If you’re looking for a way to jumpstart your business, joining an accelerator may be a perfect option.
In the past, starting a business from scratch used to be an arduous process. Now, it is even more difficult to succeed as an entrepreneur, as the complexity and intensity of running a business are rising with time.
Luckily, there are corporations that host accelerators to support young businesses in getting off the ground quickly and efficiently. These accelerator programs provide startups with essential assistance from experienced professionals in various business fields, such as marketing or management. This is especially beneficial for younger companies who may not have had enough time to build their brands before being challenged by competitors on an international level.
What is the Azalvo Project?
Azalvo Project powered by Jumpstart (Cohort 2) is one such accelerator that has been providing startups with the resources and support they need to take their business to new heights. Hong Kong-based Azalvo Project works in a hybrid model consisting of both online and in-person support. Startups from around the world can apply without any fees. To ensure that companies find success, the accelerator works closely with cohort teams for 12 weeks to help them build and scale their businesses across Asia.
Azalvo Project’s Cohort 1 was a great success, where Increff, an India-based retail tech startup, raised US$80 million in a funding round. Recently, the accelerator announced its Cohort 2 to continue to provide startups with guidance and support, helping them achieve their goals. Out of around 110 applications received from 15 different countries, the accelerator shortlisted five startups for its second Cohort. What’s more, 50% of founders at these startups are women, which aligns with Azalvo Project’s commitment to empowering diverse founders.
What’s happening at the Azalvo Project?
Currently, running in its fifth week (as of writing), the accelerator provides selected startups with a 12-week program that began on April 14, 2022. In the program, the Azalvo Project stakeholders will mentor these startups and provide them with the opportunity to connect, collaborate and commercialize their startups. The founders of selected startups will have the opportunity to meet with approximately 45 experienced mentors, including industry experts, unicorn founders, senior executives, corporate CEOs, venture capitalists and tech geeks.
Additionally, the program will help startups raise funds and provide support to businesses that work across technical areas, such as metaverse, blockchain, fashion-tech, lifestyle and retail tech. Apart from this, the most exciting feature of this accelerator is that selected startups will gain exposure to the Asian market. The best teams will have a chance to receive investment from Azalvo and/or its stakeholders at fair market valuations, making this accelerator available to seed to Series A startups.
These five startups have shown that they are ready for rapid growth by grabbing a spot in this innovative program with help from their strong teams. Let’s learn more about their businesses and the expectations of the accelerator.
1. VIMOS
Founded by Randal Hung and Karl Uy, VIMOS is a sales-boosting software to assist more than one million e-Commerce merchants in Asia in providing consumers with a VIP-level OMO (online merges with offline) shopping experience. The Hong Kong-based startup’s software can increase conversion rates by 5X with real-time shopping and provides merchants with personalized communication to convert new leads right away.
“We have extensive knowledge in the e-commerce and online marketing world and identified a pain point in the market (low e-commerce conversion rates and few online orders), so we decided to build a solution,” said the co-founders of VIMOS. Prior to founding VIMOS, both the co-founders worked on the same team that brought hundreds of thousands of e-commerce merchants onto the smart commerce platform SHOPLINE.
What are they looking for?
With this accelerator program, the team is looking for investors and partners in South East Asia (SEA) for their next round of fundraising journey. They plan to utilize funds to scale the team and enhance their technical process.
2. Vestico
“Fashion e-commerce is not built around the shopper. It is impersonal and unrepresentative, causing high returns, low conversions and a lack of diversity. Vestico is fashion’s B2B fit and customer intelligence platform,” said Vestico’s founders, Benedikt Hirmer, Maddie Forman and Maia. The London-based startup combines artificial intelligence (AI) and user-generated content to show shoppers how clothes fit before they buy. By doing so, Vestico increases the conversion rate (the percentage of site visitors carrying out the desired action, such as making a purchase) and reduces returns by hyper-personalizing the shopping experience for every customer.
What are they looking for?
Through the accelerator program, the founders are looking for mentorships in the business development area. Further, they are seeking funding to grow their team.
3. Nova
Founded by Patricia Jamelska, Michaela Jamelska and Jean Arnaud, NOVA is an early-stage EdTech startup from the U.S. that is bringing virtual learning environments on screen and in the metaverse. “Our company’s mission is to enable a new era of education through an immersive learning experience. At Nova, we believe that humans should be active creators and not just passive consumers of the information,” said the founders.
The startup offers immersive virtual environments with avatars, among other features, that will enable educational institutions around the world to focus more on active pedagogy and collaborative activities. These are essential for stimulating students’ critical thinking, creativity and problem-solving skills. “With the new forms of creative learning through digital technology, we aim to unlock human potential and ensure education does not lag behind in innovation but is a key driver of societal progress,” added the founders.
What are they looking for?
The startup is looking for distance/virtual mentoring with relevant expertise that will help them to navigate the challenges of an early-stage startup.
4. Bigthinx
Shivang Desai, along with Chandralika Hazarika, founded Bigthinx, an AI company focused on fashion retail, wellness and the metaverse. Their products include mobile body scanning, digital twins, virtual try-on and supply chain augmentation. The Milan-based company’s digital tools are cross-platform and can be integrated seamlessly into existing websites or apps, increasing profitability and sustainability for fashion retailers.
What are they looking for?
The founders are looking to connect with fashion brands and introduce Bigthinx’s products to them. Also, they are hoping the mentorship can assist them in developing go-to-market strategies for Asian markets.
5. Virtrix
Founded by Justin Chan and Sonia Ho, Virtrix is a 3D/AR Tech Solutions Partner from Hong Kong that specialized in developing virtual experiences, helping brands and businesses through their digital transformation journey. Their services aim to enhance brands’ digital presence and actualize their potential in Web3 spaces.
With a strong foundation in digital garment and architectural design, Virtrix is well-positioned to capture early market share in the metaverse. They are also looking to boost its presence in China, Taiwan, Indonesia and Vietnam.
What are they looking for?
The company’s management team hopes that the mentorship and networking opportunities offered by the program will help them identify opportunities, develop markets and set goals to put them on the right track to success.
These five startups are in for a big opportunity. They’ll be working with and learning from some of the best founders and mentors about what it takes to make your ideas come true—all while improving their business’s bottom line!
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Header image courtesy of Azalvo Project
