For the past 11 years, Hong Kong (H.K.) has been named the “world’s most valuable real estate market,” with no indications of slowing down. Developers and property managers are attempting to maintain and grow the value of their holdings and respond to calls for more affordable housing due to the high value of assets. Developers and construction firms have begun forming ‘innovation arms’ to source innovations worldwide to safeguard their assets from natural disasters, improve tenant experience, and reduce building costs. It presents an appealing potential for Canadian real estate technology firms. This Hong Kong-based Canadian Technology Accelerator (CTA) initiative intends to assist Canadian property technology (PropTech) companies in navigating the market and connecting with potential partners.
What Is the Canadian Technology Accelerator?
The Canadian Technology Accelerator (CTA) is an initiative of the Trade Commissioner Service of Global Affairs Canada. It provides high-intensity programming that connects high-growth, high-potential Canadian technology enterprises to global innovation centers’ export, investment, and partnership possibilities. CTA participants receive specialized support ranging from in-market working space and coaching to market validation and introductions to possible partners, clients, and investors throughout a four- to six-month program.
Since 2013, the CTA program has aided over 500 Canadian technology businesses to gain a footing in key U.S. innovation hubs, allowing them to accelerate their growth. The program has been a massive success in Boston, New York, and San Francisco since its inception in 2013. For 489 high-growth, high-potential firms in key technology sectors such as information and communications technology, life sciences, and cleantech, a $2 million annual investment have resulted in $510 million in capital raised, $190 million in new revenue, 996 strategic partnerships, and 2,125 new jobs.
The CTA program is a scalable effort with a proven track record that may be expanded to promote Canadian companies’ export growth and diversification. The CTA initiative is already being rolled out to four Asian technological hotspots as part of Budget 2018’s promise to expand Canada’s diplomatic and trade presence in Asia (Hong Kong, Singapore, Taipei, and Tokyo). CTA programming will be expanded to the global innovation hotspots of Berlin, London, Mexico City, and Delhi, thanks to $17 million over five years announced in the Fall Economic Statement 2018 as part of Canada’s export diversification strategy.
Who Is Eligible to Apply?
High-potential Canadian businesses with property-related technology can bring value to various segments of the real estate value chain. Companies who want to expand into Asia must have the following end-users:
- construction businesses and real estate developers
- Architecture firms and property managers
- Mortgage lenders, real estate investors, and real estate agencies are all part of the real estate industry.
- retail stores or other types of establishments
Companies must have an innovative and unique technology, existing market traction – ideally, a successful use case in North America or Europe; companies that have already raised a round of funding from institutional investors; companies that have already raised a round of funding from institutional investors; companies that have already raised a round of funding from institutional investors; and companies that have already raised a round of funding from institutional investors.
A management team that is passionate, strong, and dedicated, with at least one senior executive (C-level or founder) who can commit to participation in the entire program.
The Trade Commissioner Service (TCS) is committed to promoting trade diversity, equity, and inclusion. Companies led by Canadians of all backgrounds and orientations are highly encouraged to apply.
What Is Offered to your Company?
Following acceptance, your company will gain the following advantages:
- Briefing on doing business in Hong Kong
- Hear from critical specialists in the Hong Kong PropTech ecosystem.
- contact and network with other PropTechs in Hong Kong and Canada to gain access to corporate buyers and investors
- Investigate Asian Business Opportunities
Criteria for Selection
CTAs are available to innovative Canadian tech companies that can demonstrate the following:
- You have a minimum viable product (MVP) and measurable evidence of maturity in revenue, investment, or the number of users. Companies in the life sciences and health care fields must have a proof of concept and be in the post-seed stage.
- Fit between product and market: You can describe the problem your product solves and show how your product or service differs from others by defining your target audience, describing the problem your product solves, and demonstrating how your product or service differs from others.
- Executive management team with a lot of experience: You can agree to send at least one senior executive (C-level or founder) to the program and fund their in-market expenses.
- Scalability potential: You have a well-thought-out go-to-market strategy for the CTA location, complete with KPIs.
Choosing the Most Appropriate CTA for you
Choose the program and location that are most appropriate for your company, and then focus on that CTA. Later on, you might apply for a different CTA. Even if you’ve already participated, you can do so again. Some CTA alumni have returned to the same program in the future to achieve further goals or have joined a different CTA to expand their market reach.
What Is the Selection Procedure Like?
A competitive approach is used to choose participants. The TCS and a panel of industry experts analyze the applications and determine whether or not the applicants are qualified and a good fit for a particular location.
After the application deadline, you will receive a response within five weeks. Those who are rejected receive written explanations as to why their application was turned down.
- Application deadline: 30 April 2022 (23:59 P.T.)
- Dates of the program: May to early September 2022
- Weekly time commitment: 2 hours