Wistron has been working closely with AppWorks since 2014 and is one of the major limited partners of AppWorks Fund II and Fund III. It also invested in MoBagel (AW#16), ANIWARE (AW#17), Authme (AW#18), Aiello (AW#20) and other alumni who have graduated from AppWorks Accelerator. Wistron and AppWorks have been working closely together and have a long-term strategic partnership, and launched the Wistron Accelerator in September 2021. AppWorks, itself a leading accelerator in Greater Southeast Asia, provides core logistics and operations support.
We put together some frequently asked questions for startup teams who still had questions about the Wistron Accelerator program after reading the information on the landing page. If you have similar questions, we hope you can find the answers below.
[Wistron Accelerator #8 is taking applications now!]
1. What outcomes does Wistron expect to achieve through the Accelerator program? What kind of support can Wistron provide?
Some domain-specific perks include:
a. Access to C-level Mentors from Wistron subsidiaries/business units
The most significant value of this accelerator is that the C-levels of different business units at Wistron will serve as your Mentors. Startups in the Wistron Accelerator can directly discuss partnerships and business insights with C-level Mentors at Wistron, significantly increasing the chance of collaborative success.
The Mentors participating in the Wistron Accelerator are from the following business units:
Wistron Group (including Innovation Integration Center, and the CVC team)
Wiwynn
WNC
Wistron ITS
WMT
WiAdvance
People who have experience working with enterprises know that the CEO or C-level manager is usually responsible for the strategy, and their team is accountable for execution. Therefore, if you can directly communicate with high-level managers, you may significantly increase the chances of developing a strategic partnership, new services, and new business.
In addition, even though startups already have domain knowledge in their focus area, when facing different industries and large enterprises, there is still much to learn, including both hard and soft skills.
In the Wistron Accelerator program, Mentors take on the role to solve the aforementioned issues. During the accelerator period, startups will have in-depth collaboration and interaction with the heads of the designated business unit. Startups can further understand companies’ needs, plans, and insights, and learn how to work with large corporations effectively.
b. Exclusive PoC collaboration with Wistron
Startups running B2B businesses know that it takes a long time to successfully onboard corporate partners because of the different organizational nature and the longer decision-making processes. It’s very common to take a quarter or even more than six months to kick off a collaboration.
Wistron Accelerator has thoughtfully planned the schedule, process, and goals to speed up the collaboration process. The startups participating in the Wistron Accelerator will directly collaborate with Wistron’s business units or subsidiaries to come up with a PoC. During the program, AppWorks will facilitate the discussion and implementation of the PoC. Startups can develop the minimum viable product (MVP) within the four-month timeline and further discuss more in-depth collaboration after the program.
2. What are the important factors you consider when evaluating applications?
The application review process combines AppWorks’s experience in mentoring startups and Wistron’s industry expertise. We are looking for founders who continuously work on themselves and have a clear North Star in their founder journey, which we believe will help founders overcome obstacles and build up the product’s core competitive advantages.
The following questions can help you think about whether you are suitable to join Wistron Accelerator:
Why did you start your business?
What problem do you want to solve? Why?
What efforts have you made in solving these problems?
How is your product different from existing solutions?
What do you expect from the collaboration with Wistron? What value can you bring to Wistron?
3. Is there a charge for the Wistron Accelerator? If we need capital now, will we receive investment after joining?
Wistron Accelerator is an entirely free service for founders. We will not ask for rent, service fees, or any types of concessions such as stock, options, revenue, or profit-sharing. At the same time, every enrolled startup will receive a NT$200K subsidy from Wistron, which is not in exchange for any shares.
Wistron has been a bullish strategic investor, in recent years investing more than NT$10 billion with a total of 60 companies in their portfolio. In 2020, Wistron established a corporate venture capital (CVC) team and is actively looking into strategic investments. Startups selected for the Wistron Accelerator will have the opportunity to discuss further collaboration or investment with Wistron CVC, business units, or its subsidiaries during and after the program.
4. Why does Wistron recruit startups only from AI, IoT, cloud, cyber security, education, and medical technology industries?
Wistron is one of the world’s leading manufacturers in the ICT industry. In recent years, Wistron has been investing in R&D, tech innovation, and diversified product development, and has also seized on the growing trend of cloud applications. They have successfully integrated a multitude of hardware devices, software services, and cloud applications, and offer technical service platforms and solutions. During this time they have also expanded their business to new fields like education, corporate services, IoT, and medical care.
Through the Wistron Accelerator, Wistron hopes to share its industry experience and rich resources with startups, and to explore innovative opportunities by working on a PoC together. Wistron is happy to be one of the case studies for startups to test their B2B solution. Wistron Group also expects to develop growth opportunities for the next decade through this collaboration.
5. What stage of startups is suitable for the Wistron Accelerator?
We do not have a strict standard on the stage of the startup. But we do recommend startups that have experience working with enterprises or have a few proven PoCs to apply. These startups should be able to better utilize the four-month timeline and can reasonably expect a certain level of results from the program.
If you are still in the MVP stage and have not yet defined your target customers, we would suggest you focus on developing your product first, try to get some initial users, collect feedback, and iterate accordingly. Once you validate the problem you want to solve and know the core advantage of your product, that will be a better time to apply for the Wistron Accelerator.
If you already have a product prototype but have not yet established a company, we recommend that you complete the company setup process first. From our experience, it can help you onboard business partners and initiate collaborations more efficiently.
AppWorks can provide professional accounting and legal services to help founders set up a company, whether you are from Taiwan or overseas.
6. I am not a citizen of Taiwan. Can you help me get a visa?
Wistron and AppWorks can assist international founders enrolled in the Wistron Accelerator to apply for the Entrepreneur Visa, the employment Gold Card or the Business Visa based on certain conditions. Founders from overseas can concentrate on their work without worrying about visa issues.
7. While participating in the Wistron Accelerator, do we have to stay at Wistron’s office all day from Monday to Friday? Can we participate remotely?
We do not stipulate work locations. Every startup will discuss the meeting frequency, and format with the Mentor on a case-by-case basis.
8. The application questions are written in English. Will writing in Chinese affect the score?
Wistron Accelerator’s application has 28 questions, covering team, product, business model, market analysis, etc. It requires a certain amount of time and effort to fill out. We hope that by this design, we can help every team clarify their current status and the assistance they are looking for.
Filling in the application is like having a health check-up. Founders must think profoundly about their products, market strategies, team and the overall industry environment. Therefore, regardless of if you decide to apply or not, we still recommend you to carefully think about these questions.
We encourage you to answer in English; however, using Chinese will not affect the results. The most important thing is to express your views clearly. Furthermore, we also encourage the founder (CEO) to make a one-minute self-introduction video for us to get to know you better.
9. What is the difference between the first round and final round application?
Wistron Accelerator’s admission is on a rolling basis. Based on previous experience, teams that applied earlier had a higher chance of being selected. They could also know the results earlier to have adequate time to plan for the PoC. Therefore, we encourage founders to apply early to avoid high competition during the final application deadline.
We hope the answers mentioned above can help you clarify any questions about the Wistron Accelerator.
If there are further questions, please send a message to us or write to: [email protected]. We will reply to you as soon as possible.
[Calling founders working on AI, IoT, cloud, cybersecurity, EduTech, and MedTech. The deadline for the Early Bird Round is Dec 19, 2024]
With the success of TINC Batch #9, Telkomsel Ventures will continue its partnership with AppWorks through new strategic initiatives to be unveiled in 2025.
Telkomsel Ventures, the corporate venture arm of Telkomsel, in collaboration with AppWorks, Greater Southeast Asia’s leading startup accelerator and venture capital firm, today jointly hosted TINC Batch #9 Demo Day, recognizing seven outstanding startups innovating under the theme “B2B Solutions & Emerging Technologies.” TINC Batch #9 was joined by seven select startups from AppWorks Batch #29 (AW#29), featuring startups hailing from Indonesia and Malaysia, as AppWorks’ first Jakarta-based Demo Day event.
With the success of TINC Batch #9, Telkomsel Ventures and AppWorks will continue close collaboration in 2025, enhancing the partnership through new strategic initiatives. By partnering together, Telkomsel Ventures and AppWorks will jointly cultivate the startup ecosystem, leveraging their rich resources to provide outsized support to startups and help founders succeed.
The deepening partnership comes as Telkomsel Ventures and AppWorks jointly held TINC Batch #9 Demo Day, unveiling seven startups focusing on the theme of B2B Solutions & Emerging Technologies. Over the past six months, participating startups worked closely with Telkomsel Business Units (BUs). All startups were able to create successful proof of concepts (PoCs) with Telkomsel, demonstrating significant commercial value for both sides. The program successfully promoted the development of Indonesia’s digital economy as well as drive forward inclusive and sustainability initiatives.
In tandem, AppWorks Demo Day #29 made its debut in Jakarta as the first stop on a roadshow before Taipei and Singapore in December, with seven out of forty-nine startups from AppWorks #29 (AW#29) presenting this time. Many AW#29 startups are led by seasoned founders and have demonstrated strong traction, with several already securing institutional funding. Selected startups for the event hailed from Indonesia and Malaysia, showcasing their innovative solutions for education, construction, finance, tourism, healthcare, and agriculture.
The seven startups from TINC Batch #9, and corresponding Telkomsel BUs included:
PrimaKu: Simplifying record-keeping and milestone tracking for new parents with a dedicated newborn baby health platform (Founder: Didit Indraputra) (Telkomsel BU: Enterprise Product Enablement and Solutions);
Rey.ID:Empowering Indonesians to manage their health holistically through a platform that integrates insurance, wellness programs, and medical records (Founder: Evan Tanotogono) (Telkomsel BU: Enterprise Product Management and Development);
Skorlife: Empowering Indonesians to achieve financial well-being and to obtain fair credit through easy access and simplified credit monitoring. (Founder: Ongki Kurniawan) (Telkomsel BU: Data Solutions and Digital Financial Services);
Peacom: Multichannel messaging platform for carriers and enterprises. (Founder: Han Truong) (Telkomsel BU: Digital Advertising, Wholesale and Interconnect);
Finfra:Building the financial infrastructure of Southeast Asia by enabling seamless integration of financial services for companies. (Founder: Markus Prommik) (Telkomsel BU: Enterprise Product Management and Development);
CarbonEthics: Combating climate change through innovative solutions for carbon offsetting and sustainable development projects. (Founder: Agung Bimo Listyanu) (Telkomsel BU: Corporate Strategy, Innovation, Sustainability and Marketing);
myECO: A smart home hardware-software solution for electricity savings, offering automation and easy device management for both B2C and B2B. (Founder: Maulana Derifato Achmad) (Telkomsel BU: Technology Strategy and Consumer Product Innovation);
CapBay (MY): Promoting financial inclusion for MSMEs through innovative fintech lending services. (Founder: Darrel Ang Tzer Hong);
GOERS (ID): Enriching fan experience with dynamic ticketing and live entertainment discovery. (Founder: Niki Tsuraya Yaumi);
Verihubs (ID): Developing AI-Powered verification solutions for fraud prevention. (Founder: Rick Firnando);
Nexmedis (ID): Empowering healthcare services through AI-driven data analysis and diagnosis recommendations. (Founder: Yehuda Dani Utomo);
“This partnership with AppWorks marks a significant step forward in Telkomsel Ventures’ commitment to fostering innovation and driving the growth of Indonesia’s digital economy. By combining our resources and expertise, we aim to empower promising startups and create a vibrant ecosystem that benefits businesses and consumers alike. The success of TINC Batch #9 demonstrates the strength of our partnership to deliver concrete value to startups and position them for lasting success,” said Mia Melinda, CEO, Telkomsel Ventures. “Every startup in TINC Batch #9 was able to successfully create a Proof of Concept (PoC) with Telkomsel, resulting in meaningful value for both Telkomsel and our startups, and a huge validation for the TINC program.”
“The startups showcased today from both TINC Batch #9 and AppWorks #29 represent the incredible talent and drive within the Southeast Asian ecosystem” said Jamie Lin, Chairman & Partner, AppWorks. “We’re thrilled to deepen our collaboration with Telkomsel Ventures. This partnership reflects our shared belief in the power of Southeast Asia’s digital economy and the potential of its founders. By combining AppWorks’ 15 years of experience cultivating the startup ecosystem in the Greater Southeast Asia with Telkomsel Ventures’ strategic resources and market access, we can supercharge the growth of these promising startups and contribute to the region’s continued development.”
About Telkomsel Ventures
Telkomsel Ventures, established in 2019, is the investment arm of Telkomsel. As a strategic investor, Telkomsel Ventures invests and collaborates with promising startups to accelerate Telkomsel’s digital transformation and create innovative services. With a current portfolio of 18 startups, Telkomsel Ventures is committed to empowering startups through strategic investments, leveraging Telkomsel’s expansive ecosystem and capabilities. The goal is to actively contribute to Indonesia’s technology landscape while supporting Telkomsel’s strategic objectives.
Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, we believe the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS).
As such, whether its mentorship, investment, or talent, AppWorks has established a one-stop-shop for ambitious founders willing to bet against the consensus and drive a change they want to see in the world. We help startups build disruptive businesses from even an inkling of an idea into world-class enterprises through our three primary lines of service: Accelerator, Funds, and School.
Ching is a Principal leading the Web3 Arm at AppWorks. Ching interned at AppWorks when she was in college and returned as an Analyst after earning her B.B.A from National Chengchi University in 2015. Her keystone achievement as an Analyst was helping CHOCO TV’s journey from Series A to an eventual acquisition by LINE. Ching became our Associate in 2019, spearheading our foray into the blockchain industry by recruiting founders active in the space and effectively jumpstarting our web3 ecosystem, which has since grown into a thriving community. She’s also helped AppWorks participate in several prominent investments, including Dapper Labs / Flow, and Animoca Brands. Ching was promoted to Principal in 2022. Off the clock, she likes to experience new things, travel, and play tennis.
We are thrilled to announce our investment in Marcelo Ruiz de Olano, the visionary CEO of karpatkey, who is redefining treasury management in DeFi. By providing non-custodial treasury management solutions and infrastructure, karpatkey has already garnered the trust of major DeFi protocols like AAVE, Uniswap, and Balancer. Here’s why we decided to back Marcelo and his exceptional team.
Marcelo Ruiz de Olano: A Visionary with a Story of Resilience and Innovation
At AppWorks, we seek founders with the vision, determination, and execution ability to address critical challenges in their fields. Marcelo Ruiz de Olano not only possesses these traits but his deep expertise in both finance and decentralized systems makes him uniquely qualified to revolutionize treasury management in decentralized finance (DeFi). His ability to navigate complex financial environments and his commitment to building transparent, secure solutions have positioned him as a transformative leader in this space.
Marcelo’s journey is a testament to resilience and adaptability. Born in Buenos Aires, Argentina, he often felt like an outsider, fueling his desire to seek new opportunities and a sense of belonging beyond his home country. During college, Marcelo longed to participate in an exchange program to explore life outside Argentina, but his parents refused to support him, dismissing it as a desire to party abroad. Determined, he found a way to finance himself and moved to Spain to fulfill his ambition.
However, the aftermath of the 2008 financial crisis made opportunities scarce. Without any financial backing from his family or the government, Marcelo faced tough challenges and was on the verge of proving his parents’ doubts right. Yet, he persevered, supporting himself through the economic downturn and overcoming the cultural differences between Argentina and Spain, despite the shared language
Upon returning to Argentina, Marcelo joined Chevron, where he refined his decision-making skills and financial modeling on major capital projects exceeding $100 million. This role significantly deepened his understanding of global finance. By the age of 28, Marcelo had mastered the art of arbitraging stocks, bonds, and commodities, generating enough cash flow to achieve financial independence. He left the corporate world to travel and explore new opportunities. His journey eventually led him to cryptocurrency during the 2017 boom. The subsequent ICO bust became a pivotal moment, solidifying his belief in the transformative potential of decentralized finance.
Under Marcelo’s leadership, assets within karpatkey’s DeFi treasury network have skyrocketed from $300 million to over $1.8 billion in less than 3 years. His vision of creating a non-custodial, transparent treasury management system earned the trust of industry giants like Uniswap and AAVE. Marcelo’s personal and professional journey is a testament to his relentless drive to innovate and lead in the world of decentralized finance.
karpatkey: Empowering DeFi with Transparent, Non-Custodial Treasury Management and Advanced Automation Tools.
karpatkey has quickly established itself as a leader in DeFi treasury management, transforming how top organizations manage their financial assets. Originally formed in 2020 to manage the Gnosis treasury, karpatkey has since expanded its services to provide sophisticated financial solutions for renowned DeFi protocols such as AAVE, Balancer, and ENS.
karpatkey is trusted by the DeFi community due to its commitment to transparency and security. The company’s non-custodial approach allows DAOs to retain full control over their assets—a critical feature in today’s trust-driven ecosystem. karpatkey also offers advanced automation tools for risk management, ensuring that clients’ assets are managed with precision and care.
karpatkey: Redefining Finance with Innovative DeFi Solutions and Seamless Institutional Access.
karpatkey’s future vision includes expanding its product suite to serve both the DeFi and traditional finance sectors. One of the upcoming initiatives is the launch of actively managed open-ended funds, designed to give institutional investors access to blue-chip DeFi tokens and yield-generating opportunities.
karpatkey is also preparing to introduce a DeFi Exchange Traded Fund (ETF), providing institutional investors with a secure and regulated gateway to DeFi yields. This marks a significant step toward bridging traditional finance with DeFi, reinforcing karpatkey’s role as a pioneer in decentralized financial management.
Join Us in Shaping the Future of DeFi
If you are a DeFi founder or project looking to collaborate, we invite you to explore potential synergies with karpatkey and the AppWorks community. Together, we can build a stronger, more resilient DeFi ecosystem that is ready to redefine the future of finance.
Founded in 2010 by Jamie Lin, AppWorks Accelerator is a startup community created by founders, for founders. We are committed to fostering the next generation of entrepreneurs in Greater Southeast Asia, accelerating the region’s transition into the digital era.
Every six months, we welcome founders trailblazing on the frontiers of AI, web3 and Southeast Asia, equipping them with the necessary resources, mentorship, and guidance to get their ventures off the ground.
We know there are many considerations for founders when applying to an accelerator. That’s why we’ve created an FAQ page to help you decide whether or not AppWorks is the right fit for your startup.
As of October 2024, AppWorks Accelerator #30 is open for applications. You can find important information about the Accelerator experience on our main page.
The FAQs
1. What do I need to know before joining the accelerator? What is AppWorks doing to help founders make the most out of the accelerator?
We understand the unique needs and aspirations for founders, and we’re committed to providing an experience that’s both flexible and comprehensive:
a. Tailored Events for Founders: We recognize that each founder’s journey is different, influenced by their unique locations and timelines. That’s why we’ve designed a program that blends online and offline events to accommodate this diversity. This flexibility ensures that you can engage with our program in a way that fits your specific circumstances, whether you’re based in Taiwan or anywhere around the globe.
b. Regional Presence in Greater Southeast Asia: We take immense pride in our strong regional presence, spanning seven vibrant markets: Taiwan, Singapore, Hong Kong, Indonesia, Vietnam, Malaysia and the Philippines. This expansive network means that you have access to opportunities and support, no matter where you’re located.
c. Unlocking Taiwan’s Potential: Taiwan is home to a dynamic tech ecosystem, and we proudly maintain the most extensive network in the region. We invite you to consider Taiwan as a market ripe with valuable opportunities, a wealth of digital talents, reliable manufacturing partners, and a robust supply chain. The resources available here are vast and can significantly boost your venture.
Through our online and offline regional activities, we’re dedicated to connecting you with our network, helping you forge meaningful relationships in both Taiwan and Southeast Asia.
We firmly believe that there’s no substitute for physical, face-to-face interactions when it comes to building strong relationships and gaining profound insights. That’s why we encourage founders like you to join us in person for the offline portion of the accelerator program, whether here in Taiwan or in other Southeast Asian countries. We’re confident it will enrich your entrepreneurial journey in the most meaningful ways.
Your success is at the heart of what we do. We can’t wait to embark on this journey with you.
2. Why does AppWorks now only admit founders working on AI, web3, or SEA?
We believe that AI and blockchain are based on a solid foundation built by earlier generations of founders, and extended data applications and decentralized models represent a huge disruption that founders must address over the next decade.
The increasing demand for automation, personalization, and optimization in various industries creates new opportunities for AI to drive innovation. Taiwan plays a pivotal role in the world’s development of AI as the hub for manufacturing semiconductors, the heart of AI computing. Founders can further enhance their innovation efforts by harnessing the power of Taiwan’s AI and AIoT ecosystem, making their endeavors even more dynamic and accessible in this rapidly evolving landscape.
Web3 continues to be an area of innovation and excitement, with value creation occurring across cycles. As the web3 industry enters mass adoption, it requires infrastructure to seamlessly facilitate increasingly everyday transactions and activities. Meanwhile, applications for the web3 industry will speed up the process of onboarding end users. New primitives such as DAOs and protocols will completely disrupt the way people structure and run organizations from finance to entertainment to commerce—and this will all be done by leveraging the open, decentralized, permissionless, and trustless nature of blockchains. The time to build is now.
Southeast Asia’s digital revolution is well underway, with a young, ever-expanding, and increasingly affluent middle class driving brisk economic growth across the region and mass adoption of digital services. The scale of Southeast Asia’s digital economy is estimated to reach US$1 trillion by 2030. As the digital economies of Southeast Asian countries are still developing, there are many opportunities for growth, building off a strong foundation from the past decade of value creation. Each market in this region has its own unique opportunity. But many examples showed that having multiple markets in this region seems to be a must for great success, ie. SEA Group, GoTo Group, Bukalapak, Traveloka, Grab, 17LIVE and Lalamove. Our founder community is built to cater to this. We have a regional network for founders in Southeast Asia to build a bigger success than working on their own.
These are three areas where we’ve seen significant activity and can offer outsized support to founders, building off the firm’s long track record. In the past 10 years, we’ve witnessed the popularity and penetration of mobile internet, and have participated in this process by supporting founders in their endeavors. If you aspire to capture life-changing opportunities over the next decade, it is important to think about how to leverage these key areas to create the future.
3. I already raised a Series A / I’m profitable, is AppWorks right for me?
The short answer is, yes!
The long answer is, reaching a funding goal can be a cause for celebration, but it’s also a relatively minor part of the founder journey. So many more things can go right or wrong, even with a funding round. There are many other facets to overcome and master. When we admit founders into the program, it is because we have carefully considered what they need as a founder, and how our resources and network across Taiwan and Southeast Asia can help them grow.
Joel Leong and Henry Chan atShopBackhad already built a business model and received seed funding in 2015 when they launched in Singapore before they came to AppWorks Accelerator #13 in 2016.
Joel told us that had the team known about Taiwan’s massiveUS$20 billion GMV e-commerce market and all the region-wide technical and tactical innovations that it would eventually yield, they would have made the move to Taiwan much sooner. Taiwan has since become one of ShopBack’s biggest markets and R&D centers. It demonstrates that funding rounds and business model maturity do not limit founders in learning something new.
As long as you think that AppWorks can help you in the entrepreneurial learning process, you should apply.
4. How can AppWorks Accelerator help a web3 founder?
As our web3 ecosystem has grown, so have opportunities for partnerships, knowledge exchange, and founder-to-founder support—all critical for entrepreneurs building in this network and community-driven space:
a. Grow with one of the largest web3 founder communities.
Entrepreneurship is a lonely journey. After starting your own business, most of your friends and family won’t understand the ups and downs you’re experiencing as a founder. If you can share these experiences with fellow founders who are as capable and determined and who understand when you encounter setbacks, you will be more motivated to continue. In addition to founders in the same batch accelerating together, we will hold frequent alumni gatherings where you’ll meet many alumni who have gone through the zero-to-one process.
The web3 ecosystem within the AppWorks community now consists of 179 active teams with a total of 325 founders. These extraordinary web3 startups include Pendle (AW#20), a DeFi yield-trading protocol that enables the tokenization and trading of future yield; Blocto (AW#19), a mobile portal to the blockchain world featuring seamless integrations with different wallets and web browsers; and Event Horizon (AW#28), a meta-governance platform that mobilizes community assets to influence external governance proposals.
As one of the most flourishing web3 founder communities in the region, we support founders working on most, if not all, web3 verticals tackle the ins and outs of entrepreneurship through founder or mentor introductions and connect you with relevant resources in the web3 startup ecosystem. Moreover, founders can learn together with fellow founders about tokenomics, DAO structures, and community-building.
b. Stay ahead of the game to capture the pulse of the ecosystem and access premium development partners
In web3, startups developing on the right public chain and working with the right partners can help create synergies and accelerate scaling. Within the AppWorks web3 ecosystem, almost 80 teams have developed their products on various public chains, including Ethereum、Cosmos、Solana、Polygon、Arbitrum、Polygon、TON and so on. If you are a founder building on these chains, you can always find a connection within our ecosystem.
AppWorks is actively fostering a dynamic and thriving ecosystem for web3 startups to collaborate and innovate together. As the web3 landscape evolves rapidly, with new chains emerging frequently, we continually work to stay connected with the most prominent L1 and L2 ecosystems, ensuring that founders have access to top-tier resources.
At the same time, AppWorks builds partnerships with essential development tools, platforms, and cloud services such as GSR, Alchemy, Quantstamp, and Chainlink to make sure that blockchain startups gain the support they need to grow and thrive.
5. How does AppWorks Accelerator help founders enter new markets?
Since 2010, AppWorks has made close connections within founder communities and throughout the venture capital ecosystem. When startup teams decide to enter a new market, we can quickly help them learn from local partners to tap into key resources and business models that are specifically tailored to different regions.
The AppWorks community includes our accelerator alumni, international startup teams that have received investment from AppWorks Venture Funds, and mentors with insight and experience. Our community of founders are based all around the world, and many are from our key markets in Southeast Asia, such as Singapore, Indonesia, Vietnam, the Philippines, and Malaysia. For example, Qoala is an InsurTech startup headquartered in Indonesia that has expanded to Thailand and Malaysia, and the CEO/Co-founder, Harshet, is a seasoned founder and has been an active mentor to many startups in the region. Carousell is a startup from Singapore, which focuses on C2C e-commerce and has expanded into eight markets across Asia. The CEO/Co-founder, Siu Rui, has always been the go-to person for fellow founders who are exploring regional expansion.
In addition to our community, AppWorks has also established strategic relations with more than 25 venture capital funds across Southeast Asia and the web3 industry. Our partners include ACV, Golden Gate Ventures, Openspace Ventures, Ascend Vietnam Ventures, Foxmont Capital, Figment Capital, Reforge VC, and others. When entering a new market, we can easily cooperate with investors from different regions to help you quickly gain access to local connections and business opportunities.
6. What does AppWorks look for in applications?
When AppWorks reviews applications submitted by founders, we pay special attention to a founder’s north star. Some questions that might help you think about whether AppWorks is a good fit for you:
Why did you launch your startup?
What problem do you want to solve and why?
What do you believe fundamentally needs to exist in this world that doesn’t already?
What kind of future do you want to create and how will you get there?
What have you already done to demonstrate your commitment to tackling this problem?
AppWorks Accelerator’s online application covers about 30 topics related to team background, product/service, business model, market analysis, and more. It is very detailed and requires time to complete. It also includes a required one-minute self-intro from the founder (CEO) for us to know you better.
7. Does AppWorks Accelerator cost anything?
No. AppWorks Accelerator has always been free for founders. We will not charge rent or service fees, nor will we require any form of compensation, such as sweat equity, tokens, options, revenue, or profit-sharing. Our exclusive mission is to help founders.
8. We need funding now, can we get an investment by joining AppWorks?
The short answer is you will have much better access to us than non-AppWorks accelerated teams. We will discuss with you and help you figure out at this stage of your startup’s journey if capital can give your startup a significant edge and/or take it to the next level, or if there are other more burning issues, e.g., achieving stronger product-market fit, figuring out a working go-to-market strategy, recruiting a solid co-founder, etc.
Any AppWorks founder is welcome to start a discussion with us on fundraising anytime. We will do our best to advise and support you with US$350 million in total fund size behind us.
9. I am not a technical founder, or I need to find an engineer to help scale my idea, can I still apply?
Yes, you can. In a manner of speaking, you have come to the right country.
Taiwan graduates over 25,000 hardware and computer science engineers each year and is world-famous for the engineering and computer science mastery that has boosted the quality of international companies like Apple, Amazon, Nvidia, Meta and Acer in hardware and Google and Microsoft in software, to name a few.
We strongly recommendfounders who come to Taiwan to check out the country’s vast human talent resources. Part of the founder journey will be about learning how to hire, and there is probably no better place in Asia to hire engineers than here.
10. My service (or product) has not yet started to make money. Can I still apply?
Of course! There probably isn’t a better time to learn in an accelerator than as a founder just starting out. This period before a founder has built a startup into a scalable business model with Product-Market Fit is called the “seed stage.” During this period, founders always need more than funding; they need a variety of entrepreneurial-related insights, inspiration from other founders, and room for trial and error. AppWorks Accelerator, with over 14 years of experience, was built to provide these lessons and more.
11. I’m planning to expand my business into Taiwan, however, since I am not a Taiwanese citizen, can you help me obtain a proper visa?
International founders admitted to AppWorks Accelerator, according to your qualifications and needs, AppWorks can help with your application for theGold Card, or Entrepreneur Visa in Taiwan. This enables founders from overseas to concentrate on work in Taiwan without traveling abroad to sort out troublesome visa issues. We can offer guidance on this process.
12. Do I have to set up a company to join AppWorks Accelerator?
Not necessarily, but we recommend founders to set up an office when entering a new market, especially those of you that are B2B facing. This may enable you to build relationships with business partners and make negotiating commercial agreements smoother in the future.
For the founders who are planning to land in Taiwan, AppWorks has professional accounting and legal specialists who can assist in managing the necessary procedures, making the process of setting up much easier and more efficient.
13. What is the difference between applying during the first round vs. the final round?
The application period is split into two intakes, with interviews and admissions facilitated on a rolling basis. Based on past experience, teams that submit their application earlier tend to have a higher chance of being admitted and are also immediately granted access to all the resources that AppWorks Accelerator has to offer.
14. I have previously applied to AppWorks and have been rejected, can I apply again? Will it affect the chances of admission?
Reapplying represents the determination of the founder and is a positive signal for us. Therefore, we will re-evaluate all aspects, not only for the growth of the founder but also for the progress of the company. In the past, some entrepreneurs applied 2-3 times before being selected. In some cases, after unsuccessful applications, they continued to explore and eventually achieved more user growth and deeper insights. In other cases, they honestly faced the fact that there was no Product-Market Fit (PMF), changed their topic, found a scalable business model, and reapplied. These entrepreneurs have performed well after graduating from the accelerator.
We hope the above FAQ can help clarify your questions about AppWorks Accelerator. If you seek more clarity, please write to:[email protected], and we will try to answer your questions.
If you’re a founder working on AI, web3, or Southeast Asia, you’ve come to the right place! Applications forAppWorks Accelerator#30 will be open until December 31 , 2024.
