The goal of the program is to develop the projects from prototypes to ready-for-market, to lead them to the stage of pilot or mass production and to bring them to the crowdfunding platforms IndieGoGo and Kickstarter, Skolkovo said in a statement.
According to the agreement, HaxAsia can invest directly in up to 15 chosen resident projects from Skolkovo, with total volume of investment of $700,000.
“The joint acceleration program of Skolkovo and HaxAsia will be held in two stages. At the first stage the experts will help the companies refine their prototypes, create industrial samples and prepare for the launch of crowdfunding campaigns,” it explained.
At the second stage of the program the projects will present their projects at the international crowdfunding platforms.
HaxAsia team will help the companies start production in China, Malaysia and other countries.
HaxAsia is an accelerator and seed investor in hardware 2.0 startups that develop wearable devices, 3D-printing solutions, Internet of things and other technologies.
HaxAsia focuses on helping startups refine their products for industrial production, launching the projects on crowdfunding platforms and further assistance in organizing contract production and fundraising with the goal of accelerated commercialization.
HaxAsia managing partner Gene Berger noted that most hardware startups face distribution and costs issues. “Crowdfunding platforms are an amazing invention that has changed the way new products are created. However, most of the hardware teams launching crowdfunding campaigns often fail to communicate their product ideas well, they lack the distribution network and underestimate the manufacturing risks and costs,” he said.
HaxAsia has already helped the first batch of companies to raise more than $1.2 million on IndieGoGo and deliver their products.
“Now, when we joined forces with Skolkovo, we will be able to localize the program in Moscow to help Russian and European startups to finalize their R&D and develop truly innovative hardware 2.0 products,” Berger added.
Skolkovo Foundation, VP, executive director of IT Cluster Igor Bogachev said the accelerator will look at the potential of Skolkovo’s startups to match the investment mandate of HaxAsia.
The projects that can potentially take part in the programme include Panorics, 3DiVi, Svet, iMotion and many others.
“It is still early to name the participants of the accelerator program, but they will be known soon,” he said.
In a comment to e27, Bogachev added that Skolkovo intends to help Russian companies reach a larger market.
“Russia itself is not a big market, (making up only) two to three percent of the global market. That is why we need partners in different parts of the world to help them (Russian startups) enter new markets and new customers.”
The programme will take place in Block 71 and 79 of Singapore’s One-North startup zone, Launchpad. It will see 10-12 startups take part in either three or six month programmes.