Hong Kong boasts some of the best universities in the world. Students have an entrepreneurial mindset here. The startup scene is booming and is supported by the dynamic tech ecosystem and a lot of help from the government.
Thinking outside the box can be tricky for large corporations bogged down by tradition, size and an ‘if it isn’t broken, don’t fix it’ mentality. That is where Agorize comes in. The French company sees itself as a bridge between innovators and companies that can realise their vision. In the four years that it has been operating in Hong Kong, Agorize has amassed a community of 1.5 million Asian participants for its crowd-sourced challenges, working with the likes of luxury group LVMH, property developer Sino Group and power provider CLP Group.
Same tech, different markets
“Our team in Asia Pacific is diverse and international, capable of catering for different cultures,” said Aurélie Wen, Agorize’s CEO for APAC. “Our team in France mostly caters to French clients. The pace of business in Asia is faster, though there is a high level of trust and business is done first by making friends. The similarity between European and Asian markets is that our tech, the backbone of Agorize, is the same.”
Wen believes that ideas and solutions can come from anywhere, yet they are not communicated to the right party at the right time that can take them to the next level.
Agorize bridges that gap with its technology by rallying innovators to rise to corporations’ Open Innovation Challenges through an online process. Over four or five months, a challenge is presented and draws participants, who then form teams. For single participants, Agorize offers an algorithm that helps them match up with possible teammates. Solutions are presented through a video, which are whittled down to a final five teams that get to pitch their idea to the company in person. The best idea gets to work with the corporation that will provide seed money and mentorship.
“Some clients may only want participants in Hong Kong and Macao while others are open to anywhere in the world,” Wen observed. “Some may want to only engage students, while others are targeting tech or startup innovators. Our participants tend to be between 18 and 35 years old.”
Entrepreneurial mindset
Wen feels that Hong Kong makes sense as a regional headquarters thanks to its geographical location, economy and ecosystem. The city is within a four to five hour flight to every major Asian hub, while its talent pool supports Agorize’s goal of being the leading platform for talent-related initiatives. “Hong Kong boasts some of the best universities in the world,” Wen stated. “Students have an entrepreneurial mindset here. The startup scene is booming and is supported by the dynamic tech ecosystem and a lot of help from the government.”
As an increasing number of corporations look to outside consultants to jumpstart change while more young adults strive to forge their own paths, Agorize is poised to lend a helping hand for both to realise their dreams.
