Enterprise Tech Accelerator Venturetec Launches At The StartmeupHK Venture Forum

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On the StartmeupHK Venture Forum of this week, enterprise tech accelerator Venturetec launched with the aim of bringing together the corporate and startup worlds. Venturetec is a 6-month accelerator program run in both Hong Kong and Sydney. It is also the first accelerator exclusively for enterprise technology startups in the Asia Pacific region.

The accelerator will accept its first batch of startups in early 2014 and will focus on building globally competitive enterprise technology companies. Venturetec is looking to capitalise on the lucrative corporate IT market, which Gartner forecasts will grow to almost $US3.9 trillion by 2014.

The founder Trey Zagante says 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 VC’s.”

Zagante also thinks that the timing is right to focus on corporate innovation, “There’s definitely an opportunity to bring together corporates and startups, and we are seeing some exciting trends in large corporates adopting lean startup principles, setting up innovation teams and adopting Cloud-based, SaaS and Open-Source technologies in an effort to maintain their competitiveness and to drive innovation.”

This program will be running in both Hong Kong and Sydney, with up to 8 teams receiving seed funding, office space, professional services, mentorship and ongoing support for up to 12 months which is much longer than the standard three-month accelerator model. “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,” says Zagante.

“A key advantage of  Venturetec is the 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.”

 
Attending the StartmeupHK Venture Forum on this week, Zagante said that he is enthusiastic about the future prospects for Hong Kong startups and expects a strong flow of applications for the Venturetec program. He pointed that he is keen to see the Hong Kong startup ecosystem grow and also encourages corporates to become more active in supporting startups.

Applications for the Venturetec Accelerator are expected to open early in the new year.

 

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