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5 in 5 minutes - January 06, 2017

Hong Kong Startup News Round Up

Startups rise 24% in 2016

Invest HK released the Invest Hong Kong 2016 start-up survey results during the launch of 2017 StartmeupHK Festival. A total of 1,926 start-ups are engaged in various tech sectors and are operating at co-working spaces, incubator or accelerator locations across Hong Kong. The number of startups in Hong Kong has an 24% increase in 2016.

The survey also shows at least 2,039 entrepreneurs were involved in these 1,926 start-ups, and 65% of them came from Hong Kong.

Join us at the 2017 StartmeupHK Festival!

Jan 18 | 7pm - 9:30pm | @WeWork Wan Chai

HK Tech & Startups Job Fair #7
Jan 20 | 11am - 5pm | @PMQ

Hong Kong's K2 Capital backs TempoGO

Mumbai-based TempoGO has raised US $825,000 in seed funding in a round led by Hong Kong's K2 Capital.

TempoGO is an IoT and SaaS solution startups for commercial transportation, the solution has been used on 1,800+ inter-city trips in India over the last 12 months.

Pokemon GO is about to change forever: wants to help you catch Pokemon wants to help you catch Pokemon with the Happic band. The Happic band directs users to the nearest Pokemon using a patented combination of unique haptic vibrations around the wrist coupled with text information, letting you know the rarity and the expiration time of the nearby Pokemon. 

Want to be the first in line to get Happic band at an early bird rate? Click here to register

Third acquisition in 6 months: Carousell acquires Malaysia's Duriana

The Singapore-based P2P marketplace Carousell announced that it has acquired Malaysia-based mobile classifieds startup Duriana. Duriana's users will be migrated to the Carousell platform.

This is Carousell's third acquisition in less than six months.

Hong Kong and Shenzhen agree to develop innovation and tech park on border

Hong Kong and Shenzhen have signed a memorandum of understanding related to the development of Lok Ma Chau Loop into an innovation and technology park.  The park will be four times the size of Hong Kong Science Park, making it the city's largest innovation and technology platform.

Extra: China’s Mobike raises $215M

The Chinese bike-sharing app, Mobike, has raised US $215 million in Series D funding from investors including Tencent, after its launch in April 2016.

Mobike is available in nine cities in China currently, and the startup sets eyes on Singapore where it intends to launch before the end of March, according to Tech in Asia.

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Why change in the first place ?

November 1, 2014 by Ada Yip - SOW Asia

This post is going to be about me again. My dear friends asked me to elaborate why I made a big move to leave the corporate world and also why I got into social entrepreneurship. Sorry to disappoint (I am a woman and cannot get out of the habit to start some messages with a ‘sorry’) but my story did not have a climax. There was no big event which shocked my system and inspired me to do something completely different. The idea grew over a number of years. I was in a promising position and on a good track before I left my last employer. Although I became fairly smart in maneuvering my time to manage both my local and global managers, the overall intensive work demand and competitiveness among peers made me wonder whether I wanted to be in such an environment for the next 10 years (not that I would be reaching retirement age in that time frame but it was commonly known that working too long in banking was not healthy). Did I want my boss’s job or her boss’s job? No, not really. Would it make sense to change industry now or in 5 years’ time? In general, the sooner the better. A banking job paid well and made me very comfortable, didn’t it? Yes, it did. Did I have supporting managers and good teams? Was I motivated to go to work everyday? Yes and yes. … Okie… argument started to steer another direction, what else are missing in the decision tree? Was I still enjoying what I did? Yes but it was not as enjoyable as before. Was I learning new skills? Yes but the learning curve was certainly not very steep. Was I really doing something that made the best use of my skills and experience? Not sure. I started to weigh all the different considerations. My heart told me that having a bigger challenge was important for me. I set a goal and timeline. I aimed for a specific promotion in the following year. It was a realistic goal. I further polished my skills and worked hard. The promotion did not happen. My trusted sources shared with me that there were circumstances outside my control. Those assurances confirmed that I was capable of doing a bigger job. Did I really need that title? Not really. It sounded arrogant or sour grapes, depending on how you looked at it. I proved myself and understood myself a bit better during that course. That was good enough for me. We all deserve to be a little arrogant at times. (Deep down I knew that there were other things I could have done to make that promotion, but did those things enhance my skills to be a better person? Not at all. ) I went through the decision tree again and did more math about my finances. Of course my savings would not support me through to the day I die. I needed to earn an income but how much would I really need to maintain a certain standard of living? Was I prepared to clean the toilet at McDonald’s if I could not find an interesting job and ran out of money? (When you are in one industry too long, you would question whether your skills and experience are transferable) My brother said that Mr. M would not hire me. Anyhow, you got my point. I just needed to run through different situations in my head and get real. In conclusion, off I went to start a new journey. I wanted to be ahead of the game. I wanted to experience things in this wild world. A year after the move, I confirm that was one of the few best decisions I have made. I landed on a booming industry with lots of uncertainty which comes with lots of opportunities.

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What you missed at the Web Summit 2014

November 9, 2014 by Karen Farzam - W Hub

A few numbers first

- 22,000 attendees from 109 countries (only 400 in 2010) - 2,200 people working at the Web Summit - 2,160 exhibiting start-ups - 1,324 journalists from 70 different countries - 614 speakers at the event - and 82,000 coffees served

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Time is Indeed the Entrepreneur's Most Valuable Asset

November 22, 2014 by Vincent De Saint-Exupery - LCCS

Hong Kong is a speedy and highly efficient city where every (and I mean every) price you see is negotiable. In fact, our city boasts one of the lowest tax rates in the world - which is undeniably attractive to entrepreneurs. So naturally, it only made sense for us to build technologies to support that kind of environment. I’ve worked for over a decade in Europe, the US and Asia within the international development space - and I’ve dedicated many years to building startups that help small businesses save time and money. The first one provided startups or larger firms with a full suite of admin, accounting and legal tools to power their local and regional developments. The second, a SaaS startup, was complementary to the first as it collects, manages and stores data for limited companies in Hong Kong. During my time navigating the international development space, I realize that there was a gap in the Hong Kong market for an accessible, middle-of-the-road company secretary. What was currently available overwhelmed startups and SMEs with information, offering too many features for a high price tag. To address this problem, I created my latest startup - which has my SaaS startup’s tech under the hood. ‘LCCS’ which stands for ‘ Low Cost Company Secretary,’is an affordable company secretary powered by SaaS (software as a service) which brings it into the 21st century. I’ll give you a quick idea into how it works: LCCS allows startups and SMEs to quickly incorporate a company that’s up-to-date with Hong Kong laws and regulations, while maintaining your statutory records automatically. For those unfamiliar with what a company secretary does, I’ll give a brief intro: The company secretary handles the administration of a company in compliance with statutory and regulatory requirements. Their role is to represent the company on legal documents and help maintain all company records. In Hong Kong, private companies are required by law to appoint an individual as their company secretary, or hire a service provider to take on this role. This can be a bit of a headache for startups as they have might not have the money or time to bring on a company secretary, but they still have to be compliant with local laws. This is where a tool like LCCS comes into play. After you enter in your information, confirm its accuracy and we’ll immediately issue company registry and inland revenue forms, as well as internal documents such as written resolutions and minutes. You’ll just need to print and sign. It’s a disruptive and user-friendly tool that allows you to access your web-based portfolio and allow others to view your records the way that you would ‘share’ a Google Doc. As so many companies still keep their records in physical books and excel sheets, I cannot stress enough the time and money you will be saving by migrating everything into the cloud. No matter how you slice it, there’s only 24 hours in a day - so there’s no point spending too much time and money on paperwork. Visit our website to learn more about LCCS!

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Top 5 traits of a great coder

November 22, 2014 by Asif Ghafoor - Spacious

Asif Ghafoor is the founder and CEO of a Hong Kong based online real estate portal called Spacious. Spacious is trying to improve the process of buying or renting an apartment for everyone. In the past couple of weeks I received two applications for a part-time web development position at Spacious, both candidates aged 12 and 15 respectively. At first, I was blown away by the audacity of the applications but after further reading it was obvious these two chaps had a deep and genuine interest in software development. Both having already built and deployed mobile apps on the Apple app store "for fun". I'm meeting their teachers next week to talk about how we might move forward. In the past two years I have also come across many people, including plenty of former banking colleagues, who have made the brave decision to shift careers and learn how to code. I firmly believe you are never too old or young to learn to code. It's not easy but it can be done. I wanted to write a post on what I think are the essential ingredients of becoming a good coder.