A new accelerator program that will run simultaneously in both Sydney and Hong Kong will have a focus on building revenue as a priority as opposed to raising capital.
Venturetec Accelerator’s virtual program is a unique, 6 month accelerator program open to startup teams building enterprise technology solutions in the Asia Pacific region. The education piece of the accelerator is delivered exclusively online.
Venturetec has a wide network of mentors, enterprise customers and investors located in Australia, China, Hong Kong, Singapore and the US and say they have specifically developed this program for startup teams to ‘virtually’ connect with and leverage all of their assets across the entire APAC region.
The Venturetec program includes a comprehensive learning curriculum designed specifically for enterprise tech startups, as well as a range of customer panels with enterprise customers across a range of industry sectors. No other program, according to Venturetec in APAC gives startups direct market access to Global Fortune 500 companies.
Venturetec mentors comprise an impressive group of experienced enterprise tech entrepreneurs, senior executives from large enterprise, industry thought leaders and domain experts, connecting the corporate and startup communities across the region.
“Our program is built around enabling our startups to acquire customers, not just investors. The key success metric for our program is how many of our startups actually generated revenue, rather than how many received follow-on funding. To achieve this, we not only train them how to sell their product, but we also introduce them to potential customers” says founder of the program, Trey Zagante.
Applications are currently open for Australian startups in the enterprise space to apply. The two key parts of the selection criteria are:
- The startup is building an enterprise technology solution (i.e. your end user is a large corporate)
- The startup must be located within the Asia Pacific region
There will also be no demo day taking place according to Zagante, instead of spending time refining pitch decks, participants of the program will be spending time on their business model and talking to actual customers. At the end of the 6 months, they will then give a presentation on their learnings, revenue and progress to date.
I personally love to idea of a sales focused accelerator program, and there is certainly nothing quite like this right now that is focused on startups working on enterprise solutions that gives someone the access Zagante says Venturetec will in the APAC region.
I do however believe that whether you call it a demo day or not, that it will still be something that investors and VC’s will be invited to and that even sales focused technology businesses need a capital injection to perfect their product. Especially if they are solving a large problem.
featured image: Trey Zagante