More cool stuff happening here in Shenzhen, it keeps reminding me and building my confidence that I am in the right part of the world with a growing future! Cyril Ebersweiler, from SOS Ventures and China Accelerator up in north China, who spoke our Shenzhen Startup Tuesday a couple months ago started this , and There is a “hardware accelerator” program in Shenzhen. Basically, entrepreneurs who have an idea for new hardware can submit their ideas by Jan 31 to be chosen as one of the participants. The group helps the entrepreneur develop the idea, make prototypes, develop a business plan, and then pitch to VC in silicon valley. The program is open to worldwide participants, but is based in Shenzhen, China. I think this kind of thing is going to happen more and more in the South China area.
Their website, http://www.haxlr8r.com/ (which is hard for me to remember to be honest) stands for Hack – Celerator is a cooperation between Cyril’s China Accelerator and Seeed Studio is already getting lots of press, featured on tech cocktail and others.
I’ve been spreading the word locally around Shenzhen, and here is some more details from websites and pitches:
Product Developments Service (in-house) include:
“HAXLR8R is a 111 days startup accelerator program which is focused on providing hardware-based startups from ALL OVER THE WORLD with the appropriate support to deliver their concept into a competitive reality!”
What Happens in the Product Accelerator
‣ 8-10 startups get together in Shenzhen, China
‣ 111 days to build MVP, product/market fit
‣ Phase 1: Mentor immersion
‣ Phase 2: Product acceleration
‣ Phase 3: Business acceleration
‣ Phase 4: Fundraising
What The Program Provides
‣ Seed funding: 6,000 USD per founder (up to 3) + 5,000 optional
‣ Office Space in Shenzhen
‣ Mentorship in China / USA
‣ Networking and life long relationships
‣ Equipment / tooling / Services
‣ Haxlr8r Day in Silicon Valley
What They are Looking for
‣ Founders with a working prototype or an idea
‣ consumer hardware
‣ Innovative concepts
How does HAXLR8R work?
HAXLR8R takes teams with hardware prototypes and turns them into functional, fundable companies. We recruit 8-10 teams of 2-3 entrepreneurs who have a concept or an early prototype for a high-growth startup. The teams go through a competitive application process and agree to locate themselves in Shenzhen for the duration of the program. Over fifteen weeks, the startup teams will build and refine their prototype product, launch it to an initial group of customers for feedback, and test their delivery and/or business models. During the last two weeks, each startup creates a polished company pitch and demo to present to seed investors and potential partners at HAXLR8R Day which will be in the Bay Area.
What can HAXLR8R offer me?
We’ll help you launch your company and increase its chances of success. Specifically:
*By providing initial funding for you to develop your business plan and build enough of a demo, prototype or beta product, in order to demonstrate to investors at the end of our program. That’s $6,000 per founder (max 3 founders) + optional $5,000 for extra hardware development.
*By lending you a hand on the hardware side with tooling and services (see Program).
*By helping you construct your company.
*By connecting you with potential investors and strategic partners, as well as bloggers and other press.
*By introducing you to world-class mentors who have expertise in starting companies, developing innovative consumer products, and creatively marketing those products to millions of consumers. These will be some of the most valuable connections you’ll make as an entrepreneur.
We expect HAXLR8R companies to seek some additional funding at the close of the initial program. We’ll organize that process and guide you through it. Some companies may seek substantial funding while others may require a smaller amount to be successful. It’s also possible for a company to self-fund. We’ll help you identify your problems, understand your options, and think through any difficult decisions you may face.
What does HALXR8R receive in exchange for program participation?
Teams that accept an invitation to participate in HAXLR8R give up 6%-10% of common stock in exchange for participating.
How do I apply for HAXLR8R?
The application for HAXLR8R is available on this website. Completing our online application will sign your company up to be considered for the program, but does not guarantee acceptance.
Prototyping modules (Arduino, Groves and many etc)
Small Batch assembly and testing
While I’m not a product development guy, I’m really excited to see more and more entrepreneurs, investors, and businessmen coming and paying closer attention to Shenzhen! stay tuned I’ll try to video, blog, and podcast more as this develops!