Earlier this month during the StartmeupHK Venture Forum, Venturetec announced the launch of its new enterprise tech startup accelerator programme, which will be based in Hong Kong and Sydney, Australia.
Up to eight teams will receive seed funding, office space, professional services, mentorship for six months, after which a roadshow will be conducted for the teams to showcase their startups. In addition, six more months of ongoing support will be provided after the roadshow at the end of the programme.
The longer timeframe of 12 months was chosen over the standard three-month accelerator model due to the more involved nature of enterprise tech startups, which includes connecting with key decision makers from the enterprise market, many of which are Fortune 500 companies in banking, finance, media and technology sectors.
“Our program is designed specifically for enterprise tech startups who need a longer runway and more support than consumer tech startups due to the more complex product development and sales cycles,” Founder Trey Zagante elaborates.
He adds, “A key advantage of our program is our strong corporate network across Asia Pacific, our startup teams will have the opportunity to meet with senior leaders from large corporates to gain an insight into their business challenges, obtain early customer validation of their startup ideas and establish relationships with potential enterprise customers.”
Venturetec’s new accelerator programme capitalises on many trends both global and within the Asia Pacific region. For one, the worldwide corporate IT market is a lucrative one, which will grow to almost US$3.9 trillion by 2014 according to Gartner.
Large enterprises are beginning to adopt more innovative IT solutions including cloud, open-source and SaaS products, as opposed to more traditional enterprise IT solutions from major vendors. In addition, many corporations are very actively investing in innovation, including an increase in corporate backed accelerators, corporate venture funds and internal innovation labs.
In addition, Zagante points out that enterprise tech is also currently in favour with investors. “Venture capital investment in enterprise tech companies has been almost double that of consumer tech this year and given the heightened M&A activity in the market I expect that enterprise tech will continue to remain attractive to Angels and VCs.”
As for the choice of Hong Kong and Sydney for the programme, Venturetec believes that there are strong synergies between Australia and Hong Kong, which create large market opportunities across Asia Pacific, the fastest growing region of the global economy. Consequently, the Asia Pacific regions provides a good springboard for global expansion.
Zagante agrees,”We’re looking for startups with the potential to scale globally, so we want them thinking about selling into global markets from day one.”
Applications for the Venturetec accelerator will open at the start of the new year, with the programme officially kicking off around April and the roadshow scheduled for October. Stay tuned for updates on the application period.