AIA takes lead to help start-ups build 'wearable tech' businesses in Hong Kong
AIA Group, the largest insurer in Hong Kong, and business incubator Nest teamed up last month to launch an ambitious accelerator programme dedicated to entrepreneurs and start-ups focused on health-care-related wearable technology.
AIA Group, the largest insurer in Hong Kong, and business incubator Nest teamed up last month to launch an ambitious accelerator programme dedicated to entrepreneurs and start-ups focused on health-care-related wearable technology.
"This is a first for Asia. We are saying it's harder to get into this programme than getting into Harvard, but those who get in will have a support system like no other in the region," Simon Squibb, the founder and chief executive of Nest, said.
Nest, which has invested about HK$30 million in local technology start-ups, also helps small businesses with further fund-raising, access to legal, accounting and human resources services.
The new "AIA Accelerator, powered by Nest" is a 12-week programme in Hong Kong that will mentor and support eight Asian participants in developing their wearable health-care-related technology businesses.
Acceptance of applications began on November 18 and will close on February 1.
The programme will start on March 2 and conclude at a "Demo Day" on June 4 when the participants will formally present their products and services to an audience of international investors.
"We noticed many start-ups approach us about health-care-related wearable technology, and felt this is a segment that is ready to take off in Asia," Squibb said.
Research firm IHS forecasts that global shipments of wearable computing devices will reach 130.7 million units by 2018, up from 51.2 million last year. This market comprises five segments: military, industrial, infotainment, fitness and health care.
Squibb said Nest proposed teaming up with AIA and had also approached other high-profile brands with a vested interested in the market segment.
AIA and Nest will arrange to have their own specialists and leading industry experts in wearable health-care technology mentor the eight start-ups selected for the programme.
The government-funded Hong Kong Science and Technology Parks Corp will provide work space for the start-ups. It operates three industrial estates, in Yuen Long, Tseung Kwan O and Tai Po.
"We are expecting a huge response to this entrepreneurial support platform," Squibb said. "After launching this successfully, Nest plans to develop similar programmes next year. We hope that others will copy this model we have established to help more entrepreneurs in the region."
Neil Mawston, executive director at consulting firm Strategy Analytics, said in a report: "Smartwatches, smartglasses and fitness bands are the big-three device categories that will be driving the vast majority of global wearables growth in the future. These are the main areas where we recommend manufacturers, retailers and mobile operators focus their wearable investments."
