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Multi-partner accelerator connects global startups with leading corporations to support Greater Bay Area’s urban development
Late-stage startups to gain invaluable access to the China market, technology and investment
HONG KONG, July 22, 2019 — The eight-week GreaterBayX accelerator program, a joint initiative by cross-border innovation advisory and investment firms; Greater Bay Ventures and TGN Global, launches today with the support of eight corporate partners — Asia Info, Hydata, HSBC, ITC, Microsoft, MTR, Siemens and TCL – to identify and support eight late-stage global tech startups in a bid to propel mobility and urban tech innovation into China’s US$1.5 trillion Greater Bay region.
The program kicks off with a global call-out and a process to shortlist growth-stage startups, culminating in selected startups being taken on a roadshow with a series of activities, including events, workshops and facilitated business meetings in key cities in the Greater Bay Area, such as Hong Kong, Shenzhen, Guangzhou and Macau. The objective is to support the growth of participating startups by building better connectivity with the GBA’s thriving innovation and startup community, investors and other stakeholders.
“With the economic and population growth projected for the region, there is massive potential for cross-border innovation” said Joanna Cheung, Co-Director of GreaterBayX. “We recognize this opportunity and believe this program has the potential to make a huge impact, not only on the startups participating but on the region as it continues to develop.”
“With the growing global spotlight on innovation, we believe this program will connect and inspire serious dialogue among participants who are determined to solve real-world problems with new methods. We are excited to support the creation of new ecosystems to link with some of the world’s most innovative minds with the objective of discovering how emerging aspects of smart mobility can improve the lives of Hong Kong citizens,” said Jerry Li, Deputy Director, Strategy, Innovation & Technology, MTR.
The program welcomes startups who have at least USD 1m in revenue, a solid team and a product or service that is ready to scale into China. The collaborative structure of the program offers startups potential business opportunities with multiple organisations and enables cross-pollination between corporate partners.
“Our program, which we have aptly named GreaterBayX Scalerator, is an evolution of the classic corporate accelerator. A multi-partner platform offers diverse exposure for maturing startups to maximize and scale.” said Tony Verb, Co-Founder & Managing Partner, GreaterBay Ventures & Advisors. “This is not innovation theater–we are about business. We are matching leading enterprises from the region with world-class innovators to deliver real business opportunities with positive sustained impact.”
Of the partners listed, many of them, such as Siemens or TCL, have their own innovation initiatives but recognize the benefit a program like GreaterBayX offers.
“I believe this unique industry scalerator program will seed more high-quality solutions to promote technology innovation and development of the GreaterBay Area and connect synergistic resources of the region’s leading enterprises,” said Tong Xuesong, CEO of TCL’s T Fund.
“By leveraging innovation from Siemens Smart City Digital Hub, Siemens is committed to unlocking the impact of IoT in the area of smart infrastructure, mobility and energy, and further tap the growing opportunities in the Greater Bay Area.” said Eric Chong, President and CEO, Siemens Limited.
Startups will gain access to China as well as expert insight from a network of mentors, fellow entrepreneurs and advisors. One such advisor, Peter Vesterbacka, former Mighty Eagle of Rovio, the company behind Angry Birds and founder of Slush said: “There is so much potential in the Greater Bay Area and there is an incredible need for a program like this. Overseas – even seasoned – entrepreneurs struggle with access to China. We are looking at an unprecedented wealth of opportunity in connecting China and the Nordics, Asia and Europe. By connecting the entrepreneurial ecosystems in Greater Bay and the Finest Bay Areas, we are expecting to see unexpected new innovation.”
The program is now welcoming applications from prospective startups and mobility tech ventures from around the world as they bid to become one of the eight. To find out more details about the program and to apply please visit https://greaterbayx.co/. Applications will be open until 21st August 2019.
About GreaterBay Ventures
GreaterBay Ventures & advisors specialises in technology and innovation that can positively impact urbanisation in the Greater Bay Area. We excel in cross-border venture development.
About TGN Global
TusMaker Global Network is an international entrepreneurial innovation and investment service platform, associated with Tsinghua University, China’s MIT and one of the TOP 20 universities in the world.