For two months managing director of the China Accelerator William Bao Bean left Shanghai for Taipei, to nurture a new offices and a startup community MOX. In Taipei Times he explains how how this Silicon Valley working style works out here.
MOX comes from a lot of money — it is one of six global accelerators run by SOSV, a US-based US$250 million (NT$8 billion) venture fund. Each accelerator is sector-based. The companies they choose must spend at least two months in MOX’s Taipei office, working closely with Bean and other staff who “accelerate” their progress by linking them to a variety of crucial resources or helping them localize their product.
“We look at the team and traction,” MOX Managing Director William Bao Bean (賓威廉) says. “We look at users and whether they come back. We don’t care about how much money they have because they’re not paying.”…
“With us, all you have to do is make your app awesome,” Bean says. “We’re trying to flip the model [of having to pay for advertising first].”
Bean says a big part of the work is helping these companies localize to their new target market.
“Southeast Asia is mobile first and mobile only,” he says. “You have to change your product, your user experience, how you make money.”
For example, one company had to downsize its app from 40mb to 10mb to accommodate local internet resources.
Bean hopes to involve some Taiwanese companies in future batches as the company recruits its second batch later this year.
“The future of Taiwan tech is Internet,” Bean, who started his technology investment career in Taiwan, says, adding that he can help new local companies move into emerging markets.
As a mentor at Taiwan Startup Stadium, Bean had already been working with some of these locals. But when MOX made offers to several Taiwanese companies for the first batch, Bean says he found that investors were wary of this new model that required sharing equity, which isn’t popular here but is the norm in Silicon Valley.
As a global company, MOX could theoretically be based anywhere, and Bean’s answer is simple.
“It’s nice here,” he says, referring to the convenience, good food, reasonable weather and so on.
He adds that it is also a good balance of infrastructure and rent costs — falling somewhere between Hong Kong and Bangkok. Plus, Bean says you can recruit talented staff who mostly speak English for a lower cost.
Bean also hopes to foster somewhat of a local mobile startup community. For example, every week when the companies are in Taiwan and every month otherwise, MOX flies in international experts for a happy hour event that is open to the public, with free drinks and a barbecue afterward — which Bean calls a “Silicon Valley style get-together.”
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