Virtual pitch competition aims to lift tech start-ups towards success in a post-pandemic world
- Elevator Pitch Competition goes virtual this year, further cementing Hong Kong’s position as a leading innovation hub
- Annual event organised by Hong Kong Science and Technology Parks Corporation attracts a diverse pool of start-ups from across the globe
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The Covid-19 pandemic is reshaping the business landscape and accelerating digital transformation and corporate innovation around the world. Companies are increasingly looking for collaborative opportunities with start-ups in order to stay competitive and explore new ideas for continuity and growth in this rapidly evolving market.
So how might start-ups build a path to success in the post-Covid world? The fifth annual Elevator Pitch Competition (EPiC), organised by the Hong Kong Science and Technology Parks Corporation (HKSTP), can provide some answers. EPiC, which is being held virtually for the first time from November 6 to 13, not only connects global innovators with potential investors, but also offers invaluable experience for navigating these uncertain times.
This is a new twist for the competition, which was held at the International Commerce Centre (ICC), Hong Kong’s tallest skyscraper, last year. The 2019 edition of EPiC gave more than 1,000 entrepreneurs, venture capital firms, angel investors, industry players, incubators, accelerators and tech disruptors a chance to gather together on the 100th floor of ICC to support start-ups.
But because Covid-19 has made such an international innovation and technology (I&T) event impossible this year, HKSTP has taken the competition online, which opens it up to a more diverse international pool of start-ups. The virtual edition of EPiC will give participating start-ups from around the globe one minute to present their business ideas to a panel of major investors and industry leaders via video link. The judging panel will select 170 contestants from a larger pool of applicants, who will vie for a total of US$200,000 in cash prizes.
While pitching ideas and finding capital has become more challenging in the current economic climate, savvy entrepreneurs are looking through the dark clouds of uncertainty to find a silver lining.
“A lot of start-ups told us that they’re going through a very tough time, but many of them have pivoted and some of them have made it,” says Albert Wong, CEO of HKSTP. “They made use of the opportunity in this crisis.”
Wong says one of the reasons why HKSTP created EPiC was to give start-ups a chance to network and explore long-term opportunities in the Greater Bay Area and Asia-Pacific region. In the case of BionicM, the company was able to establish a Chinese subsidiary in June, and recently secured around US$5 million in Series A funding. “There’s a lot of follow-up after the event, and several start-ups get investment later,” Wong says. By giving entrepreneurs an opportunity to establish long-term relationships with investors, they become better equipped for post-pandemic growth.
Speaking from the investor’s perspective, Gordon Yen, a lead judge of EPiC and founding managing partner of Radiant Tech Ventures Ltd, explains: “It’s a good opportunity to get a sample of start-ups around the world from many different sectors, and it will give us a quick snapshot of how the start-up ecosystem is evolving under the current conditions.”
Start-ups taking part in EPiC 2020 will get the opportunity to have one-on-one meetings with corporate partners and investors during the “Global Matching” programme from November 9 to 12, and also get to understand regional investment trends and opportunities as well as the investor mindset during the Investment x Corporate Innovation Conference on November 13.
“We would like to sustain the momentum, despite the challenges ahead. Start-ups need to get a feel of investors’ sentiments, and talk to them to have their ideas verified and get on track to commercial success,” he adds.
As for the conference, it will feature regional investors and global I&T pioneers, who will share valuable insights about the needs of corporates as well as strategies of venture capital investors.
Yen says that during a crisis, investors become more selective in the types of start-ups they are willing to back. “Early-stage companies need to have a very clear plan of how they can become sustainable for the long term, not purely based on investor funding, but also in how they efficiently deploy capital,” he says, adding that start-ups need to demonstrate value quickly to convince investors as well as their target customer base.
With its commitment to guiding I&T entrepreneurs through these uncertain times, HKSTP remains a key catalyst for growth in Hong Kong’s start-up ecosystem. “I don‘t think it’s a matter of choice that we [grow] innovation and technology,” Wong says. “This is important for the future of Hong Kong, to create economic diversity and job opportunities.”