Venturetec aims to accelerate pace of tech development by helping start-ups

A project being launched this week aims to help boost the growth of technology start-ups in Hong Kong and the Asia-Pacific region. Venturetec, an "accelerator", is accepting applications to a six-to-12-month programme that will link 12 to 15 start-ups with 10 or so major corporate partners.

Reading Time:2 minutes

Venturetec is accepting applications to a six-to-12-month programme that will link 12 to 15 start-ups with major corporate partners.

Published: 5:41am, 29 Jun 2014

A project being launched this week aims to help boost the growth of technology start-ups in Hong Kong and the Asia-Pacific region.

Venturetec, an "accelerator", is accepting applications to a six-to-12-month programme that will link 12 to 15 start-ups with 10 or so major corporate partners, mostly in the banking and telecommunications industries. The big companies will mentor the new companies and, organisers hope, become clients at the end of the programme.

Accelerators - which offer budding entrepreneurs help to quickly develop their business in exchange for equity - are growing in popularity in the US but remain rare in Asia.

"The difference is that we're looking at vertical industries, specific clients [like banks and telecommunications companies] rather than the general consumer," said Trey Zagante, founder of the accelerator.

The regional programme will connect its network through videoconferencing, as if the groups are in the same location.

It looks to foster companies that produce technology that fundamentally changes the way banks and other traditional industries do business.

One possible niche for the start-ups would be to use data gleaned from credit card transactions to direct customers to businesses and markets using real-time location data.