Idea, launch, and growth are three stages that any typical Hong Kong startup companies will have to go through, if one day they are going to take off and become a successful company. When you speak to any entrepreneur whether they are Hong Kong locally based, or foreigners who have companies elsewhere in the world, you will soon realize that there is no one definite correct way to build a technology or product company.
Idea stage – The idea stage is where new entrepreneurs get inspired, learn the best practices, develop the necessary skills, validate their initial/draft ideas, and begin to build their team/company and the first core product.
During this idea stage, HK entrepreneurs are mostly looking for business inspiration. Typically, inspirational events may include open, inclusive, and/or local beginner startup events. The events may come in the formats of a startup weekend in Wan Chai, an idea fair in Kwun Tong, or an inspirational meetups among multiple entrepreneurs in Sheung Wan.
Entrepreneurs may also come across many different HK startup media including listings, local Hong Kong tech news, and other startup publications in the format of blogs or Facebook groups.
In some events, the experienced may educate the inexperienced with best practices, such as beginner knowledge sharing startup events in Hong Kong which is aimed to inspire. Some tech events are arranged as bootcamps or comprehensive training programs which is to focus on skills and idea development.
Launch stage – In this stage, an entrepreneur may establish and formalize his company, develop the core product, get feedback from customers, and prepare for the next step.
For example, business services are required to assist the entrepreneur to complete the new Hong Kong company incorporation. The complementary services may include accounting services, law firms (or lawyers) and banks in HK.
Workspaces such as flexible and inexpensive co-working spaces are important for startups at this stage.
Mentally the startup owner should be prepared to approach the HK incubators and advanced mentorship. The programs would include seed funding mentorship program. Entrepreneur will also need to see the startup/investment pitch and demo events.
Growth stage – It is time to approach or connect with the HK local investor networks and major Hong Kong tech media. At this stage, the core product is launched but is not ready – The reason is that before expanding the product to a large audience/user base, the startup should better get the funding it needs for the growth. So when growing, the startup can ensure it doesn’t suddenly run out of fund.
The above three stages can be re-arranged into success stories for the purpose of free marketing or viral marketing. For example, this successful Hong Kong homegrown tech company has raised significant institutional funding, expanded its workforce to over 50 people (working locally in HK), and achieved brilliant comments for its core product.