Taiwanese startup mentor, entrepreneur share Silicon Valley accelerator experience

台灣創業顧問、企業家分享矽谷加速器經驗

Former government entrepreneurship center CEO, Forbes 30 Under 30 honoree talk accelerators and their benefits


TAIPEI (Taiwan News) — Former Taiwan Innovation and Entrepreneurship Center CEO Larry Wang (王南雷) and Lypid Co-Founder Huang Jen-yu (黃仁佑) shared their experience with accelerators in Taiwan and the U.S. during an online panel discussion on Tuesday (Sept. 6).

The “Online Happy Hour” event was held by Meet Global and focused on how Taiwanese startups may join and benefit from international accelerator programs. Wang, who also served as an executive in residence at Plug and Play Tech Center, started the discussion by outlining what accelerators mean to investors and startups.

According to Wang, when a startup goes through an accelerator program, it tells investors that the business has a certain level of qualification or potential. “So that makes us more interested to hear about it.”

For startups, the value of being in accelerator programs is the opportunity to meet fellow entrepreneurs in a complementary rather than competitive context. It is a great chance to build a network or even find business partners.

He said from experience, “We often see two or three entrepreneurs, perhaps trained in different years; eventually, perhaps someone is no longer able to continue (their project), and they team up.”

Huang, whose success with Lypid earned him the honor of being included in Forbes’ 2022 30 Under 30 Asia list, echoed Wang’s view, adding that in a way, accelerator programs act as a selection process for venture capitalists. He said for startups, accelerators’ locations decide where their network will be based, which is why it is a key factor for entrepreneurs.

One exception is Silicon Valley, however. “Silicon Valley is exceptional because people from all over the world go there to look for teams and projects. It is a place where networks gather, so it allows you to meet relevant, truly helpful venture capitalists or like-minded co-founders.”

“The most different thing about Silicon Valley’s accelerators is that the people you meet there are more global. So, naturally, the connections they bring will lead you to the global market and more global opportunities,” Huang said.

Another big feature of accelerators is that they teach entrepreneurs the logic and thought processes of venture capitalists as they look for startups to invest in. Through practice and guidance within programs, entrepreneurs learn what investors mean when they say certain things.

Wang and Huang also discussed their mentorship experience, which ended with Huang giving up on his first entrepreneurship attempt and returning to school. Huang, who had been working to develop a knowledge management system for small- and medium-enterprises, realized while working with Wang that his team consisting of students lacked business management experience and did not have the ability to fully grasp the opportunities that would come with the business idea.

Additionally, Huang and his team had their eyes set on a global market — having been born and raised in Taiwan, the team realized this goal would be difficult for it to achieve. Thus, Huang decided to develop more skills and accumulate more experience in the U.S.

In terms of Taiwanese startups’ weaknesses when attempting to enter the international market and applying for U.S. accelerators, Wang said one major issue lies in their business plans. Taiwanese entrepreneurs tend to be so absorbed in their technology and expertise and overlook the importance of having a good business plan and accurately describing their market.

Meanwhile, due to cultural differences, Taiwanese teams tend to appear timid and shy away from confrontations. This becomes an advantage when, in the U.S., people in business are very used to arguing their cases and being direct.

One trick to use when looking for investment in the U.S., Huang said, is to find investors whose interests match one’s startup. As venture capitalists tend to look for specific types of teams at specific startup stages, it is important to pitch ideas to those with preferences that match the company’s qualities.