Possibility Every I N - HKUST Entrepreneurship Center
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BULLETIN
November 2020 | Premiere Issue
Every
Possibility
STARTS HERE
CONTENT
4
Introduction of The BASE
8
12 The BASE Broadcast
Interview Series - Belle Lee
16
Hello, we are COVID: From Offline To
Online
The BASE.
Competitions, Funds &
Events
3
The BASE
An Organization
The BASE is a student-
led organisation funded by the
An Innovation Hub
Entrepreneurship Centre that
strives to promote entrepreneurial
culture in HKUST. Through holding
events including but not limited
to boot camps, competitions Our very own innovation hub
and workshops with experienced at HKUST is designed to let like-
partners (e.g. UST alumni, minded people to connect in our
Cyberport start-ups and banks), community and explore the world
we aim to provide opportunities The Annual B.E.S.T. Camp held in Thailand of entrepreneurship.
in 2019
for students to learn more about
entrepreneurship, as well as to We also nurture future
let them discover their passion, entrepreneurs by providing full
talents and interests. support including facilities such
as lockers, meeting rooms etc. to
provide an ideal workspace, as
well as mentorship support to aid
students in the kickstart of their
own startup.
Everyone is welcome to join
us as we share the awesome
entrepreneurial culture with you
and be part of your journey. See
you at the BASE!
Mentorship Program with Peter Yan,
CEO of Cyberport in 2018
Workshop held by Teddy Chan, Seminar held by Ray Chan, 9GAG
Aftership Co-founder in 2018 Co-founder in 2018
4 5
The TEAM
PROMOTION EVENT
Jason Cheung Sharon Chan Swapnil Mishra Derek Tsao
President Vice President Event Team Manager Event Team Manager
HS Chan Shriya Sriram Agnes Florencia Sherry Lai Ismet Ozar Ken Choi
Promotion Team Manager Communications & Design Communications & Design Operations & Logistics Operations & Logistics Operations & Logistics
Officer Officer Officer Officer Officer
INFORMATION
TECHNOLOGY
Saumya Jain Yashasvi Parekh Vanshika Yadav Lee JunYong Gloria Shea
Social Media Specialist Social Media Specialist Operations & Logistics Operations & Logistics Operations & Logistics
Officer Officer Officer
Jason Wu Kaustubh Kaushal Dogu Ugur Donald Chan Lily Yip Michael Lai
Website & Technical Video Production Specialist Website & Technical External Relations External Relations External Relations
Support Specialist Support Specialist Officer Officer Officer
6 7
Initially, Belle started selling Owning her own studio now and
handmade glass jewellery as a still holding perfume-making
form of visual arts representation. workshops regularly amidst the
She later felt that art could also be COVID-19 crisis, her creativity and
expressed through scents, hence optimism never ceases as she
the transition to making perfumes anticipates future expansions on
that targeted the local market. her product lines.
Despite the rough beginnings,
Belle is always proactive when it
comes to reaching out to potential
customers (overseas too), where
she discovered the opportunity of
consignment during her holiday
in Taiwan.
“I don’t have a lot of free time as
I spend most of my off-duty time Check out the full interview video
800HKD
on my business.” She thrives when with Belle here!
to
working on what she’s passionate
about. With that in mind, she
doesn’t see it as a sacrifice. Being
a forward-looking person, Belle
fragrant
thinks that what’s happened is
in the past and the best way to
make up for what you’ve done
is to make the best of the future,
which explains a lot about how
Success
Belle’s perseverance has brought
Belle Lee is a young slasher – she her to where she is now.
owns a business but she is also a
full-time nurse. She has always
enjoyed the arts of drawing and
handicrafts, yet the practicalities
in life outweighed her dream, so
she chose to pursue the path
towards being a nurse. But during
the process, she didn’t want to
neglect what her heart wanted.
With the urge to express her
passion in arts, Belle’s journey
with x.Gyroscope began - her
Instagram perfume shop which
started out with merely 800HKD! x.Gyroscope’s jewellery x.Gyroscope’s perfume Belle (second from right) with the BASE’s
*Image from x.Gyroscope’s Facebook *Image from x.Gyroscope’s Facebook staff
8 9
“ People might have doubts
about you, but the only thing
that matters is you know what
you’re doing - you don’t need
to explain it to everyone.”
Belle Lee 李佩兒, Founder of @x.Gyroscope
X.gyroscope’s perfume
*Image from X.gyroscope’s Facebook
HOW COVID-19 HAS AFFECTED THE
SHOPPING & EDUCATION INDUSTRY TO
SHIFT TOWARDS ONLINE
Barclays says that 15%-17% of malls in the US may no longer be
viable as shopping malls and might need to be redeveloped into
other uses.
Amidst the COVID-19 Pandemic With the increase in demand for
where the world has come to a ergonomic solutions, online home
COVID
standstill and trying to adjust to decor & furnishing platforms
the new normal, some industries have seen over 7% global traffic
have generated growth and increase from 1.56 billion visits to
attention even during these 1.7 billion visits between January
FROM OFFLINE times. Let’s look at some
examples:
and March 2020 (statista). This
is of course due to the global
coronavirus pandemic which
TO ONLINE
Home Decor has forced millions of people to
stay at home in order to stop the
With the shift to online learning spread of the virus. Large swaths
for students and work from home of employees are trying to work
for professionals, a huge chunk from home and subsequently
of the population is forced to require office setups they might
stay indoors for the majority of not have had in place before.
their days. Hence, the boom in Brands such as IKEA, Home Depot,
the Home Decor Industry doesn’t and Pottery Barn have provided
come as a surprise where people consumers with solutions, be it for
are taking on major home work or pleasure purposes.
improvement projects including
furnishing, plumbing, gardening,
paint jobs, etc.
Several companies like Home
Depot, Lowe’s, and other hardware
stores have made strides in terms
of offering even more features
to their customers. While Home
Depot has begun their curbside
pickup service, Lowe has one-
click checkout and is developing
collections of products that go
together.
13
Change in Ecommerce Consumer Sales during COVID-19
E-learning
Medical products Household As the general opinion stands, Chinese tutoring service
Goods COVID has accelerated the pace Zuoyebang is gearing up to raise
+434% (Cleaning) of innovation and time multi- $600 to 800 million in funding.
+210% fold; and no other example Before COVID-19, the global
can illustrate it better than the edtech market had investments
dramatic surge in online learning. reaching US$18.66 billion in 2019
With schools and universities (Metaari) and was estimated
in most countries opting to to reach $350 billion by 2025
stop face to face lectures and (Research&Market.com). Now,
instead adopt the online learning COVID-19 has caused a surge
methods, Some are questioning in users, only to accelerate the
the return to physical classrooms growth of the market at a rapid
when the same content could be rate.
Baby products +201% taught in the same (if not better)
Health & Wellness Food & Beverage
manner on online platforms like Though students and faculty
products products
+85% +67% Zoom. With the College Tuition are learning how to use online
*Data from Common Thread Collective
fee at an all-time high and even learning platforms, the shift
Images from the Internet outpacing inflation rates, the to e-learning has raised
E-commerce online learning modes have come many queries on the quality
out as a popular choice changing of education. Many students
Out of all the industries where It was found from a survey that the very landscape of how the complain on the technical
people can enter, E-Commerce 69% of Gen Z and millennials education system works. difficulties of online learning
seems to be the most lucrative consumers have bought or used platforms, such as needing to
in today’s times. Online Shopping a new brand since the pandemic E-learning may have significant pay full tuition for e-learning,
had already surged to become began, and 58% of Gen Z and advantages to expand edtech limited office hours, poor at-
the most popular method to millennials have increased their provision. This could reach a larger home-learning environment etc.
shop among the Gen Z and now time on social media. These are number of learners with smaller Another criticism is the difficulties
COVID-19 has given people more implications for marketers as an investments in the education faced by underprivileged
reasons to shop online, increasing advantage to reach these younger section, making it a cost- families. In Hong Kong, a survey
the demand towards at-home consumers on social media, effective solution in the context conducted by Chinese University
consumption & essentials such mainly through advertising (or of increasing unemployment due revealed that 18.6% of 1,168
as medical, baby, cleaning, now known as “covid-vertising”, to COVID-19. Another advantage secondary school students
food & beverage, etc. product which refers to ads being tailored would be the development of had to borrow equipment; this
categories. Grocery ecommerce to be covid-relevant in style and basic digital skills, especially for issue in information technology
has also boomed since the start content) & content creation. For older generations/adults in the education has only elevated
of the pandemic as supplies at example, the Ordinary, a skincare workplace. since the switch to e-learning.
the local grocery stores ran out. brand, has gone viral in TikTok Still, online learning has shed a
However, we also see a downfall for its scientific-backed skincare In terms of investment, the market new light in the perspective of
in other industries where sales and low prices. Their company, has seen much growth since the how education can be performed
hinges upon the quality of Deciem, has become a pioneer in pandemic. Hong Kong edtech and may very well persist after
experience, such as travelling, the skincare sector. startup Snapask closed US$35 the pandemic.
sports & fitness, etc. sectors. million in funding in February;
*Image from the Internet
14 15
Startup Competitions
JUMPSTARTER IdeaPOP! SCG Bangkok Business
2021 Challenge @ Sasin 2021
Organized by: Organized by:
Alibaba Entrepreneurs Fund Sasin School of Management
Deadline: 20 Nov 2020 Registration:
1 Dec 2020 - 3 Jan 2021
YDAHK Youth Novation 2020
Startup Competition
Organized by: The 7th Hong Kong University
Hong Kong Youth Development Student Innovation and Entre-
Alliance (YDAHK)
preneurship Competition
Deadline: 30 Nov 2020
Organized by:
Hong Kong New Generation Cultural
Association
WHub Startup Impact
Summit SIS 2021 Deadline: 31 March 2021
Organized by:
WHub
Deadline: RSVP for 2021
HKUST Sino One Million Dollar
Entrepreneurship Competition
2021
Global Startup Competition
Organized by:
(GSC) Round 2 HKUST EC
Organized by: Deadline: RSVP for 2021
AngelHub & WHub
Deadline: N/A
16 17
Ap
Funds Upcoming Events pl
y
no
w
Yeung Wing Yee
Entrepreneurs Fund
!
The BASE Networking Day
Organized by:
HKUST EC Organized by:
The BASE
Registration: Next Round in Feb 2021
Details
22 Nov 2020 (Sun)
2:00 pm - 3:00 pm
Online via Zoom
WALK-IN
ACCEPTED!
Entrepreneurship
Acceleration Fund
Organized by:
HKUST EC
Registration: Open all year round
YouTube Challenge
Base Ambbassador
Organized by:
Alumni Endowment Fund HKUST EC & The BASE
Student Startup Grants
Deadline: TBC
Organized by:
HKUST EC Info Session
20 Nov 2020 (Fri)
Registration: Open all year round 12:30 pm - 1:00 pm (HKTime)
Online via Zoom or In-Person at BASE
(1/F, Lift 29-30)
18 19What is entreprenurship?
“Entrepreneurship means
doing the things you love,
not necessarily for the
money, but as an
achievement for yourself.”
HKUST The Base
the_base_ust
https://ec.ust.hk/base
Belle Lee 李佩兒,
Founder of @x.GyroscopeA student-run organisation funded by HKUST Entrepreneurship Centre
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