Barclays brings Accelerator Programme to HK with Nest

Barclays and Hong Kong-based investment incubator Nest has struck a partnership to offer entrepreneurs a chance to shape the future of finance.Under the partnership Nest will introduce the first ever Barclays Accelerator Programme, in partnership with the US firm, Techstars.Nest will work with Barclays to encourage Hong Kong’s entrepreneurial talent to apply for the Accelerator Program, in order to extend Hong Kong’s reputation as both a financial centre and technology innovator.The accelerator is similar to Nest Hong Kong’s locally based programs, with a three-month intensive start up programme designed to support new businesses and entrepreneurs on their paths to delivering break-through innovations.Following the application review process, 10 companies will be each offered a place on the prestigious accelerator programme in London.The 10 companies chosen will be guided through business growth and development with the help of up to US$50,000 seed funding and space at a purpose-built facilities in Mile End near Tech City.They will be mentored by notable executives from Barclays, including group chief information officer Darryl West, and chief design officer Derek White, alongside mentors from Techstars, including Jon Bradford, managing director of Techstars in London and David Cohen, founder and CEO of Techstars as well as support from Hong Kong entrepreneurs such as Nest CEO Simon Squibb.This is the first of six accelerator programmes that Barclays and Techstars have committed to over the next three years.Squibb said entrepreneurs often try to develop solutions to problems that are most relevant to them."As a major international financial centre, Hong Kong start ups are particularly well placed to disrupt the future of banking."Having a Hong Kong start up on the program would be an amazing opportunity for local founders to develop their ideas on a global scale.”Derek White, Barclays chief design officer, said technology was flagged as a key driver of innovation and "it will be paramount to Barclays achieving our ambition of becoming the ‘Go-To’ bank."We’ve already had great successes using an entrepreneurial approach to future design, including the launch of our innovative Barclays Pingit app, and we’re keen to ensure we build upon these by supporting entrepreneurs and putting them in an ecosystem where they can grow and develop."Each company accepted into the Barclays Accelerator will refine their business model, culminating in a Barclays Executive Demo Day and a Public Investor Demo Day in London.Applications are available online and will be open until March 31, 2014.The programme will begin in mid-June 2014 with the Demo Days scheduled for September 2014.Source: press release