over the features
  • Within 5-8 seconds, customers need to to understand: what’s in it for me?
  • Make sure to relink the team back to the core mission of the startup, especially important for remote workers, to maintain passion and motivation
  • Strongest competitor: Customer apathy
  • Avoid the trap of losing priority to edge cases and becoming a product expert vs a market expert.

Startups shared their current greatest challenge in product development – some were focused on the product specifications itself based on market research, others were focused on the challenge of onboarding new customers whilst not drawing developers away from product development. A key takeaway was that startups have the ability to react quickly to customer feedback in terms of product development based on being small and nimble.

 

And the answer to last weeks brain puzzle? Spoilers alert…

The farmer’s daughter drew a stone from the bag, then pretended to fumble it and drop it on the floor where it was lost amongst the other pebbles.

“Oh no! Take a look in the bag and whichever colour stone is left in there will be the colour I didn’t draw!” She exclaimed.

 

A Parable From Lawrence

Lawrence, COO of Nest visited AIA to give a session on Strategy. He touched upon the importance of lateral thinking and demonstrated it by giving one of his favorite brain puzzles. Test your ability to think laterally but seeing if you can come up with a solution to the story below:

A long time ago, when one could still be thrown in jail for debt, a poor farmer found himself in the unfortunate circumstance of owing a merchant a great sum of money. The farmer had a beautiful daughter and the merchant offered to wipe the debt clean if he were given her hand in marriage.

Sensing the farmer’s reluctance, the merchant added “How about we let fate decide? I will put one black stone and one white stone into a bag. Your daughter will then draw a stone randomly. If she draws a black stone, then she will be wedded to me. If she draws a white stone, then I will relieve your debt and you may keep your daughter.” Unable to surmise a better solution the farmer acquiesced.

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In the afternoon, the merchant, the farmer and the farmer’s daughter went down to the riverbank, where the path was littered with black and white stones. The merchant reached down and the farmer’s daughter saw him pick up two black stones and put them in to a bag. The merchant then turned to her and asked her to draw one.

Imagine you are the farmer’s daughter. What would you do in this situation?

Look for the answer in next week’s post!

Christmas milestones and Infiniti Demo Day

Christmas came early for the teams this year! A diverse range of milestones were achieved and they’re entering 2016 on a high.

Kademi launched a pilot programme with Infiniti. The prestigious car company will be test driving the cloud platform which helps to create multi channel digital solutions at lightning speed. Infiniti previously held it’s first “Smart City” Demo Day (more on this below) and this is the promising beginning of future cross-acceleration.

Novus Tech were awarded RMB10K from winning the The 7th China (SPicture1henzhen) Innovation and Entrepreneurship Competition. The eventwas attended by more than 120 people including competition representatives from major Chinese regions and industry sectors, venture capitalists, potential contestants, sponsors and more than 20 media companies. The competition is a great way for startups to get their foot into the door of the Chinese market.

Infiniti Demo Day. The event marked the close of the 12-week accelerator program. A number of the AIA cohort attended and got a taste of the excitement and opportunity they’ll be faced with when they present on their own Demo Day this March 8th!

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The Infiniti cohort at the Demo Day closing

 

A very Merry Christmas and happy new year from the AIA team, Nest Team and all the startup founders! See you in 2016.

Week 3 – The Lean Startup

Moments

This week Nio Liyanage from Nest spoke to the cohort on the importance on maintaining a ‘lean’ enterprise. His in-depth session covered methodology  and business modelling outlined by industry expert, Eric Reis, in his best seller, ‘The Lean Startup’ – a book that has become a bible for startups around the world today. Reis’s core philosophy is that startups need to invest most of their time and effort into iteratively building products and services that meet the needs of early adopters, in an effort to reduce risk and ultimately the chance of failure.

Nio presenting the "Lean" business model

Nio presenting the “Lean” business model

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The Lean Startup

 

 

 

 

 

 

Speakers

Feisal Alibhai, the CEO & Founder of Qineticare, came and met with the startups and shared his inspirational life story of how he began the first dedicated family health office in Hong Kong. He was inspired to start Qineticare when he was diagnosed with stage three cancer at the age of 35. The experience revised his priorities in life and highlighted the importance of maintaining balance and looking after your family. His product ensures a family’s wellbeing and gives peace of mind through pro-active guidance and priority access to the finest healthcare and wellness professionals.

Because of his personal journey he wanted to support the startup community so during his time with the AIA cohort he offered his services to them on a pro bono basis. He hopes to keep the teams physically and mentally healthy as they navigate the temperamentally stressful startup world.

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CEO & Founder of Qineticare, Feisal Alibhai