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5 in 5 minutes - March 24th
HK Startup News Round Up

March 24, 2017 by WHub - WHub

OnTheList's flash sale pop up becomes permanent with the opening of its first store on Duddle Street

The Hong Kong-based members-only flash sale business OnTheList has taken its popular pop-up concept to a permanent space. The first store will be opened on Duddle Street, Central on 28 March, 2017. Launched in January 2016, the startup is famed for hosting all-day pop-up shopping event that provides members with up to 90% off retail price for premium brands including Armani, Marc by Marc Jacobs and Ted Baker. With the opening of their first permanent store, the startup will host their future events at the same showroom.

Campfire raises US$6M to increase co-working spaces in Hong Kong

Campfire Collaborative Spaces, a co-working community in Hong Kong, raised US$6 million in seed funding from angel investors in the real estate industry to launch 3 new co-working spaces by July 2017. Other than its plan to launch more co-working spaces, it will also launch two co-living spaces which allow entrepreneurs to live and work together.

Whizpa launches crowdfunding campaign on Next Chapter

The Hong Kong-based education review website, Whizpa, has launched its crowdfunding campaign on Next Chapter, a reward-based crowdfunding platform to help parents find activities for children. The crowdfunding campaign runs from March 8th through to May 15th, 2017, Whizpa is aiming to raise US$5,000. Check out their campaign and show your support! 

And click here to learn the best practice in reward-based crowdfunding.

So In So Good partners with Agorize for TechForGood Challenge.

So In So Good, a Hong Kong-based social-tech start-up accelerator, has partnered with Agorize Asia to launch the TechForGood Challenge, a 6-month acceleration program for green-tech and social-tech startups.

Calling for green-tech and social-tech startups, do you want to connect to more partners? test your prototype? reach out to more customers? showcase your products? You have until April 6th to apply for the program!  But don't wait that long, apply now!

Alibaba invests US$145M in mobile gaming through Ali Gaming

Alibaba's gaming unit plans to invest RMB 1 billion (US$145 million) into mobile gaming distribution through its gaming unit Ali Gaming to boost its presence in the gaming sector and build an IP gaming ecology.

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Best practice in reward-based crowdfunding

March 20, 2017 by Heather Lo, WHub - WHub

Next Chapter is a rewards-based crowdfunding platform for female entrepreneurs in Asia. On March 16th, we went to Next Chapter's event to learn more about crowdfunding best practices, moderated by Nicole Denholder, founder of Next Chapter. The event united 4 entrepreneurs who work with Next Chapter to crowdfund their business idea.  (scroll to the bottom to check out the brief introduction of the four entrepreneurs!).

During the event, the four entrepreneurs shared their crowdfunding experience, and here is what we have learned from them:

1. The visibility

"At the beginning, no one is going to know about your project, so you need to get the word out, get your friends to share with their network," said Jennifer Chin, founder of Whizpa, an education review website.

It is important to reach out to your network and let them know about the campaign. Take the time to generate buzz around your network, reach out to your friends and family via social media channels and personal emails, get your friends to share with their network and go from there.

Other than reaching out to your network to create noise for your project, you also need to reach out to your target audience via personal emails, press, and digital media.

"For crowdfunding campaigns, there's about three percent of conversion rate on Twitter, about twelve percent on Facebook, and close to twenty percent of conversion rate on emails," said Nicole.

Nicole also points out that digital media channels like Facebook is great for branding and reaching out. And with the press has a longer term outcome of building your brand and building up the SEO.

Laura Ho, an illustrator that crowdfunded for her hand-crafted Christmas cards, reveals that aside from the list of clients and customers that she has compelled in the early stage, a lot of her leads were coming from Facebook groups. Laura has also connected with retail stores like Bookazine and another online shop through Facebook groups. She told us that it is all about hustling. 

"I keep asking people to let me into their facebook groups so I can communicate with people on several facebook groups. Most of my target audience are expat ladies or people who appreciate local artist a lot. Once I got into the page, I got recommendations from people inside the page, so money started rolling in quicker. If I were to do it again, I would have started earlier to connect with my target audience," she says.

On the other hand, Stephanie Poon, founder of Zarie who is famous for its leggings with cosmetic benefits, took a different approach to reach out to her target audience. Taking the advantage of her marketing background, Stephanie did a lot of marketing and PR work one month ahead of the campaign. She reached out to her friends in the PR field, and they are willing to reach out to famous bloggers and influencers on Stephanie's behave. "Halfway through the campaign I was able to get Amanda S to wear my legging, people saw it and it went viral," said Stephanie. She also stresses the importance of preparation. "It's just a black pair of legging and it takes a lot of communication to get the press going for you. Don't underestimate how long and how much effort it takes (to do the press). If I can start it all over again, I would have planned it three months ahead of time."

(By the way, if you need some extra exposure for your newly launched product, contact hello@whub.io or tag @whub_io on Twitter!)

2. The communication

To launch a successful campaign, it is of vital importance to keep your communication with potential backers straightforward and clear. "When you are communicating with people who might not get the idea of crowdfunding or your project, you have to be smart and keep it simple, otherwise it would be hard to find your donors," said Sharon Vipond, founder of the social enterprise, Knots & Strokes.

Sharon also highlights the importance of showing backers appreciation and keeping them informed after finishing the campaign. "You have to send out thank you card to your donors because they are the ones that make the campaign successful, so make sure they understand the appreciation," she says. She also mentioned that it is essential to find time doing a follow-up with backers to inform them the updates on the project.

On the other hand, Stephaine stresses the importance of showcasing your passion and your story. "You have to make a very compelling story about your campaign about you and why you are doing this, not just your product. Because there is fabulous product everywhere, so the reason behind why you are doing this campaign is important," said Stephanie. It is critical to have a compelling story that gets you donations and publicity.

Your passion matters! Showcase your #startuppassion and your product on WHub for FREE to gain more visibility, and connect with like-minded entrepreneurs!

3. The funding goal

Your goal aligns your supporters with your crowdfunding campaign. It is essential to find a realistic goal. For reward-based campaigns, think about the cost to produce and deliver your product. You should also some research on how much did similar crowdfunding campaigns raise.

Nicole reveals that according to statistics from Indiegogo and Kickstarter, projects with less than US$10,000 goals have higher success rates.  

You might also want to consider the possibility of meeting the goal within the time frame you choose, since you may not be able to get any money if you fail to meet the goal within the time frame.

4. The reward

Rewards are items, recognition, or a service that you will get for backing a crowdfunding campaign. For reward-based campaigns, it is important to come up with attractive rewards to serves as an incentive to encourage people to support a campaign.

Jennifer says she needs to be creative with her reward since Whizpa is an education review website, she doesn't have products to give out as rewards. Alternatively, Jennifer decided to reach out to some education service providers, looking for sponsorship. "I involve with other education providers and they are keen to see the project go through. They sponsored classes, like free basketball classes and ballet classes, in the hope of getting more visibility and getting return customers," said Jennifer.

Stephanie, on the other hand, remind us to keep the reward simple. Crowdfunding for her leggings, Stephanie included 4 types of leggings with different style and patterns as rewards to her backers. However, she said that people were confused by the big selection of products. She thinks it is important to give people some options while keeping it simple to avoid causing confusion.

5. The next step for your business

Many questions that what comes next after the campaign. Nicole says it is important to build the foundation for your business during the campaign to help it go further afterwards. The contact and connections you have gathered during the campaign, the sales pitch and distribution network are something you can utilize after the campaign has finished.

Stephanie mentioned that many of her returning clients are those who backed her campaign. On the other side, Laura said that she has a clearer vision of her future career path after finishing a crowdfunding campaign on her own.

"I was doing it all by myself. From coming up with the idea, the pricing, handling logistics to the sale...The campaign helps me get better at my craft and sale skill. The crowdfunding campaign is great to help me put together all the skillset I need that I probably would not have learned from just a 9 to 5 job," said Laura

Stephanie Poon, founder of Zarie, who uses innovative fabrics and design to create a suite of athleisure wear that can accommodate all kinds of lifestyle. She aims to raise US$15,000 and raised US$16,668 at the end of the campaign.

Jennifer Chin, founder of Whizpa, an education review website to revolutionize the way parents find activities for their children. Jennifer aims to raise US$5,000. Whizpa Crowdfunding Campaign is now live on Next Chapter from 8 March to 15 May 2017. 

Click here to support their campaign. 

Laura Ho, founder of HK - A City That Never Snows, Christmas Cards, who started the campaign crowdfunding Christmas cards illustrated by herself. Laura attempts to raise US$1,600 and has successfully secured US$2,240.

Sharon Vipond, founder of Knots & Strokes, a social enterprise that partners with artists and women’s artisanal fair trade organizations in the global south. Sharon originally targets to raise US$8,000 and has secured US$8,302.

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5 in 5 minutes - March 17th
HK Startup News Round Up

March 17, 2017 by WHub - WHub

KKday launches in Thailand, targeting millennials

Taiwan-based KKday, an online travel discovery platform has expanded in Thailand. The company targets at helping millennial travelers in Thailand to find and experience local tour experiences not offered by traditional travel agencys.

KKday has raised US$11.5 million in funding from from Monk’s Hill Ventures, AppWorks, Mindworks Ventures, Cathay Venture, Substance Capital (HK) and 91Capital. Launched in 2014, KKday has launched its service in Singapore, Malaysia, and Hong Kong, providing more than 6,000 travel experiences from 53 countries and 174 cities, including Americas and Europe.

honestbee launches grocery delivery service in Bangkok

The Singapore-based grocery delivery startup has expanded to Bangkok. Partnering with Thai supermarket chain Villa Market, honestbee's delivery service promises same-day delivery.

Honestbee raised US$15 million in a Series A round in 2015. The startup currently operates in Hong Kong, Taiwan, Singapore, Japan, Malaysia, Indonesia, and Thailand, with over 1,200 shoppers and 146 full-time employees.

Singapore's Ematic raises US$2.4M to enhance AI-based email marketing tools

Singapore-based Ematic has raised US$2.4 million in a Pre-Series A round from Walden International, Wavemaker Partners, MDI Ventures and Convergence Ventures. The funding will be used to fuel its market expansion, recruitment and product development.

Founded in 2012, Ematic analyses subscriber behaviour to deliver optimised email marketing campaigns via a series of algorithms.

International Finance Corporation to fund SeedPlus to support early stage startups in Asia

International Finance Corporation (IFC) has made US $2 million equity investment in Singapore-based VC firm SeedPlus, with the aim to support early-stage startups in Asia. The investment will power SeedPlus to support up to 20 startups and fill the early-stage capital funding gap in the region.

Launched by  VC firm Jungle Ventures, SeedPlus invests up to US$1 million in each startup in Asia. Founded in 2012, the startup has a team of 110 employees.

500Startups and Golden Gate Ventures invest US$1.2 million in Singapore's Homage

Homeage, a Singapore-based online platform that provides caregiving solution to elderly in Singapore. It has secured US$1.2 million in seed funding from 500Startups, Golden Gate Ventures and SeedPlus. The funding will be used to power its product development and operation.

Founded in 2016, the startup has raised an angel funding from famous entrepreneurs including Huang Shao-Ning and Lim Dershing (co-founders of local career portal JobsCentral) and Phey Teck Moh (former President of Motorola Solutions, Asia Pacific).

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#StartupCareer: Hottest Internship Jobs In The Startup Scene
Your Weekly Wrap-up For The Latest and Hottest Jobs.

March 13, 2017 by WHub - WHub

Are you curious about what it is like to work in a startup but you are not completely sure if it is a right fit for you? Do you want to experience the startup work culture? Do you like to constantly innovate, collaborate and see an impact of your work? 

Interning at a startup might be an option for you.

Whether an internship is paid or unpaid doesn't change its value, internships help shape your future career in a lot of ways. If you are still studying in college, you would definitely understand the importance of a strong resume. Internships offer you real work experience and it helps you understand more about the career path you are pursuing right now. Within months, you are able to get a clearer picture of your future career path by exploring different career options.

Internships are also a good way to lead you to the right places and the right people. You would get opportunities to gain new connections and meet a variety of professionals in a certain field. It is definitely a plus to know how to communicate and be comfortable in a professional setting. 

"The experience you get is going to make you a better candidate during your job hunting process."

There are over 400 internship job openings on our platform. But we have wrapped up some of the hottest internships in the startup scene right now just for you:

About the Startup

Launched in 2014 and headquartered in Taiwan, KKday is the leading E-commerce platform allowing users to connect with the local tours from all over the world. Believing that authentic experience is the core value of “Traveling”, KKday has collected more than 2000 worldwide special local experiences from our processional providers and unique local experts.
Social Media Intern (Full Time)

Mettā is an invite-only network of learning, sharing, and engagement opportunities in the innovation space. We empower people, communities and ideas on one unifying platform specialised for change-making. We welcome communities, corporations and pioneering people around the world to to connect with one another, to create more value.

Soundbrenner builds the world’s first wearable smart device for musicians. It’s the metronome of the 21st century. Wearable, smart and powered by vibrations.Soundbrenner combines hardware products with mobile and desktop apps into a holistic solution that empowers musicians to achieve true mastery of rhythm.
Front-End Development Intern (Marketing & Product)
Media Production Intern

Hive Life is an online magazine for everyone leading creative lifestyles in Asia. Launched in late 2016, we bring stories and writings from three countries onto one platform. Whether you’re a designer, an entrepreneur or a creative role in a small company – Hive Life believes in artisan story.
Hive Life Intern

Pakpobox is a smart self-service solution for first/last mile deliveries of couriers, postal operators and e-merchants. We have re-invented the way couriers deliver parcels, we have improved the way people receive their online purchases, and we are reshaping the way laundry shops operate.
Pakpobox is also one of the startups in Betatron Accelerator's first cohort. 
Graphic Designer Intern

Launched in January 2016, OnTheList is specialised in a brand new concept of highly discounted shopping in Hong Kong. OnTheList organizes members-only Flash Sales around the city, offering past-seasons items from premium brands, not only in Fashion.
Graphic Design Intern

Agorize help international companies innovate in a better way by reaching out to key innovation stakeholders (students, developers, startups and employees) through online innovation challenges.
Strategic Partnerships & Community Manager <INTERNSHIP>

Cosmosupplylab are makers and they help customers materialize ideas, from paper to final products. It specializes in R&D, agile manufacturing, industrial scale-up, and commercialization. The startup works with Fortune 500 companies within the tech, entertainment and luxury industry.
Graphic Design intern

Didn't see anything you like? Click here to discover 2900+ more job opportunities on our platform!

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5 in 5 minutes - March 10
HK Startup News Round Up

March 10, 2017 by WHub - WHub

HK-based VC invests US$1.7M in South Korea's Toss Lab

South Korean startup Toss Lab has raised US $1.7 million series A funding in a round led by Hong Kong-based VC Ascent Capital Advisors, and TicketMonster CEO Shin Hyun Sung. The funding will be used to expand its team as well as implementing new features on JANDI, the messaging platform of Toss Lab.

The startup has completed its Pre-Series A investment of US$2.5 million from Qualcomm Ventures and HnAP last year. Toss Lab also raised around US $2 million from  Softbank Ventures and Cherubic Ventures prior to this round of fund raising.

CoAssets invests in a Hong Kong-based FinTech startup

Singapore-based crowdfunding platform for real-estate and SMEs has agreed to invest in FinTech Pte Ltd, a Hong Kon-based FinTech company.

Fintech Pte Ltd is an online platform that provides users with investment products. CoAssets considers the partnership an opportunity to grow its market and start to convert more Chinese users.

Hong Kong's electric vehicle market to suffer from end of tax waiver

Hong Kong's Financial Secretary Paul Chan Mo-po announced in late February that the full waiver of first registration tax (FRT) for electric vehicles ends on March 31, 2017. Tax incentives offered to Electronic Vehicles in Hong Kong has been one of the big driving forces that motivate citizens to buy

The end of the tax waiver would be a bad news especially for Tesla, who dominated the market due to the tax incentives. From April 1, a Tesla Model S, which costs HK$800,000 under the current tax waiver, will cost about HK$1.5 million. A BMW i3, currently HK$430,000, will cost HK$635,000.

Fave acquires Groupon Singapore

Fave, formerly KFit Group, an  O2O e-commerce company in Southeast Asia has acquired Groupon's Singapore business. Details of the deal have not been disclosed.

The acquisition of Groupon Singapore follows the similar acquisition of Groupon Indonesia and Groupon Malaysia last year. Groupon Malaysia has been completely integrated into Fave, Groupon Indonesia and Singapore will follow in 2017. Fave said in a statement that the deal is set to solidify the company’s efforts in helping consumers save while driving growth for local businesses across Southeast Asia.

Singapore and Abu Dhabi governments joints hands to promote FinTech

The Monetary Authority of Singapore (MAS) and the Abu Dhabi Global Market (ADGM) announced that they will cooperate on projects designed to encourage the growth of FinTech in both Singapore and Abu Dhabi.

The two government aim to improve the regulatory environment for startups. Both parties with explore joint innovation projects in the fields of digital and mobile payments, blockchain, big data, and other technologies of the future.

Read more.

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#StartupNews: Betatron Revealed Final Startups In Their First Cohort
Four startups made it through the entire process and have just kickstarted the programme.

March 3, 2017 by Teresa Chan, WHub - WHub

After much anticipation, it has arrived! Betatron announced the startups who have successfully accepted into their first cohort. Four startups made it through the entire process and have just kickstarted the programme.

Betatron received 147 official applications and shortlisted their top 32 after analysing each one in depth. The top 32 were proceeded to the ‘pitch round’- where they had to pitch their startup in under 3 minutes and then face Q&A from the Betatron team. 

The team narrowed them into the final 10 after the pitches were over. The team believed that they were the most suitable, and that they could add the most value to, through the Betatron programme.

The last round entailed in depth discussions, analysis, and due diligence of their startup. And finally, the four startups made it through and are now officially a part of the first cohort!

So who are the startups?

Off Menu

What They Do: Off Menu gives members exclusive access to secret dishes and drinks at Hong Kong's most popular bars and restaurants.

Founders: Cassie Mak and Shane Cole

Website: offmenu.co


What They Do: Pakpobox Hong Kong was founded in November 2014 as an innovative 24/7 parcel lockers network to connect merchants, couriers and consumers. So far, they have installed 62 lockers in Hong Kong and have launched pilot projects in Taiwan and Malaysia. 

They have been profitable since 2015, generating significant traction and revenue. The company’s mission is to enhance the delivery of parcels, laundry, groceries and food, by making the process more efficient and hassle-free.

Pakpobox’s goal is to install 500 lockers in Hong Kong by 2020 and to continue to expand their presence in the Asia Pacific region.

Founders: Sheldon Li and Eric Choi

Website: www.pakpobox.com


What They Do: 36Link is a one stop solution to digitalize and connect the fragmented B2B trucking &amp; logistics industry. As a one stop solution, 36Link offers the shippers, the trucking companies and their drivers an open platform to run their business, look for new customers, and track their metrics.

What is the benefit of using 36Link? With one subscription fee, users can get a Truck Management System, a mobile app, a tailor-made company profile and the access to 36Link marketplace all at once.

36Link hope to improve the efficiency and service levels of the trucking industry in Hong Kong and China, and further extend to APAC and Worldwide markets in the next phase.

Founders: Felix Wong, LiChen, and Dick Wong

Website: www.36link.com


What They Do: Vmind is a queue & reservation management app and online marketplace for services.

Merchants are empowered with scheduling and CRM tools to manage reservations, queueing, marketing and communication with their customers.

For customers, it’s a personal secretary app which helps them manage personal events, bookings, contacts with merchants, and provides a gateway to discover, interact with, book and queue for merchants' services.

Founders: Paul Chu and Lhimark Lau

Website: app.vmind.online

About Betatron

Betatron is an intense four-month startup accelerator programme which provides funding and mentorship to help optimise and scale your startup.

Each startup will receive US$30,000 funding, hands-on mentorship from our team of industry experts and experienced entrepreneurs, and also be provided with free workspace at our Betatron Lab in WeWork (Tower 535, Causeway Bay).

The programme has been carefully designed to optimize each startup, and then position them to scale by raising further funding. The Betatron team have invested over US$100million and helped grow over 100 different startups.

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#StartupNews: Klook raises US$30M in Series B - All you need to know about Klook

March 2, 2017 by Heather Lo, WHub - WHub

Klook, a Hong Kong-based startup, announced earlier today it has raised US$30 million in Series B funding in a round led by Sequoia Capital China, with the participation from existing investors including Matrix Partners and ex-Tencent executive-backed Welight Capital. The fund comes 16 months after its US$5 million series A funding round. 

Neil Shen, Founding and Managing Partner of Sequoia Capital China, said in a press statement that Klook has serious "scale advantage" in the "highly fragmented in-destination sector". 

Founded in Hong Kong in 2014, Klook is an online platform for travelers to explore and book a curated selection of activities at exclusive deals, targeting at both the English and Chinese-speaking independent travelers. The platform covers over 80 popular destinations and customizes itineraries, providing more than 10,000 attractions, tours, and activities. The service saw 5 million bookings on site in 2016. From a 30 man team in 2015, Klook has developed into a team with over 200 staffers based in 8 offices across Asia. 

The US$30 million fund will be used to fuel the Klook's global expansion effort, as the company is confident that as travelers make more mid to long-haul journeys out of the region, there will be more demand in having access to all kinds of services on one consolidated platform. 

Other than its plan for global expansion, the company is planning on expanding the spectrum of its in-destination offers. "After seeing great results in our newly launched local transfer &amp; Wi-Fi vertical, we are enthusiastically diving deeper into the in-destination ecosystem to offer a wider array of services, from dining and wellness experiences to shopping deals, for travelers to enjoy wherever they go," said Eric Gnock Fah, COO& Co-Founder of Klook, in a press statement.

The startup is also working on developing the largest collection of travel videos in the industry, exploring new formats like 360 or VR videos, with the aims to create "an engaging discovery and booking experience" for its users. 

“Having witnessed the rapid growth of the business, we are convinced that Klook has firmly established itself as the clear winner in this space and we’re pleased to continue our support,” said David Zhang, Founding Managing Partner at Matrix Partners, in the press statement.

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5 in 5 minutes - March 3
HK Startup News Round Up

February 28, 2017 by WHub - WHub

Breaking News! Klook Raises US$30 Million in Series B!

Sequoia Capital Joins Team of Global Leading Investors as Klook Further Expands Spectrum of In-Destination Services

SoftBank set to invest more than $3 billion in WeWork

SoftBank is close to finalizing an investment in WeWork, according to CNBC. The deal is expected to be worth over $3 billion. The investment being discussed is a $2 billion primary tranche of funding, followed by a secondary round worth more than $1 billion. SoftBank may increase the size of the secondary investment to nearly $2 billion, the source said, for a total investment of nearly $4 billion in the shared space real estate startup.

WeWork has just officially launched two Hong kong facilities, bringing co-working spaces and services to entrepreneurs. One in Lockhart Road, Wan Chai and the other one in Tower 535, Causeway Bay.

UnLearn launches an accelerator program to drive US-Asia network for learning and talent innovation

UnLearn, a leading Hong Kong-based innovation platform driving early- and growth-stage learning technology and talent development ventures, announced the launch of The UnLearn Innovator Program. The groundbreaking initiative will promote trans-pacific technology ventures focused on human capital development. UnLearn has partnered with GSVlabs, a global innovation center based in Silicon Valley, to launch the program.

The UnLearn Innovator Program is a 3-month program designed to help early-stage entrepreneurs develop, execute, and scale their businesses. It will include marketing services, geographic expansion opportunities, and network benefits for entrepreneurs on both sides of the Pacific.

Carousell launches used motor vehicles classifieds app Carousell Motors

Singapore-based p2p marketplace Carousell has launched a used motor vehicles classifieds app called Carousell Motors. The marketplace will feature used cars and used bikes listed by individual sellers as well as verified dealerships.

Carousell Motors is Carousell’s first new app since the startup was founded in 2012. The launch will bolster Carousell’s position in Asia’s motor vehicles classifieds space.It had acquired Singapore-based used cars marketplace Caarly four months ago.

Xiaomi restarts global expansion with Pakistan launch

Chinese gadget manufacturer Xiaomi announced it’s launching in Pakistan – the world’s sixth-most populous country – after months of speculation and official denials. Xiaomi has expanded slowly since its 2011 debut in China, focusing mainly on Southeast Asia, India, parts of the Middle East, and Brazil. Its Pakistan entry is the largest since it ventured into Brazil mid-2015.

Sony, LINE are in talks to join forces to develop AI devices

Japanese tech companies Sony Corp. and LINE Corp. are considering to join forces to develop artificial intelligence (AI)-based devicesAs stated during the Mobile World Congress 2016 in Barcelona on Monday, Sony Mobile is “exploring the collaborative possibilities with Sony Agent Technology on Xperia Smart Products and the new cloud AI platform from LINE Corporation, the company behind the popular LINE messaging app, to develop and co-create a new communication experience.

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#StartupEvent: 2017 Global Entrepreneurship Monitor (GEM) HK & SZ Highlights
From the most comprehensive entrepreneurial study in the world, here are a few things you need to know about HK and SZ entrepreneurs.

February 27, 2017 by Teresa Chan, WHub - WHub

What is the Global Entrepreneurship Monitor (GEM)?

The Seminar on 2016-17 Global Entrepreneurship Monitor (GEM) Hong Kong & Shenzhen is held on 15th February, where government officials, academias, and entrepreneurs joined hands together to celebrate the thriving Hong Kong startup ecosystem. Being the most comprehensive and reliable entrepreneurship study in the world, it covers 69% of global population and 85% of global GDP.  We are very excited to be covering some of the interesting insights in this event.

Prof. Kalok Chan, Dean of CUHK Business School made his opening remarks with the endeavour of different stakeholders on innovation and entrepreneurship. Universities’ having their own incubation centres and supporting different young entrepreneur programmes such as the Google EYE also pushed forward the initiative. Dr. David Chung, JP, Under Secretary at Innovation and Technology Bureau mentioned, “Young entrepreneurs are a vital engine to the economy. It serves as a momentum for society to drive new ideas and innovation.” Positive signs are shown with different technology and innovation funding schemes, university support, and tax incentive measures.

Hong Kong & Shenzhen Entrepreneurship Environment Updates

The GEM Report updates is carried out by Prof. Kelvin Au, Associate Director of Centre for Entrepreneurship CUHK and Dr. Marta Dowejko, Research Assistant Professor of HKBU. There is an overall improvement in the entrepreneurial process. A prominent growth is noted in the number of nascent entrepreneurs for HK and the number of new entrepreneurs and established business owners for SZ compared to 2009.

Insights on Entrepreneurs: Who are they?
Some interesting data has shown that although entrepreneurs are mostly male, females are more opportunity-driven in both HK and SZ. People are 1.3 times more likely to start a business in the most entrepreneurial groups.

Insights on Startups: What do they do?
Hong Kong ranks No. 1 as opportunity-driven entrepreneurship hub. Startups have high-growth expectations, turn to ICT and focus on their market strengths. It is interesting to see that HK firms are more likely to born and grow global while SZ firms are more China-focused.

Insights on Funding: What about the money?
One good news is that there is a decline in exits related to lack of funding and there is also a growing culture of informal investing in both cities. Hong Kong and Shenzhen ranks top 2 globally for the most generous in offering fundings to startups, with USD 70,565 and USD 76,112 average funding respectively.

With improved social image of entrepreneurship in both cities compared to seven years ago, the two startup ecosystems are highly complementary. The report has highlighted the difference between HK and SZ and the ways we can leverage on the complementarity nature to further cooperate between the two regions. 

A panel discussion is followed to further discuss on the report findings. Panelists expressed views on the drivers on entrepreneurs, ways of joining forces, and the synergy between HK and SZ in co-creating a thriving startup ecosystem.

You can click here to download the full version report and the presentation slides.

A Dialogue Between Male and Female Entrepreneurship

The second panel discussed the topic on Male & Female Entrepreneurship. Moderated by Dr. Marta Dowejko, the panelists included Renu Bhatia, Co-founder of Asia Fintech Angels; Archit Hari, Head of Customer Experience at Brinc.io; Donna NguyenPhuoc, Partner at SPARQ Technology Investors Society; and Tony Verb, Managing Partner at Mettā.

"I actually see no difference between the two in terms of opportunities or capabilities." - Tony Verb, Managing Partner at Mettā.

The success of the business depends on scalability, whether it requires external funding from investors or not. Gender stereotypes only gets in the way if female entrepreneurs lack confidence and think that it is an obstacle to them. Society should completely drop the label between genders. Entrepreneurship activities spur growth, create jobs and spark innovation and gender does not make a difference.

Quoting from one of my favourites in this panel discussion by Renu Bhatia, "The ambition is the same for male and female. We should not be discriminating or making women have smaller vision. Our vision are as big and as powerful as anybody else out there, and we should be wiling to strive for them."

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5 in 5 minutes - February 24
HK Startup News Round Up

February 24, 2017 by WHub - WHub

Lalamove to launch same-day delivery service in Bangkok

Headquartered in Hong Kong, the logistic startup Lalamove announced that it is ready to launch its same-day delivery service in Bangkok in June. The new service will create a new revenue source for the company. Lalamove is operating in 40 cities in China and 5 cities in Southeast Asia. The company claims to have registered 210,000 downloads in Thailand with over 17,000 drivers participating.

Startup incubator Innovatube launches US$5M pre-seed fund

Innovatube, a startup incubator based in Hong Kong, with branches in Vietnam, Singapore, Hong Kong and the UK, has announced the launch of a US$5 million pre-seed fund. The fund will target the Southeast Asian market, with a strong focus on Vietnam.

Ant Financial to invest US$200M into Kakao's FinTech service

Ant Financial announced that it is investing US$200 million into South Korea's Kakao's mobile financial subsidiary, Kakao Pay. Over 48 million users are using Kakao's various platforms, by collaborating with Ant Financial, the South Korean company will be connected to 450 million users from Ant Financial.

China activity drove US$4.6B in Asia FinTech funding in 2016

According to a report from CB Insights, FinTech startups in Asia have raised US$5.4 billion from 165 deals. US$4.6 billion of the total funding came from 46 deals in China.

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Groupon Malaysia rebrands as Fave

Groupon Malaysia has been consolidated into Kuala Lumpur-based O2O restaurant platform Fave. Fave Group announced it acquired Groupon Malaysia in November 2016. After the consolidation, the O2O platform will allow subscribers to buy both fitness classes and other lifestyle deals. Fave will serve over 3 million subscribers in three markets including Indonesia, Singapore and Malaysia.