Frequently Asked Questions
Consumec invests in promising companies which sell consumable goods, refines their business models and fast-tracks them to grow and scale over an intensive three-month period. We are a network of Entrepreneurs, Young companies, Mentors, and Alumnus; focused on empowering founders. Through our platform, we provide funding, hands-on support, and unprecedented network access to drive business outcomes.
Between 3-5 companies will be accepted in Consumec Booster Batch 1 which will start in Q2 2021.
Consumec is a network of mentors from the biggest retailers in Hong Kong including ParknShop, Wellcome, Watsons, 7-Eleven and more.
Our programme is designed to focus solely on the early companies and founders. Not only do Consumec’s founders provide money, but they also leverage their resources and networks to maximise the success of the companies in our programme. By joining Consumec Booster, you will receive backing by some of the most prominent mentors from the biggest retailers in Hong Kong. Additionally, based on best fit, each company will be assigned its own lead mentor. In most cases, lead mentors will be chosen from the founding partners, so you will have someone who is 100% incentivised to ensure that your company succeeds.
Companies in the early stage are extremely challenging. As entrepreneurs, we face massive challenges. They are difficult to comprehend unless one has been an entrepreneur themselves. We believe that mentors should also be entrepreneurs, and our mentors are people with areas of expertise that companies need. Because they are entrepreneurs, they understand the challenges that you face. Our mentors cover all the disciplines that you (a founder) and your company need to succeed. These include sales, market positioning and messaging (marketing), design, technology, operations, finance, legal, growth, digital marketing, and analytics. In addition, we mentor founders on aspects such as communication and presentation skills, negotiation skills and pitching. Based on the selected companies, we provide advisors with specific industry knowledge and connections. Throughout the programme, you get access to the greatest mentors in Hong Kong and abroad to help you with your company.
We have deliberately decided not to focus on specific consumable verticals as Hong Kong has limited offerings in this space. We want to make our programme accessible to as wide a range of companies as possible. Keeping the intake of companies small will enable us to offer our companies a specific, tailored programme based on their chosen industry, business model and stage.
We invest money and resources for sharing a small portion of your revenue generated so that you can succeed. You receive our investment of up to USD $10,000 during the program. The primary measure of our success as investors is the success of your company, which we will ultimately aim to generate through a return on your revenue generated.
Companies receive the investment paid in two instalments: first, at the start of the programme and second, at the completion of the programme. The payments are made based on agreed-upon objectives with clearly defined KPIs. These are set up together with the company at the beginning of the programme.
The investment is provided via a Revenue Sharing Agreement. Through this instrument, we as an investor will make a cash investment in your company but receive a small portion of your revenue generated at a later date only when you completed the programme and generating revenue.
We aim to accelerate companies which are beyond the prototype stage. We are open to considering companies as long as their business models are scalable with an international reach. If your company is B2C and consumables focused, then we are interested. At this early stage, the founding team is also very important. We look at founders with a strong founder/market fit and commitment to the business, which typically means that there are people working full-time on your business.
Absolutely. During the programme, there will be a couple of mandatory meetings every week and a weekly progress review. Hands-on, dedicated workshops will be provided and Thursday afternoons/evenings will be devoted to company updates, guest speakers and social events. Throughout the programme, you will have the flexibility to choose how you spend your time and which workshops and mentoring sessions to attend; you can make such decisions with your lead mentor based on your needs. The idea is not to spoon-feed you but to ensure that you focus your time on your business, maximise its value from the resources we provide you with and move forward.
We do not share your company information with anyone outside the staff, assigned mentors and the founding members. Per our usual practice, we will not sign NDAs.