Missed Demo Day? Here's a highlights video of the event!
It was an incredible Demo Day last night for our 10 startups we've invested in for Betatron cohort 3.
Thanks to the Betatron community for your amazing support - 675 event signups far exceeded our expectations.
It shows how passionate the startup & investment community is about supporting passionate and dedicated entrepreneurs.
Big thank you to the Hong Kong Stock Exchange for letting us use their phenomenal venue. From Betatron Demo Day to IPO in Hong Kong? That's the long-term goal our startups need to aim for. Gotta think big!
This all wouldn't be possible without our founding partners - IC Studio Limited, MindWorks Ventures, Vectr Ventures, CoCoon Ignite Ventures, The Aria Group and Incu-Lab.
And our community partners supporting us along our 18-month journey.
WHub, BeFast.TV, Jumpstart Magazine, Start-Ups Hong Kong, naked Hub, Amazon Web Services & 3W Catering
We'll be opening up applications for cohort 4 shortly. Stay tuned!
Each cohort we invite an 'entrepreneur' to become a 'resident' within Betatron for the four-month duration of each program. Hence the name, 'entrepreneur in residence'.
For this cohort, we're lucky to have Jah Ying Chung with us, helping our startups along their journey - with everything from sales, marketing, growth hacking, to fundraising advice.
As a local Hong Kong entrepreneur, who has successfully started and sold her previous startup, she has an incredibly valuable experience to share.
Here's a quick interview I recently did with her.
It's been a busy first month for our ten startups in cohort 3 and we're excited about the traction they're starting to generate.
Here's a quick update on their recent progress.
3DNA is continuing their push to sell their interactive digital eyewear kiosks and have recently sold units in Hong Kong, China, and India.
On Thursday 10th May, we held a launch event to introduce the ten new startups in cohort 3. The event was held at naked Hub (Bonham Circus, 40-44 Bonham Strand, Sheung Wan, Hong Kong).
Programme Director, Erika Cheung, also provided an update on the traction from cohort’s 1 and 2. The four startups in cohort 1 have raised US$1.2M while the seven startups in cohort 2 have raised a collective US$2.7M to date, with several of the startups still in the fundraising process.
Each startup in Betatron will receives US$30,000 investment and will be guided through an intensive four-month period to refine their business model and fast-track them, grow, scale and raise their first institutional funding round. The startups are located at the Betatron Lab at naked Hub (Bonham Circus, 40-44 Bonham Strand, Sheung Wan, Hong Kong) and have been provided free office space for the duration of the four month programme.
It's the most common question I get asked when I meet people in the startup community.
But is this a relevant question to ask?
Is this the right metric we should be tracking track?
Does this metric give an accurate representation of Betatron's progress?
Personally, I don't think so...
A better question might be, "how many promising startups have applied?".
It's imperative to focus on QUALITY over QUANTITY when you're thinking about tracking your startup's metrics.
How to find the right metric to track?
I'm a firm believer in giving everyone in your startup one specific metric to focus on.
If you assign a team member the wrong metric, it can dramatically affect your chance of success, often, without you even realising it.
Let's take Betatron as an example...
If my primary metric was the total number of applications we receive, then I would naturally have to focus on increasing the quantity regardless of the quality.
For example, if social media ads generate more applications, BUT higher quality applications come through networking events or press articles, then social media ads is what I'd have to focus on.
As some of you may know, we had some technical issues with our application form during the last week.
This has meant we've had to accept a number of applications which were submitted after we officially closed the deadline on Thursday.
To make this fair to everyone, we've decided to extend the application deadline for cohort 3 until Thursday 15th March.
Any applications we receive after this new cut-off date will not be accepted.
Thank you to Jumpstart Magazine for featuring Betatron!
Fundraising Status of Cohort 2 Startups
Our cohort 2 startups have been in fundraising mode for the last couple of weeks. Here's a snapshot of their status.
Notes: Finalizing terms & round size with investors
Notes: Negotiations in progress with several investors including a portion already closed
Notes: Investors lined up - aiming to close in May
Notes: Equity and token sale in progress - large portion already committed, finalizing terms & exact round size
Let me know if you want to learn more!
It’s exciting to see the growth which Pakpobox is continuing to generate after they graduated from our four-month program last year.
Congratulations to their team as they’ve just closed their pre-Series A funding round of US$1.2M from Infinity Venture Partners, SQ Capital, and one of Betatron's founding partners, The Aria Group.
Pakpobox is creating a smart locker network across Asia which allows postal operators and vendors to independently plug into their software and utilize their infrastructure.
The funding will primarily be used to expand their smart locker network in Hong Kong and Asia, and to incorporate additional lifestyle services into their smart lockers to provide unique value-added user experiences to consumers.
Apart from their impressive technology, which has been globally recognized, their business fundamentals are incredibly solid and are starting to produce significant traction, too.
Their B2C network allows consumers to deliver their online e-commerce purchases to smart lockers that can be collected 24/7, providing a much more convenient and cost-saving means as compared with home delivery. Pakpobox currently has around 3,500 compartment doors installed all over Hong Kong, mainly in shopping malls and residential estates, handling over 20,000 parcels per month.
Apart from parcel delivery, Pakpobox also integrated and provides various lifestyle services to its smart locker networks such as laundry services and parcel returns. A new lifestyle service brand and mobile app called ALFRED is planned to be launched in the first half of 2018.
Here’s a quick snapshot of Pakpobox's statistics since they graduated from Betatron in June 2017: