For every successful start-up, many others are forgotten – perhaps they just weren’t innovative enough, or there wasn’t enough demand for their products / services. If you come up with a brilliant start-up idea, what can you do to ensure that it doesn’t slip through the cracks? Paul Orlando, a renowned incubator director and Adjunct Professor of Entrepreneurial Studies at the University of Southern California, believes accelerators could provide the missing link – here’s why:
1. Validation
“An idea is only feasible, and often times, fundable by investors if they sense a demand from consumers,” he explains. “Identifying that viability is what I see as the biggest benefit a start-up founder or co-founder can gain from being part of an accelerator – especially in a city like Hong Kong.”
2. Refining strategy
Although it may be easy for a new start-up to emulate the ideas or business model of a successful enterprise, accelerators can quickly determine whether such plans are applicable domestically. If not, they provide guidance on the necessary tweaks to become viable.
3. A unique perspective
As a start-up, it’s easy to become blindsided by an idea and fail to account for flaws that might have been obvious to a more experienced business. Mr. Orlando argues that by working with an accelerator, you receive “a fresh set of eyes and a proven and unique perspective.”
An accelerator does not necessarily guarantee success for your enterprise, but it does cull unnecessary risk. Check out HKTDC’s HK Start-up Society to see how an incubation scheme or an accelerator could help bring your business idea to life!
Check out the COVID-19 Survival Guide For Start-Ups:
